GWG (GWGHQ) 10-Q/A 22 Apr 19 2018 Q3 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 19, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	GWG Holdings, Inc.
Entity Central Index Key	0001522690
Trading Symbol	GWGH
Amendment Flag	true
Amendment Description	This Amendment No. 1 to Form 10-Q (this "Amendment") amends the Quarterly Report of GWG Holdings, Inc. ("GWG" or the "Company") on Form 10-Q for the quarterly period ended September 30, 2018, originally filed with the Securities and Exchange Commission ("the Commission") on November 19, 2018 (the "Original Filing"). Subsequent to the Original Filing, in consultation with the Commission, the Company determined that it incorrectly applied certain accounting guidance to the acquisition of certain assets and the issuance of related liabilities in connection with our transaction with The Beneficient Company Group, L.P., a Delaware limited partnership ("Beneficient") and various related trusts occurring on August 10, 2018. The transaction was disclosed in the Notes to Condensed Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in the Original Filing. As a result, the Company determined that its financing receivable from affiliate and equity method investment were understated at September 30, 2018, and its long-term debt was also understated by a similar amount. There was no change to the Company's originally reported net loss attributable to common shareholders or stockholders' equity.
Current Fiscal Year End Date	--12-31
Document Type	10-Q/A
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		5,980,124

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
A S S E T S
Cash and cash equivalents	$ 117,873,668	$ 114,421,491
Restricted cash	3,069,759	28,349,685
Investment in life insurance policies, at fair value	791,468,587	650,527,353
Life insurance policy benefits receivable	10,472,696	16,658,761
Financing receivable from affiliate	366,871,036
Equity method investment	42,069,259
Other assets	9,836,811	8,898,884
TOTAL ASSETS	1,341,661,816	818,856,174
LIABILITIES
Senior credit facility with LNV Corporation	162,469,172	212,238,192
L Bonds	570,199,704	447,393,568
Seller Trust L Bonds	403,234,866
Accounts payable	2,579,323	6,394,439
Interest and dividends payable	18,748,558	15,427,509
Other accrued expenses	3,272,758	3,730,723
TOTAL LIABILITIES	1,160,504,381	685,184,431
STOCKHOLDERS' EQUITY
REDEEMABLE PREFERRED STOCK (par value $0.001; shares authorized 100,000; shares outstanding 97,534 and 98,611; liquidation preference of $98,103,000 and $99,186,000 as of September 30, 2018 and December 31, 2017, respectively)	86,920,335	92,840,243
SERIES 2 REDEEMABLE PREFERRED STOCK (par value $0.001; shares authorized 150,000; shares outstanding 148,444 and 88,709; liquidation preference of $149,310,000 and $89,208,000 as of September 30, 2018 and December 31, 2017, respectively)	129,147,704	80,275,204
SERIES B CONVERTIBLE PREFERRED STOCK (par value $0.001; stated value $10; shares authorized and outstanding 5,000,000)	50,000,000
COMMON STOCK (par value $0.001; shares authorized 210,000,000; shares issued and outstanding 5,980,124 as of September 30, 2018 and 5,813,555 as of December 31, 2017)	5,980	5,813
Additional paid-in capital
Accumulated deficit	(84,916,584)	(39,449,517)
TOTAL STOCKHOLDERS' EQUITY	181,157,435	133,671,743
TOTAL LIABILITIES & EQUITY	$ 1,341,661,816	$ 818,856,174

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Redeemable preferred stock, par value	$ 0.001	$ 0.001
Redeemable preferred stock, shares authorized	100,000	100,000
Redeemable preferred stock, shares outstanding	97,534	98,611
Redeemable preferred stock, liquidation preference	$ 98,103,000	$ 99,186,000
Series 2 Redeemable Preferred Stock, par value	$ 0.001	$ 0.001
Series 2 Redeemable Preferred Stock, shares authorized	150,000	150,000
Series 2 Redeemable Preferred Stock, shares outstanding	148,444	88,709
Series 2 Redeemable Preferred Stock, liquidation preference	$ 149,310,000	$ 89,208,000
Series B convertible preferred stock, par value	$ 0.001	$ 0.001
Series B convertible preferred stock, stated value	$ 10	$ 10
Series B convertible preferred stock, shares authorized	5,000,000	5,000,000
Series B convertible preferred stock, shares outstanding	5,000,000	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	210,000,000	210,000,000
Common stock, shares issued	5,980,124	5,813,555
Common stock, shares outstanding	5,980,124	5,813,555

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUE
Gain on life insurance policies, net	$ 15,721,513	$ 14,421,353	$ 52,930,008	$ 45,117,438
Interest and other income	5,215,515	275,690	6,863,640	1,335,535
TOTAL REVENUE	20,937,028	14,697,043	59,793,648	46,452,973
EXPENSES
Interest expense	21,799,332	13,275,407	55,010,519	38,765,647
Employee compensation and benefits	5,548,771	3,792,096	12,527,139	10,696,455
Legal and professional fees	1,421,964	1,657,090	3,751,321	3,934,027
Other expenses	2,688,970	2,799,196	8,262,324	9,340,617
TOTAL EXPENSES	31,459,037	21,523,789	79,551,303	62,736,746
INCOME (LOSS) BEFORE INCOME TAXES	(10,522,009)	(6,826,746)	(19,757,655)	(16,283,773)
INCOME TAX EXPENSE (BENEFIT)		(2,764,243)		(6,481,917)
NET INCOME (LOSS)	(10,522,009)	(4,062,503)	(19,757,655)	(9,801,856)
Preferred stock dividends	4,313,542	3,548,165	12,356,513	7,447,022
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (14,835,551)	$ (7,610,668)	$ (32,114,168)	$ (17,248,878)
NET INCOME (LOSS) PER SHARE
Basic	$ (2.52)	$ (1.31)	$ (5.50)	$ (2.96)
Diluted	$ (2.52)	$ (1.31)	$ (5.50)	$ (2.96)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	5,894,639	5,797,800	5,840,880	5,829,808
Diluted	5,894,639	5,797,800	5,840,880	5,829,808

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2016	$ 78,726,297	$ 5,980	$ 7,383,515	$ (18,817,294)	$ 67,298,498
Beginning balance, shares at Dec. 31, 2016	2,699,704	5,980,190
Issuance of common stock		$ 33	320,970		321,003
Issuance of common stock, shares		33,810
Redemption of common stock		$ (200)	(1,603,360)		(1,603,560)
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	$ 122,933,106		(2,338,457)		120,594,649
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	$ (8,925,807)		(3,776,534)		(12,702,341)
Stock-based compensation	1,410,760		13,866		1,424,626
Net income (loss)				(20,632,223)	(20,632,223)
Ending balance at Dec. 31, 2017	$ 173,115,447	$ 5,813		(39,449,517)	133,671,743
Ending balance, shares at Dec. 31, 2017	187,319	5,813,555
Issuance of common stock		$ 167	1,181,435		1,181,602
Issuance of common stock, shares		166,569
Issuance of redeemable preferred stock	$ 56,878,238				56,878,238
Issuance of redeemable preferred stock, shares	61,021
Redemption of redeemable preferred stock	$ (2,362,914)				(2,362,914)
Redemption of redeemable preferred stock, shares	(2,362)
Issuance of Series B convertible preferred stock	$ 50,000,000				50,000,000
Issuance of Series B convertible preferred stock, shares	5,000,000
Preferred stock dividends	$ (11,562,732)		(793,781)		(12,356,513)
Common stock dividends				(25,709,412)	(25,709,412)
Stock-based compensation			(387,654)		(387,654)
Net income (loss)				(19,757,655)	(19,757,655)
Ending balance at Sep. 30, 2018	$ 266,068,039	$ 5,980		$ (84,916,584)	$ 181,157,435
Ending balance, shares at Sep. 30, 2018	5,245,978	5,980,124

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (10,522,009)	$ (4,062,503)	$ (19,757,655)	$ (9,801,856)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Change in fair value of life insurance policies	(24,839,567)	(20,181,732)	(56,058,336)	(49,301,067)
Amortization of deferred financing and issuance costs	2,575,322	2,344,541	7,241,283	6,508,692
Financing receivable from affiliate	(4,284,370)		(4,284,370)
Deferred income taxes		(2,764,243)		(6,481,917)
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	16,562,304	(7,627,000)	6,186,065	(9,252,000)
Other assets	321,968	929,058	(1,487,238)	3,181,419
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses	1,918,702	(85,509)	915,584	2,861,541
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(18,267,650)	(31,447,388)	(67,244,667)	(62,285,188)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(42,891,764)	(25,199,692)	(98,440,528)	(67,321,363)
Carrying value of matured life insurance policies	2,325,989	2,333,039	13,557,632	7,716,847
Equity method investment acquired	(1,421,059)		(1,421,059)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(41,986,834)	(22,866,653)	(86,303,955)	(59,604,516)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt	(18,425,136)	56,887,491	(50,560,286)	49,787,954
Payments for issuance of senior debt		(3,937,907)		(5,128,319)
Payments for redemption of Series I Secured Notes		(6,815,406)		(16,613,667)
Proceeds from issuance of L Bonds	68,884,369	30,271,873	166,081,914	87,016,343
Payments for issuance and redemption of L Bonds	(20,195,657)	(19,752,717)	(46,151,926)	(58,949,880)
Issuance (repurchase) of common stock	682,954	30	682,954	(1,603,526)
Common stock dividends	(25,709,412)		(25,709,412)
Proceeds from issuance of convertible preferred stock	50,000,000		50,000,000
Proceeds from issuance of redeemable preferred stock		25,211,870	56,238,128	86,692,811
Payments for issuance of redeemable preferred stock		(1,243,920)	(4,142,294)	(5,207,025)
Payments for redemption of redeemable preferred stock	(821,778)	(47,500)	(2,361,692)	(1,806,832)
Preferred stock dividends	(4,313,542)	(3,548,165)	(12,356,513)	(7,447,022)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	50,101,798	77,025,649	131,720,873	126,740,837
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(10,152,686)	22,711,608	(21,827,749)	4,851,133
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	131,096,113	98,453,103	142,771,176	116,313,578
END OF PERIOD	120,943,427	121,164,711	120,943,427	121,164,711
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	17,340,000	17,478,000	44,591,000	45,101,000
Premiums paid, including prepaid	14,672,000	12,927,000	38,898,000	35,533,000
Stock-based compensation	278,000	270,000	538,000	350,000
Payments for exercised stock options		164,000		264,000
Financing receivable from affiliate:
Commercial Loan receivable	190,670,000		190,670,000
Exchangeable Note receivable	171,917,000		171,917,000
Equity method investment acquired	40,648,000		40,648,000
Seller Trust L Bonds issued	403,235,000		403,235,000
L Bonds:
Conversion of accrued interest and commissions payable to principal	410,000	477,000	972,000	1,382,000
Conversion of L Bonds to redeemable preferred stock		545,000	4,546,000	2,334,000
Preferred Stock:
Issuance of Series A Preferred Stock in lieu of cash dividends		161,000		499,000
Conversion of L Bonds to redeemable preferred stock		545,000	4,546,000	2,334,000
Options and stock appreciation rights issued:	290,000	76,000	458,000	309,000
Investment in life insurance policies included in accounts payable	$ 508,000	$ 966,000	$ 508,000	$ 966,000

Nature of Business and Summary

Nature of Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Summary of Significant Accounting Policies	(1) Nature of Business and Summary of Significant Accounting Policies Nature of Business — In addition, we continue to innovate in the life insurance industry through our insurance technology initiative which is based upon the use of step-change epigenetic technology. Our wholly owned insurtech subsidiary, Life Epigenetics is focused on creating intellectual property and commercialized testing from supervised machine learning and advanced epigenetic technology. We believe our technology offers the life insurance industry a step-change opportunity for enhanced life insurance underwriting and risk assessment. Our wholly owned insurtech subsidiary, YouSurance is a digital life insurance agency that is working to offer life insurance directly to consumers in conjunction with our epigenetic testing. We believe that consumers who are interested in their health and wellness and in reducing the cost of their insurance will benefit from working with YouSurance. The Beneficient Transaction On August 10, 2018, we completed the first of two anticipated closings (the "Initial Transfer") contemplated by a Master Exchange Agreement with The Beneficient Company Group, L.P. ("Beneficient") and certain other parties (the "Seller Trusts"), which governs the strategic exchange of assets among the parties (the "Beneficient Transaction"). At the Initial Transfer: ● GWG issued L Bonds to the Seller Trusts in an aggregate principal amount of $403,234,866 that mature on August 9, 2023, and bear interest at 7.5% per annum (the "Seller Trust L Bonds"), ● GWG issued to Beneficient 5,000,000 shares of GWG's Series B Convertible Preferred Stock, par value $0.001 per share and having a stated value of $10 per share ("Series B"), for cash consideration of $50,000,000, ● Beneficient, as borrower, entered into a commercial loan agreement with GWG Life, as lender, in a principal amount of $200,000,000 (the "Commercial Loan"), ● Beneficient delivered to GWG a promissory note in the principal amount of $162,911,379 (the "Exchangeable Note"), and ● the Seller Trusts delivered to GWG 4,032,349 common units of Beneficient at $10 per common unit. Upon the final closing of the Beneficient Transaction, which is expected at or near year-end 2018, subject to the satisfaction of certain closing conditions (the "Final Closing" and the date upon which the Final Closing occurs, the "Final Closing Date"): ● the Seller Trusts will transfer to GWG an aggregate of 40,485,230 common units of Beneficient, inclusive of 16.3 million units in full satisfaction of the Exchangeable Note, ● Beneficient will issue to GWG an amount of securities or other instruments, containing the same rights, preferences and privileges of certain limited partnership interests of Beneficient Company Holdings, L.P., a subsidiary of Beneficient ("Beneficient Holdings"), equivalent to seven percent (7.0%) of such limited partnership interests attributable to certain of Beneficient Holdings' founders, and ● GWG will deliver to the Seller Trusts up to 29.1 million shares of GWG common stock at $10 per share. A summary of the Beneficient Transaction is set forth in our Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 14, 2018 and amended in our Current Report on Form 8-K/A filed with the Securities and Exchange Commission on November 9, 2018. Description of the Assets Exchanged at the Initial Transfer Seller Trust L Bonds On August 10, 2018, in connection with the Initial Transfer, GWG Holdings, GWG Life and Bank of Utah, as trustee (the "Trustee"), entered into a Supplemental Indenture (the "Supplemental Indenture") to the Amended and Restated Indenture dated as of October 23, 2017 (the "Amended and Restated Indenture"). GWG Holdings entered into the Supplemental Indenture to add and modify certain provisions of the Amended and Restated Indenture necessary to provide for the issuance of the Seller Trust L Bonds. The maturity date of the Seller Trust L Bonds is August 9, 2023. The Seller Trust L Bonds bear interest at 7.5% per year. Interest is payable monthly in cash. So long as the Final Closing has not occurred, the redemption price payable in respect of a redemption effected by GWG after January 31, 2019 may be paid, at GWG's option, in the form of cash, a pro rata portion of (i) the outstanding principal amount and accrued and unpaid interest under the Commercial Loan, (ii) the outstanding principal amount and accrued and unpaid interest under the Exchangeable Note and (iii) Beneficient common units, or a combination of cash and such property. After the second anniversary of the Final Closing Date, the holders of the Seller Trust L Bonds will have the right to cause GWG to repurchase, in whole but not in part, the Seller Trust L Bonds held by such holder. The repurchase may be paid, at GWG's option, in the form of cash, a pro rata portion of (i) the outstanding principal amount and accrued and unpaid interest under the Commercial Loan, (ii) the outstanding principal amount and accrued and unpaid interest under the Exchangeable Note and (iii) Beneficient common units, or a combination of cash and such property. The Seller Trust L Bonds are senior secured obligations of GWG, ranking junior only to all senior debt of GWG (see Note 8), pari passu in right of payment and in respect of collateral with all "L Bonds" of GWG (see Note 10), and senior in right of payment to all subordinated indebtedness of GWG. Payments under the Seller Trust L Bonds are guaranteed by GWG Life (see Note 23). Series B Convertible Preferred Stock The Series B ranks, as to the payment of dividends and the distribution of our assets upon liquidation, junior to our Redeemable Preferred Stock ("RPS") and Series 2 Redeemable Preferred Stock ("RPS 2") and pari passu with our common stock. The Series B has no dividend rights. The Series B has no voting rights, except as required by law. The Series B will convert into 5,000,000 shares of our common stock at a conversion price of $10 per share upon the Final Closing. Commercial Loan The $200,000,000 principal amount under the Commercial Loan is due on August 9, 2023; however, is extendable for two five-year terms. The extensions are available to the borrower provided that (a) in the event Beneficient completes at least one public offering of its common units raising at least $50,000,000 which on its own or together with any other public offering of Beneficient's common units results in Beneficient raising at least $100,000,000, then the maturity date will be extended to August 9, 2028; and (b) in the event that Beneficient (i) completes at least one public offering of its common units raising at least $50,000,000 which on its own or together with any other public offering of Beneficient's common units results in Beneficient raising at least $100,000,000 and Repayment of the Commercial Loan is subordinated in right of payment to any of Beneficient's commercial bank debt and to Beneficient's obligations which may arise in connection with its NPC-B limited partnership interests. Beneficient's obligations under the Commercial Loan are unsecured. The Commercial Loan contains negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens and indebtedness by Beneficient, fundamental changes to its business and transactions with affiliates. The Commercial Loan also contains customary affirmative covenants, including, but not limited to, preservation of corporate existence, compliance with applicable law, payment of taxes, notice of material events, financial reporting and keeping of proper books of record and account. The Commercial Loan includes customary events of default, including, but not limited to, nonpayment of principal or interest, failure to comply with covenants, failure to pay other indebtedness when due, cross-acceleration to other debt, material adverse effects, events of bankruptcy and insolvency, and unsatisfied judgments. The borrower was in compliance with the covenants as of the most recent balance sheet date. The principal amount of the Commercial Loan bears interest at 5.0% per year; provided that the accrued interest from the date of the Initial Transfer to the Final Closing Date of the Beneficient Transaction will be added to the principal balance of the Commercial Loan. From and after the Final Closing Date, one-half of the interest, or 2.5% per year, will be due and payable monthly in cash, and (ii) one-half of the interest, or 2.5% per year, will accrue and compound annually on each anniversary date of the Final Closing Date and become due and payable in full in cash on the maturity date. In accordance with the Supplemental Indenture issuing the Seller Trust L Bonds, upon a redemption event or at the maturity date of the Seller Trust L Bonds, the Company, at its option, may use the outstanding principal amount of the Commercial Loan, and accrued and unpaid interest thereon, as repayment consideration of the Seller Trust L Bonds. Exchangeable Note The Exchangeable Note accrues interest at a rate of 12.4% per year, compounded annually. Interest is payable in cash on the earlier to occur of the maturity date or the Final Closing Date; provided that Beneficient may, at its option, add to the outstanding principal balance under the Commercial Loan the accrued interest in lieu of payment in cash of such accrued interest thereon at the Final Closing Date (or, if earlier, the maturity date of the Exchangeable Note). The principal amount of the Exchangeable Note is payable in cash on August 9, 2023. In the event the Final Closing Date occurs on or prior to the maturity date, the principal amount of the Exchangeable Note is payable in Beneficient common units at a price equal to $10 per common unit. In the event the Final Closing Date occurs prior to the maturity date, Beneficient may, at its option, pay the accrued interest on the Exchangeable Note in the form of Beneficient common units, at $10 per common unit, or in the form of a promissory note providing for a term of up to two years and cash interest payable semi-annually at the rate of 5.0% per year. In accordance with the Supplemental Indenture issuing the Seller Trust L Bonds, upon a redemption event or at the maturity date of the Seller Trust L Bonds, the Company, at its option, may use the outstanding principal amount of the Exchangeable Note, and accrued and unpaid interest thereon, as repayment consideration of the Seller Trust L Bonds. Common Units in Beneficient In connection with the Initial Transfer, the Seller Trusts delivered to us 4,032,349 common units of Beneficient. This represents a 17.6% interest in the common units of Beneficient. Beneficient operates in a sector of the alternative asset market that is complementary to ours by providing a suite of innovative liquidity and trust products to mid-to-high net worth individual investors and small-to-medium institutional owners of professionally managed illiquid alternative investment assets. We believe the Beneficient Transaction provides us with the opportunity to significantly increase and diversify our alternative asset portfolio that is intended to provide us with a new source of earnings and cash flow while at the same time significantly increasing our common shareholder equity. We plan to continue to create and extend transformative products and services in the life insurance industry, while at the same time increasing and diversifying our alternative asset portfolio with Beneficient that creates opportunities for investors to receive income and capital appreciation from our investment and commercial activities. 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 August 25, 2016, GWG Holdings formed a wholly owned subsidiary, currently named Life Epigenetics Inc. ("Life Epigenetics"), to commercialize advanced epigenetic technology for the life insurance industry related to its exclusive license for "DNA Methylation Based Predictor of Mortality" technology, as well as through the development of its own proprietary intellectual property. Through its wholly owned subsidiary, youSurance General Agency, LLC ("YouSurance"), GWG Holdings offers life insurance directly to customers from a variety of life insurance carriers. Principles of Consolidation – The Company has interests in various entities including corporations and limited partnerships. For each such entity, the Company evaluates its ownership interest to determine whether the entity is a variable interest entity ("VIE") and, if so, whether it is the primary beneficiary of the VIE. The Company would consolidate any entity for which it was the primary beneficiary, regardless of its ownership or voting interests. Upon inception of a variable interest or the occurrence of a reconsideration event, the Company makes judgments in determining whether entities in which it invests are VIEs. If so, the Company makes judgments to determine whether it is the primary beneficiary and is thus required to consolidate the entity. If it is concluded that an entity is not a VIE, then the Company considers its proportional voting interests in the entity. The Company consolidates majority-owned subsidiaries in which a controlling financial interest is maintained. A controlling financial interest is determined by majority ownership and the absence of significant third-party participating rights. Ownership interests in entities for which the Company has significant influence that are not consolidated under the Company's consolidation policy are accounted for as equity method investments. Related party transactions between the Company and its equity method investee have not been eliminated. 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 condensed consolidated balance sheets until the acquisition is complete and we have secured title to the policy. On both September 30, 2018 and December 31, 2017, a total of $0 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 value 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 — Financing Receivable — Receivables Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses. Specific allowances are recorded for individually impaired loans to the extent we have determined that it is probable that we will be unable to collect all amounts due according to original contractual terms of the loan agreement. Certain loans classified as impaired may not require an allowance for loan loss because we believe that we will ultimately collect the unpaid balance (through collection or collateral repossession). The method for calculating the best estimate of losses depends on the type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of market sectors, and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible that we will experience credit losses that are different from our current estimates. We have no allowance for losses as of September 30, 2018. Write-offs are deducted from the allowance for losses when we judge the principal to be uncollectible and subsequent recoveries are added to the allowance at the time cash is received on a written-off account. Equity Method Investment Our equity method investment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. These circumstances can include, but are not limited to: evidence that we do not have the ability to recover the carrying amount, the inability of the investee to sustain earnings, a current fair value of the investment that is less than the carrying amount, and other investors ceasing to provide support or reduce their financial commitment to the investee. If the fair value of the investment is less than the carrying amount, and the investment will not recover in the near term, then an other-than-temporary impairment may exist. We recognize a loss in value of an investment deemed other-than-temporary in the period the conclusion is made. The Company reports its share of the income or loss of the equity method investee companies on a one-quarter lag where we do not expect financial information to be consistently available on a timely basis. 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 companies. Deferred Financing and Issuance Costs Earnings (Loss) per Share — Reclassification — Recently Issued Accounting Pronouncements 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 Restatement of previously issued consolidated financial statements Impacts of restatement – As originally reported Adjustments As restated ASSETS: Financing receivable from affiliate $ - $ 366,871,000 $ 366,871,000 Equity method investment - 42,069,000 42,069,000 Other assets 13,022,000 (3,185,000 ) 9,837,000 Total assets 935,907,000 405,755,000 1,341,662,000 LIABILITIES: Seller Trust L Bonds $ - $ 403,235,000 $ 403,235,000 Interest and dividends payable 16,228,000 2,520,000 18,748,000 Total liabilities 754,749,000 405,755,000 1,160,504,000 The effects of the restatement on the line items within the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2018 are as follows: Three Months ended September 30, 2018 Nine Months ended September 30, 2018 As As originally originally reported Adjustments As restated reported Adjustments As restated Interest and other income $ 931,000 $ 4,285,000 $ 5,216,000 $ 2,579,000 $ 4,285,000 $ 6,864,000 Interest expense 17,515,000 4,285,000 21,800,000 50,726,000 4,285,000 55,011,000 Net Loss (10,522,000 ) - (10,522,000 ) (19,758,000 ) - (19,758,000 ) The effects of restatement on the major categories within the Company's condensed consolidated statements of cash flows for the three and nine months ended September 30, 2018 are as follows: Three Months ended September 30, 2018 As originally Reported Adjustments As restated Net cash flows provided (used) in operating activities $ (19,689,000 ) $ 1,421,000 $ (18,268,000 ) Net cash flows provided (used) in investing activities (40,566,000 ) (1,421,000 ) (41,987,000 ) Net increase (decrease) in cash and cash equivalents $ (10,153,000 ) $ - $ (10,153,000 ) Nine Months ended September 30, 2018 As originally Reported Adjustments As restated Net cash flows provided (used) in operating activities $ (68,666,000 ) $ 1,421,000 $ (67,245,000 ) Net cash flows provided (used) in investing activities (84,883,000 ) (1,421,000 ) (86,304,000 ) Net increase (decrease) in cash and cash equivalents $ (21,828,000 ) $ - $ (21,828,000 )

Restrictions on Cash

Restrictions on Cash	9 Months Ended
	Sep. 30, 2018
Cash and Cash Equivalents [Abstract]
Restrictions on Cash	(2) Restrictions on Cash Under the terms of our amended and restated senior credit facility with LNV Corporation (discussed in Note 8), we are required to maintain collection and payment accounts that are used to collect policy benefits from pledged policies, pay annual policy premiums, interest and other charges under the facility, and distribute funds to pay down the facility. The agents for the lender authorize the disbursements from these accounts. At September 30, 2018 and December 31, 2017, there was a balance of $2,370,000 and $19,967,000, respectively, in these collection and payment accounts. To fund the Company's acquisition of life insurance policies, we are required to maintain escrow accounts. Distributions from these accounts are made according to life insurance policy purchase contracts. At September 30, 2018 and December 31, 2017, there was a balance of $700,000 and $8,383,000, respectively, in the Company's escrow accounts.

Investment in Life Insurance Po

Investment in Life Insurance Policies	9 Months Ended
	Sep. 30, 2018
Investments, All Other Investments [Abstract]
Investment in Life Insurance Policies	(3) Investment in Life Insurance Policies Our investments in 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, net of premiums paid, are recorded in gain on life insurance policies, net in our condensed 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 – those with $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, a discount rate of 10.45% was applied to our portfolio as of both September 30, 2018 and December 31, 2017. Portfolio Information Our portfolio of life insurance policies, owned by our subsidiaries as of September 30, 2018, is summarized below: Life Insurance Portfolio Summary Total portfolio face value of policy benefits $ 1,961,598,000 Average face value per policy $ 1,805,000 Average face value per insured life $ 2,018,000 Average age of insured (years)* 82.1 Average life expectancy estimate (years)* 6.7 Total number of policies 1,087 Number of unique lives 972 Demographics 76% Males; 24% Females Number of smokers 43 Largest policy as % of total portfolio face value 0.68 % Average policy as % of total portfolio 0.09 % Average annual premium as % of face value 2.90 % * Averages presented in the table are weighted averages. A summary of our policies, organized according to their estimated life expectancy dates as of the reporting date, is as follows: As of September 30, 2018 As of December 31, 2017 Years Ending December 31, Number of Policies Estimated Fair Value Face Value Number of Policies Estimated Fair Value Face Value 2018 2 $ 2,102,000 $ 2,125,000 8 $ 4,398,000 $ 4,689,000 2019 28 35,046,000 42,302,000 48 63,356,000 83,720,000 2020 74 79,263,000 111,584,000 87 79,342,000 127,373,000 2021 111 117,490,000 189,768,000 98 96,154,000 170,695,000 2022 128 124,662,000 227,146,000 90 85,877,000 181,120,000 2023 112 91,782,000 215,084,000 93 69,467,000 175,458,000 2024 114 91,738,000 242,455,000 100 77,638,000 228,188,000 Thereafter 518 249,386,000 931,134,000 374 174,295,000 704,905,000 Totals 1,087 $ 791,469,000 $ 1,961,598,000 898 $ 650,527,000 $ 1,676,148,000 We recognized life insurance benefits of $7,973,000 and $9,747,000 during the three months ended September 30, 2018 and 2017, respectively. The forgoing amounts pertained to policies with carrying values of $2,326,000 and $2,333,000, respectively, for which we recorded realized gains of $5,647,000 and $7,414,000, respectively. We recognized life insurance benefits of $50,100,000 and $39,657,000 during the nine months ended September 30, 2018 and 2017, respectively. The forgoing amounts pertained to policies with carrying values of $13,558,000 and $7,716,000, for which we recorded realized gains of $36,542,000 and $31,941,000, respectively. Reconciliation of gain on life insurance policies: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Change in estimated probabilistic cash flows (1) $ 19,069,000 $ 12,568,000 $ 55,483,000 $ 40,033,000 Unrealized gain on acquisitions (2) 9,021,000 7,217,000 21,790,000 25,863,000 Premiums and other annual fees (14,765,000 ) (13,174,000 ) (39,670,000 ) (36,124,000 ) Change in discount rates (3) - 7,987,000 - 12,130,000 Change in life expectancy evaluation (4) 73,000 (5,370,000 ) (4,890,000 ) (13,974,000 ) Face value of matured policies 7,973,000 9,747,000 50,100,000 39,657,000 Fair value of matured policies (5,650,000 ) (4,554,000 ) (29,883,000 ) (22,468,000 ) Gain on life insurance policies, net $ 15,721,000 $ 14,421,000 $ 52,930,000 $ 45,117,000 (1) Change in fair value of expected future cash flows relating to our investment in life insurance policies that are not specifically attributable to changes in life expectancy, discount rate or policy maturity events. (2) Gain resulting from fair value in excess of transaction price for policies acquired during the reporting period. (3) The discount rate of 10.45% as of September 30, 2018 remained unchanged from both the prior quarter and year end dates. The discount rate of 10.54% as of September 30, 2017 reflected a decrease from the 10.81% rate used at June 30, 2017 and 10.96% used at December 31, 2016. (4) The change in fair value due to updating 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 Three months ending December 31, 2018 $ 14,034,000 $ 345,000 $ 14,379,000 2019 64,852,000 1,381,000 66,233,000 2020 76,664,000 1,381,000 78,045,000 2021 88,681,000 1,381,000 90,062,000 2022 101,411,000 1,381,000 102,792,000 2023 113,676,000 1,381,000 115,057,000 $ 459,318,000 $ 7,250,000 $ 466,568,000 Management anticipates funding the majority of the premium payments and servicing fees estimated above from cash flows realized from life insurance policy benefits, and to the extent necessary, 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 8, and the net proceeds from our offering of L Bonds as described in Note 10. Management anticipates funding premiums and servicing costs of non-pledged life insurance policies with cash flows realized from life insurance policy benefits from our portfolio of life insurance policies and net proceeds from our offering of L Bonds. The proceeds of these capital sources may also be used for the purchase, policy premiums and servicing costs of additional life insurance policies, working capital and financing expenditures including paying principal, interest and dividends.

Fair Value Definition and Hiera

Fair Value Definition and Hierarchy	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [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. 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 management taking into consideration a number of factors, including 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 Model Actuarial Pricing System ("MAPS") probabilistic and stochastic portfolio pricing model, which estimates the expected cash flows using various mortality probabilities and scenarios. The valuation process includes a review by senior management as of each quarterly valuation date. We also engage MAPS to independently verify the accuracy of the valuations using the inputs we provide on a quarterly basis. A copy of a letter documenting the MAPS calculation is filed as Exhibit 99.1 to this report. 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 September 30, as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Beginning balance $ 726,063,000 $ 577,050,000 $ 650,527,000 $ 511,192,000 Purchases 42,892,000 25,199,000 98,442,000 67,321,000 Maturities (initial cost basis) (2,326,000 ) (2,333,000 ) (13,558,000 ) (7,716,000 ) Net change in fair value 24,840,000 20,182,000 56,058,000 49,301,000 Ending balance $ 791,469,000 $ 620,098,000 $ 791,469,000 $ 620,098,000 For life insurance policies with face amounts greater than $1 million and that are not pledged under our amended and restated senior credit facility with LNV Corporation (approximately 21.5% of our portfolio by face amount of policy benefits) we attempt to update the life expectancy estimates on a continuous rotating three year cycle. For life insurance policies that are pledged under our amended and restated senior credit facility with LNV Corporation (approximately 68.7% of our portfolio by face amount of policy benefits) we are presently required to update the life expectancy estimates every two years beginning from the date of the amended and restated senior credit facility. For the remaining small face insurance policies (i.e., a policy with $1 million in face value benefits or less) we may employ a range of methods and timeframes to update life expectancy estimates (see Note 25). The following table summarizes the inputs utilized in estimating the fair value of our portfolio of life insurance policies: As of As of Weighted-average age of insured, years * 82.1 81.7 Weighted-average life expectancy, months * 79.9 82.4 Average face amount per policy $ 1,805,000 $ 1,867,000 Discount rate 10.45 % 10.45 % (*) 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%, with all other variables 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 plus September 30, 2018 $ 103,902,000 $ 51,782,000 $ (51,418,000 ) $ (102,195,000 ) December 31, 2017 $ 86,391,000 $ 42,886,000 $ (42,481,000 ) $ (84,238,000 ) Change in Discount Rate minus 2% minus 1% plus 1% plus 2% September 30, 2018 $ 78,624,000 $ 37,643,000 $ (34,665,000 ) $ (66,663,000 ) December 31, 2017 $ 68,117,000 $ 32,587,000 $ (29,964,000 ) $ (57,583,000 ) Other Fair Value Considerations The carrying value of policy benefit 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 $586,063,000 as of September 30, 2018, is approximately $592,527,000 based on a weighted-average market interest rate of 6.84%. The Seller Trust L Bonds, which contain certain rights that differ from our other L Bonds, nevertheless have generally similar terms to our other L Bonds. Therefore we use the same income-based approach used for L Bonds resulting in an approximate fair value of $403,235,000 for the Seller Trust L Bonds compared to an aggregate face value of $403,235,000. The Exchangeable Note receivable from Beneficient is expected to be converted to Beneficient common units (at a price of $10 per unit) upon Final Closing, which is expected to occur in the fourth quarter of 2018. Due primarily to the above market interest rate of 12.4% on the Exchangeable Note, we estimate the fair value of approximately $170,545,000 based on the estimated convertible value of the underlying units. The Commercial Loan receivable from Beneficient has a below-market interest rate of 5.0% per year; provided that the accrued interest from the date of the Initial Transfer to the Final Closing Date of the Beneficient Transaction will be added to the principal balance of the Commercial Loan. From and after the Final Closing Date, one-half of the interest, or 2.5% per year, will be due and payable monthly in cash, and (ii) one-half of the interest, or 2.5% per year, will accrue and compound annually on each anniversary date of the Final Closing Date and become due and payable in full in cash on the maturity date. We estimate the fair value of the Commercial Loan of approximately $189,150,000 based on a market yield analysis for similar instruments with similar credit profiles. We utilized an implied yield of approximately 6.75%. The carrying value of the amended and restated 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 Capital, Inc. ("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, determine if an impairment exists and establish or adjust an allowance for loan loss as necessary. At September 30, 2018 one of our secured cash advances was impaired. Specifically, the secured loan to Nulook Capital LLC had an outstanding balance of $1,908,000 and an allowance for loan loss of $1,908,000 at September 30, 2018. We deem fair value to be the estimated collectible value on each loan or advance made from GWG MCA. Secured merchant cash advances, net of allowance for loan loss, of $635,000 and $1,662,000 are included within other assets on our condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017, respectively. Where we estimate the collectible amount to be less than the outstanding balance, we record an allowance for the difference. Provision for merchant cash advances are recorded within other expenses on the statement of operations (see Note 19). The following table summarizes outstanding common stock warrants (discussed in Note 17) as of September 30, 2018: Month issued Warrants issued Fair value per share Risk free Volatility Term September 2014 16,000 $ 1.26 1.85 % 17.03 % 5 years 16,000

Financing Receivable from Affil

Financing Receivable from Affiliate (as restated)	9 Months Ended
	Sep. 30, 2018
Receivables [Abstract]
Financing Receivable from Affiliate (as restated)	(5) Financing Receivable from Affiliate (as restated) Commercial Loan On August 10, 2018, in connection with the Initial Transfer of the Beneficient Transaction, GWG Life, as lender, and Beneficient, as borrower, entered into the Commercial Loan Agreement in the amount of $200,000,000. The principal amount under the Commercial Loan is due on August 9, 2023, but is extendable for two five-year terms under certain circumstances. The extensions are available to the borrower provided that (a) in the event Beneficient completes at least one public offering of its common units raising at least $50,000,000 which on its own or together with any other public offering of Beneficient’s common units results in Beneficient raising at least $100,000,000, then the maturity date will be extended to August 9, 2028; and (b) in the event that Beneficient (i) completes at least one public offering of its common units raising at least $50,000,000 which on its own or together with any other public offering of Beneficient’s common units results in Beneficient raising at least $100,000,000 and (ii) at least 75% of Beneficient Holding’s total outstanding NPC-B limited partnership interests, if any, have been converted to shares of Beneficient’s common units, then the maturity date will be extended to August 9, 2033. Repayment of the Commercial Loan is subordinated in right of payment to any of Beneficient’s senior debt and commercial bank debt, if any, and to Beneficient’s obligations which may arise in connection with its NPC-B Unit limited partnership interests. Beneficient’s obligations under the Commercial Loan Agreement are unsecured. The Commercial Loan Agreement contains negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens and indebtedness by Beneficient, fundamental changes to its business and transactions with affiliates. The Commercial Loan Agreement also contains customary affirmative covenants, including, but not limited to, preservation of corporate existence, compliance with applicable law, payment of taxes, notice of material events, financial reporting and keeping of proper books of record and account. The Commercial Loan Agreement includes customary events of default, including, but not limited to, nonpayment of principal or interest, failure to comply with covenants, failure to pay other indebtedness when due, cross-acceleration to other debt, material adverse effects, events of bankruptcy and insolvency, and unsatisfied judgments. The borrower was in compliance with the covenants as of the most recent balance sheet date. The principal amount of the Commercial Loan bears interest at 5.0% per year from the Final Closing Date. One-half of the interest, or 2.5% per year, will be due and payable monthly in cash, and (ii) one-half of the interest, or 2.5% per year, will accrue and compound annually on each anniversary date of the Final Closing Date and become due and payable in full in cash on the maturity date. The accrued interest from the Initial Transfer to the Final Closing date will be added to the principal amount of the loan. The Commercial Loan was issued at a discount as a result of the relative fair value allocations for the assets received in the Beneficient transaction. The discount will be amortized to interest income over the term of the loan. In accordance with the Supplemental Indenture issuing the Seller Trust L Bonds, upon a redemption event or at the maturity date of the Seller Trust L Bonds, the Company, at its option, may use the outstanding principal amount of the Commercial Loan, and accrued and unpaid interest thereon, as repayment consideration of the Seller Trust L Bonds (See Note 11). Exchangeable Note On August 10, 2018, in connection with the Initial Transfer of the Beneficient Transaction, Beneficient issued to GWG the Exchangeable Promissory Note (the “Exchangeable Note”) in the principal amount of $162,911,000. The Exchangeable Note accrues interest at a rate of 12.4% per year, compounded annually. Interest is payable in cash on the earlier to occur of the maturity date or the Final Closing Date; provided that Beneficient may, at its option, add to the outstanding principal balance under the Commercial Loan Agreement the accrued interest in lieu of payment in cash of such accrued interest thereon at the Final Closing Date (or, if earlier, the maturity date of the Exchangeable Note). The principal amount of the Exchangeable Note is payable in cash on August 9, 2023. In the event the Final Closing Date occurs on or prior to the maturity date, the principal amount of the Exchangeable Note is payable in Beneficient common units at a price equal to $10 per unit. In the event the Final Closing Date occurs prior to the maturity date, Beneficient may, at its option, pay the accrued interest on the Exchangeable Note in the form of Beneficient common units or in the form of a promissory note providing for a term of up to two years and cash interest payable semi-annually at the rate of 5.0% per year. In accordance with the Supplemental Indenture for the Seller Trust L Bonds, upon a redemption event or at the maturity date of the Seller Trust L Bonds, the Company, at its option, may use the outstanding principal amount of the Exchangeable Note, and accrued and unpaid interest thereon, as repayment consideration of the Seller Trust L Bonds (See Note 11). The Exchangeable Note was issued at a premium as a result of the relative fair value allocations for the assets received in the Beneficient transaction. The premium will be amortized to interest income over the term of the note. The following table summarizes outstanding principal and accrued interest balances of the Commercial Loan and Exchangeable Note receivable: As of As of September 30, December 31, 2018 2017 Commercial Loan receivable - principal $ 200,000,000 $ - Discount on loan receivable (9,078,000 ) Accrued interest receivable 1,444,000 - Commercial Loan receivable from affiliate 192,366,000 - Exchangeable Note receivable - principal 162,911,000 - Premium on note receivable 8,754,000 Accrued interest receivable 2,840,000 - Exchangeable Note receivable from affiliate 174,505,000 - Financing receivable from affiliate $ 366,871,000 $ -

Equity Method Investment (As Re

Equity Method Investment (As Restated)	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Equity Method Investment (as restated)	(6) Equity Method Investment (as restated) On August 10, 2018, in connection with the Initial Transfer of the Beneficient Transaction, we acquired 4.0 million common units of Beneficient, for a total limited partnership interest in the common units of Beneficient of approximately 17.6%. The common units of Beneficient are not publicly traded on a stock exchange. In accordance with ASC 810, Consolidation, We have determined that Beneficient is a VIE but that we are not the primary beneficiary of the investment. GWG does not have the power to direct any activities of Beneficient, or any of its related parties, that most significantly impact Beneficient’s economic performance. GWG has no board representation at Beneficient or at its general partner. The general partner is exclusively assigned all management powers over the business and affairs of Beneficient, and the limited partners do not have the ability to remove the general partner. Therefore, we do not consolidate the results of Beneficient in our consolidated financial statements. The Company’s exposure to risk of loss in Beneficient is generally limited to its investment in the common units of Beneficient, and its financing receivables from Beneficient. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at September 30, 2018: Carrying Maximum Exposure Value to Loss Assets: Financing receivable from affiliate $ 366,871,000 $ 366,871,000 Equity method investment 42,069,000 42,069,000 Total $ 408,940,000 $ 408,940,000 We account for our investment under the equity method. Our investment is presented in equity method investment on our condensed consolidated balance sheets. Our proportionate share of earnings or losses from our equity method investment is recognized in equity in net earnings of investee in our condensed consolidated statements of operations. We record our share of the income or loss of Beneficient on a one-quarter lag. As a result, no earnings from Beneficient were recorded in equity in net earnings of investee for the three or nine months ended September 30, 2018. Although our initial proportion of the common ownership is below 20%, we believe it appropriate to apply equity method accounting given our additional advances made to Beneficient, particularly in regards to the Exchangeable Note which will convert to additional Beneficient common units upon the Final Closing Date. Additionally, SEC Staff Announcement: Accounting for Limited Partnership Investments provides guidance requiring the use of the equity method unless the investment is so minor that the limited partner may have virtually no influence over the partnership’s operating and financial policies. In practice, investments of more than 3% to 5% are viewed as more than minor. A substantial majority of the net assets of Beneficient are currently represented by intangible assets and goodwill. As such, we believe substantially all of our equity method investment is characterized as equity method goodwill as of September 30, 2018. We do not believe conditions exist indicating an other-than-temporary loss in value of our investment and no impairment has been recorded to our equity method investment as of September 30, 2018. Beneficient has certain share classes outstanding other than common units, namely Class S Ordinary units issued by Beneficient and Non-Participating Convertible Series A units issued by a subsidiary of Beneficient. These units are classified as noncontrolling interest and redeemable noncontrolling interest, respectively, on the consolidated statements of financial position of Beneficient and their share of the net income of Beneficient is classified as net income attributable to noncontrolling interests on the consolidated statements of operations of Beneficient. These units are exchangeable or convertible into common units of Beneficient.

Credit Facility - Autobahn Fund

Credit Facility - Autobahn Funding Company LLC	9 Months Ended
	Sep. 30, 2018
Line of Credit Facility [Abstract]
Credit Facility - Autobahn Funding Company LLC	(7) 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 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	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Credit Facility - LNV Corporation	(8) 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 senior credit 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 senior credit facility at the LIBOR rate as herein defined. 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 senior credit facility 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 September 30, 2018 was 10.30%. Interest payments are made on a quarterly basis. As of September 30, 2018, approximately 68.7% of the total face value of our portfolio is pledged to LNV Corporation. The amount outstanding under this facility was $171,964,000 and $222,525,000 at September 30, 2018 and December 31, 2017, respectively. Obligations under the amended and restated senior credit facility are secured by a security interest in DLP IV's assets, for the benefit of the lenders, 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 condensed consolidated balance sheets is due to netting of unamortized debt issuance costs. The amended and restated senior credit facility has certain financial and nonfinancial covenants, and we were in compliance with these covenants at September 30, 2018 and December 31, 2017.

Series I Secured Notes

Series I Secured Notes	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Series I Secured Notes	(9) 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.

L Bonds

L Bonds	9 Months Ended
	Sep. 30, 2018
L Bonds [Abstract]
L Bonds	(10) L Bonds 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 through January 2018. On December 1, 2017, an additional public offering was declared effective permitting us to sell up to $1.0 billion in principal amount of L Bonds on a continuous basis. The new offering is a follow-on to the previous L Bond offering and contains the same terms and features. 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. On October 23, 2017, the parties entered into the Amended and Restated Indenture in connection with the new offering. On March 27, 2018, GWG L Bond holders approved Amendment No.1 to the Amended and Restated Indenture. This amendment expands the definition of Total Coverage to include, without duplication, the value of all of our other assets as reflected on our most recently available balance sheet prepared in accordance with GAAP. The Amended and Restated Indenture contains certain financial and non-financial covenants, and we were in compliance with these covenants at September 30, 2018 and December 31, 2017. We are publicly offering and selling L Bonds under a registration statement declared effective by the SEC and have issued Seller Trust L Bonds under a Supplemental Indenture, as described in (see Note 11). The L Bonds and Seller Trust 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 (1) (2) (1) The Seller Trust L Bonds (see Note 11) are senior secured obligations of GWG, ranking junior to all senior debt of GWG (see Note 8) and pari passu in right of payment and in respect of collateral with all L Bonds of GWG. Payments under the Seller Trust L Bonds are guaranteed by GWG Life. The assets exchanged in the Initial Transfer are available as collateral for all holders of the L Bonds and Seller Trust L Bonds. Specifically, the Exchangeable Note and common units of Beneficient are held by GWG Holdings and the Commercial Loan is held by GWG Life. (2) The terms of our amended and restated senior credit facility with LNV Corporation require that we maintain a significant excess of pledged collateral value over the amount outstanding on the amended and restated senior credit facility at any given time. Any excess after satisfying all amounts owing under our amended and restated senior credit facility with LNV Corporation is available as collateral for the L Bonds (including the Seller Trust L Bonds). 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 September 30, 2018 and December 31, 2017, the weighted-average interest rate of our L Bonds was 7.12% and 7.29%, respectively. The principal amount of L Bonds outstanding was $586,063,000 and $461,427,000 at September 30, 2018 and December 31, 2017, respectively. The difference between the amount of outstanding L Bonds and the carrying amount on our condensed consolidated 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 $2,312,000 and $2,076,000 for the three months ended September 30, 2018 and 2017, respectively, and $6,450,000 and $4,931,000 for the nine months ended September 30, 2018 and 2017, respectively. Future expected amortization of deferred financing costs as of September 30, 2018 is $20,581,000 in total over the next seven years. Future contractual maturities of L Bonds, and future amortization of their deferred financing costs, at September 30, 2018 are as follows (1) Years Ending December 31, Contractual Maturities Unamortized Deferred Financing Costs Three months ending December 31, 2018 $ 26,778,000 $ 79,000 2019 150,056,000 2,291,000 2020 137,067,000 4,435,000 2021 87,360,000 3,727,000 2022 39,713,000 1,777,000 2023 53,616,000 2,924,000 Thereafter 91,473,000 5,348,000 $ 586,063,000 $ 20,581,000 (1) The Seller Trust L Bonds are excluded

Seller Trust L Bonds (As Restat

Seller Trust L Bonds (As Restated)	9 Months Ended
	Sep. 30, 2018
Seller Trust LBonds As Restated Abstract
Seller Trust L Bonds (As Restated)	(11) Seller Trust L Bonds (as restated) On August 10, 2018, in connection with the Initial Transfer of the Beneficient Transaction, GWG Holdings, GWG Life and Bank of Utah, as trustee (the “Trustee”), entered into a Supplemental Indenture (the “Supplemental Indenture”) to the Amended and Restated Indenture. GWG Holdings entered into the Supplemental Indenture to add and modify certain provisions of the Amended and Restated Indenture necessary to provide for the issuance of a new class of securities titled “Seller Trust L Bonds”. The maturity date of the Seller Trust L Bonds is August 9, 2023. The Seller Trust L Bonds bear interest at 7.50% per year. Interest is payable monthly in cash. GWG issued Seller Trust L Bonds in the amount of $403,235,000 to the various related trusts (the “Seller Trusts”) in connection with the Beneficient Transaction on August 10, 2018. So long as the Final Closing has not occurred, the redemption price payable in respect of a redemption effected by GWG after January 31, 2019 may be paid, at GWG’s option, in the form of cash, a pro rata portion of (i) the outstanding principal amount and accrued and unpaid interest under the Commercial Loan Agreement, (ii) the outstanding principal amount and accrued and unpaid interest under the Exchangeable Note and (iii) Beneficient common units, or a combination of cash and such property. After the second anniversary of the Final Closing, the holders of the Seller Trust L Bonds will have the right to cause GWG to repurchase, in whole but not in part, the Seller Trust L Bonds held by such holder. The repurchase may be paid, at GWG’s option, in the form of cash, a pro rata portion of (i) the outstanding principal amount and accrued and unpaid interest under the Commercial Loan Agreement, (ii) the outstanding principal amount and accrued and unpaid interest under the Exchangeable Note and (iii) Beneficient common units, or a combination of cash and such property. We are publicly offering and selling L Bonds under a registration statement declared effective by the SEC, as described in Note 10 and have issued Seller Trust L Bonds under a Supplemental Indenture. The L Bonds and Seller Trust 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 (1) (2) (1) The Seller Trust L Bonds are senior secured obligations of GWG, ranking junior to all senior debt of GWG (see Note 8) and pari passu in right of payment and in respect of collateral with all L Bonds of GWG (see Note 10). Payments under the Seller Trust L Bonds are guaranteed by GWG Life. The assets exchanged in the Initial Transfer are available as collateral for all holders of the L Bonds and Seller Trust L Bonds. Specifically, the Exchangeable Note and common units of Beneficient are held by GWG Holdings and the Commercial Loan is held by GWG Life. (2) The terms of our amended and restated senior credit facility with LNV Corporation require that we maintain a significant excess of pledged collateral value over the amount outstanding on the amended and restated senior credit facility at any given time. Any excess after satisfying all amounts owing under our amended and restated senior credit facility with LNV Corporation is available as collateral for the L Bonds (including the Seller Trust L Bonds). The principal amount of Seller Trust L Bonds outstanding was $403,235,000 and $0 at September 30, 2018 and December 31, 2017, respectively.

Series A Convertible Preferred

Series A Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2018
Series A Convertible Preferred Stock [Abstract]
Series A Convertible Preferred Stock	(12) Series A Convertible Preferred Stock From July 2011 through September 2012, we privately offered shares of Series A Convertible Preferred Stock of GWG Holdings at $7.50 per share (the "Series A"). 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 were only redeemable at our option. Purchasers of the 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 September 30, 2018 and 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	9 Months Ended
	Sep. 30, 2018
Redeemable Preferred Stock [Abstract]
Redeemable Preferred Stock	(13) Redeemable Preferred Stock On November 30, 2015, our public offering of up to 100,000 shares of 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 from us and still held by such purchaser. 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, as specified in the Certificate of Designation. Nevertheless, the Certificate of Designation for RPS permits us in our 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. In March 2017, we closed the RPS offering to additional 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	9 Months Ended
	Sep. 30, 2018
Series 2 Redeemable Preferred Stock [Abstract]
Series 2 Redeemable Preferred Stock	(14) Series 2 Redeemable Preferred Stock On February 14, 2017, our public offering of up to 150,000 shares of 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 from us and still held by such purchaser. 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, as specified in the Certificate of Designation. Nevertheless, the Certificate of Designation for RPS 2 permits us in our 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). In April 2018, we closed the RPS 2 offering to additional investors having sold 149,979 shares of RPS 2 for an aggregate gross consideration of $149,979,000 and incurred approximately $10,284,000 of related selling costs. 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.

Series B Convertible Preferred

Series B Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Series B Convertible Preferred Stock	(15) Series B Convertible Preferred Stock On August 10, 2018, GWG Holdings issued 5,000,000 shares of Series B, par value $0.001 per share and having a stated value of $10 per share, to Beneficient for cash consideration of $50,000,000 as part of the Initial Transfer. The Series B ranks, as to the payment of dividends and the distribution of our assets upon liquidation, dissolution or winding up junior to our RPS and RPS 2 and pari passu The Series B will convert into 5,000,000 shares of our common stock at a conversion price of $10.00 per share immediately following the Final Closing of the Beneficient Transaction. The holder has no additional rights or remedies if the Final Closing is not completed.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	(16) Income Taxes We had a current income tax liability of $0 as of both September 30, 2018 and December 31, 2017. 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 three and nine months ended September 30, 2018 and 2017 consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2018 2017 2018 2017 Statutory federal income tax (benefit) $ (2,234,000 ) $ (2,321,000 ) $ (4,173,000 ) $ (5,536,000 ) State income taxes (benefit), net of federal benefit (866,000 ) (440,000 ) (1,558,000 ) (1,049,000 ) Change in valuation allowance 3,215,000 - 5,783,000 - Other permanent differences (115,000 ) (3,000 ) (52,000 ) 103,000 Total income tax expense (benefit) $ - $ (2,764,000 ) $ - $ (6,482,000 ) The tax effects of temporary differences that give rise to deferred income taxes were as follows: As of September 30, 2018 As of December 31, 2017 Deferred tax assets: Note receivable from related party $ - $ 1,437,000 Net operating loss carryforwards 12,096,000 9,995,000 Other assets 2,930,000 1,724,000 Subtotal 15,026,000 13,156,000 Valuation allowance (11,962,000 ) (6,386,000 ) Deferred tax assets 3,064,000 6,770,000 Deferred tax liabilities: Investment in life insurance policies (2,952,000 ) (6,630,000 ) Other liabilities (112,000 ) (140,000 ) Net deferred tax asset (liability) $ - $ - At September 30, 2018 and December 31, 2017, we had federal net operating loss ("NOL") carryforwards of $42,085,000 and $34,775,000, 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 September 30, 2018. 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 September 30, 2018, based on all available evidence, we have provided a valuation allowance against our total net deferred tax asset of $11,962,000 due to uncertainty as to the realization of our deferred tax assets during the carryforward periods. 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, reflecting those changes within deferred tax assets as of December 31, 2017. 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 September 30, 2018 and December 31, 2017, 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	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Common Stock	(17) 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 September 30, 2018, none of these warrants had been exercised. The remaining life of these warrants at September 30, 2018 was 1.0 year. On August 10, 2018, the Company declared a special dividend of $4.30 per share of common stock payable to shareholders of record on August 27, 2018.

Stock Incentive Plan

Stock Incentive Plan	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Incentive Plan	(18) Stock Incentive Plan We adopted our 2013 Stock Incentive Plan in March 2013, as amended on June 1, 2015, May 5, 2017 and May 8, 2018. 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 September 30, 2018, 6,000,000 of our common stock options are authorized under the plan, of which 2,667,832 shares were reserved for issuance under outstanding incentive awards and 3,332,168 shares remain available for future grants. Stock Options As of September 30, 2018, we had outstanding stock options for 1,364,000 shares of common stock to employees, officers, and directors under the plan. Options for 583,000 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 $11.56 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 three months ended September 30, 2018 was 25.83%. The annual volatility rate is based on the standard deviation of the average continuously compounded daily changes of stock price of five selected companies. As of September 30, 2018, stock options for 732,000 shares had been forfeited and stock options for 724,000 shares had been exercised. Outstanding stock options: Vested Un-vested Total 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 Granted year-to-date 37,950 306,500 344,450 Vested year-to-date 279,788 (279,788 ) - Exercised year-to-date (569,864 ) - (569,864 ) Forfeited year-to-date (21,582 ) (25,501 ) (47,083 ) Balance as of September 30, 2018 583,484 780,967 1,364,451 As of September 30, 2018, unrecognized compensation expense related to un-vested options is $1,282,000. We expect to recognize this compensation expense over the remaining vesting period ($182,000 in 2018, $614,000 in 2019, $354,000 in 2020, and $132,000 in 2021). Stock Appreciation Rights (SARs) As of September 30, 2018, we had outstanding SARs for 311,000 shares of the common stock to employees. The strike price of the SARs was between $6.75 and $10.38, which was equal to the market price of the common stock at the date of issuance. As of September 30, 2018, 83,000 of the SARs were vested and 146,000 have been exercised. On September 30, 2018, the market price of GWG's common stock was $7.75. Outstanding SARs: Vested Un-vested Total 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 Granted year-to-date - 113,650 113,650 Vested year-to-date 39,552 (39,552 ) - Exercised year-to-date (145,622 ) - (145,622 ) Balance as of September 30, 2018 82,983 228,017 311,000 The liability for the SARs as of September 30, 2018 and December 31, 2017 was $43,000 and $551,000, respectively, and was recorded within other accrued expenses on the condensed consolidated balance sheets. Employee compensation and benefits expense for SARs of $25,000 and ($9,000) was recorded for the three months ended September 30, 2018 and 2017, respectively, and $15,000 and $303,000 was recorded for the nine months ended September 30, 2018 and 2017, 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 options and SARs issued under the 2013 Stock Incentive Plan: September 30, 2018 Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life (years) Fair Value at Grant Date Vested Stock Options 583,484 $ 8.71 4.10 $ 1.97 SARs 82,983 $ 8.92 5.06 $ 1.96 Total Vested 666,467 $ 8.74 4.22 $ 1.97 Unvested Stock Options 780,967 $ 9.26 4.98 $ 2.31 SARs 228,017 $ 8.47 6.16 $ 2.04 Total Unvested 1,008,984 $ 9.08 5.25 $ 2.25 December 31, 2017 Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life (years) Fair Value at Grant Date 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 Restricted Stock Units A restricted stock unit ("RSU") entitles the holder thereof to receive one share of our common stock upon vesting. As of September 30, 2018, we had outstanding RSUs for 122,396 shares of common stock held by employees under the plan, of which 51,193 RSUs were vested but for which shares had not yet been issued and 71,203 RSUs were scheduled to vest over the next twelve months.

Other Expenses

Other Expenses	9 Months Ended
	Sep. 30, 2018
Other Expenses [Abstract]
Other Expenses	(19) Other Expenses The components of other expenses in our condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Contract Labor $ 359,000 $ 130,000 $ 964,000 $ 311,000 Marketing 413,000 485,000 1,343,000 1,687,000 Information Technology 432,000 411,000 1,208,000 1,093,000 Servicing and Facility Fees 382,000 277,000 1,244,000 856,000 Travel and Entertainment 204,000 250,000 650,000 768,000 Insurance and Regulatory 401,000 416,000 1,120,000 1,240,000 Charitable Contributions - 42,000 - 462,000 General and Administrative 498,000 788,000 1,733,000 2,924,000 Total Other Expenses $ 2,689,000 $ 2,799,000 $ 8,262,000 $ 9,341,000

Net Loss Attributable to Common

Net Loss Attributable to Common Shareholders	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Net Loss Attributable to Common Shareholders	(20) Net Loss Attributable to Common Shareholders We have outstanding RPS, RPS 2 and Series B as described in Notes 13, 14 and 15. RPS, RPS 2 and Series B are anti-dilutive to our net loss attributable to common shareholders calculation for both the three and nine months ended September 30, 2018 and 2017. Our vested and un-vested stock options and warrants are anti-dilutive for both the three and nine months ended September 30, 2018 and 2017.

Commitments

Commitments	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments	(21) 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 $119,000 and $121,000 during the three months ended September 30, 2018 and 2017, respectively, and $334,000 and $344,000 during the nine months ended September 30, 2018 and 2017, respectively. Minimum lease payments under the amended lease are as follows: Three months ending December 31, 2018 $ 68,000 2019 275,000 2020 284,000 2021 293,000 2022 302,000 2023 311,000 Thereafter 593,000 $ 2,126,000

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	(22) Contingencies Litigation —

Guarantee of L Bonds and Seller

Guarantee of L Bonds and Seller Trust L Bonds (as restated)	9 Months Ended
	Sep. 30, 2018
Guarantee of L Bonds [Abstract]
Guarantee of L Bonds and Seller Trust L Bonds (as restated)	(23) Guarantee of L Bonds and Seller Trust L Bonds (as restated) We are publicly offering and selling L Bonds under a registration statement declared effective by the SEC, as described in Note 10 and have issued Seller Trust L Bonds under a Supplemental Indenture, as described in Note 11. The L Bonds and Seller Trust 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 (1) (2) (1) The Seller Trust L Bonds are senior secured obligations of GWG, ranking junior to all senior debt of GWG (see Note 8) and pari passu in right of payment and in respect of collateral with all L Bonds of GWG (see Note 10). Payments under the Seller Trust L Bonds are guaranteed by GWG Life. The assets exchanged in the Initial Transfer are available as collateral for all holders of the L Bonds and Seller Trust L Bonds. Specifically, the Exchangeable Note and common units of Beneficient are held by GWG Holdings and the Commercial Loan is held by GWG Life. (2) The terms of our amended and restated senior credit facility with LNV Corporation require that we maintain a significant excess of pledged collateral value over the amount outstanding on the amended and restated senior credit facility at any given time. Any excess after satisfying all amounts owing under our amended and restated senior credit facility with LNV Corporation is available as collateral for the L Bonds (including the Seller Trust L Bonds). The following represents condensed consolidating financial information as of September 30, 2018 and December 31, 2017, with respect to the financial position, and as of September 30, 2018 and 2017, 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 and Seller Trust L Bonds. The guarantor subsidiary column presents the financial information of GWG Life, the guarantor subsidiary of the L Bonds and Seller Trust 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. Condensed Consolidating Balance Sheets September 30, 2018 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated (as restated) A S S E T S Cash and cash equivalents $ 115,884,625 $ 631,228 $ 1,357,815 $ - $ 117,873,668 Restricted cash - 699,477 2,370,282 - 3,069,759 Investment in life insurance policies, at fair value - 85,077,334 706,391,253 - 791,468,587 Life insurance policy benefits receivable - 2,800,000 7,672,696 - 10,472,696 Financing receivable from affiliate 174,505,533 192,365,503 - - 366,871,036 Equity method investment 42,069,259 - - - 42,069,259 Other assets 3,707,203 1,822,284 4,307,324 - 9,836,811 Investment in subsidiaries 834,505,607 551,836,655 - (1,386,342,262 ) - TOTAL ASSETS $ 1,170,672,227 $ 835,232,481 $ 722,099,370 $ (1,386,342,262 ) $ 1,341,661,816 LIABILITIES Senior credit facility with LNV Corporation $ - $ - $ 162,469,172 $ - $ 162,469,172 L Bonds 570,199,704 - - - 570,199,704 Seller Trust L Bonds 403,234,866 - - - 403,234,866 Accounts payable 1,101,453 641,741 836,129 - 2,579,323 Interest and dividends payable 13,952,101 - 4,796,457 - 18,748,558 Other accrued expenses 1,026,668 1,448,807 797,283 - 3,272,758 TOTAL LIABILITIES 989,514,792 2,090,548 168,899,041 - 1,160,504,381 STOCKHOLDERS’ EQUITY Member capital - 833,141,933 553,200,329 (1,386,342,262 ) - Redeemable preferred stock and Series 2 redeemable preferred stock 216,068,039 - - - 216,068,039 Series B convertible preferred stock 50,000,000 - - - 50,000,000 Common stock 5,980 - - - 5,980 Accumulated deficit (84,916,584 ) - - - (84,916,584 ) TOTAL STOCKHOLDERS’ EQUITY 181,157,435 833,141,933 553,200,329 (1,386,342,262 ) 181,157,435 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,170,672,227 $ 835,232,481 $ 722,099,370 $ (1,386,342,262 ) $ 1,341,661,816 December 31, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated A S S E T S 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 Life insurance policy benefits receivable - 1,500,000 15,158,761 - 16,658,761 Other assets 1,912,203 1,986,312 5,000,369 - 8,898,884 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 L I A B I L I T I E S & S T O C K H O L D E R S’ E Q U I T Y LIABILITIES Senior credit facility with LNV Corporation $ - $ - $ 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 Condensed Consolidating Statements of Operations For the three months ended September 30, 2018 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ - $ 4,122,153 $ 11,599,360 $ - $ 15,721,513 Interest and other income 3,333,424 1,700,414 181,677 - 5,215,515 TOTAL REVENUE 3,333,424 5,822,567 11,781,037 - 20,937,028 EXPENSES Interest expense 16,739,120 - 5,060,212 - 21,799,332 Employee compensation and benefits 2,292,251 3,086,682 169,838 - 5,548,771 Legal and professional fees 483,512 221,613 716,839 - 1,421,964 Other expenses 1,590,823 455,800 642,347 - 2,688,970 TOTAL EXPENSES 21,105,706 3,764,095 6,589,236 - 31,459,037 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (17,772,282 ) 2,058,472 5,191,801 - (10,522,009 ) EQUITY IN INCOME OF SUBSIDIARIES 7,250,273 6,266,481 - (13,516,754 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (10,522,009 ) 8,324,953 5,191,801 (13,516,754 ) (10,522,009 ) INCOME TAX BENEFIT - - - - - NET INCOME (LOSS) (10,522,009 ) 8,324,953 5,191,801 (13,516,754 ) (10,522,009 ) Preferred stock dividends 4,313,542 - - - 4,313,542 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (14,835,551 ) $ 8,324,953 $ 5,191,801 $ (13,516,754 ) $ (14,835,551 ) For the three months ended September 30, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ - $ 2,780,544 $ 11,640,809 $ - $ 14,421,353 Interest and other income 40,044 113,410 239,865 (117,629 ) 275,690 TOTAL REVENUE 40,044 2,893,954 11,880,674 (117,629 ) 14,697,043 EXPENSES Interest expense 9,907,959 253,422 3,126,130 (12,104 ) 13,275,407 Employee compensation and benefits 2,140,675 1,413,103 238,318 - 3,792,096 Legal and professional fees 746,939 246,691 663,460 - 1,657,090 Other expenses 1,743,730 711,528 449,463 (105,525 ) 2,799,196 TOTAL EXPENSES 14,539,303 2,624,744 4,477,371 (117,629 ) 21,523,789 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (14,499,259 ) 269,210 7,403,303 - (6,826,746 ) EQUITY IN INCOME OF SUBSIDIARIES 7,672,513 8,263,120 - (15,935,633 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (6,826,746 ) 8,532,330 7,403,303 (15,935,633 ) (6,826,746 ) INCOME TAX BENEFIT (2,764,243 ) - - - (2,764,243 ) NET INCOME (LOSS) (4,062,503 ) 8,532,330 7,403,303 (15,935,633 ) (4,062,503 ) Preferred stock dividends 3,548,165 - - - 3,548,165 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (7,610,668 ) $ 8,532,330 $ 7,403,303 $ (15,935,633 ) $ (7,610,668 ) For the nine months ended September 30, 2018 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ - $ 12,135,832 $ 40,794,176 $ - $ 52,930,008 Interest and other income 4,447,322 1,726,938 689,380 - 6,863,640 TOTAL REVENUE 4,447,322 13,862,770 41,483,556 - 59,793,648 EXPENSES Interest expense 38,758,326 - 16,252,193 - 55,010,519 Employee compensation and benefits 5,629,344 5,881,219 1,016,576 - 12,527,139 Legal and professional fees 1,290,614 688,003 1,772,704 - 3,751,321 Other expenses 5,082,525 1,397,314 1,782,485 - 8,262,324 TOTAL EXPENSES 50,760,809 7,966,536 20,823,958 - 79,551,303 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (46,313,487 ) 5,896,234 20,659,598 - (19,757,655 ) EQUITY IN INCOME OF SUBSIDIARIES 26,555,832 23,824,330 - (50,380,162 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (19,757,655 ) 29,720,564 20,659,598 (50,380,162 ) (19,757,655 ) INCOME TAX (EXPENSE)/BENEFIT - - - - - NET INCOME (LOSS) (19,757,655 ) 29,720,564 20,659,598 (50,380,162 ) (19,757,655 ) Preferred stock dividends 12,356,513 - - - 12,356,513 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (32,114,168 ) $ 29,720,564 $ 20,659,598 $ (50,380,162 ) $ (32,114,168 ) For the nine months ended September 30, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ - $ 4,481,555 $ 40,635,883 $ - $ 45,117,438 Interest and other income 194,273 348,695 1,163,667 (371,100 ) 1,335,535 TOTAL REVENUE 194,273 4,830,250 41,799,550 (371,100 ) 46,452,973 EXPENSES Interest expense 27,495,867 930,837 10,418,243 (79,300 ) 38,765,647 Employee compensation and benefits 6,179,032 4,163,873 353,550 - 10,696,455 Legal and professional fees 1,524,510 687,240 1,722,277 - 3,934,027 Other expenses 5,291,881 2,244,577 2,095,959 (291,800 ) 9,340,617 TOTAL EXPENSES 40,491,290 8,026,527 14,590,029 (371,100 ) 62,736,746 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (40,297,017 ) (3,196,277 ) 27,209,521 - (16,283,773 ) EQUITY IN INCOME OF SUBSIDIARIES 24,013,244 29,569,105 - (53,582,349 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (16,283,773 ) 26,372,828 27,209,521 (53,582,349 ) (16,283,773 ) INCOME TAX BENEFIT (6,481,917 ) - - - (6,481,917 ) NET INCOME (LOSS) (9,801,856 ) 26,372,828 27,209,521 (53,582,349 ) (9,801,856 ) Preferred stock dividends 7,447,022 - - - 7,447,022 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (17,248,878 ) $ 26,372,828 $ 27,209,521 $ (53,582,349 ) $ (17,248,878 ) Condensed Consolidating Statements of Cash Flows For the three months ended September 30, 2018 (as restated) Parent Guarantor Subsidiary Non-Guarantor Subsidiary Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (10,522,009 ) $ 8,324,953 $ 5,191,801 $ (13,516,754 ) $ (10,522,009 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (7,250,273 ) (6,266,481 ) - 13,516,754 - Changes in fair value of life insurance policies - (3,485,452 ) (21,354,115 ) - (24,839,567 ) Amortization of deferred financing and issuance costs 2,311,567 - 263,755 - 2,575,322 Amortization of discount or premium on financing receivable 251,672 (251,672 ) - - - Financing receivable from affiliate (2,839,926 ) (1,444,444 ) - - (4,284,370 ) (Increase) decrease in operating assets: Life insurance policy benefits receivable - (2,000,000 ) 18,562,304 - 16,562,304 Other assets (59,650,044 ) (47,247,165 ) 305,226 106,913,951 321,968 Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses 3,460,355 (384,380 ) (1,157,273 ) - 1,918,702 NET CASH FLOWS USED IN OPERATING ACTIVITIES (74,238,658 ) (52,754,641 ) 1,811,698 106,913,951 (18,267,650 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - (11,368,457 ) (31,523,307 ) - (42,891,764 ) Carrying value of matured life insurance policies - 669,349 1,656,640 - 2,325,989 Equity method investment acquired (1,421,059 ) - - - (1,421,059 ) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,421,059 ) (10,699,108 ) (29,866,667 ) - (41,986,834 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt - - (18,425,136 ) - (18,425,136 ) Proceeds from issuance of L Bonds 68,884,369 - - - 68,884,369 Payments for redemption and issuance of L Bonds (20,195,657 ) - - - (20,195,657 ) Issuance of common stock 682,954 - - - 682,954 Common stock dividends (25,709,412 ) - - - (25,709,412 ) Proceeds from issuance of convertible preferred stock 50,000,000 - - - 50,000,000 Payments for redemption of redeemable preferred stock (821,778 ) - - - (821,778 ) Preferred stock dividends (4,313,542 ) - - - (4,313,542 ) Issuance of member capital - 58,589,352 48,324,599 (106,913,951 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 68,526,934 58,589,352 29,899,463 (106,913,951 ) 50,101,798 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (7,132,783 ) (4,864,397 ) 1,844,494 - (10,152,686 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 123,017,408 6,195,102 1,883,603 - 131,096,113 END OF THE PERIOD $ 115,884,625 $ 1,330,705 $ 3,728,097 $ - $ 120,943,427 For the three months ended September 30, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiary Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (4,062,503 ) $ 8,532,330 $ 7,403,303 $ (15,935,633 ) $ (4,062,503 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (7,672,513 ) (8,263,120 ) - 15,935,633 - Changes in fair value of life insurance policies - (3,609,194 ) (16,572,538 ) - (20,181,732 ) Amortization of deferred financing and issuance costs 2,075,632 134,445 134,464 - 2,344,541 Deferred income taxes (2,764,243 ) - - - (2,764,243 ) (Increase) decrease in operating assets: Life insurance policy benefits receivable - - (7,627,000 ) - (7,627,000 ) Other assets (38,552,777 ) 51,740,361 1,157,168 (13,415,694 ) 929,058 Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses 1,834,187 (855,012 ) (1,064,684 ) - (85,509 ) NET CASH FLOWS USED IN OPERATING ACTIVITIES (49,142,217 ) 47,679,810 (16,569,287 ) (13,415,694 ) (31,447,388 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - - (25,199,692 ) - (25,199,692 ) Carrying value of matured life insurance policies - 505,000 1,828,039 - 2,333,039 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES - 505,000 (23,371,653 ) - (22,866,653 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt - - 56,887,491 - 56,887,491 Payments for issuance of senior debt - - (3,937,907 ) - (3,937,907 ) Payments for redemption of Series I Secured Notes - (6,815,406 ) - - (6,815,406 ) Proceeds from issuance of L Bonds 30,271,873 - - - 30,271,873 Payments for redemption and issuance of L Bonds (19,752,717 ) - - - (19,752,717 ) Issuance of common stock 30 - - - 30 Proceeds from issuance of redeemable preferred stock 25,211,870 - - - 25,211,870 Payments for issuance of redeemable preferred stock (1,243,920 ) - - - (1,243,920 ) Payments for redemption of redeemable preferred stock (47,500 ) - - - (47,500 ) Preferred stock dividends (3,548,165 ) - - - (3,548,165 ) Issuance of member capital - 37,959,462 (51,375,156 ) 13,415,694 - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 30,891,471 31,144,056 1,574,428 13,415,694 77,025,649 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (18,250,746 ) 79,328,866 (38,366,512 ) - 22,711,608 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 49,632,850 5,905,486 42,914,767 - 98,453,103 END OF THE PERIOD $ 31,382,104 $ 85,234,352 $ 4,548,255 $ - $ 121,164,711 For the nine months ended September 30, 2018 (as restated) Parent Guarantor Subsidiary Non-Guarantor Subsidiary Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (19,757,655 ) $ 29,720,564 $ 20,659,598 $ (50,380,162 ) $ (19,757,655 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (26,555,832 ) (23,824,330 ) - 50,380,162 - Changes in fair value of life insurance policies - (9,691,293 ) (46,367,043 ) - (56,058,336 ) Amortization of deferred financing and issuance costs 6,450,018 - 791,265 - 7,241,283 Amortization of discount or premium on financing receivable 251,672 (251,672) - - - Financing receivable from affiliate (2,839,926 ) (1,444,444 ) - - (4,284,370 ) (Increase) decrease in operating assets: Life insurance policy benefits receivable - (1,300,000 ) 7,486,065 - 6,186,065 Other assets (139,098,388 ) (112,613,085 ) 826,523 249,397,712 (1,487,238 ) Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses 4,621,807 (365,125 ) (3,341,098 ) - 915,584 NET CASH FLOWS USED IN OPERATING ACTIVITIES (176,928,304 ) (119,769,385 ) (19,944,690 ) 249,397,712 (67,244,667 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - (26,916,457 ) (71,524,071 ) - (98,440,528 ) Carrying value of matured life insurance policies - 2,623,779 10,933,853 - 13,557,632 Equity method investment acquired (1,421,059 ) - - - (1,421,059 ) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,421,059 ) (24,292,678 ) (60,590,218 ) - (86,303,955 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt - - (50,560,286 ) - (50,560,286 ) Proceeds from issuance of L Bonds 166,081,914 - - - 166,081,914 Payments for redemption and issuance of L Bonds (46,151,926 ) - - - (46,151,926 ) Issuance of common stock 682,954 - - - 682,954 Common stock dividends (25,709,412 ) - - - (25,709,412 ) Proceeds from issuance of convertible preferred stock 50,000,000 - - - 50,000,000 Proceeds from issuance of redeemable preferred stock 56,238,128 - - - 56,238,128 Payments for issuance of redeemable preferred stock (4,142,294 ) - - - (4,142,294 ) Payments for redemption of preferred stock (2,361,692 ) - - - (2,361,692 ) Preferred stock dividends (12,356,513 ) - - - (12,356,513 ) Issuance of member capital - 134,538,735 114,858,977 (249,397,712 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 182,281,159 134,538,735 64,298,691 (249,397,712 ) 131,720,873 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,931,796 (9,523,328 ) (16,236,217 ) - (21,827,749 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 111,952,829 10,854,033 19,964,314 - 142,771,176 END OF THE PERIOD $ 115,884,625 $ 1,330,705 $ 3,728,097 $ - $ 120,943,427 For the nine months ended September 30, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiary Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (9,801,856 ) $ 26,372,828 $ 27,209,521 $ (53,582,349 ) $ (9,801,856 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (24,013,243 ) (29,569,106 ) - 53,582,349 - Changes in fair value of life insurance policies - (4,803,015 ) (44,498,052 ) - (49,301,067 ) Amortization of deferred financing and issuance costs 4,931,441 208,829 1,368,422 - 6,508,692 Deferred income taxes, net (6,481,917 ) - - - (6,481,917 ) (Increase) decrease in operating assets: Life insurance policy benefits receivable - - (9,252,000 ) - (9,252,000 ) Other assets (65,691,037 ) (3,794,004 ) 2,999,378 69,667,082 3,181,419 Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses 5,262,800 (2,418,538 ) 17,279 - 2,861,541 NET CASH FLOWS USED IN OPERATING ACTIVITIES (95,793,812 ) (14,003,006 ) (22,155,452 ) 69,667,082 (62,285,188 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - - (67,321,363 ) - (67,321,363 ) Carrying value of matured life insurance policies - 1,256,576 6,460,271 - 7,716,847 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES - 1,256,576 (60,861,092 ) - (59,604,516 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt - - 49,787,954 - 49,787,954 Payments for issuance of senior debt - (1,076,118 ) (4,052,201 ) - (5,128,319 ) Payments for redemption of Series I Secured Notes - (16,613,667 ) - - (16,613,667 ) Proceeds from issuance of L Bonds 87,016,343 - - - 87,016,343 Payments for redemption and issuance of L Bonds (58,949,880 ) - - - (58,949,880 ) Redemption of common stock (1,603,526 ) - - - (1,603,526 ) Proceeds from issuance of redeemable preferred stock 86,692,811 - - - 86,692,811 Payments for issuance of redeemable preferred stock (5,207,025 ) - - - (5,207,025 ) Payments for redemption of redeemable preferred stock (1,806,832 ) - - - (1,806,832 ) Preferred stock dividends (7,447,022 ) - - - (7,447,022 ) Issuance of member capital - 64,191,966 5,475,116 (69,667,082 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 98,694,869 46,502,181 51,210,869 (69,667,082 ) 126,740,837 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,901,057 33,755,751 (31,805,675 ) - 4,851,133 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 28,481,047 51,478,601 36,353,930 - 116,313,578 END OF THE PERIOD $ 31,382,104 $ 85,234,352 $ 4,548,255 $ - $ 121,164,711

Concentration

Concentration	9 Months Ended
	Sep. 30, 2018
Risks and Uncertainties [Abstract]
Concentration	(24) 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. Life Insurance Company September 30, December 31, John Hancock 14.25 % 15.57 % AXA Equitable 11.18 % 11.88 % Lincoln National 10.60 % 10.80 % The following summarizes the states, based on insured state of residence of the insurance policies in our portfolio, exceeding 10% of the total face value held by us: State of Residence September 30, December 31, Florida 19.78 % 20.16 % California 18.12 % 18.60 % On August 10, 2018, in connection with the Initial Transfer of the Beneficient Transaction, the Company (i) acquired a limited partnership investment in the common units of Beneficient, (ii) entered into a Commercial Loan with Beneficient as borrower and (iii) received the Exchangeable Note from Beneficient as borrower. The total carrying value of these investments at September 30, 2018 is $408,940,000, representing 30.5% of the Company’s consolidated assets. Currently there is no liquid market for the common units of Beneficient and it is possible none will develop. Although we intend to hold the Commercial Loan (and the Exchangeable Note to the extent the Final Closing does not occur) to maturity, there is currently no liquid market for these loans and it is possible none will develop.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	(25) Subsequent Events Subsequent to September 30, 2018, policy benefits on five policies covering four individuals have been realized. The face value of insurance benefits of these policies was $4,140,000. Subsequent to September 30, 2018, we have issued approximately $42,452,000 of L Bonds. The fair value of our life insurance policies is determined as the net present value of the life insurance portfolio’s future expected net cash flows (policy benefits received and required premium payments) that incorporates current life expectancy estimates and discount rate assumptions. The life expectancy estimates we use for life insurance policies with face amounts greater than $1 million are based upon the average of two life expectancy reports we receive from independent third-party medical-actuarial underwriting firms. We presently attempt to update our life expectancy estimates continuously on a maximum three cycle. On October 18, 2018, ITM TwentyFirst, LLC (“TwentyFirst”), one of the primary independent third-party medical actuarial underwriting firms we use for life expectancy reports, released an update to their mortality tables and medical underwriting methodologies. As of September 30, 2018, 568 of our life insurance policies, representing approximately $1.3 billion in face value of policy benefits (approximately 65% of our portfolio by face amount), were valued using life expectancy reports that included a report provided by TwentyFirst. On November 12, 2018, AVS, LLC (“AVS”), another primary independent third-party medical-actuarial underwriting firm we use for life expectancy reports, also released updated mortality tables and medical underwriting methodologies. As of September 30, 2018, 788 of our life insurance policies, representing approximately $1.7 billion in face value of policy benefits (approximately 89% of our portfolio by face amount), were valued using life expectancy reports that included a report provided by AVS. Based upon information provided by TwentyFirst, we expect that our life expectancy estimates will lengthen, and assuming the application of our current valuation methodology, we have determined the impact (reduction) to the fair value of our life insurance policy portfolio to be $39,800,000 to $54,900,000 (approximately 5.0% to 7.0% of the investment in life insurance policies, at fair value as of September 30, 2018). TwentyFirst’s changes relate to revised estimates of the originally issued life expectancy reports and do not encompass any change in an individual insured’s health condition (for better or worse) since the report was originally issued. Changes in individual insureds health conditions over time can significantly impact actual policy valuations. To date, we have received limited summarized information from AVS regarding the impacts of this revision to their mortality model, which is based on the actual to expected experience of their senior mortality dataset. The revision suggests a lengthening of their prior life expectancy estimates. We have not received any detailed information from AVS regarding the impacts on our individual policies and we do not expect that such detailed information will be provided. Accordingly, at this time we are unable to estimate the impact to the fair value of the portfolio within a reliable range. We have experienced significant non-cash, unrealized financial statement impacts over the past several years from the frequent changes in methodologies made by certain independent third-party medical-actuarial underwriting firms. We are also aware of the potential conflict arising out the fact that each successive change to underwriting tables and/or methodologies results in the need for secondary market participants to spend significant sums acquiring new life expectancy reports and estimates from these same firms. We have noted that these changes over the past several years have not resulted in a narrowing of consensus in the life expectancy of any one individual. Accordingly, we intend to continue evaluating the efficacy of the changes announced by TwentyFirst and AVS, as well as, evaluate alternative means and methods to produce accurate and stable life expectancy estimates for our models. This may include, but not be limited to, using in-house underwriting, using a broader array of independent third-party medical-actuarial underwriting firms, working with established actuarial underwriting firms to aid us in better forecasting our cash-flow models, as well as the use of epigenetic and other emerging technologies. These efforts are designed to mitigate the volatility associated with our ownership of life insurance policies and reduce our historical reliance on a limited number of medical-actuarial underwriting firms to value our portfolio. We expect to complete our evaluation prior to the filing of our Annual Report on Form 10-K with the SEC for the year ending 2018. See Note 4 Fair Value Definition and Hierarchy, Level 3 Valuation Process for example changes in fair value of our investment in life insurance policies from Changes in Life Expectancy Estimates.

Nature of Business and Summar_2

Nature of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation – The Company has interests in various entities including corporations and limited partnerships. For each such entity, the Company evaluates its ownership interest to determine whether the entity is a variable interest entity ("VIE") and, if so, whether it is the primary beneficiary of the VIE. The Company would consolidate any entity for which it was the primary beneficiary, regardless of its ownership or voting interests. Upon inception of a variable interest or the occurrence of a reconsideration event, the Company makes judgments in determining whether entities in which it invests are VIEs. If so, the Company makes judgments to determine whether it is the primary beneficiary and is thus required to consolidate the entity. If it is concluded that an entity is not a VIE, then the Company considers its proportional voting interests in the entity. The Company consolidates majority-owned subsidiaries in which a controlling financial interest is maintained. A controlling financial interest is determined by majority ownership and the absence of significant third-party participating rights. Ownership interests in entities for which the Company has significant influence that are not consolidated under the Company's consolidation policy are accounted for as equity method investments. Related party transactions between the Company and its equity method investee have not been eliminated.
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 condensed consolidated balance sheets until the acquisition is complete and we have secured title to the policy. On both September 30, 2018 and December 31, 2017, a total of $0 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 value 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 —
Financing Receivable	Financing Receivable — Receivables Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses. Specific allowances are recorded for individually impaired loans to the extent we have determined that it is probable that we will be unable to collect all amounts due according to original contractual terms of the loan agreement. Certain loans classified as impaired may not require an allowance for loan loss because we believe that we will ultimately collect the unpaid balance (through collection or collateral repossession). The method for calculating the best estimate of losses depends on the type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of market sectors, and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible that we will experience credit losses that are different from our current estimates. We have no allowance for losses as of September 30, 2018. Write-offs are deducted from the allowance for losses when we judge the principal to be uncollectible and subsequent recoveries are added to the allowance at the time cash is received on a written-off account.
Equity Method Investments	Equity Method Investment
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 companies.
Deferred Financing and Issuance Costs	Deferred Financing and Issuance Costs
Earnings (Loss) per Share	Earnings (Loss) per Share —
Reclassification	Reclassification —
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements 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
Restatement of previously issued consolidated financial statements	Restatement of previously issued consolidated financial statements
Impacts of restatement	Impacts of restatement – As originally reported Adjustments As restated ASSETS: Financing receivable from affiliate $ - $ 366,871,000 $ 366,871,000 Equity method investment - 42,069,000 42,069,000 Other assets 13,022,000 (3,185,000 ) 9,837,000 Total assets 935,907,000 405,755,000 1,341,662,000 LIABILITIES: Seller Trust L Bonds $ - $ 403,235,000 $ 403,235,000 Interest and dividends payable 16,228,000 2,520,000 18,748,000 Total liabilities 754,749,000 405,755,000 1,160,504,000 The effects of the restatement on the line items within the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2018 are as follows: Three Months ended September 30, 2018 Nine Months ended September 30, 2018 As As originally originally reported Adjustments As restated reported Adjustments As restated Interest and other income $ 931,000 $ 4,285,000 $ 5,216,000 $ 2,579,000 $ 4,285,000 $ 6,864,000 Interest expense 17,515,000 4,285,000 21,800,000 50,726,000 4,285,000 55,011,000 Net Loss (10,522,000 ) - (10,522,000 ) (19,758,000 ) - (19,758,000 ) The effects of restatement on the major categories within the Company's condensed consolidated statements of cash flows for the three and nine months ended September 30, 2018 are as follows: Three Months ended September 30, 2018 As originally Reported Adjustments As restated Net cash flows provided (used) in operating activities $ (19,689,000 ) $ 1,421,000 $ (18,268,000 ) Net cash flows provided (used) in investing activities (40,566,000 ) (1,421,000 ) (41,987,000 ) Net increase (decrease) in cash and cash equivalents $ (10,153,000 ) $ - $ (10,153,000 ) Nine Months ended September 30, 2018 As originally Reported Adjustments As restated Net cash flows provided (used) in operating activities $ (68,666,000 ) $ 1,421,000 $ (67,245,000 ) Net cash flows provided (used) in investing activities (84,883,000 ) (1,421,000 ) (86,304,000 ) Net increase (decrease) in cash and cash equivalents $ (21,828,000 ) $ - $ (21,828,000 )

Nature of Business and Summar_3

Nature of Business and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of consolidated balance sheet	As originally reported Adjustments As restated ASSETS: Financing receivable from affiliate $ - $ 366,871,000 $ 366,871,000 Equity method investment - 42,069,000 42,069,000 Other assets 13,022,000 (3,185,000 ) 9,837,000 Total assets 935,907,000 405,755,000 1,341,662,000 LIABILITIES: Seller Trust L Bonds $ - $ 403,235,000 $ 403,235,000 Interest and dividends payable 16,228,000 2,520,000 18,748,000 Total liabilities 754,749,000 405,755,000 1,160,504,000
Schedule of condensed consolidated statements of operations	Three Months ended September 30, 2018 Nine Months ended September 30, 2018 As As originally originally reported Adjustments As restated reported Adjustments As restated Interest and other income $ 931,000 $ 4,285,000 $ 5,216,000 $ 2,579,000 $ 4,285,000 $ 6,864,000 Interest expense 17,515,000 4,285,000 21,800,000 50,726,000 4,285,000 55,011,000 Net Loss (10,522,000 ) - (10,522,000 ) (19,758,000 ) - (19,758,000 )
Schedule of condensed consolidated statements of cash flows	Three Months ended September 30, 2018 As originally Reported Adjustments As restated Net cash flows provided (used) in operating activities $ (19,689,000 ) $ 1,421,000 $ (18,268,000 ) Net cash flows provided (used) in investing activities (40,566,000 ) (1,421,000 ) (41,987,000 ) Net increase (decrease) in cash and cash equivalents $ (10,153,000 ) $ - $ (10,153,000 ) Nine Months ended September 30, 2018 As originally Reported Adjustments As restated Net cash flows provided (used) in operating activities $ (68,666,000 ) $ 1,421,000 $ (67,245,000 ) Net cash flows provided (used) in investing activities (84,883,000 ) (1,421,000 ) (86,304,000 ) Net increase (decrease) in cash and cash equivalents $ (21,828,000 ) $ - $ (21,828,000 )

Investment in Life Insurance _2

Investment in Life Insurance Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Investments, All Other Investments [Abstract]
Schedule of life insurance portfolio	Life Insurance Portfolio Summary Total portfolio face value of policy benefits $ 1,961,598,000 Average face value per policy $ 1,805,000 Average face value per insured life $ 2,018,000 Average age of insured (years)* 82.1 Average life expectancy estimate (years)* 6.7 Total number of policies 1,087 Number of unique lives 972 Demographics 76% Males; 24% Females Number of smokers 43 Largest policy as % of total portfolio face value 0.68 % Average policy as % of total portfolio 0.09 % Average annual premium as % of face value 2.90 % * Averages presented in the table are weighted averages.
Schedule of organized according to their estimated life expectancy dates as of the reporting date	As of September 30, 2018 As of December 31, 2017 Years Ending December 31, Number of Policies Estimated Fair Value Face Value Number of Policies Estimated Fair Value Face Value 2018 2 $ 2,102,000 $ 2,125,000 8 $ 4,398,000 $ 4,689,000 2019 28 35,046,000 42,302,000 48 63,356,000 83,720,000 2020 74 79,263,000 111,584,000 87 79,342,000 127,373,000 2021 111 117,490,000 189,768,000 98 96,154,000 170,695,000 2022 128 124,662,000 227,146,000 90 85,877,000 181,120,000 2023 112 91,782,000 215,084,000 93 69,467,000 175,458,000 2024 114 91,738,000 242,455,000 100 77,638,000 228,188,000 Thereafter 518 249,386,000 931,134,000 374 174,295,000 704,905,000 Totals 1,087 $ 791,469,000 $ 1,961,598,000 898 $ 650,527,000 $ 1,676,148,000
Schedule of reconciliation of gain on life insurance policies	As of September 30, 2018 As of December 31, 2017 Years Ending December 31, Number of Policies Estimated Fair Value Face Value Number of Policies Estimated Fair Value Face Value 2018 2 $ 2,102,000 $ 2,125,000 8 $ 4,398,000 $ 4,689,000 2019 28 35,046,000 42,302,000 48 63,356,000 83,720,000 2020 74 79,263,000 111,584,000 87 79,342,000 127,373,000 2021 111 117,490,000 189,768,000 98 96,154,000 170,695,000 2022 128 124,662,000 227,146,000 90 85,877,000 181,120,000 2023 112 91,782,000 215,084,000 93 69,467,000 175,458,000 2024 114 91,738,000 242,455,000 100 77,638,000 228,188,000 Thereafter 518 249,386,000 931,134,000 374 174,295,000 704,905,000 Totals 1,087 $ 791,469,000 $ 1,961,598,000 898 $ 650,527,000 $ 1,676,148,000 Reconciliation of gain on life insurance policies: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Change in estimated probabilistic cash flows (1) $ 19,069,000 $ 12,568,000 $ 55,483,000 $ 40,033,000 Unrealized gain on acquisitions (2) 9,021,000 7,217,000 21,790,000 25,863,000 Premiums and other annual fees (14,765,000 ) (13,174,000 ) (39,670,000 ) (36,124,000 ) Change in discount rates (3) - 7,987,000 - 12,130,000 Change in life expectancy evaluation (4) 73,000 (5,370,000 ) (4,890,000 ) (13,974,000 ) Face value of matured policies 7,973,000 9,747,000 50,100,000 39,657,000 Fair value of matured policies (5,650,000 ) (4,554,000 ) (29,883,000 ) (22,468,000 ) Gain on life insurance policies, net $ 15,721,000 $ 14,421,000 $ 52,930,000 $ 45,117,000 (1) Change in fair value of expected future cash flows relating to our investment in life insurance policies that are not specifically attributable to changes in life expectancy, discount rate or policy maturity events. (2) Gain resulting from fair value in excess of transaction price for policies acquired during the reporting period. (3) The discount rate of 10.45% as of September 30, 2018 remained unchanged from both the prior quarter and year end dates. The discount rate of 10.54% as of September 30, 2017 reflected a decrease from the 10.81% rate used at June 30, 2017 and 10.96% used at December 31, 2016. (4) The change in fair value due to updating 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 Three months ending December 31, 2018 $ 14,034,000 $ 345,000 $ 14,379,000 2019 64,852,000 1,381,000 66,233,000 2020 76,664,000 1,381,000 78,045,000 2021 88,681,000 1,381,000 90,062,000 2022 101,411,000 1,381,000 102,792,000 2023 113,676,000 1,381,000 115,057,000 $ 459,318,000 $ 7,250,000 $ 466,568,000

Fair Value Definition and Hie_2

Fair Value Definition and Hierarchy (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of reconciliation of investments in life insurance policies	Three Months Ended Nine Months Ended 2018 2017 2018 2017 Beginning balance $ 726,063,000 $ 577,050,000 $ 650,527,000 $ 511,192,000 Purchases 42,892,000 25,199,000 98,442,000 67,321,000 Maturities (initial cost basis) (2,326,000 ) (2,333,000 ) (13,558,000 ) (7,716,000 ) Net change in fair value 24,840,000 20,182,000 56,058,000 49,301,000 Ending balance $ 791,469,000 $ 620,098,000 $ 791,469,000 $ 620,098,000
Schedule of inputs utilized in estimating the fair value of our portfolio of life insurance policies	As of As of Weighted-average age of insured, years * 82.1 81.7 Weighted-average life expectancy, months * 79.9 82.4 Average face amount per policy $ 1,805,000 $ 1,867,000 Discount rate 10.45 % 10.45 % (*) Weighted-average by face amount of policy benefits
Schedule of change in fair value of the investment in life insurance policies	Change in Life Expectancy Estimates minus 8 months minus 4 months plus plus September 30, 2018 $ 103,902,000 $ 51,782,000 $ (51,418,000 ) $ (102,195,000 ) December 31, 2017 $ 86,391,000 $ 42,886,000 $ (42,481,000 ) $ (84,238,000 ) Change in Discount Rate minus 2% minus 1% plus 1% plus 2% September 30, 2018 $ 78,624,000 $ 37,643,000 $ (34,665,000 ) $ (66,663,000 ) December 31, 2017 $ 68,117,000 $ 32,587,000 $ (29,964,000 ) $ (57,583,000 )
Schedule of outstanding common stock warrants	Month issued Warrants issued Fair value per share Risk free Volatility Term September 2014 16,000 $ 1.26 1.85 % 17.03 % 5 years 16,000

Financing Receivable from Aff_2

Financing Receivable from Affiliate (as restated) (Tables)	9 Months Ended
	Sep. 30, 2018
Receivables [Abstract]
Schedule of outstanding principal and accrued interest balances	As of As of September 30, December 31, 2018 2017 Commercial Loan receivable - principal $ 200,000,000 $ - Discount on loan receivable (9,078,000 ) Accrued interest receivable 1,444,000 - Commercial Loan receivable from affiliate 192,366,000 - Exchangeable Note receivable - principal 162,911,000 - Premium on note receivable 8,754,000 Accrued interest receivable 2,840,000 - Exchangeable Note receivable from affiliate 174,505,000 - Financing receivable from affiliate $ 366,871,000 $ -

Equity Method Investment (As _2

Equity Method Investment (As Restated) (Tables)	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of classification, carrying value and maximum exposure to loss	Carrying Maximum Exposure Value to Loss Assets: Financing receivable from affiliate $ 366,871,000 $ 366,871,000 Equity method investment 42,069,000 42,069,000 Total $ 408,940,000 $ 408,940,000

L Bonds (Tables)

L Bonds (Tables)	9 Months Ended
	Sep. 30, 2018
L Bonds [Abstract]
Schedule of future contractual maturities of L Bonds, and future amortization of deferred financing costs	Years Ending December 31, Contractual Maturities Unamortized Deferred Financing Costs Three months ending December 31, 2018 $ 26,778,000 $ 79,000 2019 150,056,000 2,291,000 2020 137,067,000 4,435,000 2021 87,360,000 3,727,000 2022 39,713,000 1,777,000 2023 53,616,000 2,924,000 Thereafter 91,473,000 5,348,000 $ 586,063,000 $ 20,581,000 (1) The Seller Trust L Bonds are excluded

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of income tax expense (benefit) and reconciliation of statutory federal tax rate	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2018 2017 2018 2017 Statutory federal income tax (benefit) $ (2,234,000 ) $ (2,321,000 ) $ (4,173,000 ) $ (5,536,000 ) State income taxes (benefit), net of federal benefit (866,000 ) (440,000 ) (1,558,000 ) (1,049,000 ) Change in valuation allowance 3,215,000 - 5,783,000 - Other permanent differences (115,000 ) (3,000 ) (52,000 ) 103,000 Total income tax expense (benefit) $ - $ (2,764,000 ) $ - $ (6,482,000 )
Schedule of deferred tax assets and liabilities	As of As of Deferred tax assets: Note receivable from related party $ - $ 1,437,000 Net operating loss carryforwards 12,096,000 9,995,000 Other assets 2,930,000 1,724,000 Subtotal 15,026,000 13,156,000 Valuation allowance (11,962,000 ) (6,386,000 ) Deferred tax assets 3,064,000 6,770,000 Deferred tax liabilities: Investment in life insurance policies (2,952,000 ) (6,630,000 ) Other liabilities (112,000 ) (140,000 ) Net deferred tax asset (liability) $ - $ -

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of outstanding stock options	Vested Un-vested Total 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 Granted year-to-date 37,950 306,500 344,450 Vested year-to-date 279,788 (279,788 ) - Exercised year-to-date (569,864 ) - (569,864 ) Forfeited year-to-date (21,582 ) (25,501 ) (47,083 ) Balance as of September 30, 2018 583,484 780,967 1,364,451
Schedule of outstanding stock appreciation rights (SARs)	Vested Un-vested Total 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 Granted year-to-date - 113,650 113,650 Vested year-to-date 39,552 (39,552 ) - Exercised year-to-date (145,622 ) - (145,622 ) Balance as of September 30, 2018 82,983 228,017 311,000
Schedule of outstanding shares options and SARs issued	September 30, 2018 Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life (years) Fair Value at Grant Date Vested Stock Options 583,484 $ 8.71 4.10 $ 1.97 SARs 82,983 $ 8.92 5.06 $ 1.96 Total Vested 666,467 $ 8.74 4.22 $ 1.97 Unvested Stock Options 780,967 $ 9.26 4.98 $ 2.31 SARs 228,017 $ 8.47 6.16 $ 2.04 Total Unvested 1,008,984 $ 9.08 5.25 $ 2.25 December 31, 2017 Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life (years) Fair Value at Grant Date 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

Other Expenses (Tables)

Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2018
Other Expenses [Abstract]
Schedule of other expenses in consolidated statements of operations	Three Months Ended Nine Months Ended 2018 2017 2018 2017 Contract Labor $ 359,000 $ 130,000 $ 964,000 $ 311,000 Marketing 413,000 485,000 1,343,000 1,687,000 Information Technology 432,000 411,000 1,208,000 1,093,000 Servicing and Facility Fees 382,000 277,000 1,244,000 856,000 Travel and Entertainment 204,000 250,000 650,000 768,000 Insurance and Regulatory 401,000 416,000 1,120,000 1,240,000 Charitable Contributions - 42,000 - 462,000 General and Administrative 498,000 788,000 1,733,000 2,924,000 Total Other Expenses $ 2,689,000 $ 2,799,000 $ 8,262,000 $ 9,341,000

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of minimum lease payments under amendment lease	Three months ending December 31, 2018 $ 68,000 2019 275,000 2020 284,000 2021 293,000 2022 302,000 2023 311,000 Thereafter 593,000 $ 2,126,000

Guarantee of L Bonds and Sell_2

Guarantee of L Bonds and Seller Trust L Bonds (as restated) (Tables)	9 Months Ended
	Sep. 30, 2018
Guarantee of L Bonds [Abstract]
Schedule of condensed consolidating balance sheets	Condensed Consolidating Balance Sheets September 30, 2018 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated (as restated) A S S E T S Cash and cash equivalents $ 115,884,625 $ 631,228 $ 1,357,815 $ - $ 117,873,668 Restricted cash - 699,477 2,370,282 - 3,069,759 Investment in life insurance policies, at fair value - 85,077,334 706,391,253 - 791,468,587 Life insurance policy benefits receivable - 2,800,000 7,672,696 - 10,472,696 Financing receivable from affiliate 174,505,533 192,365,503 - - 366,871,036 Equity method investment 42,069,259 - - - 42,069,259 Other assets 3,707,203 1,822,284 4,307,324 - 9,836,811 Investment in subsidiaries 834,505,607 551,836,655 - (1,386,342,262 ) - TOTAL ASSETS $ 1,170,672,227 $ 835,232,481 $ 722,099,370 $ (1,386,342,262 ) $ 1,341,661,816 LIABILITIES Senior credit facility with LNV Corporation $ - $ - $ 162,469,172 $ - $ 162,469,172 L Bonds 570,199,704 - - - 570,199,704 Seller Trust L Bonds 403,234,866 - - - 403,234,866 Accounts payable 1,101,453 641,741 836,129 - 2,579,323 Interest and dividends payable 13,952,101 - 4,796,457 - 18,748,558 Other accrued expenses 1,026,668 1,448,807 797,283 - 3,272,758 TOTAL LIABILITIES 989,514,792 2,090,548 168,899,041 - 1,160,504,381 STOCKHOLDERS’ EQUITY Member capital - 833,141,933 553,200,329 (1,386,342,262 ) - Redeemable preferred stock and Series 2 redeemable preferred stock 216,068,039 - - - 216,068,039 Series B convertible preferred stock 50,000,000 - - - 50,000,000 Common stock 5,980 - - - 5,980 Accumulated deficit (84,916,584 ) - - - (84,916,584 ) TOTAL STOCKHOLDERS’ EQUITY 181,157,435 833,141,933 553,200,329 (1,386,342,262 ) 181,157,435 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,170,672,227 $ 835,232,481 $ 722,099,370 $ (1,386,342,262 ) $ 1,341,661,816 December 31, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated A S S E T S 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 Life insurance policy benefits receivable - 1,500,000 15,158,761 - 16,658,761 Other assets 1,912,203 1,986,312 5,000,369 - 8,898,884 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 L I A B I L I T I E S & S T O C K H O L D E R S’ E Q U I T Y LIABILITIES Senior credit facility with LNV Corporation $ - $ - $ 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
Schedule of condensed consolidating statements of operations	Condensed Consolidating Statements of Operations For the three months ended September 30, 2018 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ - $ 4,122,153 $ 11,599,360 $ - $ 15,721,513 Interest and other income 3,333,424 1,700,414 181,677 - 5,215,515 TOTAL REVENUE 3,333,424 5,822,567 11,781,037 - 20,937,028 EXPENSES Interest expense 16,739,120 - 5,060,212 - 21,799,332 Employee compensation and benefits 2,292,251 3,086,682 169,838 - 5,548,771 Legal and professional fees 483,512 221,613 716,839 - 1,421,964 Other expenses 1,590,823 455,800 642,347 - 2,688,970 TOTAL EXPENSES 21,105,706 3,764,095 6,589,236 - 31,459,037 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (17,772,282 ) 2,058,472 5,191,801 - (10,522,009 ) EQUITY IN INCOME OF SUBSIDIARIES 7,250,273 6,266,481 - (13,516,754 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (10,522,009 ) 8,324,953 5,191,801 (13,516,754 ) (10,522,009 ) INCOME TAX BENEFIT - - - - - NET INCOME (LOSS) (10,522,009 ) 8,324,953 5,191,801 (13,516,754 ) (10,522,009 ) Preferred stock dividends 4,313,542 - - - 4,313,542 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (14,835,551 ) $ 8,324,953 $ 5,191,801 $ (13,516,754 ) $ (14,835,551 ) For the three months ended September 30, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ - $ 2,780,544 $ 11,640,809 $ - $ 14,421,353 Interest and other income 40,044 113,410 239,865 (117,629 ) 275,690 TOTAL REVENUE 40,044 2,893,954 11,880,674 (117,629 ) 14,697,043 EXPENSES Interest expense 9,907,959 253,422 3,126,130 (12,104 ) 13,275,407 Employee compensation and benefits 2,140,675 1,413,103 238,318 - 3,792,096 Legal and professional fees 746,939 246,691 663,460 - 1,657,090 Other expenses 1,743,730 711,528 449,463 (105,525 ) 2,799,196 TOTAL EXPENSES 14,539,303 2,624,744 4,477,371 (117,629 ) 21,523,789 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (14,499,259 ) 269,210 7,403,303 - (6,826,746 ) EQUITY IN INCOME OF SUBSIDIARIES 7,672,513 8,263,120 - (15,935,633 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (6,826,746 ) 8,532,330 7,403,303 (15,935,633 ) (6,826,746 ) INCOME TAX BENEFIT (2,764,243 ) - - - (2,764,243 ) NET INCOME (LOSS) (4,062,503 ) 8,532,330 7,403,303 (15,935,633 ) (4,062,503 ) Preferred stock dividends 3,548,165 - - - 3,548,165 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (7,610,668 ) $ 8,532,330 $ 7,403,303 $ (15,935,633 ) $ (7,610,668 ) For the nine months ended September 30, 2018 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ - $ 12,135,832 $ 40,794,176 $ - $ 52,930,008 Interest and other income 4,447,322 1,726,938 689,380 - 6,863,640 TOTAL REVENUE 4,447,322 13,862,770 41,483,556 - 59,793,648 EXPENSES Interest expense 38,758,326 - 16,252,193 - 55,010,519 Employee compensation and benefits 5,629,344 5,881,219 1,016,576 - 12,527,139 Legal and professional fees 1,290,614 688,003 1,772,704 - 3,751,321 Other expenses 5,082,525 1,397,314 1,782,485 - 8,262,324 TOTAL EXPENSES 50,760,809 7,966,536 20,823,958 - 79,551,303 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (46,313,487 ) 5,896,234 20,659,598 - (19,757,655 ) EQUITY IN INCOME OF SUBSIDIARIES 26,555,832 23,824,330 - (50,380,162 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (19,757,655 ) 29,720,564 20,659,598 (50,380,162 ) (19,757,655 ) INCOME TAX (EXPENSE)/BENEFIT - - - - - NET INCOME (LOSS) (19,757,655 ) 29,720,564 20,659,598 (50,380,162 ) (19,757,655 ) Preferred stock dividends 12,356,513 - - - 12,356,513 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (32,114,168 ) $ 29,720,564 $ 20,659,598 $ (50,380,162 ) $ (32,114,168 ) For the nine months ended September 30, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ - $ 4,481,555 $ 40,635,883 $ - $ 45,117,438 Interest and other income 194,273 348,695 1,163,667 (371,100 ) 1,335,535 TOTAL REVENUE 194,273 4,830,250 41,799,550 (371,100 ) 46,452,973 EXPENSES Interest expense 27,495,867 930,837 10,418,243 (79,300 ) 38,765,647 Employee compensation and benefits 6,179,032 4,163,873 353,550 - 10,696,455 Legal and professional fees 1,524,510 687,240 1,722,277 - 3,934,027 Other expenses 5,291,881 2,244,577 2,095,959 (291,800 ) 9,340,617 TOTAL EXPENSES 40,491,290 8,026,527 14,590,029 (371,100 ) 62,736,746 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (40,297,017 ) (3,196,277 ) 27,209,521 - (16,283,773 ) EQUITY IN INCOME OF SUBSIDIARIES 24,013,244 29,569,105 - (53,582,349 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (16,283,773 ) 26,372,828 27,209,521 (53,582,349 ) (16,283,773 ) INCOME TAX BENEFIT (6,481,917 ) - - - (6,481,917 ) NET INCOME (LOSS) (9,801,856 ) 26,372,828 27,209,521 (53,582,349 ) (9,801,856 ) Preferred stock dividends 7,447,022 - - - 7,447,022 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (17,248,878 ) $ 26,372,828 $ 27,209,521 $ (53,582,349 ) $ (17,248,878 )
Schedule of condensed consolidating statements of cash flows	For the three months ended September 30, 2018 (as restated) Parent Guarantor Subsidiary Non-Guarantor Subsidiary Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (10,522,009 ) $ 8,324,953 $ 5,191,801 $ (13,516,754 ) $ (10,522,009 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (7,250,273 ) (6,266,481 ) - 13,516,754 - Changes in fair value of life insurance policies - (3,485,452 ) (21,354,115 ) - (24,839,567 ) Amortization of deferred financing and issuance costs 2,311,567 - 263,755 - 2,575,322 Amortization of discount or premium on financing receivable 251,672 (251,672 ) - - - Financing receivable from affiliate (2,839,926 ) (1,444,444 ) - - (4,284,370 ) (Increase) decrease in operating assets: Life insurance policy benefits receivable - (2,000,000 ) 18,562,304 - 16,562,304 Other assets (59,650,044 ) (47,247,165 ) 305,226 106,913,951 321,968 Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses 3,460,355 (384,380 ) (1,157,273 ) - 1,918,702 NET CASH FLOWS USED IN OPERATING ACTIVITIES (74,238,658 ) (52,754,641 ) 1,811,698 106,913,951 (18,267,650 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - (11,368,457 ) (31,523,307 ) - (42,891,764 ) Carrying value of matured life insurance policies - 669,349 1,656,640 - 2,325,989 Equity method investment acquired (1,421,059 ) - - - (1,421,059 ) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,421,059 ) (10,699,108 ) (29,866,667 ) - (41,986,834 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt - - (18,425,136 ) - (18,425,136 ) Proceeds from issuance of L Bonds 68,884,369 - - - 68,884,369 Payments for redemption and issuance of L Bonds (20,195,657 ) - - - (20,195,657 ) Issuance of common stock 682,954 - - - 682,954 Common stock dividends (25,709,412 ) - - - (25,709,412 ) Proceeds from issuance of convertible preferred stock 50,000,000 - - - 50,000,000 Payments for redemption of redeemable preferred stock (821,778 ) - - - (821,778 ) Preferred stock dividends (4,313,542 ) - - - (4,313,542 ) Issuance of member capital - 58,589,352 48,324,599 (106,913,951 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 68,526,934 58,589,352 29,899,463 (106,913,951 ) 50,101,798 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (7,132,783 ) (4,864,397 ) 1,844,494 - (10,152,686 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 123,017,408 6,195,102 1,883,603 - 131,096,113 END OF THE PERIOD $ 115,884,625 $ 1,330,705 $ 3,728,097 $ - $ 120,943,427 For the three months ended September 30, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiary Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (4,062,503 ) $ 8,532,330 $ 7,403,303 $ (15,935,633 ) $ (4,062,503 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (7,672,513 ) (8,263,120 ) - 15,935,633 - Changes in fair value of life insurance policies - (3,609,194 ) (16,572,538 ) - (20,181,732 ) Amortization of deferred financing and issuance costs 2,075,632 134,445 134,464 - 2,344,541 Deferred income taxes (2,764,243 ) - - - (2,764,243 ) (Increase) decrease in operating assets: Life insurance policy benefits receivable - - (7,627,000 ) - (7,627,000 ) Other assets (38,552,777 ) 51,740,361 1,157,168 (13,415,694 ) 929,058 Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses 1,834,187 (855,012 ) (1,064,684 ) - (85,509 ) NET CASH FLOWS USED IN OPERATING ACTIVITIES (49,142,217 ) 47,679,810 (16,569,287 ) (13,415,694 ) (31,447,388 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - - (25,199,692 ) - (25,199,692 ) Carrying value of matured life insurance policies - 505,000 1,828,039 - 2,333,039 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES - 505,000 (23,371,653 ) - (22,866,653 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt - - 56,887,491 - 56,887,491 Payments for issuance of senior debt - - (3,937,907 ) - (3,937,907 ) Payments for redemption of Series I Secured Notes - (6,815,406 ) - - (6,815,406 ) Proceeds from issuance of L Bonds 30,271,873 - - - 30,271,873 Payments for redemption and issuance of L Bonds (19,752,717 ) - - - (19,752,717 ) Issuance of common stock 30 - - - 30 Proceeds from issuance of redeemable preferred stock 25,211,870 - - - 25,211,870 Payments for issuance of redeemable preferred stock (1,243,920 ) - - - (1,243,920 ) Payments for redemption of redeemable preferred stock (47,500 ) - - - (47,500 ) Preferred stock dividends (3,548,165 ) - - - (3,548,165 ) Issuance of member capital - 37,959,462 (51,375,156 ) 13,415,694 - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 30,891,471 31,144,056 1,574,428 13,415,694 77,025,649 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (18,250,746 ) 79,328,866 (38,366,512 ) - 22,711,608 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 49,632,850 5,905,486 42,914,767 - 98,453,103 END OF THE PERIOD $ 31,382,104 $ 85,234,352 $ 4,548,255 $ - $ 121,164,711 For the nine months ended September 30, 2018 (as restated) Parent Guarantor Subsidiary Non-Guarantor Subsidiary Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (19,757,655 ) $ 29,720,564 $ 20,659,598 $ (50,380,162 ) $ (19,757,655 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (26,555,832 ) (23,824,330 ) - 50,380,162 - Changes in fair value of life insurance policies - (9,691,293 ) (46,367,043 ) - (56,058,336 ) Amortization of deferred financing and issuance costs 6,450,018 - 791,265 - 7,241,283 Amortization of discount or premium on financing receivable 251,672 (251,672) - - - Financing receivable from affiliate (2,839,926 ) (1,444,444 ) - - (4,284,370 ) (Increase) decrease in operating assets: Life insurance policy benefits receivable - (1,300,000 ) 7,486,065 - 6,186,065 Other assets (139,098,388 ) (112,613,085 ) 826,523 249,397,712 (1,487,238 ) Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses 4,621,807 (365,125 ) (3,341,098 ) - 915,584 NET CASH FLOWS USED IN OPERATING ACTIVITIES (176,928,304 ) (119,769,385 ) (19,944,690 ) 249,397,712 (67,244,667 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - (26,916,457 ) (71,524,071 ) - (98,440,528 ) Carrying value of matured life insurance policies - 2,623,779 10,933,853 - 13,557,632 Equity method investment acquired (1,421,059 ) - - - (1,421,059 ) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,421,059 ) (24,292,678 ) (60,590,218 ) - (86,303,955 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt - - (50,560,286 ) - (50,560,286 ) Proceeds from issuance of L Bonds 166,081,914 - - - 166,081,914 Payments for redemption and issuance of L Bonds (46,151,926 ) - - - (46,151,926 ) Issuance of common stock 682,954 - - - 682,954 Common stock dividends (25,709,412 ) - - - (25,709,412 ) Proceeds from issuance of convertible preferred stock 50,000,000 - - - 50,000,000 Proceeds from issuance of redeemable preferred stock 56,238,128 - - - 56,238,128 Payments for issuance of redeemable preferred stock (4,142,294 ) - - - (4,142,294 ) Payments for redemption of preferred stock (2,361,692 ) - - - (2,361,692 ) Preferred stock dividends (12,356,513 ) - - - (12,356,513 ) Issuance of member capital - 134,538,735 114,858,977 (249,397,712 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 182,281,159 134,538,735 64,298,691 (249,397,712 ) 131,720,873 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,931,796 (9,523,328 ) (16,236,217 ) - (21,827,749 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 111,952,829 10,854,033 19,964,314 - 142,771,176 END OF THE PERIOD $ 115,884,625 $ 1,330,705 $ 3,728,097 $ - $ 120,943,427 For the nine months ended September 30, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiary Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (9,801,856 ) $ 26,372,828 $ 27,209,521 $ (53,582,349 ) $ (9,801,856 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (24,013,243 ) (29,569,106 ) - 53,582,349 - Changes in fair value of life insurance policies - (4,803,015 ) (44,498,052 ) - (49,301,067 ) Amortization of deferred financing and issuance costs 4,931,441 208,829 1,368,422 - 6,508,692 Deferred income taxes, net (6,481,917 ) - - - (6,481,917 ) (Increase) decrease in operating assets: Life insurance policy benefits receivable - - (9,252,000 ) - (9,252,000 ) Other assets (65,691,037 ) (3,794,004 ) 2,999,378 69,667,082 3,181,419 Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses 5,262,800 (2,418,538 ) 17,279 - 2,861,541 NET CASH FLOWS USED IN OPERATING ACTIVITIES (95,793,812 ) (14,003,006 ) (22,155,452 ) 69,667,082 (62,285,188 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - - (67,321,363 ) - (67,321,363 ) Carrying value of matured life insurance policies - 1,256,576 6,460,271 - 7,716,847 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES - 1,256,576 (60,861,092 ) - (59,604,516 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt - - 49,787,954 - 49,787,954 Payments for issuance of senior debt - (1,076,118 ) (4,052,201 ) - (5,128,319 ) Payments for redemption of Series I Secured Notes - (16,613,667 ) - - (16,613,667 ) Proceeds from issuance of L Bonds 87,016,343 - - - 87,016,343 Payments for redemption and issuance of L Bonds (58,949,880 ) - - - (58,949,880 ) Redemption of common stock (1,603,526 ) - - - (1,603,526 ) Proceeds from issuance of redeemable preferred stock 86,692,811 - - - 86,692,811 Payments for issuance of redeemable preferred stock (5,207,025 ) - - - (5,207,025 ) Payments for redemption of redeemable preferred stock (1,806,832 ) - - - (1,806,832 ) Preferred stock dividends (7,447,022 ) - - - (7,447,022 ) Issuance of member capital - 64,191,966 5,475,116 (69,667,082 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 98,694,869 46,502,181 51,210,869 (69,667,082 ) 126,740,837 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,901,057 33,755,751 (31,805,675 ) - 4,851,133 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 28,481,047 51,478,601 36,353,930 - 116,313,578 END OF THE PERIOD $ 31,382,104 $ 85,234,352 $ 4,548,255 $ - $ 121,164,711

Concentration (Tables)

Concentration (Tables)	9 Months Ended
	Sep. 30, 2018
Risks and Uncertainties [Abstract]
Summary of the face value of insurance contracts	Life Insurance Company September 30, December 31, John Hancock 14.25 % 15.57 % AXA Equitable 11.18 % 11.88 % Lincoln National 10.60 % 10.80 %
Summary of the number of insurance contracts	State of Residence September 30, December 31, Florida 19.78 % 20.16 % California 18.12 % 18.60 %

Nature of Business and Summar_4

Nature of Business and Summary of Significant Accounting Policies (Detail) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
ASSETS:
Financing receivable from affiliate	$ 366,871,036
Equity method investment	42,069,259
Other assets	9,836,811	8,898,884
Total assets	1,341,661,816	818,856,174
LIABILITIES:
Seller Trust L Bonds	403,234,866
Interest and dividends payable	18,748,558	15,427,509
Total liabilities	1,160,504,381	$ 685,184,431
As Originally Reported [Member]
ASSETS:
Financing receivable from affiliate
Equity method investment
Other assets	13,022,000
Total assets	935,907,000
LIABILITIES:
Seller Trust L Bonds
Interest and dividends payable	16,228,000
Total liabilities	754,749,000
Adjustments [Member]
ASSETS:
Financing receivable from affiliate	366,871,000
Equity method investment	42,069,000
Other assets	(3,185,000)
Total assets	405,755,000
LIABILITIES:
Seller Trust L Bonds	403,235,000
Interest and dividends payable	2,520,000
Total liabilities	$ 405,755,000

Nature of Business and Summar_5

Nature of Business and Summary of Significant Accounting Policies (Details 1) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Interest and other income	$ 5,215,515	$ 275,690	$ 6,863,640	$ 1,335,535
Interest expense	21,799,332	13,275,407	55,010,519	38,765,647
Net Loss	(10,522,009)	$ (4,062,503)	(19,757,655)	$ (9,801,856)	$ (20,632,223)
As Originally Reported [Member]
Interest and other income	931,000		2,579,000
Interest expense	17,515,000		50,726,000
Net Loss	(10,522,000)		(19,758,000)
Adjustments [Member]
Interest and other income	4,285,000		4,285,000
Interest expense	4,285,000		4,285,000
Net Loss

Nature of Business and Summar_6

Nature of Business and Summary of Significant Accounting Policies (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net cash flows provided (used) in operating activities	$ (18,267,650)	$ (31,447,388)	$ (67,244,667)	$ (62,285,188)
Net cash flows provided (used) in investing activities	(41,986,834)	(22,866,653)	(86,303,955)	(59,604,516)
Net increase (decrease) in cash and cash equivalents	(10,152,686)	$ 22,711,608	(21,827,749)	$ 4,851,133
As Originally Reported [Member]
Net cash flows provided (used) in operating activities	(19,689,000)		(68,666,000)
Net cash flows provided (used) in investing activities	(40,566,000)		(84,883,000)
Net increase (decrease) in cash and cash equivalents	(10,153,000)		(21,828,000)
Adjustments [Member]
Net cash flows provided (used) in operating activities	1,421,000		1,421,000
Net cash flows provided (used) in investing activities	(1,421,000)		(1,421,000)
Net increase (decrease) in cash and cash equivalents

Nature of Business and Summar_7

Nature of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($)	Aug. 10, 2018	Sep. 30, 2018	Dec. 31, 2017
Nature of Business and Summary of Significant Accounting Policies (Textual)
Ownership percentage	17.60%	20.00%
Prepaid expenses		$ 5,300,000	$ 4,500,000
Net fixed assets		1,600,000	1,900,000
Cost method investment		1,000,000
Security deposits		600,000	600,000
Cash advances		600,000	1,700,000
Other miscellaneous assets		800,000	$ 300,000
Portfolio value		$ 1,960,000,000
Life insurance policies, description		We built our business providing value to consumers owning illiquid life insurance products across America, delivering more than $564 million in value for their policies since 2006.
Exchangeable accrues interest, percentage	12.40%
Description of commercial loan	The Seller Trust L Bonds bear interest at 7.5% per year.	The principal amount of the Commercial Loan bears interest at 5.0% per year; provided that the accrued interest from the date of the Initial Transfer to the Final Closing Date of the Beneficient Transaction will be added to the principal balance of the Commercial Loan. From and after the Final Closing Date, one-half of the interest, or 2.5% per year, will be due and payable monthly in cash, and (ii) one-half of the interest, or 2.5% per year, will accrue and compound annually on each anniversary date of the Final Closing Date and become due and payable in full in cash on the maturity date.
Interest payable rate	5.00%
Exchangeable note common units price per shares	$ 10
Common units of beneficient	4,032,349
Ownership percentage	17.60%
Series B Convertible Preferred Stock [Member]
Nature of Business and Summary of Significant Accounting Policies (Textual)
Converted shares of common stock		5,000,000
Conversion price		$ 10
Master Exchange Agreement [Member] | Beneficient Company Group Lp [Member]
Nature of Business and Summary of Significant Accounting Policies (Textual)
Description of Beneficient Transaction	GWG issued L Bonds to the Seller Trusts in an aggregate principal amount of $403,234,866 that mature on August 9, 2023, and bear interest at 7.5% per annum (the “Seller Trust L Bonds”), GWG issued to Beneficient 5,000,000 shares of GWG's Series B Convertible Preferred Stock, par value $0.001 per share and having a stated value of $10 per share ("Series B"), for cash consideration of $50,000,000, Beneficient, as borrower, entered into a commercial loan agreement with GWG Life, as lender, in a principal amount of $200,000,000 (the "Commercial Loan"), Beneficient delivered to GWG a promissory note in the principal amount of $162,911,379 (the "Exchangeable Note"), and the Seller Trusts delivered to GWG 4,032,349 common units of Beneficient at $10 per common unit. Upon the final closing of the Beneficient Transaction, which is expected at or near year-end 2018, subject to the satisfaction of certain closing conditions (the "Final Closing" and the date upon which the Final Closing occurs, the "Final Closing Date"): the Seller Trusts will transfer to GWG an aggregate of 40,485,230 common units of Beneficient, inclusive of 16.3 million units in full satisfaction of the Exchangeable Note, Beneficient will issue to GWG an amount of securities or other instruments, containing the same rights, preferences and privileges of certain limited partnership interests of Beneficient Company Holdings, L.P., a subsidiary of Beneficient ("Beneficient Holdings"), equivalent to seven percent (7.0%) of such limited partnership interests attributable to certain of Beneficient Holdings' founders, and GWG will deliver to the Seller Trusts up to 29.1 million shares of GWG common stock at $10 per share.

Restrictions on Cash (Details)

Restrictions on Cash (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Restrictions on Cash (Textual)
Restricted cash collection and payment accounts	$ 2,370,000	$ 19,967,000
Escrow account, balance	$ 700,000	$ 8,383,000

Investment in Life Insurance _3

Investment in Life Insurance Policies (Details)	9 Months Ended
	Sep. 30, 2018USD ($)PoliciesLivesSmokers
Investments, All Other Investments [Abstract]
Total portfolio face value of policy benefits	$ 1,961,598,000
Average face value per policy	1,805,000
Average face value per insured life	$ 2,018,000
Average age of insured (years)	82 years 1 month 6 days	[1]
Average life expectancy estimate (years)	6 years 8 months 12 days	[1]
Total number of policies | Policies	1,087
Number of unique lives | Lives	972
Demographics	76% Males; 24% Females
Number of smokers | Smokers	43
Largest policy as % of total portfolio face value	0.68%
Average policy as % of total portfolio	0.09%
Average annual premium as % of face value	2.90%
[1]	Averages presented in the table are weighted averages.

Investment in Life Insurance _4

Investment in Life Insurance Policies (Details 1)	Sep. 30, 2018USD ($)Policies	Dec. 31, 2017USD ($)Policies
Summary of policies according to estimated life expectancy dates
Number of Policies, 2018 | Policies	2	8
Number of Policies, 2019 | Policies	28	48
Number of Policies, 2020 | Policies	74	87
Number of Policies, 2021 | Policies	111	98
Number of Policies, 2022 | Policies	128	90
Number of Policies, 2023 | Policies	112	93
Number of Policies, 2024 | Policies	114	100
Number of Policies, Thereafter | Policies	518	374
Number of Policies, Totals | Policies	1,087	898
Estimated Fair Value, 2018	$ 2,102,000	$ 4,398,000
Estimated Fair Value, 2019	35,046,000	63,356,000
Estimated Fair Value, 2020	79,263,000	79,342,000
Estimated Fair Value, 2021	117,490,000	96,154,000
Estimated Fair Value, 2022	124,662,000	85,877,000
Estimated Fair Value, 2023	91,782,000	69,467,000
Estimated Fair Value, 2024	91,738,000	77,638,000
Estimated Fair Value, Thereafter	249,386,000	174,295,000
Estimated Fair Value, Totals	791,469,000	650,527,000
Face Value, 2018	2,125,000	4,689,000
Face Value, 2019	42,302,000	83,720,000
Face Value, 2020	111,584,000	127,373,000
Face Value, 2021	189,768,000	170,695,000
Face Value, 2022	227,146,000	181,120,000
Face Value, 2023	215,084,000	175,458,000
Face Value, 2024	242,455,000	228,188,000
Face Value, Thereafter	931,134,000	704,905,000
Face Value, Totals	$ 1,961,598,000	$ 1,676,148,000

Investment in Life Insurance _5

Investment in Life Insurance Policies (Details 2) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of reconciliation of gain on life insurance policies
Change in estimated probabilistic cash flows	[1]	$ 19,069,000	$ 12,568,000	$ 55,483,000	$ 40,033,000
Unrealized gain on acquisitions	[2]	9,021,000	7,217,000	21,790,000	25,863,000
Premiums and other annual fees		(14,765,000)	(13,174,000)	(39,670,000)	(36,124,000)
Change in discount rates	[3]		7,987,000		12,130,000
Change in life expectancy evaluation	[4]	73,000	(5,370,000)	(4,890,000)	(13,974,000)
Face value of matured policies		7,973,000	9,747,000	50,100,000	39,657,000
Fair value of matured policies		(5,650,000)	(4,554,000)	(29,883,000)	(22,468,000)
Gain on life insurance policies, net		$ 15,721,000	$ 14,421,000	$ 52,930,000	$ 45,117,000
[1]	Change in fair value of expected future cash flows relating to our investment in life insurance policies that are not specifically attributable to changes in life expectancy, discount rate or policy maturity events.
[2]	Gain resulting from fair value in excess of transaction price for policies acquired during the reporting period.
[3]	The discount rate of 10.45% as of September 30, 2018 remained unchanged from both the prior quarter and year end dates. The discount rate of 10.54% as of September 30, 2017 reflected a decrease from the 10.81% rate used at June 30, 2017 and 10.96% used at December 31, 2016.
[4]	The change in fair value due to updating life expectancy estimates on certain life insurance policies in our portfolio.

Investment in Life Insurance _6

Investment in Life Insurance Policies (Details 3)	Sep. 30, 2018USD ($)
Servicing Fees [Member]
Schedule of estimated premium payments and servicing fees
Three months ending December 31, 2018	$ 345,000
2019	1,381,000
2020	1,381,000
2021	1,381,000
2022	1,381,000
2023	1,381,000
Total	7,250,000
Premiums And Servicing Fees [Member]
Schedule of estimated premium payments and servicing fees
Three months ending December 31, 2018	14,379,000
2019	66,233,000
2020	78,045,000
2021	90,062,000
2022	102,792,000
2023	115,057,000
Total	466,568,000
Premiums Fees [Member]
Schedule of estimated premium payments and servicing fees
Three months ending December 31, 2018	14,034,000
2019	64,852,000
2020	76,664,000
2021	88,681,000
2022	101,411,000
2023	113,676,000
Total	$ 459,318,000

Investment in Life Insurance _7

Investment in Life Insurance Policies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Aug. 10, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Investment in Life Insurance Policies (Textual)
Life insurance policies face value			$ 1,000,000
Benefits recognized from insurance policies	$ 7,973,000	$ 9,747,000	50,100,000	$ 39,657,000
Carrying value of life insurance policies	2,326,000	2,333,000	13,558,000	7,716,000
Realized gains from life insurance policies	$ 5,647,000	$ 7,414,000	$ 36,542,000	$ 31,941,000
Discount rate applied to portfolio	10.45%	10.54%	10.45%	10.54%	7.50%	10.45%	10.81%	10.96%

Fair Value Definition and Hie_3

Fair Value Definition and Hierarchy (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of reconciliation of investments in life insurance policies
Beginning balance	$ 726,063,000	$ 577,050,000	$ 650,527,000	$ 511,192,000
Purchases	42,892,000	25,199,000	98,442,000	67,321,000
Maturities (initial cost basis)	(2,326,000)	(2,333,000)	(13,558,000)	(7,716,000)
Net change in fair value	24,840,000	20,182,000	56,058,000	49,301,000
Ending balance	$ 791,469,000	$ 620,098,000	$ 791,469,000	$ 620,098,000

Fair Value Definition and Hie_4

Fair Value Definition and Hierarchy (Details 1) - Life Insurance Policies [Member] - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2018	Dec. 31, 2017
Fair Value Measurement Inputs [Abstract]
Weighted-average age of insured, years	[1]	82 years 1 month 6 days	81 years 8 months 12 days
Weighted-average life expectancy, months	[1]	79 years 10 months 25 days	82 years 4 months 24 days
Average face amount per policy		$ 1,805,000	$ 1,867,000
Discount rate		10.45%	10.45%
[1]	Weighted-average by face amount of policy benefits

Fair Value Definition and Hie_5

Fair Value Definition and Hierarchy (Details 2) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Plus Four 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	$ (51,418,000)	$ (42,481,000)
Plus Eight 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	(102,195,000)	(84,238,000)
Minus Four 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	51,782,000	42,886,000
Minus Eight 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	103,902,000	86,391,000
Minus Two Percent [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	78,624,000	68,117,000
Plus Two Percent [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	(66,663,000)	(57,583,000)
Minus One Percent [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	37,643,000	32,587,000
Plus One Percent [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	$ (34,665,000)	$ (29,964,000)

Fair Value Definition and Hie_6

Fair Value Definition and Hierarchy (Details 3)	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Summary of outstanding warrants
Warrants issued	16,000
Warrants Issued One [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 Hie_7

Fair Value Definition and Hierarchy (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Fair Value Definition and Hierarchy (Textual)
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%, with all other variables held constant.
Aggregate face value	$ 586,063,000
Estimated fair value of L Bonds	$ 592,527,000
Weighted-average market interest rate	6.84%
Secured loan outstanding balance	$ 1,908,000
Allowance for loan loss	$ 1,908,000
Carrying value of the senior credit facility interest margin, description	12-Month LIBOR
Secured merchant cash advances, net of allowance for loan loss	$ 635,000	$ 1,662,000
Seller Trust L Bonds [Member]
Fair Value Definition and Hierarchy (Textual)
Aggregate face value	403,235,000
Estimated fair value of L Bonds	403,235,000
Exchangeable Note Receivable [Member]
Fair Value Definition and Hierarchy (Textual)
Estimated fair value of L Bonds	$ 170,545,000
Beneficent common units at price	$ 10
Market interest rate	12.40%
Commercial Loan Receivable [Member]
Fair Value Definition and Hierarchy (Textual)
Estimated fair value of L Bonds	$ 189,150,000
Market interest rate	5.00%
Final closing date description	From and after the Final Closing Date, one-half of the interest, or 2.5% per year, will be due and payable monthly in cash, and (ii) one-half of the interest, or 2.5% per year, will accrue and compound annually on each anniversary date of the Final Closing Date and become due and payable in full in cash on the maturity date.
Utilized an implied yield	6.75%

Financing Receivable from Aff_3

Financing Receivable from Affiliate (as restated) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Receivables [Abstract]
Commercial Loan receivable - principal	$ 200,000,000
Discount on loan receivable	(9,078,000)
Accrued interest receivable	1,444,000
Commercial Loan receivable from affiliate	192,366,000
Exchangeable Note receivable - principal	162,911,000
Premium on note receivable	8,754,000
Accrued interest receivable	2,840,000
Exchangeable Note receivable from affiliate	174,505,000
Financing receivable from affiliate	$ 366,871,000

Financing Receivable from Aff_4

Financing Receivable from Affiliate (as restated) (Details Textual)	Aug. 10, 2018	Sep. 30, 2018
Financing Receivable from Affiliate (as restated) (Textual)
Commercial loan agreement description	In connection with the Initial Transfer of the Beneficient Transaction, GWG Life, as lender, and Beneficient, as borrower, entered into the Commercial Loan Agreement in the amount of $200,000,000. The principal amount under the Commercial Loan is due on August 9, 2023, but is extendable for two five-year terms under certain circumstances. The extensions are available to the borrower provided that (a) in the event Beneficient completes at least one public offering of its common units raising at least $50,000,000 which on its own or together with any other public offering of Beneficient's common units results in Beneficient raising at least $100,000,000, then the maturity date will be extended to August 9, 2028; and (b) in the event that Beneficient (i) completes at least one public offering of its common units raising at least $50,000,000 which on its own or together with any other public offering of Beneficient's common units results in Beneficient raising at least $100,000,000 and (ii) at least 75% of Beneficient Holding's total outstanding NPC-B limited partnership interests, if any, have been converted to shares of Beneficient's common units, then the maturity date will be extended to August 9, 2033.
Commercial loan bears interest description		The principal amount of the Commercial Loan bears interest at 5.0% per year from the Final Closing Date. One-half of the interest, or 2.5% per year, will be due and payable monthly in cash, and (ii) one-half of the interest, or 2.5% per year, will accrue and compound annually on each anniversary date of the Final Closing Date and become due and payable in full in cash on the maturity date.
Exchangeable promissory note description	In connection with the Initial Transfer of the Beneficient Transaction, Beneficient issued to GWG the Exchangeable Promissory Note (the "Exchangeable Note") in the principal amount of $162,911,000. The Exchangeable Note accrues interest at a rate of 12.4% per year, compounded annually. Interest is payable in cash on the earlier to occur of the maturity date or the Final Closing Date; provided that Beneficient may, at its option, add to the outstanding principal balance under the Commercial Loan Agreement the accrued interest in lieu of payment in cash of such accrued interest thereon at the Final Closing Date (or, if earlier, the maturity date of the Exchangeable Note). The principal amount of the Exchangeable Note is payable in cash on August 9, 2023. In the event the Final Closing Date occurs on or prior to the maturity date, the principal amount of the Exchangeable Note is payable in Beneficient common units at a price equal to $10 per common unit. In the event the Final Closing Date occurs prior to the maturity date, Beneficient may, at its option, pay the accrued interest on the Exchangeable Note in the form of Beneficient common units or in the form of a promissory note providing for a term of up to two years and cash interest payable semi-annually at the rate of 5.0% per year.

Equity Method Investment (As _3

Equity Method Investment (As Restated) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Assets:
Financing receivable from affiliate	$ 366,871,036
Equity method investment	42,069,259
Total	1,341,661,816	$ 818,856,174
VIEs [Member] | Carrying Value [Member]
Assets:
Financing receivable from affiliate	366,871,000
Equity method investment	42,069,000
Total	408,940,000
VIEs [Member] | Maximum Exposure To Loss [Member]
Assets:
Financing receivable from affiliate	366,871,000
Equity method investment	42,069,000
Total	$ 408,940,000

Equity Method Investment (As _4

Equity Method Investment (As Restated) (Details Textual) - shares	Aug. 10, 2018	Sep. 30, 2018
Equity Method Investment (as restated) (Textual)
Beneficient transaction, shares acquired	4,000,000
Partnership interest of beneficient	17.60%	20.00%
Maximum [Member]
Equity Method Investment (as restated) (Textual)
Partnership interest of beneficient		5.00%
Minimum [Member]
Equity Method Investment (as restated) (Textual)
Partnership interest of beneficient		3.00%

Credit Facility - Autobahn Fu_2

Credit Facility - Autobahn Funding Company LLC (Details)	Sep. 12, 2017USD ($)
Credit Facility - Autobahn Funding Company LLC (Textual)
Senior credit facility	$ 105,000,000

Credit Facility - LNV Corpora_2

Credit Facility - LNV Corporation (Details) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 27, 2017	Sep. 30, 2018	Dec. 31, 2017
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 senior credit facility 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 September 30, 2018 was 10.30%.
Effective interest rate		10.30%
Outstanding amount of credit facility		$ 171,964,000	$ 222,525,000
Portfolio pledged, percentage		68.70%

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]	Sep. 30, 2018USD ($)	[1]
Contractual Maturities
Three months ending December 31, 2018	$ 26,778,000
2019	150,056,000
2020	137,067,000
2021	87,360,000
2022	39,713,000
2023	53,616,000
Thereafter	91,473,000
Total	586,063,000
Unamortized Deferred Financing Costs
Three months ending December 31, 2018	79,000
2019	2,291,000
2020	4,435,000
2021	3,727,000
2022	1,777,000
2023	2,924,000
Thereafter	5,348,000
Total	$ 20,581,000
[1]	The Seller Trust L Bonds are excluded from this table (see Note 1).

L Bonds (Details Textual)

L Bonds (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jan. 31, 2018	Dec. 31, 2017	Dec. 01, 2017
L Bonds (Textual)
Debentures offer for sale	$ 586,063,000		$ 586,063,000
Weighted-average market interest rate	6.84%		6.84%
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	7.12%		7.12%			7.29%
Amount outstanding under L bonds	$ 586,063,000		$ 586,063,000			$ 461,427,000
Amortization of deferred issuance costs	$ 2,312,000	$ 2,076,000	6,450,000	$ 4,931,000
Future expected amortization of deferred financing costs			$ 20,581,000
Amortization period of deferred financing cost			7 years

Seller Trust L Bonds (As Rest_2

Seller Trust L Bonds (As Restated) (Details) - USD ($)	1 Months Ended
	Aug. 10, 2018	Sep. 27, 2017	Sep. 30, 2018	Sep. 03, 2018	Dec. 31, 2017
Seller Trust L Bonds (As Restated) (Textual)
Maturity date		Sep. 27, 2029
Interest rate			6.84%
Principle amount outstanding			$ 586,063,000
GWG [Member]
Seller Trust L Bonds (As Restated) (Textual)
Seller Trust L Bonds	$ 403,235,000
Seller Trust L Bonds [Member]
Seller Trust L Bonds (As Restated) (Textual)
Maturity date	Aug. 9, 2023
Interest rate	7.50%
Description of interest payment	The Seller Trust L Bonds bear interest at 7.50% per year.
Principle amount outstanding				$ 403,235,000	$ 0

Series A Convertible Preferre_2

Series A Convertible Preferred Stock (Details) - USD ($)	Aug. 10, 2018	Oct. 09, 2017	Sep. 30, 2012	Sep. 30, 2018
Series A Convertible Preferred Stock (Textual)
Series A preferred stock shares sold for cash	4,000,000
Series A Convertible Preferred Stock [Member]
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)	Mar. 31, 2017USD ($)shares	Nov. 30, 2015Tradingdays$ / sharesshares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Redeemable Preferred Stock (Textual)
Aggregate gross consideration | $			$ 25,211,870	$ 56,238,128	$ 86,692,811
Redeemable Preferred Stock [Member]
Redeemable Preferred Stock (Textual)
Company offering shares of convertible redeemable preferred stock | shares		100,000
Offering price of series RPS | $ / shares		$ 1,000
Dividends 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		$ 15
Preferred stock redemption, percentage		15.00%
Redeemable preferred stock, shares issued | shares	99,127
Aggregate gross consideration | $	$ 99,127,000
Selling costs related to shares | $	$ 7,019,000

Series 2 Redeemable Preferred_2

Series 2 Redeemable Preferred Stock (Details)	Feb. 14, 2017Tradingdays$ / sharesshares	Apr. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Series 2 Redeemable Preferred Stock (Textual)
Aggregate gross consideration | $			$ 25,211,870	$ 56,238,128	$ 86,692,811
Series Two Redeemable Preferred Stock [Member]
Series 2 Redeemable Preferred Stock (Textual)
Public offering, shares | shares	150,000
Offering price of RPS 2, per share | $ / shares	$ 1,000
Dividend rate, per annum	7.00%
Liquidation preference 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).
Series B Convertible Preferred Stock, Shares Issued | shares		149,979
Aggregate gross consideration | $		$ 149,979,000
Selling costs related to shares | $		$ 10,284,000

Series B Convertible Preferre_2

Series B Convertible Preferred Stock (Details) - USD ($)	Sep. 30, 2018	Aug. 10, 2018	Dec. 31, 2017
Series B Convertible Preferred Stock (Textual)
Series B Convertible Preferred stock, Value	$ 50,000,000
Series B Convertible Preferred stock, Par value	$ 0.001		$ 0.001
Common stock at conversion price per share			$ 0.001
Series B Preferred Stock [Member]
Series B Convertible Preferred Stock (Textual)
Series B Convertible Preferred stock, Shares issued		5,000,000
Series B Convertible Preferred stock, Value		$ 50,000,000
Series B Convertible Preferred stock, Par value		$ 0.001
Preferred Stock, Per share Stated value		10
Common stock at conversion price per share		$ 10

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Statutory federal income tax (benefit)	$ (2,234,000)	$ (2,321,000)	$ (4,173,000)	$ (5,536,000)
State income taxes (benefit), net of federal benefit	(866,000)	(440,000)	(1,558,000)	(1,049,000)
Change in valuation allowance	3,215,000		5,783,000
Other permanent differences	(115,000)	(3,000)	(52,000)	103,000
Total income tax expense (benefit)		$ (2,764,243)		$ (6,481,917)

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Deferred tax assets:
Note receivable from related party		$ 1,437,000
Net operating loss carryforwards	12,096,000	9,995,000
Other assets	2,930,000	1,724,000
Subtotal	15,026,000	13,156,000
Valuation allowance	(11,962,000)	(6,386,000)
Deferred tax assets	3,064,000	6,770,000
Deferred tax liabilities:
Investment in life insurance policies	(2,952,000)	(6,630,000)
Other liabilities	(112,000)	(140,000)
Net deferred tax asset(liability)

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Income Taxes (Textual)
Current income tax liability	$ 0	$ 0
Valuation allowance	11,962,000	6,386,000
Federal net operating loss carryforwards	$ 42,085,000	$ 34,775,000
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.

Common Stock (Details)

Common Stock (Details) - USD ($)	1 Months Ended		9 Months Ended
	Aug. 27, 2018	Sep. 30, 2014	Sep. 30, 2018
IPO [Member]
Common Stock (Textual)
Issuance of common stock, shares		800,000
Market price of shares		$ 12.50
Net proceeds		$ 8,600,000
Exercise price			$ 15.63
Warrants issued			16,000
Warrants term			1 year
Shareholder Equity [Member]
Common Stock (Textual)
Dividend per share of common stock	$ 4.30

Stock Incentive Plan (Details)

Stock Incentive Plan (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Stock Option [Member]
Outstanding stock options:
Beginning Balance	1,636,948	1,582,399
Granted during the year	344,450	428,599
Vested during the year
Exercised during the year	(569,864)	(126,498)
Exercised year-to-date	(47,083)	(247,552)
Ending Balance	1,364,451	1,636,948
Vested [Member]
Outstanding stock options:
Beginning Balance	857,192	738,065
Granted during the year	37,950	61,099
Vested during the year	279,788	327,061
Exercised during the year	(569,864)	(126,498)
Exercised year-to-date	(21,582)	(142,535)
Ending Balance	583,484	857,192
Un-vested [Member]
Outstanding stock options:
Beginning Balance	779,756	844,334
Granted during the year	306,500	367,500
Vested during the year	(279,788)	(327,061)
Exercised during the year
Exercised year-to-date	(25,501)	(105,017)
Ending Balance	780,967	779,756

Stock Incentive Plan (Details 1

Stock Incentive Plan (Details 1) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Stock Appreciation Rights (SARs) [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance	342,972	239,735
Granted during the year	113,650	104,987
Vested year-to-date
Exercised year-to-date	(145,622)	(1,750)
Ending Balance	311,000	342,972
Stock Appreciation Rights (SARs) [Member] | Vested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance	189,053	106,608
Granted during the year		13,001
Vested year-to-date	39,552	69,444
Exercised year-to-date	(145,622)
Ending Balance	82,983	189,053
Stock Appreciation Rights (SARs) [Member] | Un-vested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance	153,919	133,127
Granted during the year	113,650	91,986
Vested year-to-date	(39,552)	(69,444)
Exercised year-to-date		(1,750)
Ending Balance	228,017	153,919
Stock Appreciation Rights [Member]
Outstanding Stock Appreciation Rights:
Vested year-to-date	83,000

Stock Incentive Plan (Details 2

Stock Incentive Plan (Details 2) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	780,967	779,756	844,334
Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	583,484	857,192	738,065
Stock Options [Member] | Vested Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	583,484	857,192
Weighted-Average Exercise Price	$ 8.71	$ 8.05
Weighted-Average Remaining Life (years)	4 years 1 month 6 days	6 years 2 months 1 day
Fair Value at Grant Date	$ 1.97	$ 1.76
Stock Options Unvested [Member] | Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	780,967	779,756
Weighted-Average Exercise Price	$ 9.26	$ 9.21
Weighted-Average Remaining Life (years)	4 years 11 months 23 days	7 years 6 months
Fair Value at Grant Date	$ 2.31	$ 2.17
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	1,364,451	1,636,948	1,582,399
Sars Unvested [Member] | Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	228,017	153,919
Weighted-Average Exercise Price	$ 8.47	$ 9.16
Weighted-Average Remaining Life (years)	6 years 1 month 27 days	6 years 2 months 27 days
Fair Value at Grant Date	$ 2.04	$ 2.02
Vested [Member] | Vested Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	666,467	1,046,245
Weighted-Average Exercise Price	$ 8.74	$ 8.14
Weighted-Average Remaining Life (years)	4 years 2 months 19 days	6 years 1 month 9 days
Fair Value at Grant Date	$ 1.97	$ 1.78
Sars [Member] | Vested Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	82,983	189,053
Weighted-Average Exercise Price	$ 8.92	$ 8.54
Weighted-Average Remaining Life (years)	5 years 22 days	5 years 10 months 10 days
Fair Value at Grant Date	$ 1.96	$ 1.90
Non Vested [Member] | Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	1,008,984	933,675
Weighted-Average Exercise Price	$ 9.08	$ 9.21
Weighted-Average Remaining Life (years)	5 years 2 months 30 days	7 years 3 months 19 days
Fair Value at Grant Date	$ 2.25	$ 2.15
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	311,000	342,972	239,735

Stock Incentive Plan (Details T

Stock Incentive Plan (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Stock Incentive Plan (Textual)
Shares were reserved for issuance under outstanding incentive awards	2,667,832		2,667,832
Remain available for future grants	3,332,168		3,332,168
Equity Option [Member]
Stock Incentive Plan (Textual)
Outstanding stock options	1,364,000		1,364,000
Number of options vested			583,000
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 $11.56 for all others, which is equal to the market price of the shares on the date of grant.
Expected volatility rate			25.83%
Forfeited			732,000
Exercised during the year			724,000
Unrecognized compensation expense related to un-vested options	$ 1,282,000		$ 1,282,000
Unrecognized compensation expense related to un-vested options, period of recognition			3 years
Compensation expense remaining vesting in 2018			$ 182,000
Compensation expense remaining vesting in 2019			614,000
Compensation expense remaining vesting in 2020			354,000
Compensation expense remaining vesting in 2021			$ 132,000
Expiry award grant term			10 years
Stock Appreciation Rights [Member]
Stock Incentive Plan (Textual)
Number of options vested			83,000
Number of awards exercised			146,000
Options exercise price description			The strike price of the SARs was between $6.75 and $10.38, which was equal to the market price of the common stock at the date of issuance.
Market price of shares	$ 7.75		$ 7.75
Other accrued expenses	$ 43,000		$ 43,000		$ 551,000
Employee compensation and benefits expense	$ 25,000	$ (9,000)	$ 15,000	$ 303,000
Stock Appreciation Rights (SARs) [Member]
Stock Incentive Plan (Textual)
Outstanding stock options	311,000		311,000		342,972	239,735
Number of options vested
Forfeited			145,622		1,750
Restricted Stock Units (RSUs) [Member]
Stock Incentive Plan (Textual)
Restricted shares of common stock			122,396
Restricted stock units, expected to vest			71,203
Restricted stock units, vested but not issued			51,193
Stock Compensation Plan [Member]
Stock Incentive Plan (Textual)
Common stock options authorized	6,000,000		6,000,000
Common stock options available for issuance	3,332,168		3,332,168

Other Expenses (Details)

Other Expenses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Expenses [Abstract]
Contract Labor	$ 359,000	$ 130,000	$ 964,000	$ 311,000
Marketing	413,000	485,000	1,343,000	1,687,000
Information Technology	432,000	411,000	1,208,000	1,093,000
Servicing and Facility Fees	382,000	277,000	1,244,000	856,000
Travel and Entertainment	204,000	250,000	650,000	768,000
Insurance and Regulatory	401,000	416,000	1,120,000	1,240,000
Charitable Contributions		42,000		462,000
General and Administrative	498,000	788,000	1,733,000	2,924,000
Total Other Expenses	$ 2,688,970	$ 2,799,196	$ 8,262,324	$ 9,340,617

Commitments (Details)

Commitments (Details)	Sep. 30, 2018USD ($)
Summary of minimum lease payments under amendment lease
Three months ending December 31, 2018	$ 68,000
2019	275,000
2020	284,000
2021	293,000
2022	302,000
2023	311,000
Thereafter	593,000
Total	$ 2,126,000

Commitments (Details Textual)

Commitments (Details Textual)	Sep. 01, 2015ft²	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Commitments (Textual)
Description of lessor leasing arrangements	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 | $		$ 119,000	$ 121,000	$ 334,000	$ 344,000

Guarantee of L Bonds and Sell_3

Guarantee of L Bonds and Seller Trust L Bonds (as restated) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
A S S E T S
Cash and cash equivalents	$ 117,873,668	$ 114,421,491
Restricted cash	3,069,759	28,349,685
Investment in life insurance policies, at fair value	791,468,587	650,527,353
Life insurance policy benefits receivable	10,472,696	16,658,761
Financing receivable from affiliate	366,871,036
Equity method investment	42,069,259
Other assets	9,836,811	8,898,884
Investment in subsidiaries
TOTAL ASSETS	1,341,661,816	818,856,174
LIABILITIES
Senior credit facility with LNV Corporation	162,469,172	212,238,192
L Bonds	570,199,704	447,393,568
Seller Trust L Bonds	403,234,866
Accounts payable	2,579,323	6,394,439
Interest and dividends payable	18,748,558	15,427,509
Other accrued expenses	3,272,758	3,730,723
TOTAL LIABILITIES	1,160,504,381	685,184,431
STOCKHOLDERS' EQUITY
Member capital
Redeemable preferred stock and Series 2 redeemable preferred stock	216,068,039	173,115,447
Series B convertible preferred stock	50,000,000
Common stock	5,980	5,813
Accumulated deficit	(84,916,584)	(39,449,517)
TOTAL STOCKHOLDERS' EQUITY	181,157,435	133,671,743	$ 67,298,498
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,341,661,816	818,856,174
Eliminations [Member]
A S S E T S
Cash and cash equivalents
Restricted cash
Investment in life insurance policies, at fair value
Life insurance policy benefits receivable
Financing receivable from affiliate
Equity method investment
Other assets
Investment in subsidiaries	(1,386,342,262)	(895,895,001)
TOTAL ASSETS	(1,386,342,262)	(895,895,001)
LIABILITIES
Senior credit facility with LNV Corporation
L Bonds
Seller Trust L Bonds
Accounts payable
Interest and dividends payable
Other accrued expenses
TOTAL LIABILITIES
STOCKHOLDERS' EQUITY
Member capital	(1,386,342,262)	(895,895,001)
Redeemable preferred stock and Series 2 redeemable preferred stock
Series B convertible preferred stock
Common stock
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY	(1,386,342,262)	(895,895,001)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	(1,386,342,262)	(895,895,001)
Guarantor Subsidiary [Member]
A S S E T S
Cash and cash equivalents	631,228	1,486,623
Restricted cash	699,477	9,367,410
Investment in life insurance policies, at fair value	85,077,334	51,093,362
Life insurance policy benefits receivable	2,800,000	1,500,000
Financing receivable from affiliate	192,365,503
Equity method investment
Other assets	1,822,284	1,986,312
Investment in subsidiaries	551,836,655	415,235,212
TOTAL ASSETS	835,232,481	480,668,919
LIABILITIES
Senior credit facility with LNV Corporation
L Bonds
Seller Trust L Bonds
Accounts payable	641,741	844,899
Interest and dividends payable
Other accrued expenses	1,448,807	1,610,773
TOTAL LIABILITIES	2,090,548	2,455,672
STOCKHOLDERS' EQUITY
Member capital	833,141,933	478,213,247
Redeemable preferred stock and Series 2 redeemable preferred stock
Series B convertible preferred stock
Common stock
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY	833,141,933	478,213,247
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	835,232,481	480,668,919
Non-Guarantor Subsidiaries [Member]
A S S E T S
Cash and cash equivalents	1,357,815	982,039
Restricted cash	2,370,282	18,982,275
Investment in life insurance policies, at fair value	706,391,253	599,433,991
Life insurance policy benefits receivable	7,672,696	15,158,761
Financing receivable from affiliate
Equity method investment
Other assets	4,307,324	5,000,369
Investment in subsidiaries
TOTAL ASSETS	722,099,370	639,557,435
LIABILITIES
Senior credit facility with LNV Corporation	162,469,172	212,238,192
L Bonds
Seller Trust L Bonds
Accounts payable	836,129	4,114,917
Interest and dividends payable	4,796,457	5,130,925
Other accrued expenses	797,283	391,647
TOTAL LIABILITIES	168,899,041	221,875,681
STOCKHOLDERS' EQUITY
Member capital	553,200,329	417,681,754
Redeemable preferred stock and Series 2 redeemable preferred stock
Series B convertible preferred stock
Common stock
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY	553,200,329	417,681,754
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	722,099,370	639,557,435
Parent [Member]
A S S E T S
Cash and cash equivalents	115,884,625	111,952,829
Restricted cash
Investment in life insurance policies, at fair value
Life insurance policy benefits receivable
Financing receivable from affiliate	174,505,533
Equity method investment	42,069,259
Other assets	3,707,203	1,912,203
Investment in subsidiaries	834,505,607	480,659,789
TOTAL ASSETS	1,170,672,227	594,524,821
LIABILITIES
Senior credit facility with LNV Corporation
L Bonds	570,199,704	447,393,568
Seller Trust L Bonds	403,234,866
Accounts payable	1,101,453	1,434,623
Interest and dividends payable	13,952,101	10,296,584
Other accrued expenses	1,026,668	1,728,303
TOTAL LIABILITIES	989,514,792	460,853,078
STOCKHOLDERS' EQUITY
Member capital
Redeemable preferred stock and Series 2 redeemable preferred stock	216,068,039	173,115,447
Series B convertible preferred stock	50,000,000
Common stock	5,980	5,813
Accumulated deficit	(84,916,584)	(39,449,517)
TOTAL STOCKHOLDERS' EQUITY	181,157,435	133,671,743
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,170,672,227	$ 594,524,821

Guarantee of L Bonds and Sell_4

Guarantee of L Bonds and Seller Trust L Bonds (as restated) (Details 1) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
REVENUE
Gain on life insurance policies, net	$ 15,721,513	$ 14,421,353	$ 52,930,008	$ 45,117,438
Interest and other income	5,215,515	275,690	6,863,640	1,335,535
TOTAL REVENUE	20,937,028	14,697,043	59,793,648	46,452,973
EXPENSES
Interest expense	21,799,332	13,275,407	55,010,519	38,765,647
Employee compensation and benefits	5,548,771	3,792,096	12,527,139	10,696,455
Legal and professional fees	1,421,964	1,657,090	3,751,321	3,934,027
Other expenses	2,688,970	2,799,196	8,262,324	9,340,617
TOTAL EXPENSES	31,459,037	21,523,789	79,551,303	62,736,746
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(10,522,009)	(6,826,746)	(19,757,655)	(16,283,773)
EQUITY IN INCOME OF SUBSIDIARIES
NET INCOME (LOSS) BEFORE INCOME TAXES	(10,522,009)	(6,826,746)	(19,757,655)	(16,283,773)
INCOME TAX (EXPENSE)/BENEFIT		(2,764,243)		(6,481,917)
NET INCOME (LOSS)	(10,522,009)	(4,062,503)	(19,757,655)	(9,801,856)	$ (20,632,223)
Preferred stock dividends	4,313,542	3,548,165	12,356,513	7,447,022
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	(14,835,551)	(7,610,668)	(32,114,168)	(17,248,878)
Eliminations [Member]
REVENUE
Gain on life insurance policies, net
Interest and other income		(117,629)		(371,100)
TOTAL REVENUE		(117,629)		(371,100)
EXPENSES
Interest expense		(12,104)		(79,300)
Employee compensation and benefits
Legal and professional fees
Other expenses		(105,525)		(291,800)
TOTAL EXPENSES		(117,629)		(371,100)
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES
EQUITY IN INCOME OF SUBSIDIARIES	(13,516,754)	(15,935,633)	(50,380,162)	(53,582,349)
NET INCOME (LOSS) BEFORE INCOME TAXES	(13,516,754)	(15,935,633)	(50,380,162)	(53,582,349)
INCOME TAX (EXPENSE)/BENEFIT
NET INCOME (LOSS)	(13,516,754)	(15,935,633)	(50,380,162)	(53,582,349)
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	(13,516,754)	(15,935,633)	(50,380,162)	(53,582,349)
Parent [Member]
REVENUE
Gain on life insurance policies, net
Interest and other income	3,333,424	40,044	4,447,322	194,273
TOTAL REVENUE	3,333,424	40,044	4,447,322	194,273
EXPENSES
Interest expense	16,739,120	9,907,959	38,758,326	27,495,867
Employee compensation and benefits	2,292,251	2,140,675	5,629,344	6,179,032
Legal and professional fees	483,512	746,939	1,290,614	1,524,510
Other expenses	1,590,823	1,743,730	5,082,525	5,291,881
TOTAL EXPENSES	21,105,706	14,539,303	50,760,809	40,491,290
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(17,772,282)	(14,499,259)	(46,313,487)	(40,297,017)
EQUITY IN INCOME OF SUBSIDIARIES	7,250,273	7,672,513	26,555,832	24,013,244
NET INCOME (LOSS) BEFORE INCOME TAXES	(10,522,009)	(6,826,746)	(19,757,655)	(16,283,773)
INCOME TAX (EXPENSE)/BENEFIT		(2,764,243)		(6,481,917)
NET INCOME (LOSS)	(10,522,009)	(4,062,503)	(19,757,655)	(9,801,856)
Preferred stock dividends	4,313,542	3,548,165	12,356,513	7,447,022
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	(14,835,551)	(7,610,668)	(32,114,168)	(17,248,878)
Guarantor Subsidiary [Member]
REVENUE
Gain on life insurance policies, net	4,122,153	2,780,544	12,135,832	4,481,555
Interest and other income	1,700,414	113,410	1,726,938	348,695
TOTAL REVENUE	5,822,567	2,893,954	13,862,770	4,830,250
EXPENSES
Interest expense		253,422		930,837
Employee compensation and benefits	3,086,682	1,413,103	5,881,219	4,163,873
Legal and professional fees	221,613	246,691	688,003	687,240
Other expenses	455,800	711,528	1,397,314	2,244,577
TOTAL EXPENSES	3,764,095	2,624,744	7,966,536	8,026,527
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	2,058,472	269,210	5,896,234	(3,196,277)
EQUITY IN INCOME OF SUBSIDIARIES	6,266,481	8,263,120	23,824,330	29,569,105
NET INCOME (LOSS) BEFORE INCOME TAXES	8,324,953	8,532,330	29,720,564	26,372,828
INCOME TAX (EXPENSE)/BENEFIT
NET INCOME (LOSS)	8,324,953	8,532,330	29,720,564	26,372,828
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	8,324,953	8,532,330	29,720,564	26,372,828
Non-Guarantor Subsidiaries [Member]
REVENUE
Gain on life insurance policies, net	11,599,360	11,640,809	40,794,176	40,635,883
Interest and other income	181,677	239,865	689,380	1,163,667
TOTAL REVENUE	11,781,037	11,880,674	41,483,556	41,799,550
EXPENSES
Interest expense	5,060,212	3,126,130	16,252,193	10,418,243
Employee compensation and benefits	169,838	238,318	1,016,576	353,550
Legal and professional fees	716,839	663,460	1,772,704	1,722,277
Other expenses	642,347	449,463	1,782,485	2,095,959
TOTAL EXPENSES	6,589,236	4,477,371	20,823,958	14,590,029
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	5,191,801	7,403,303	20,659,598	27,209,521
EQUITY IN INCOME OF SUBSIDIARIES
NET INCOME (LOSS) BEFORE INCOME TAXES	5,191,801	7,403,303	20,659,598	27,209,521
INCOME TAX (EXPENSE)/BENEFIT
NET INCOME (LOSS)	5,191,801	7,403,303	20,659,598	27,209,521
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 5,191,801	$ 7,403,303	$ 20,659,598	$ 27,209,521

Guarantee of L Bonds and Sell_5

Guarantee of L Bonds and Seller Trust L Bonds (as restated) (Details 2) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (10,522,009)	$ (4,062,503)	$ (19,757,655)	$ (9,801,856)	$ (20,632,223)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries
Changes in fair value of life insurance policies	(24,839,567)	(20,181,732)	(56,058,336)	(49,301,067)
Amortization of deferred financing and issuance costs	2,575,322	2,344,541	7,241,283	6,508,692
Amortization of discount or premium on financing receivable
Deferred income taxes		(2,764,243)		(6,481,917)
Financing receivable from affiliate	(4,284,370)		(4,284,370)
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	16,562,304	(7,627,000)	6,186,065	(9,252,000)
Other assets	321,968	929,058	(1,487,238)	3,181,419
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses	1,918,702	(85,509)	915,584	2,861,541
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(18,267,650)	(31,447,388)	(67,244,667)	(62,285,188)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(42,891,764)	(25,199,692)	(98,440,528)	(67,321,363)
Carrying value of matured life insurance policies	2,325,989	2,333,039	13,557,632	7,716,847
Equity method investment acquired	(1,421,059)		(1,421,059)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	(41,986,834)	(22,866,653)	(86,303,955)	(59,604,516)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt	(18,425,136)	56,887,491	(50,560,286)	49,787,954
Payments for issuance of senior debt		(3,937,907)		(5,128,319)
Payments for redemption of Series I Secured Notes		(6,815,406)		(16,613,667)
Proceeds from issuance of L Bonds	68,884,369	30,271,873	166,081,914	87,016,343
Payments for redemption and issuance of L Bonds	(20,195,657)	(19,752,717)	(46,151,926)	(58,949,880)
Redemption of common stock				(1,603,526)
Issuance (repurchase) of common stock	682,954	30	682,954
Common stock dividends	(25,709,412)		(25,709,412)
Proceeds from issuance of convertible preferred stock	50,000,000		50,000,000
Proceeds from issuance of redeemable preferred stock		25,211,870	56,238,128	86,692,811
Payments for issuance of redeemable preferred stock		(1,243,920)	(4,142,294)	(5,207,025)
Payments for redemption of redeemable preferred stock	(821,778)	(47,500)	(2,361,692)	(1,806,832)
Preferred stock dividends	(4,313,542)	(3,548,165)	(12,356,513)	(7,447,022)
Issuance of member capital
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	50,101,798	77,025,649	131,720,873	126,740,837
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(10,152,686)	22,711,608	(21,827,749)	4,851,133
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	131,096,113	98,453,103	142,771,176	116,313,578	116,313,578
END OF PERIOD	120,943,427	121,164,711	120,943,427	121,164,711	142,771,176
Eliminations [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(13,516,754)	(15,935,633)	(50,380,162)	(53,582,349)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries	13,516,754	15,935,633	50,380,162	53,582,349
Changes in fair value of life insurance policies
Amortization of deferred financing and issuance costs
Deferred income taxes
Financing receivable from affiliate
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Other assets	106,913,951	(13,415,694)	249,397,712	69,667,082
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses
NET CASH FLOWS USED IN OPERATING ACTIVITIES	106,913,951	(13,415,694)	249,397,712	69,667,082
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Equity method investment acquired
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt
Payments for issuance of senior debt
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds
Payments for redemption and issuance of L Bonds
Redemption of common stock
Issuance of common stock
Common stock dividends
Proceeds from issuance of convertible preferred stock
Proceeds from issuance of redeemable preferred stock
Payments for issuance of redeemable preferred stock
Payments for redemption of redeemable preferred stock
Preferred stock dividends
Issuance of member capital	(106,913,951)	13,415,694	(249,397,712)	(69,667,082)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	(106,913,951)	13,415,694	(249,397,712)	(69,667,082)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD
END OF PERIOD
Parent [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(10,522,009)	(4,062,503)	(19,757,655)	(9,801,856)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries	(7,250,273)	(7,672,513)	(26,555,832)	(24,013,243)
Changes in fair value of life insurance policies
Amortization of deferred financing and issuance costs	2,311,567	2,075,632	6,450,018	4,931,441
Amortization of discount or premium on financing receivable	251,672		251,672
Deferred income taxes		(2,764,243)		(6,481,917)
Financing receivable from affiliate	(2,839,926)		(2,839,926)
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Other assets	(59,650,044)	(38,552,777)	(139,098,388)	(65,691,037)
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses	3,460,355	1,834,187	4,621,807	5,262,800
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(74,238,658)	(49,142,217)	(176,928,304)	(95,793,812)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Equity method investment acquired	(1,421,059)		(1,421,059)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	(1,421,059)		(1,421,059)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt
Payments for issuance of senior debt
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds	68,884,369	30,271,873	166,081,914	87,016,343
Payments for redemption and issuance of L Bonds	(20,195,657)	(19,752,717)	(46,151,926)	(58,949,880)
Redemption of common stock				(1,603,526)
Issuance of common stock	682,954	30	682,954
Common stock dividends	(25,709,412)		(25,709,412)
Proceeds from issuance of convertible preferred stock	50,000,000		50,000,000
Proceeds from issuance of redeemable preferred stock	(821,778)	25,211,870	56,238,128	86,692,811
Payments for issuance of redeemable preferred stock		(1,243,920)	(4,142,294)	(5,207,025)
Payments for redemption of redeemable preferred stock		(47,500)	(2,361,692)	(1,806,832)
Preferred stock dividends	(4,313,542)	(3,548,165)	(12,356,513)	(7,447,022)
Issuance of member capital
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	68,526,934	30,891,471	182,281,159	98,694,869
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(7,132,783)	(18,250,746)	3,931,796	2,901,057
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	123,017,408	49,632,850	111,952,829	28,481,047	28,481,047
END OF PERIOD	115,884,625	31,382,104	115,884,625	31,382,104	111,952,829
Guarantor Subsidiary [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	8,324,953	8,532,330	29,720,564	26,372,828
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries	(6,266,481)	(8,263,120)	(23,824,330)	(29,569,106)
Changes in fair value of life insurance policies	(3,485,452)	(3,609,194)	(9,691,293)	(4,803,015)
Amortization of deferred financing and issuance costs		134,445		208,829
Amortization of discount or premium on financing receivable	(251,672)		(251,672)
Deferred income taxes
Financing receivable from affiliate	(1,444,444)		(1,444,444)
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(2,000,000)		(1,300,000)
Other assets	(47,247,165)	51,740,361	(112,613,085)	(3,794,004)
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses	(384,380)	(855,012)	(365,125)	(2,418,538)
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(52,754,641)	47,679,810	(119,769,385)	(14,003,006)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(11,368,457)		(26,916,457)
Carrying value of matured life insurance policies	669,349	505,000	2,623,779	1,256,576
Equity method investment acquired
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	(10,699,108)	505,000	(24,292,678)	1,256,576
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt
Payments for issuance of senior debt				(1,076,118)
Payments for redemption of Series I Secured Notes		(6,815,406)		(16,613,667)
Proceeds from issuance of L Bonds
Payments for redemption and issuance of L Bonds
Redemption of common stock
Issuance of common stock
Common stock dividends
Proceeds from issuance of convertible preferred stock
Proceeds from issuance of redeemable preferred stock
Payments for issuance of redeemable preferred stock
Payments for redemption of redeemable preferred stock
Preferred stock dividends
Issuance of member capital	58,589,352	37,959,462	134,538,735	64,191,966
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	58,589,352	31,144,056	134,538,735	46,502,181
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(4,864,397)	79,328,866	(9,523,328)	33,755,751
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	6,195,102	5,905,486	10,854,033	51,478,601	51,478,601
END OF PERIOD	1,330,705	85,234,352	1,330,705	85,234,352	10,854,033
Non-Guarantor Subsidiary [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	5,191,801	7,403,303	20,659,598	27,209,521
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries
Changes in fair value of life insurance policies	(21,354,115)	(16,572,538)	(46,367,043)	(44,498,052)
Amortization of deferred financing and issuance costs	263,755	134,464	791,265	1,368,422
Amortization of discount or premium on financing receivable
Deferred income taxes
Financing receivable from affiliate
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	18,562,304	(7,627,000)	7,486,065	(9,252,000)
Other assets	305,226	1,157,168	826,523	2,999,378
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses	(1,157,273)	(1,064,684)	(3,341,098)	17,279
NET CASH FLOWS USED IN OPERATING ACTIVITIES	1,811,698	(16,569,287)	(19,944,690)	(22,155,452)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(31,523,307)	(25,199,692)	(71,524,071)	(67,321,363)
Carrying value of matured life insurance policies	1,656,640	1,828,039	10,933,853	6,460,271
Equity method investment acquired
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	(29,866,667)	(23,371,653)	(60,590,218)	(60,861,092)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt	(18,425,136)	56,887,491	(50,560,286)	49,787,954
Payments for issuance of senior debt		(3,937,907)		(4,052,201)
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds
Payments for redemption and issuance of L Bonds
Redemption of common stock
Issuance of common stock
Common stock dividends
Proceeds from issuance of convertible preferred stock
Proceeds from issuance of redeemable preferred stock
Payments for issuance of redeemable preferred stock
Payments for redemption of redeemable preferred stock
Preferred stock dividends
Issuance of member capital	48,324,599	(51,375,156)	114,858,977	5,475,116
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	29,899,463	1,574,428	64,298,691	51,210,869
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,844,494	(38,366,512)	(16,236,217)	(31,805,675)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	1,883,603	42,914,767	19,964,314	36,353,930	36,353,930
END OF PERIOD	$ 3,728,097	$ 4,548,255	$ 3,728,097	$ 4,548,255	$ 19,964,314

Concentration (Details)

Concentration (Details)	Sep. 30, 2018	Dec. 31, 2017
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	14.25%	15.57%
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	11.18%	11.88%
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	10.60%	10.80%

Concentration (Details 1)

Concentration (Details 1)	Sep. 30, 2018	Dec. 31, 2017
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	18.12%	18.60%
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	19.78%	20.16%

Concentration (Details Textual)

Concentration (Details Textual)	Aug. 10, 2018	Sep. 30, 2018
Concentration (Textual)
Percentage of portfolio		10.00%
Description of initial transfer of the beneficient transaction	The Company (i) acquired a limited partnership investment in the common units of Beneficient, (ii) entered into a Commercial Loan with Beneficient as borrower and (iii) received the Exchangeable Note from Beneficient as borrower. The total carrying value of these investments at September 30, 2018 is $408,940,000, representing 30.5% of the Company’s consolidated assets.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Nov. 12, 2018	Oct. 18, 2018	Sep. 30, 2018
Subsequent Events (Textual)
Face value of insurance benefits			$ 4,140,000
Issued of L bonds			$ 42,452,000
Subsequent Event [Member] | Avs Llc [Member]
Subsequent Events (Textual)
Description of life insurance policies	As of September 30, 2018, 788 of our life insurance policies, representing approximately $1.7 billion in face value of policy benefits (approximately 89% of our portfolio by face amount), were valued using life expectancy reports that included a report provided by AVS. Based upon information provided by TwentyFirst, we expect that our life expectancy estimates will lengthen, and assuming the application of our current valuation methodology, we have determined the impact (reduction) to the fair value of our life insurance policy portfolio to be $39,800,000 to $54,900,000 (approximately 5.0% to 7.0% of the investment in life insurance policies, at fair value as of September 30, 2018). TwentyFirst's changes relate to revised estimates of the originally issued life expectancy reports and do not encompass any change in an individual insured's health condition (for better or worse) since the report was originally issued. Changes in individual insureds health conditions over time can significantly impact actual policy valuations.
Subsequent Event [Member] | Third Party [Member]
Subsequent Events (Textual)
Description of life insurance policies		The life expectancy estimates we use for life insurance policies with face amounts greater than $1 million are based upon the average of two life expectancy reports we receive from independent third-party medical-actuarial underwriting firms. We presently attempt to update our life expectancy estimates continuously on a maximum three cycle. On October 18, 2018, ITM TwentyFirst, LLC (“TwentyFirst”), one of the primary independent third-party medical actuarial underwriting firms we use for life expectancy reports, released an update to their mortality tables and medical underwriting methodologies. As of September 30, 2018, 568 of our life insurance policies, representing approximately $1.3 billion in face value of policy benefits (approximately 65% of our portfolio by face amount), were valued using life expectancy reports that included a report provided by TwentyFirst.