GWG (GWGHQ) 10-K 9 Jul 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2019	Jun. 29, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	GWG Holdings, Inc.
Entity Central Index Key	0001522690
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Ex Transition Period	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Public Float			$ 11,692,802
Entity Common Stock, Shares Outstanding		33,033,420
Entity File Number	001-36615

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 114,587,084	$ 114,421,491
Restricted cash	10,849,126	28,349,685
Investment in life insurance policies, at fair value	747,922,465	650,527,353
Life insurance policy benefits receivable	16,460,687	16,658,761
Financing receivable from affiliate	184,768,874
Equity method investment	360,841,651
Other assets	45,437,164	8,898,884
TOTAL ASSETS	1,480,867,051	818,856,174
LIABILITIES
Amended and Restated Senior credit facility with LNV Corporation	148,977,596	212,238,192
L Bonds	651,402,663	447,393,568
Seller Trust L Bonds	366,891,940
Accounts payable	9,276,507	6,394,439
Interest and dividends payable	18,555,293	15,427,509
Other accrued expenses	4,705,170	3,730,723
TOTAL LIABILITIES	1,199,809,169	685,184,431
STOCKHOLDERS' EQUITY
REDEEMABLE PREFERRED STOCK (par value $0.001; shares authorized 100,000; shares outstanding 97,524 and 98,611; liquidation preference of $98,093,000 and $99,186,000 as of December 31, 2018 and December 31, 2017, respectively)	86,910,335	92,840,243
SERIES 2 REDEEMABLE PREFERRED STOCK (par value $0.001; shares authorized 150,000; shares outstanding 148,359 and 88,709; liquidation preference of $149,225,000 and $89,208,000 as of December 31, 2018 and December 31, 2017, respectively)	129,062,704	80,275,204
COMMON STOCK (par value $0.001; shares authorized 210,000,000; shares issued and outstanding 33,018,161 as of December 31, 2018 and 5,813,555 as of December 31, 2017)	33,018	5,813
Additional paid-in capital	249,662,168
Accumulated deficit	(184,610,343)	(39,449,517)
TOTAL STOCKHOLDERS' EQUITY	281,057,882	133,671,743
TOTAL LIABILITIES & EQUITY	$ 1,480,867,051	$ 818,856,174

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	210,000,000	210,000,000
Common stock, shares issued	33,018,161	5,813,555
Common stock, shares outstanding	33,018,161	5,813,555
Redeemable Preferred Stock [Member]
Redeemable preferred stock, par value	$ 0.001	$ 0.001
Redeemable preferred stock, shares authorized	100,000	100,000
Redeemable preferred stock, shares outstanding	97,524	98,611
Redeemable preferred stock, liquidation preference	$ 98,093,000	$ 99,186,000
Series 2 Redeemable Preferred Stock [Member]
Redeemable preferred stock, par value	$ 0.001	$ 0.001
Redeemable preferred stock, shares authorized	150,000	150,000
Redeemable preferred stock, shares outstanding	148,359	88,709
Redeemable preferred stock, liquidation preference	$ 149,225,000	$ 89,208,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
REVENUE
Gain (loss) on life insurance policies, net	$ (14,104,572)	$ 62,114,403
Interest and other income	13,714,281	2,019,515
TOTAL REVENUE	(390,291)	64,133,918
EXPENSES
Interest expense	80,135,983	54,419,444
Employee compensation and benefits	17,406,982	14,869,749
Legal and professional fees	5,541,177	5,095,643
Other expenses	15,994,487	12,478,676
TOTAL EXPENSES	119,078,629	86,863,512
INCOME (LOSS) BEFORE INCOME TAXES	(119,468,920)	(22,729,594)
INCOME TAX EXPENSE (BENEFIT)		(2,097,371)
NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT	(119,468,920)	(20,632,223)
Earnings from equity method investment	17,507
NET INCOME (LOSS)	(119,451,413)	(20,632,223)
Preferred stock dividends	16,662,731	12,702,341
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (136,114,144)	$ (33,334,564)
NET INCOME (LOSS) PER SHARE
Basic	$ (22.32)	$ (5.72)
Diluted	$ (22.32)	$ (5.72)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	6,098,208	5,826,033
Diluted	6,098,208	5,826,033

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (119,451,413)	$ (20,632,223)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Change in fair value of life insurance policies	10,344,029	(66,760,811)
Amortization of deferred financing and issuance costs	10,036,955	8,780,847
Amortization of premium and accretion of discount on financing receivables	(13,953)
Provision for uncollectible policy benefit receivable	4,300,000
Earnings from equity method investment	(17,507)
Stock-based compensation	2,182,125	1,424,625
Deferred income taxes		(2,097,371)
Preferred stock issued in lieu of cash dividends		498,659
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(4,101,926)	(11,313,761)
Interest receivable added to commercial loan principal	(10,533,632)
Other assets	4,405,054	982,713
Increase (decrease) in operating liabilities:
Accounts payable	2,882,069	4,167,728
Interest and dividends payable	3,268,969	2,708,623
Other accrued expenses	1,220,176	1,198,197
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(95,479,054)	(81,042,774)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(128,502,654)	(88,643,819)
Carrying value of matured life insurance policies	20,763,516	16,069,632
Equity investment acquired	(3,204,016)
Other investments acquired	(3,037,234)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(113,980,388)	(72,574,187)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt	(64,315,618)	59,799,649
Payments for issuance of senior debt		(4,510,388)
Payments for redemption of Series I Secured Notes		(16,613,667)
Proceeds from issuance of L Bonds	263,964,554	131,796,220
Payments for issuance of L Bonds	(17,379,101)	(10,896,925)
Payments for redemption of L Bonds	(48,026,551)	(60,848,460)
Issuance (repurchase) of common stock	614,193	(1,603,560)
Proceeds from issuance of convertible preferred stock	50,000,000
Proceeds from issuance of redeemable preferred stock	56,238,128	127,279,847
Payments for issuance of redeemable preferred stock	(4,142,294)	(9,027,190)
Payments for redemption of redeemable preferred stock	(2,456,692)	(22,598,626)
Common stock dividends	(25,709,412)
Preferred stock dividends	(16,662,731)	(12,702,341)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	192,124,476	180,074,559
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(17,334,966)	26,457,598
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	142,771,176	116,313,578
END OF PERIOD	125,436,210	142,771,176
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	67,058,000	45,990,000
Premiums paid, including prepaid	49,467,000	55,471,000
Payments for exercised stock options		346,000
Financing receivable from affiliate:
Financing receivable from affiliate acquired	173,485,000
Conversion of interest receivable to commercial loan principal	10,534,000
Exchangeable note acquired and converted to equity method investment	156,422,000
Equity method investment acquired	201,828,000
Equity security acquired	38,562,000
Seller Trust L Bonds issued	366,892,000
Common stock issued	203,405,000
Common stock issued for vendor services		321,000
L Bonds:
Conversion of accrued interest and commissions payable to principal	1,240,000	1,756,000
Conversion of L Bonds to redeemable preferred stock	4,546,000	2,666,000
Preferred Stock:
Issuance of Series A preferred stock in lieu of cash dividends		499,000
Conversion of Series B convertible preferred stock to common stock	50,000,000
Options and stock appreciation rights issued	614,000	534,000
Investment in life insurance policies included in accounts payable	$ 6,377,000	$ 3,913,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - 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
Net income (loss)				(20,632,223)	(20,632,223)
Issuance of common stock		$ 33	320,970		321,003
Issuance of common stock, shares		33,810
Redemption/Repurchase of common stock		$ (200)	(1,603,360)		(1,603,560)
Redemption/Repurchase 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
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
Net income (loss)				(119,451,413)	(119,451,413)
Issuance of common stock		$ 22,215	204,771,249		204,793,464
Issuance of common stock, shares		22,214,641
Redemption/Repurchase of common stock		$ (10)	(68,751)		(68,761)
Redemption/Repurchase of common stock, shares		(10,035)
Issuance of redeemable preferred stock	$ 56,878,238				56,878,238
Issuance of redeemable preferred stock, shares	61,021
Redemption of redeemable preferred stock	$ (2,457,914)				(2,457,914)
Redemption of redeemable preferred stock, shares	(2,457)
Common stock dividends				(25,709,413)	(25,709,413)
Issuance of Series B convertible preferred stock	$ 50,000,000				50,000,000
Issuance of Series B convertible preferred stock, shares	5,000,000
Conversion of Series B convertible preferred stock to common stock	$ (50,000,000)	$ 5,000	49,995,000
Conversion of Series B convertible preferred stock to common stock, shares	(5,000,000)	5,000,000
Preferred stock dividends	$ (11,562,732)		(5,099,999)		(16,662,731)
Stock-based compensation			64,669		64,669
Ending balance at Dec. 31, 2018	$ 215,973,039	$ 33,018	$ 249,662,168	$ (184,610,343)	$ 281,057,882
Ending balance, shares at Dec. 31, 2018	245,883	33,018,161

Nature of Business and Summary

Nature of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Summary of Significant Accounting Policies	(1) Nature of Business — We have enhanced and extended our activities from our core competencies of providing liquidity to individuals owning illiquid assets and alternative asset ownership through our transaction with The Beneficient Company Group, L.P. (“BEN LP,” including all of the subsidiaries it may have from time to time — “Beneficient”). 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 -change GWG Holdings, Inc. and all of its subsidiaries are incorporated and organized in Delaware, other than GWG Life Trust, which is governed by the laws of the State of Utah. 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. The Exchange Transaction On August • • • • • On December • • • • • -A • A summary of the Exchange Transaction is set forth in our Current Report on Form 8 -K -K -K Description of the Assets Exchanged at the Initial Transfer Seller Trust L Bonds On August 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 and (ii) BEN LP 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 24). Series B Convertible Preferred Stock The Series B converted into 5,000,000 Commercial Loan The $192,508,000 principal amount under the Commercial Loan is due on August -year The principal amount of the Commercial Loan bears interest at 5.0% per year. From and after the Final Closing Date, one -half -half 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 accrued interest at a rate of 12.4% per year, compounded annually. Interest was payable in cash on the earlier to occur of the maturity date or the Final Closing Date; provided that Beneficient had the option to 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. At the Final Closing date, the principal amount of the Exchangeable Note was exchanged for 14,822,843 common units of BEN LP, and the accrued interest on the Exchangeable Note was added to the principal balance of the Commercial Loan. Option Agreement In connection with the Final Closing, the Company entered into the Option Agreement with BEN LP. The Option Agreement gives us the option to acquire the number of common units in BEN LP that would be received by the holder of NPC -A Common Units in In connection with the Initial Transfer and Final Closing, the Seller Trusts and Beneficient delivered to us 40,505,279 common units of BEN LP. This represents an approximate 89.9% interest in the common units of BEN LP. 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 -to-medium 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 -party Accounting for Limited Partnership Investments -30-S99-1 Related party transactions between the Company and its equity method investee have not been eliminated. Use of Estimates — (2) the Business Combinations Cash and Cash Equivalents — Cash, cash equivalents and restricted cash on our consolidated statements of cash flows include cash and cash equivalents of $114.6 Life Insurance Policies — -30 Investments in Insurance Contracts , -measure 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 consolidated balance sheets until the acquisition is complete and we have secured title to the policy. On both December 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 Life Insurance Policy Benefits Receivable We reserve for policy benefits when it becomes probable that we will not collect the full amount of the policy benefit. The reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information becomes available. Uncollectible policy benefits are written off against the reserves when it is deemed that a policy amount is uncollectible. As of December Other Assets — In December 2018, in connection with the Final Closing of the Exchange Transaction, the Company entered into an Option Agreement with Beneficient. The agreement gives GWG the option to acquire the number of common units in BEN LP that would be received by the holder of NPC -A Financing Receivable — Receivables , -offs 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 December 31, 2018. Write -offs -off Equity Method Investment -substance 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 -than-temporary The Company reports its share of the income or loss of the equity method partner companies on a one -quarter For more information on equity method investments, see Note 6. Stock -Based Compensation -based -Scholes -average -based -based The risk -free Deferred Financing and Issuance Costs -line -in-capital Earnings (Loss) per Share — -average Reclassification — Recently Issued Accounting Pronouncements -02 Leases (Topic 842) (“ -02 -02 -of-use -lease In June 2016, the FASB issued ASU No. 2016 -13 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, -to-maturity -looking In August 2016, the FASB issued ASU No. 2016 -15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments -15 In November 2016, the FASB issued ASU 2016 -18 Statement of Cash Flows (Topic 230): Restricted Cash, Statement of Cash Flows , -18 In August 2018, the FASB issued ASU No. 2018 -13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement

Restrictions on Cash

Restrictions on Cash	12 Months Ended
	Dec. 31, 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 December 31, 2018 and December 31, 2017, there was a balance of $4,164,000 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 December 31, 2018 and December 31, 2017, there was a balance of $6,685,000 and $8,383,000, respectively, in the Company’s escrow accounts.

Investment in Life Insurance Po

Investment in Life Insurance Policies	12 Months Ended
	Dec. 31, 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 (loss) on life insurance policies, net in our consolidated statements of operations. Fair value is determined on a discounted cash flow basis that incorporates life expectancy assumptions generally derived from reports obtained from widely accepted life expectancy providers (other than insured lives covered under small face amount policies — those with $1 -reported -of-insurance Portfolio Information Our portfolio of life insurance policies, owned by our subsidiaries as of December Life Insurance Portfolio Summary Total life insurance portfolio face value of policy benefits $ 2,047,992,000 Average face value per policy $ 1,775,000 Average face value per insured life $ 1,984,000 Average age of insured (years)* 82.1 Average life expectancy estimate (years)* 7.8 Total number of policies 1,154 Number of unique lives 1,032 Demographics 77% Males; 23% Females Number of smokers 52 Largest policy as % of total portfolio face value 0.6 % Average policy as % of total portfolio 0.1 % Average annual premium as % of face value 2.9 % ____________ * 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 December 31, 2018 As of December 31, 2017 Years Ending Number of Estimated Face Value Number of Estimated Face Value 2018 — $ — $ — 8 $ 4,398,000 $ 4,689,000 2019 9 6,380,000 7,305,000 48 63,356,000 83,720,000 2020 41 46,338,000 59,939,000 87 79,342,000 127,373,000 2021 81 68,836,000 108,191,000 98 96,154,000 170,695,000 2022 104 97,231,000 177,980,000 90 85,877,000 181,120,000 2023 109 93,196,000 185,575,000 93 69,467,000 175,458,000 2024 107 84,150,000 211,241,000 100 77,638,000 228,188,000 Thereafter 703 351,791,000 1,297,761,000 374 174,295,000 704,905,000 Totals 1,154 $ 747,922,000 $ 2,047,992,000 898 $ 650,527,000 $ 1,676,148,000 We recognized life insurance benefits of $71,090,000 and $64,719,000 during 2018 and 2017, respectively, related to policies with a carrying value of $20,763,000 and $16,070,000, respectively, and as a result recorded realized gains of $50,327,000 and $48,649,000. A reconciliation of gain on life insurance policies is a follows: Years Ended 2018 2017 Change in estimated probabilistic cash flows (1) $ 75,444,000 $ 63,241,000 Unrealized gain on acquisitions (2) 28,017,000 31,019,000 Premiums and other annual fees (54,087,000 ) (53,296,000 ) Change in discount rates (3) — 14,931,000 Change in life expectancy evaluation (4) (4,890,000 ) (20,257,000 ) Change in life expectancy evaluation methodology (5) (87,100,000 ) — Face value of matured policies 71,090,000 64,719,000 Fair value of matured policies (42,579,000 ) (38,243,000 ) Gain (loss) on life insurance policies, net $ (14,105,000 ) $ 62,114,000 ____________ (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 the purchase price for life insurance policies acquired during the reporting period. (3) The discount rate applied to estimate the fair value of the portfolio of life insurance policies we own was 8.25% as of December 31, 2018, compared to 10.45% as of December 31, 2017. (4) The change in fair value due to updating life expectancy estimates on certain life insurance policies in our portfolio. (5) The change in fair value due to the adoption of the Longest Life Expectancy methodology on life insurance policies in our portfolio, partially offset by the impact of a decrease in the discount rate associated thereto. 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 2019 $ 65,536,000 $ 1,413,000 $ 66,949,000 2020 77,552,000 1,413,000 78,965,000 2021 90,290,000 1,413,000 91,703,000 2022 103,363,000 1,413,000 104,776,000 2023 115,597,000 1,413,000 117,010,000 $ 452,338,000 $ 7,065,000 $ 459,403,000 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 -pledged

Fair Value Definition and Hiera

Fair Value Definition and Hierarchy	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Definition and Hierarchy	(4) Fair Value Definition and Hierarchy ASC 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. 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 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 significant 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 ClariNet LS probabilistic and stochastic portfolio pricing model from ClearLife Limited, 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 ClearLife Limited to independently verify the accuracy of the valuations using the inputs we provide on a quarterly basis. A copy of a letter documenting the ClariNet LS 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 December Years Ended 2018 2017 Beginning balance $ 650,527,000 $ 511,192,000 Purchases 128,502,000 88,644,000 Maturities (initial cost basis) (20,763,000 ) (16,070,000 ) Net change in fair value (10,344,000 ) 66,761,000 Ending balance $ 747,922,000 $ 650,527,000 Historically, for life insurance policies with face amounts greater than $1 With the adoption of the Longest Life Expectancy method (as described under “Fair Value Components — Life Expectancies”), we discontinued the practice of obtaining updated life expectancy reports (or updating specific life expectancies in any manner) except as may be required by lenders to comply with existing and future covenants within credit facilities. This change is being accounted for as a change in accounting estimate and affects current and future periods. To the extent such updated life expectancy reports are available, we do not expect to incorporate these life expectancy reports into our revised valuation methodology; however, we will monitor this data to determine over time if there exists any additive predictive value in relation to the basis of its mortality projections. 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* (1) 93.2 82.4 Average face amount per policy $ 1,775,000 $ 1,867,000 Discount rate 8.25 % 10.45 % ____________ * Weighted -average (1) Increase primarily due to the adoption of the Longest Life Expectancy methodology. 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 4 months plus 8 months December 31, 2018 $ 113,410,000 $ 57,611,000 $ (55,470,000 ) $ (110,473,000 ) 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% December 31, 2018 $ 95,747,000 $ 45,440,000 $ (41,179,000 ) $ (78,615,000 ) 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 -based -average The Commercial Loan receivable from BEN LP has a below -market -half -half The carrying value of the amended and restated senior credit facility with LNV Corporation reflects interest charged at 12 -month 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 December Certain assets are subject to periodic impairment testing by comparing the respective carrying value of the asset to its estimated fair value. In the event we determine these assets to be impaired, we would recognize an impairment loss equal to the amount by which the carrying value of the impaired asset exceeds its estimated fair value. These periodic impairment tests utilize company -specific The following table summarizes outstanding common stock warrants (discussed in Note 17) as of December Month issued Warrants issued Fair value Risk free rate Volatility Term September 2014 16,000 $ 1.26 1.85 % 17.03 % 5 years 16,000

Financing Receivable from Affil

Financing Receivable from Affiliate	12 Months Ended
	Dec. 31, 2018
Financing Receivable from Affiliate [Abstract]
Financing Receivable from Affiliate	(5) Financing Receivable from Affiliate Commercial Loan On August -year -B Repayment of the Commercial Loan is subordinated in right of payment to other Beneficient obligations, including (i ) B 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, non - payment -acceleration The principal amount of the Commercial Loan bears interest at 5.00% per year from the Final Closing Date. One -half -half C 80 Business Combinations he lo 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 The following table summarizes outstanding principal, discount and accrued interest balances of the Commercial Loan receivable: As of As of Commercial Loan receivable – principal $ 192,508,000 $ — Discount on Commercial Loan receivable (7,846,000 ) — Accrued interest receivable on Commercial Loan 107,000 — Financing receivable from affiliate $ 184,769,000 $ —

Equity Method Investment

Equity Method Investment	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	(6) Equity Method Investment During 2018, in connection with the Initial Transfer and Final Closing of the Exchange Transaction, we acquired 40.5 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 BEN LP 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. BEN LP’s limited partnership agreement specifies that any person or group that acquires beneficial ownership of 20% or more of BEN LP’s common limited partnership units (including us) forfeits all voting rights associated with all of its common units and such common units may not be voted on any matter. 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 BEN LP, its financing receivable from Beneficient and its equity security investment in the Option Agreement to purchase additional common units of BEN LP. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s investments in Beneficient at December Carrying Maximum Financing receivable from affiliate $ 184,769,000 $ 184,769,000 Equity method investment 360,842,000 360,842,000 Other asset 38,562,000 38,562,000 Total assets $ 584,173,000 $ 584,173,000 Our investment is presented in equity method investment on our consolidated balance sheets. Our proportionate share of earnings or losses from our investee is recognized in earnings from equity method investment in our consolidated statements of operations. We record our share of the income or loss of Beneficient on a one -quarter Financial information pertaining to Beneficient is summarized in the table below: August 10 to Total revenues $ 18,409,000 Net income 8,291,000 Net income attributable to Beneficient common unitholders 129,000 Net income attributable to GWG (1) 18,000 ____________ (1) Represents our portion of net earnings from August 10, 2018 (Initial Transfer Date) to September 30, 2018. Due to our accounting election to record the equity earnings of Beneficient on a one quarter -lag N L 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 December -than-temporary Beneficient has certain share classes outstanding other than and senior to BEN LP common units, namely Class S Ordinary units and Non -Participating

Credit Facility - Autobahn Fund

Credit Facility - Autobahn Funding Company LLC	12 Months Ended
	Dec. 31, 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.

Credit Facility - LNV Corporati

Credit Facility - LNV Corporation	12 Months Ended
	Dec. 31, 2018
Line of Credit Facility [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 with LNV Corporation 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 with LNV Corporation 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 with LNV Corporation 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 -half As of December The amended and restated senior credit facility with LNV Corporation has certain financial and nonfinancial covenants, and we were in compliance with these covenants at December

Series I Secured Notes

Series I Secured Notes	12 Months Ended
	Dec. 31, 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, and terminated all related agreements.

L Bonds

L Bonds	12 Months Ended
	Dec. 31, 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 -on -financial We publicly offer and sell 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 Note 11. We have temporarily suspended the offering of our L Bonds as a result of our delay in filing certain periodic reports with the SEC, including this report. We anticipate recommencing our L Bond offering early in the third quarter of 2019, however there is no assurance that we will be able to do so within that timeframe. 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 by Beneficient Capital Company, L.L.C. (“BCC”), an indirect subsidiary of BEN LP and AltiVerse Capital Markets, L.L.C. (“AltiVerse”) (which together represent approximately 12% of our outstanding common stock), 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 Exchange Transaction are available as collateral for all holders of the L Bonds and Seller Trust L Bonds. Specifically, the common units of BEN LP and the Option Agreement 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 December -average Future contractual maturities of L Bonds, and future amortization of their deferred financing costs, at December Years Ending December 31, Contractual Unamortized 2019 $ 144,627,000 $ 1,548,000 2020 160,035,000 4,741,000 2021 117,230,000 4,898,000 2022 43,794,000 1,885,000 2023 73,646,000 4,013,000 2024 33,782,000 1,765,000 Thereafter 89,038,000 5,366,000 $ 662,152,000 $ 24,216,000

Seller Trust L Bonds

Seller Trust L Bonds	12 Months Ended
	Dec. 31, 2018
Seller Trust L Bonds [Abstract]
Seller Trust L Bonds	(11) Seller Trust L Bonds On August 10, 2018, in connection with the Initial Transfer of the Exchange Transaction, GWG Holdings, GWG Life and Bank of Utah, as 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 $366,892,000 to the various related trusts (the “Seller Trusts”) in connection with the Exchange Transaction on August 10, 2018. 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 and (ii) BEN LP common units, or a combination of cash and such property. Our L Bonds are offered and sold under a registration statement declared effective by the SEC, as described in Note 10 and we have issued Seller Trust L Bonds under a Supplemental Indenture. We have temporarily suspended the offering of our L Bonds as a result of our delay in filing certain periodic reports with the SEC, including this report. We anticipate recommencing our L Bond offering early in the third quarter of 2019, however there is no assurance that we will be able to do so within that timeframe. 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 by BCC and AltiVerse (which together represent approximately 12% of our outstanding common stock), and by a guarantee and corresponding grant of a security interest in substantially all the assets of GWG Life (1) . As a guarantor, GWG Life has fully and unconditionally guaranteed the payment of principal and interest on the L Bonds and Seller Trust L Bonds. GWG Life’s equity in DLP IV (2) serves as collateral for our L Bond and Seller Trust L Bond obligations. Substantially all of our life insurance policies are held by DLP IV or GWG Life Trust. The policies held by DLP IV are not direct collateral for the L Bonds as such policies are pledged to the amended and restated senior credit facility with LNV Corporation. (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 common units of BEN LP and the Option Agreement 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 $366,892,000 and $0 at December 31, 2018 and 2017, respectively.

Series A Convertible Preferred

Series A Convertible Preferred Stock	12 Months Ended
	Dec. 31, 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. On October 9, 2017 all shares of Series A were redeemed with a redemption payment equal to the sum of: (i) $8.25 per Series A share and (ii) all accrued but unpaid dividends.

Redeemable Preferred Stock

Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 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 -in-capital 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 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	12 Months Ended
	Dec. 31, 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 -in 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 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	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Series B Convertible Preferred Stock	(15) Series B Convertible Preferred Stock On August On December

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	(16) Income Taxes We had a current income tax liability of $0 as of both December Years Ended December 31, December 31, Statutory federal income tax (benefit) $ (25,085,000 ) $ (7,728,000 ) State income taxes (benefit), net of federal benefit (9,243,000 ) (1,433,000 ) Impact of change in enacted rate — 2,605,000 Change in valuation allowance 33,999,000 4,222,000 Other permanent differences 329,000 237,000 Total income tax expense (benefit) $ — $ (2,097,000 ) The current and deferred components of tax expense (benefit) were as follows: Years Ended December 31, December 31, Current income tax expense (benefit) $ — $ — Deferred income tax expense (benefit) — (2,097,000 ) Total income tax expense (benefit) $ — (2,097,000 ) The tax effects of temporary differences that give rise to deferred income taxes were as follows: As of As of Deferred tax assets: Note receivable from related party $ — $ 1,437,000 Net operating loss carryforwards 10,491,000 9,995,000 Other assets 29,996,000 1,724,000 Subtotal 40,487,000 13,156,000 Valuation allowance (40,385,000 ) (6,386,000 ) Deferred tax assets 102,000 6,770,000 Deferred tax liabilities: Investment in life insurance policies — (6,630,000 ) Other liabilities (102,000 ) (140,000 ) Net deferred tax asset (liability) $ — $ — At December -year is believed that a change in ownership for income tax purposes only has occurred as of December -ownership We provide for a valuation allowance when it is not considered "more likely than not" that our deferred tax assets will be realized. As of December On December -measured ASC 740 requires the reporting of certain tax positions that do not meet a threshold of "more -likely-than-not -likely-than-not Under our accounting policies, interest and penalties on unrecognized tax benefits, as well as interest received from favorable tax settlements are recognized as components of income tax expense. At December Our income tax returns for tax years ended December

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 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, we issued warrants to purchase 16,000 shares of common stock at an exercise price of $15.63 per share. As of December 31, 2018, none of these warrants had been exercised. The remaining life of these warrants at December 31, 2018 was 0.75 years. 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. On December 28, 2018, the Series B converted 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 Exchange Transaction. On December 28, 2018, in connection with the Exchange Transaction, we issued 22,013,516 shares of common stock to the Seller Trusts at a market value of approximately $203.4 million in exchange for BEN LP common units. The shares were offered and sold in reliance upon the exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended. The common shares issued to the Seller Trusts were initially subject to a Stockholders Agreement between GWG and the Seller Trusts, under which the Seller Trusts, as long as they own at least 10% of the voting shares of GWG, agree to vote their shares in proportion to the votes cast by all other voting securities of GWG. In addition, the Seller Trusts agree, for the period of one year after the Final Closing, not to seek or propose to influence or control the management, Board or policies of GWG. The Stockholders Agreement was terminated in connection with the closing of the Purchase and Contribution Transaction. In addition, GWG and the Seller Trusts entered into a registration rights agreement and an orderly marketing agreement. Under these agreements, GWG and the Seller Trusts agreed to take steps to allow for the orderly marketing and resale of the common shares issued to Seller Trusts as part of the Exchange Transaction, and Seller Trusts agreed to sell their common share of GWG only as permitted under these agreements. On November 15, 2018, the Company’s Board of Directors approved a stock repurchase program pursuant to which the Company was permitted, from time to time, purchase shares of its common stock for an aggregate purchase price not to exceed $1,500,000. Stock repurchases were able to be executed through various means, including, without limitation, open market transactions, privately negotiated transactions or otherwise. The stock repurchase program did not obligate the Company to purchase any shares, and expired on April 30, 2019. The following table includes information about the stock repurchase program for the year ended December 31, 2018: Monthly Period Number of Average Price Total Number Maximum December 2018 10,035 $ 6.82 10,035 $ 1,432,000 Total 10,035 $ 6.82 10,035 $ 1,432,000 ​ (1) ____________ (1) The stock repurchase program expired on April 30, 2019.

Stock Incentive Plan

Stock Incentive Plan	12 Months Ended
	Dec. 31, 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. Option awards generally expire 10 years from the date of grant. As of December 31, 2018, 6,000,000 of our common stock options are authorized under the plan, of which 2,662,097 shares were reserved for issuance under outstanding incentive awards and 3,337,903 shares remain available for future grants. Stock Options As of December 31, 2018, we had outstanding stock options for 1,398,000 shares of common stock to employees, officers, and directors under the plan. Options for 833,000 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 period ranged from 20.45% to 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. The risk free rate used in the Black-Scholes calculation ranged from 2.36% to 2.77%, and the expected term was six years. As of December 31, 2018, stock options for 732,000 shares had been forfeited and stock options for 724,000 shares had been exercised. The total intrinsic value of stock options exercised during 2018 was $1,922,000. The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2018 was $805,000 and $481,000, respectively. Outstanding stock options: Vested Unvested 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 during the year 63,950 314,000 377,950 Vested during the year 503,503 (503,503 ) — Exercised during the year (569,864 ) — (569,864 ) Forfeited during the year (21,582 ) (25,501 ) (47,083 ) Balance as of December 31, 2018 833,199 564,752 1,397,951 As of December 31, 2018, unrecognized compensation expense related to unvested options is $1,109,000. We expect to recognize this compensation expense over the next three years ($651,000 in 2019, $324,000 in 2020, and $134,000 in 2021). Stock Appreciation Rights (SARs) As of December 31, 2018, we had outstanding SARs for 272,000 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. SARs vest over varying terms of up to three years. As of December 31, 2018, 118,000 of the SARs were vested and 146,000 have been exercised. On December 31, 2018, the market price of GWG’s common stock was $8.83. Outstanding SARs: Vested Unvested 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 during the year 2,625 111,025 113,650 Vested during the year 71,785 (71,785 ) Exercised during the year (145,622 ) — (145,622 ) Forfeited during the year — (39,235 ) (39,235 ) Balance as of December 31, 2018 117,841 153,924 271,765 The liability for the SARs as of December 31, 2018 and December 31, 2017 was $349,000 and $551,000, respectively, and was recorded within other accrued expenses on the consolidated balance sheets. Remaining compensation expense is expected to be recognized over the next three years. Employee compensation and benefits expense for SARs of $264,000 and $547,000 was recorded for the years ended December 31, 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: December 31, 2018 Outstanding Weighted- Weighted- Fair Value at Vested Stock Options 833,199 $ 8.88 5.95 $ 2.02 SARs 117,841 $ 8.88 5.02 $ 2.02 Total Vested 951,040 $ 8.88 5.83 $ 2.02 Unvested Stock Options 564,752 $ 9.15 7.88 $ 2.35 SARs 153,924 $ 8.37 5.98 $ 2.09 Total Unvested 718,676 $ 8.98 7.47 $ 2.30 December 31, 2017 Outstanding Weighted- Weighted-Average Fair Value at Vested Stock Options 857,192 $ 8.05 6.17 $ 1.76 SARs 189,053 $ 8.54 5.86 $ 1.90 Total Vested 1,046,245 $ 8.14 6.11 $ 1.78 Unvested Stock Options 779,756 $ 9.21 7.50 $ 2.17 SARs 153,919 $ 9.16 6.24 $ 2.02 Total Unvested 933,675 $ 9.21 7.30 $ 2.15 Restricted Stock Units A restricted stock unit (“RSU”) entitles the holder thereof to receive one share of our common stock upon vesting. As of December 31, 2018, we had outstanding RSUs for 53,403 shares of common stock held by employees under the plan, of which all have subsequently vested. In 2018, 34,496 shares of common stock were issued as a result of the vesting of 68,993 RSUs.

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2018
Other Expenses [Abstract]
Other Expenses	(19) Other Expenses The components of other expenses in our consolidated statements of operations for the years ended December Years Ended December 31, 2018 2017 Contract Labor $ 1,453,000 $ 550,000 Marketing 1,856,000 2,226,000 Information Technology 1,578,000 1,555,000 Servicing and Facility Fees 1,782,000 1,226,000 Travel and Entertainment 892,000 1,047,000 Insurance and Regulatory 1,562,000 1,591,000 Charitable Contributions — 462,000 Bad Debt Expense 4,300,000 — General and Administrative 2,572,000 3,822,000 Total Other Expenses $ 15,995,000 $ 12,479,000

Net Loss Attributable to Common

Net Loss Attributable to Common Shareholders	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Net Loss Attributable to Common Shareholders	(20) Net Loss Attributable to Common Shareholders We have outstanding RPS and RPS 2 as described in Notes 13 and 14. RPS and RPS 2 are anti-dilutive to our net loss attributable to common shareholders calculation for the years ended December 31, 2018 and 2017. Our vested and unvested stock options and warrants are anti-dilutive for the years ended December 31, 2018 and 2017.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	(21) Segment Reporting GWG has two reportable segments consisting of Secondary Life Insurance and Investment in Beneficient. In addition, the Company reports certain of its results of operations in Corporate & Other. The Secondary Life Insurance segment seeks to earn non-correlated yield from our portfolio of life insurance policies. Our Investment in Beneficient segment consists of our investment in the common units of the BEN LP, which we account for using the equity method, and related assets and liabilities. BEN LP provides a variety of trust services, liquidity products and loans for alternative assets and illiquid investment funds, and other financial services to mid-to-high net worth individuals. The Corporate & Other category consists of unallocated corporate overhead and administrative costs and the operations of operating segments that do not meet the quantitative criteria to be separately reported. These segments are differentiated by the products and services they offer as well as by the information used by the Company’s chief operating decision maker to determine allocation of resources and assess performance. Earnings before taxes (“EBT”) is the measure of profitability used by management to assess performance of its segments and allocate resources. Segment EBT represents net income (loss) excluding income taxes and includes earnings from equity method investments. Equity method investments and related earnings are allocated to the Investment in Beneficient segment. Summarized financial information for the Company’s reportable segments is presented for the periods indicated: Revenue: Segment EBT: 2018 2017 2018 2017 Secondary Life Insurance $ (11,633,000 ) $ 62,674,000 $ (96,578,000 ) $ (3,433,000 ) Investment in Beneficient 10,655,000 — (106,000 ) — Corporate & Other 588,000 1,460,000 (22,767,000 ) (19,296,000 ) Total $ (390,000 ) $ 64,134,000 (119,451,000 ) (22,729,000 ) Income tax benefit — 2,097,000 Net Loss $ (119,451,000 ) $ (20,632,000 ) Interest Expense Interest Income 2018 2017 2018 2017 Secondary Life Insurance $ 69,357,000 $ 54,409,000 $ 2,182,000 $ 432,000 Investment in Beneficient 10,778,000 — 10,655,000 — Corporate & Other 1,000 10,000 189,000 554,000 Total $ 80,136,000 $ 54,419,000 $ 13,026,000 $ 986,000 Total Assets 2018 2017 Secondary Life Insurance $ 889,665,000 $ 814,231,000 Investment in Beneficient 584,173,000 — Corporate & Other 7,029,000 4,625,000 Total $ 1,480,867,000 $ 818,856,000

Commitments

Commitments	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments	(22) 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 $435,000 and $442,000 for the years ended December 31, 2018 and 2017, respectively. Minimum lease payments under the amended lease are as follows: 2019 275,000 2020 284,000 2021 293,000 2022 302,000 2023 311,000 Thereafter 593,000 $ 2,058,000

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	(23) Contingencies Litigation —

Guarantee of L Bonds and Seller

Guarantee of L Bonds and Seller Trust L Bonds	12 Months Ended
	Dec. 31, 2018
Guarantee of L Bonds [Abstract]
Guarantee of L Bonds and Seller Trust L Bonds	(24) Guarantee of L Bonds and Seller Trust L Bonds Our L Bonds are offered and sold under a registration statement declared effective by the SEC, as described in Note 10, and we 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 by BCC and AltiVerse (which together represent approximately 12% of our outstanding common stock), and by a guarantee and corresponding grant of a security interest in substantially all the assets of GWG Life (1) . As a guarantor, GWG Life has fully and unconditionally guaranteed the payment of principal and interest on the L Bonds and Seller Trust L Bonds. GWG Life’s equity in DLP IV (2) serves as collateral for our L Bond and Seller Trust L Bond obligations. Substantially all of our life insurance policies are held by DLP IV or GWG Life Trust (“the Trust”). The policies held by DLP IV are not direct collateral for the L Bonds as such policies are pledged to the amended and restated senior credit facility with LNV Corporation. ​ (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 in connection with the Beneficent transaction are available as collateral for all holders of the L Bonds and Seller Trust L Bonds. Specifically, the common units of BEN LP 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 consolidating financial information as of December 31, 2018 and December 31, 2017, with respect to the financial position, and as of December 31, 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. Consolidating Balance Sheets December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 113,293,682 $ 232,387 $ 1,061,015 $ — $ 114,587,084 Restricted cash — 7,217,194 3,631,932 — 10,849,126 Investment in life insurance policies, at fair value — 92,336,494 655,585,971 — 747,922,465 Life insurance policy benefits receivable — 5,000,000 11,460,687 — 16,460,687 Financing receivable from affiliate — 184,768,874 — — 184,768,874 Equity method investment 360,841,651 — — — 360,841,651 Other assets 42,944,402 1,730,581 762,181 — 45,437,164 Investment in subsidiaries 799,182,251 510,865,003 — (1,310,047,254 ) — TOTAL ASSETS $ 1,316,261,986 $ 802,150,533 $ 672,501,786 $ (1,310,047,254 ) $ 1,480,867,051 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Senior credit facility with LNV Corporation $ — $ — $ 148,977,596 $ — $ 148,977,596 L Bonds 651,402,663 — — — 651,402,663 Seller Trust L Bonds 366,891,940 — — — 366,891,940 Accounts payable 1,126,327 1,674,494 6,475,686 — 9,276,507 Interest and dividends payable 14,047,248 — 4,508,045 — 18,555,293 Other accrued expenses 1,735,926 1,593,108 1,376,136 — 4,705,170 TOTAL LIABILITIES 1,035,204,104 3,267,602 161,337,463 — 1,199,809,169 STOCKHOLDERS’ EQUITY Member capital — 798,882,931 511,164,323 (1,310,047,254 ) — Redeemable preferred stock and Series 2 redeemable preferred stock 215,973,039 — — — 215,973,039 Common stock 33,018 — — — 33,018 Additional paid-in-capital 249,662,168 — — — 249,662,168 Accumulated deficit (184,610,343 ) — — — (184,610,343 ) TOTAL STOCKHOLDERS’ EQUITY 281,057,882 798,882,931 511,164,323 (1,310,047,254 ) 281,057,882 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,316,261,986 $ 802,150,533 $ 672,501,786 $ (1,310,047,254 ) $ 1,480,867,051 December 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 111,952,829 $ 1,486,623 $ 982,039 $ — $ 114,421,491 Restricted cash — 9,367,410 18,982,275 — 28,349,685 Investment in life insurance policies, at fair value — 51,093,362 599,433,991 — 650,527,353 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 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Amended and Restated 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 Consolidating Statements of Operations For the year ended December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUE Gain on life insurance policies, net $ — $ 8,341,206 $ (22,445,778 ) $ — $ (14,104,572 ) Interest and other income 8,585,681 4,278,809 849,791 — 13,714,281 TOTAL REVENUE 8,585,681 12,620,015 (21,595,987 ) — (390,291) EXPENSES Interest expense 59,111,989 — 21,023,994 — 80,135,983 Employee compensation and benefits 9,979,989 5,741,776 1,685,217 — 17,406,982 Legal and professional fees 1,795,094 863,851 2,882,232 — 5,541,177 Other expenses 6,907,502 1,994,807 7,092,178 — 15,994,487 TOTAL EXPENSES 77,794,574 8,600,434 32,683,621 — 119,078,629 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (69,208,893 ) 4,019,581 (54,279,608 ) — (119,468,920 ) EQUITY IN INCOME OF SUBSIDIARIES (50,260,027 ) (48,665,540 ) — 98,925,567 — NET INCOME (LOSS) BEFORE INCOME TAXES (119,468,920 ) (44,645,959 ) (54,279,608 ) 98,925,567 (119,468,920 ) INCOME TAX EXPENSE — — — — — NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT (119,468,920 ) (44,645,959 ) (54,279,608 ) 98,925,567 (119,468,920 ) Earnings from equity method investment 17,507 — — — 17,507 NET INCOME (LOSS) (119,451,413 ) (44,645,959 ) (54,279,608 ) 98,925,567 (119,451,413 ) Preferred stock dividends 16,662,731 — — — 16,662,731 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (136,114,144 ) $ (44,645,959 ) $ (54,279,608 ) $ 98,925,567 $ (136,114,144 ) For the year ended December 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUE Gain on life insurance policies, net $ — $ 6,979,773 $ 55,134,630 $ — $ 62,114,403 Interest and other income 244,202 496,886 1,753,798 (475,371 ) 2,019,515 TOTAL REVENUE 244,202 7,476,659 56,888,428 (475,371 ) 64,133,918 EXPENSES Interest expense 37,754,984 930,837 15,813,944 (80,321 ) 54,419,444 Employee compensation and benefits 9,043,509 5,310,498 515,742 — 14,869,749 Legal and professional fees 1,937,714 962,778 2,195,151 — 5,095,643 Other expenses 7,058,209 2,715,374 3,100,143 (395,050 ) 12,478,676 TOTAL EXPENSES 55,794,416 9,919,487 21,624,980 (475,371 ) 86,863,512 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (55,550,214 ) (2,442,828 ) 35,263,448 — (22,729,594 ) EQUITY IN INCOME OF SUBSIDIARIES 32,820,620 38,392,230 — (71,212,850 ) — NET INCOME (LOSS) BEFORE INCOME TAXES (22,729,594 ) 35,949,402 35,263,448 (71,212,850 ) (22,729,594 ) INCOME TAX BENEFIT (2,097,371 ) — — — (2,097,371 ) NET INCOME (LOSS) (20,632,223 ) 35,949,402 35,263,448 (71,212,850 ) (20,632,223 ) Preferred stock dividends 12,702,341 — — — 12,702,341 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (33,334,564 ) $ 35,949,402 $ 35,263,448 $ (71,212,850 ) $ (33,334,564 ) Consolidating Statements of Cash Flows For the year ended December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (119,451,413 ) $ (44,645,959 ) $ (54,279,608 ) $ 98,925,567 $ (119,451,413 ) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Equity of subsidiaries 50,260,028 48,665,539 — (98,925,567 ) — Change in fair value of life insurance policies — (4,262,774 ) 14,606,803 — 10,344,029 Amortization of deferred financing and issuance costs 8,981,935 — 1,055,020 — 10,036,955 Amortization of discount or premium on financing receivables 628,528 (642,481 ) — — (13,953 ) Provision for uncollectible policy benefit receivable — — 4,300,000 — 4,300,000 Earnings from equity method investment (17,507 ) (17,507 ) Stock-based compensation 2,182,125 — — — 2,182,125 (Increase) decrease in operating assets: Life insurance policy benefits receivable — (3,500,000 ) (601,926 ) — (4,101,926 ) Interest receivable added to loan principal (7,045,791 ) (3,487,841 ) — — (10,533,632 ) Other assets (188,366,280 ) (144,146,549 ) 4,371,666 332,546,217 4,405,054 Increase (decrease) in operating liabilities: Accounts payable (308,295 ) 829,595 2,360,769 — 2,882,069 Interest and dividends payable 4,025,326 — (756,357 ) 3,268,969 Other accrued expenses 253,353 (17,665 ) 984,488 — 1,220,176 NET CASH FLOWS USED IN OPERATING ACTIVITIES (248,857,991 ) (151,208,135 ) (27,959,145 ) 332,546,217 (95,479,054 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (41,404,136 ) (87,098,518 ) — (128,502,654 ) Carrying value of matured life insurance policies — 4,423,779 16,339,737 — 20,763,516 Equity investment acquired (3,204,016 ) — — — (3,204,016 ) Other investments acquired (3,037,234 ) — — — (3,037,234 ) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (6,241,250 ) (36,980,357 ) (70,758,781 ) — (113,980,388 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt — — (64,315,618 ) — (64,315,618 ) Proceeds from issuance of L Bonds 263,964,554 — — — 263,964,554 Payments for issuance of L Bonds (17,379,101 ) — — — (17,379,101 ) Payments for redemption of L Bonds (48,026,551 ) — — — (48,026,551 ) Issuance of common stock 614,193 — — — 614,193 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 redeemable preferred stock (2,456,692 ) — — — (2,456,692 ) Common stock dividends (25,709,412 ) — — — (25,709,412 ) Preferred stock dividends (16,662,731 ) — — — (16,662,731 ) Issuance of member capital — 184,784,040 147,762,177 (332,546,217 ) — NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 256,440,094 184,784,040 83,446,559 (332,546,217 ) 192,124,476 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,340,853 (3,404,452 ) (15,271,367 ) — (17,334,966 ) CASH, 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 $ 113,293,682 $ 7,449,581 $ 4,692,947 $ — $ 125,436,210 For the year ended December 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (20,632,223 ) $ 35,949,402 $ 35,263,448 $ (71,212,850 ) $ (20,632,223 ) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Equity of subsidiaries (32,820,620 ) (38,392,230 ) — 71,212,850 — Change in fair value of life insurance policies — (7,746,744 ) (59,014,067 ) — (66,760,811 ) Amortization of deferred financing and issuance costs 6,939,841 208,829 1,632,177 — 8,780,847 Stock-based compensation 1,424,625 1,424,625 Deferred income taxes (2,097,371 ) — — — (2,097,371 ) Preferred stock issued in lieu of cash dividends 498,659 498,659 (Increase) decrease in operating assets: Life insurance policy benefits receivable — (1,500,000 ) (9,813,761 ) — (11,313,761 ) Other assets (15,870,956 ) (24,497,313 ) (1,084,860 ) 42,435,842 982,713 Increase (decrease) in operating liabilities: Accounts payable 581,153 113,202 3,473,373 — 4,167,728 Interest and dividends payable 3,771,709 (3,743,277 ) 2,680,191 — 2,708,623 Other accrued expenses 278,000 1,066,743 (146,546) — 1,198,197 NET CASH FLOWS USED IN OPERATING ACTIVITIES (57,927,183 ) (38,541,388 ) (27,010,045 ) 42,435,842 (81,042,774 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (3,022,439 ) (85,621,380 ) — (88,643,819 ) Carrying value of matured life insurance policies — 2,091,713 13,977,919 — 16,069,632 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES — (930,726 ) (71,643,461 ) — (72,574,187 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt — — 59,799,649 — 59,799,649 Payments for issuance of senior debt — (1,076,118 ) (3,434,270 ) — (4,510,388 ) Payments for redemption of Series I Secured Notes — (16,613,667 ) — — (16,613,667 ) Proceeds from issuance of L Bonds 131,796,220 — — — 131,796,220 Payments for issuance of L Bonds (10,896,925 ) — — — (10,896,925 ) Payments for redemption of L Bonds (60,848,460 ) — — — (60,848,460 ) Redemption of common stock (1,603,560 ) — — — (1,603,560 ) Proceeds from issuance of redeemable preferred stock 127,279,847 — — — 127,279,847 Payments for issuance of redeemable preferred stock (9,027,190 ) — — — (9,027,190 ) Payments for redemption of redeemable preferred stock (22,598,626 ) — — — (22,598,626 ) Preferred stock dividends (12,702,341 ) — — — (12,702,341 ) Issuance of member capital — 16,537,331 25,898,511 (42,435,842 ) — NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 141,398,965 (1,152,454 ) 82,263,890 (42,435,842 ) 180,074,559 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 83,471,782 (40,624,568 ) (16,389,616 ) — 26,457,598 CASH, 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 $ 111,952,829 $ 10,854,033 $ 19,964,314 $ — $ 142,771,176

Concentration

Concentration	12 Months Ended
	Dec. 31, 2018
Risks and Uncertainties [Abstract]
Concentration	(25) Concentration We mostly purchase life insurance policies written by life insurance companies having investment -grade Life Insurance Company December 31, December 31, John Hancock 13.71 % 15.57 % Lincoln National 11.33 % 10.80 % AXA Equitable 10.83 % 11.88 % The following summarizes the number of insurance policies held in specific states exceeding 10% of the total face value held by us: State of Residence December 31, December 31, California 18.02 % 18.60 % Florida 15.34 % 20.16 % During 2018, in connection with the Exchange Transaction, the Company (i) acquired a limited partnership investment in the common units of BEN LP, (ii) entered into a Commercial Loan with BEN LP as borrower, and (iii) received an Option Agreement to acquire additional common units of BEN LP. The total carrying value of these investments at December

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	(26) Subsequent Events Subsequent to December Subsequent to December On April The closing of the Purchase and Contribution Transaction occurred on April • • • • • • • • • On April Employment Agreement with Murray T. Holland On April -renewal Under the employment agreement, Mr. If Mr. -rated Performance Share Unit Agreement with Murray T. Holland On May -in-Control ) M r c -K ) wh The PSUs are subject to forfeiture until they vest. If Mr. If a “Sale Transaction,” as defined in the Company’s 2013 Stock Incentive Plan, occurs during the performance period, Mr. If a Change -in-Control -in-Control -in-Control -in-Control -in-Control -in-Control -tax LiquidTrust Promissory Note On May -owned -1 -2 -5 -7 -8 -9 The Borrowers are common law trusts established as part of alternative asset financings extended by a subsidiary of BEN LP, of which the Company owns approximately 90% of the issued and outstanding common units of BEN LP. Although each Borrower is allocated a portion of the Loan equal to approximately 16.7% of the aggregate outstanding principal of the Loan, the Loan constitutes the joint and several obligations of the Borrowers. Proceeds of the Loan are to be used primarily to further Beneficient’s diversification into alternative assets and ancillary businesses by positioning Beneficient’s balance sheet, working capital and liquidity profile to satisfy audit and anticipated State of Texas regulatory requirements. An initial advance in the principal amount of $50,000,000 was funded on June The Loan is unsecured and is subject to certain covenants (including a restriction on the incurrence of any indebtedness senior to the Loan other than existing senior loan obligations to each of HCLP Nominees, L.L.C. (“HCLP”) and Beneficient Holdings, Inc. (“BHI”, and together with HCLP, the “Senior Lenders”), as lenders) and events of default. The Senior Lenders are directly or indirectly associated with Brad K. Heppner, who is Chairman of the Company’s Board of Directors. A special committee of the Board of Directors of the Company (the “Special Committee”) composed solely of independent and disinterested directors of the Company, together with the assistance of its independent legal advisors, reviewed, negotiated and approved the terms of the Loan. LiquidTrust Loan Intercreditor Agreements In connection with the Promissory Note, the Company also entered into two intercreditor and subordination agreements: (1) an Intercreditor Agreement between the GWG Life and HCLP and (2) an Intercreditor Agreement between the GWG Life and BHI (the “Intercreditor Agreements”). Under the Intercreditor Agreements, GWG Life agrees to subordinate the Loan to the secured obligations of Beneficient and its affiliates outstanding to the Senior Lenders (the “Senior Loan Obligations”), agrees to not take any liens to secure the Loan (and to subordinate such liens, if any, to the liens of the Senior Lenders), and agrees not to take enforcement actions under the Promissory Note until such Senior Loan Obligations are paid in full. The Intercreditor Agreements establish various other inter -lender Beneficient Adoption of Equity Incentive Plan The board of directors of Beneficient Management, L.L.C., Beneficient’s general partner, adopted an equity incentive plan (“Beneficient’s Equity Incentive Plan”) in September 2018. Under the Beneficient Equity Incentive Plan, Beneficient is permitted to grant equity awards representing ownership interests in BEN LP common units. Vested awards under the Beneficient Equity Incentive Plan dilute BEN LP’s common unitholders, including GWG. The total number of common units that may be issued under the Beneficient Equity Incentive Plan is equivalent to 15% of the number of fully diluted common units outstanding, subject to annual adjustment. In April 2019, initial equity awards in the form of Beneficient restricted equity units (“Beneficient REUs”) were granted under Beneficient’s Equity Incentive Plan. These awards are generally subject to service -based For the Beneficient REUs awarded under the Beneficient Equity Incentive Plan, Beneficient will recognize expense associated with the vesting of these awards based on the fair value of the BEN LP common units on the date of grant, discounted for the lack of participation rights in the expected distributions on unvested units and discounted for the lack of marketability associated with the post -vesting -line A total of 3.4 -year The expense, when recognized by Beneficient, will impact the earnings at BEN LP and GWG’s equity earnings from our equity method investment in Beneficient. The Beneficient REUs, when settled – commencing July Amendment of Beneficient Holdings Limited Partner Agreement Governing Beneficient Noncontrolling Interests BEN LP is a holding company of capital and financial services companies, the general partner of Beneficient Holdings, and owns 100% of the Class A Subclass 1 and Subclass 2 Units of Beneficient Holdings. Beneficient Holdings is a Delaware limited partnership formed on July As of December -Participating As shown on BEN LP’s Consolidated Statements of Changes In Equity (Deficit), attached at page 6 of Exhibit 99.4, at December The rights of all partners of Beneficient Holdings are governed by a Limited Partnership Agreement (“BCH LPA”). On April -capital The amendment affects several areas that could impact the value of our ownership in BEN LP such as allocations or distributions of income to the various classes of units issued by Beneficient Holdings, including the Class A Units (Subclass 1 and Subclass 2) owned by BEN LP, preferred returns paid to the holders of Class S Preferred Units, FLP Units and Preferred Series A Units (collectively, “BCH Preferred Units”), distribution of proceeds from the sale of assets, and future issuance of dilutive securities and future debt issuances, among other changes. The impact of the BCH LPA amendment on our investment in BEN LP may vary depending on multiple factors, including, among other things, (1) the economic performance of BEN LP, (2) the value of BEN LP’s common units, and (3) the timing, price and amount of any conversions of BCH Preferred Units or Class S Ordinary Units.

Nature of Business and Summar_2

Nature of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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 -party Accounting for Limited Partnership Investments -30-S99-1 Related party transactions between the Company and its equity method investee have not been eliminated.
Use of Estimates	Use of Estimates — The preparation of our consolidated financial statements in conformity with the Generally Accepted Accounting Principles in the United States of America (GAAP) requires management to make significant estimates and assumptions affecting the reported amounts of assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue during the reporting period. We regularly evaluate estimates and assumptions, which are based on current facts, historical experience, management’s judgment, and various other factors that we believe to be reasonable under the circumstances. Our actual results may differ materially and adversely from our estimates. The most significant estimates with regard to these consolidated financial statements relate to (1) the determination of the assumptions used in estimating the fair value of our investments in life insurance policies, (2) the assessment of potential impairment of our equity method investment and our equity security investment and determination of the allowance for credit losses on our financing receivable, and (3) the value of our deferred tax assets and liabilities. Periodically, we make significant estimates in assessing the fair value of assets acquired and consideration given in return for those assets, which are used to establish the initial recorded values of such assets in accordance with ASC 805, Business Combinations
Cash and Cash Equivalents	Cash and Cash Equivalents — Cash, cash equivalents and restricted cash on our consolidated statements of cash flows include cash and cash equivalents of $114.6
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 consolidated balance sheets until the acquisition is complete and we have secured title to the policy. On both December 31, 2018 and December 31, 2017, none 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.
Life Insurance Policy Benefits Receivable	Life Insurance Policy Benefits Receivable We reserve for policy benefits when it becomes probable that we will not collect the full amount of the policy benefit. The reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information becomes available. Uncollectible policy benefits are written off against the reserves when it is deemed that a policy amount is uncollectible. As of December 31, 2018, the balance of the allowance for uncollectible receivables was $4.3 million, relating to an insurable interest challenge from an insurance carrier.
Other Assets	Other Assets — In December 2018, in connection with the Final Closing of the Exchange Transaction, the Company entered into an Option Agreement with Beneficient. The agreement gives GWG the option to acquire the number of common units in BEN LP that would be received by the holder of NPC-A prime unit accounts in Beneficient Company Holdings, L.P., an affiliate of BEN LP. There is no exercise price and the Company may exercise the option at any time until the December 27, 2028, at which time the option will automatically settle. The Option Agreement is recorded in other assets at a value of $38.6 million at December 31, 2018. The Option Agreement is considered an equity security and the Company has elected the measurement alternative for equity securities without a readily determinable fair value. Under this measurement alternative, we record the Option Agreement at its cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of Beneficient. As at December 31, 2018, there were no indications of impairment. The instrument is eligible for certain cash distributions that will be recorded in earnings when earned.
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 December 31, 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	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 partner companies on a one-quarter lag where we do not expect financial information to be consistently available on a timely basis. For more information on equity method investments, see Note 6.
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 — Loans advanced to us under our amended and restated senior credit facility with LNV Corporation, as described in Note 8, are reported net of financing costs, including issuance costs, sales commissions and other direct expenses, which are amortized using the straight-line method over the term of the facility. We had no loans advanced to us under our senior credit facility with Autobahn Funding Company during the year ended December 31, 2017 and this credit facility was terminated in September 2017, as described in Note 7. The L Bonds, as described in Note 10, are reported net of financing costs, which are amortized using the interest method over the term of those borrowings. The Series I Secured Notes, as described in Note 9 have been redeemed, and were reported net of financing costs, all of which were fully amortized using the interest method as of December 31, 2017. The Series A Convertible Preferred Stock (“Series A”), as described in Note 12, were reported net of financing costs (including the fair value of warrants issued), all of which were fully amortized using the interest method as of December 31, 2017. All shares of Series A have been redeemed and the obligations thereunder satisfied. Selling and issuance costs of Redeemable Preferred Stock (“RPS”) and Series 2 Redeemable Preferred Stock (“RPS 2”), described in Notes 13 and 14, are netted against additional paid-in-capital, until depleted, and then against the outstanding balance of the preferred stock. The offerings of our RPS and RPS 2 closed in March 2017 and April 2018, respectively. There were no issuance costs associated with issuance of the Series B Convertible Preferred Stock (“Series B”), described in Note 15, in August 2018.
Earnings (Loss) per Share	Earnings (Loss) per Share — Basic earnings (loss) per share attributable to common shareholders are calculated using the weighted-average number of shares outstanding during the reported period. Diluted earnings (loss) per share are calculated based on the potential dilutive impact of our Series A, RPS, RPS 2, Series B, warrants and stock options. Due to our net loss attributable to common shareholders for the years ended December 31, 2018 and 2017, there are no dilutive securities.
Reclassification	Reclassification —
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Leases (Topic 842) (“ In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, Statement of Cash Flows, In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement

Investment in Life Insurance _2

Investment in Life Insurance Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Investments, All Other Investments [Abstract]
Schedule of life insurance portfolio	Total life insurance portfolio face value of policy benefits $ 2,047,992,000 Average face value per policy $ 1,775,000 Average face value per insured life $ 1,984,000 Average age of insured (years)* 82.1 Average life expectancy estimate (years)* 7.8 Total number of policies 1,154 Number of unique lives 1,032 Demographics 77% Males; 23% Females Number of smokers 52 Largest policy as % of total portfolio face value 0.6 % Average policy as % of total portfolio 0.1 % Average annual premium as % of face value 2.9 % ____________ * Averages presented in the table are weighted averages.
Summary of organized according to their estimated life expectancy dates as of the reporting date	As of December 31, 2018 As of December 31, 2017 Years Ending Number of Estimated Face Value Number of Estimated Face Value 2018 — $ — $ — 8 $ 4,398,000 $ 4,689,000 2019 9 6,380,000 7,305,000 48 63,356,000 83,720,000 2020 41 46,338,000 59,939,000 87 79,342,000 127,373,000 2021 81 68,836,000 108,191,000 98 96,154,000 170,695,000 2022 104 97,231,000 177,980,000 90 85,877,000 181,120,000 2023 109 93,196,000 185,575,000 93 69,467,000 175,458,000 2024 107 84,150,000 211,241,000 100 77,638,000 228,188,000 Thereafter 703 351,791,000 1,297,761,000 374 174,295,000 704,905,000 Totals 1,154 $ 747,922,000 $ 2,047,992,000 898 $ 650,527,000 $ 1,676,148,000
Schedule of reconciliation of gain on life insurance policies	Years Ended 2018 2017 Change in estimated probabilistic cash flows (1) $ 75,444,000 $ 63,241,000 Unrealized gain on acquisitions (2) 28,017,000 31,019,000 Premiums and other annual fees (54,087,000 ) (53,296,000 ) Change in discount rates (3) — 14,931,000 Change in life expectancy evaluation (4) (4,890,000 ) (20,257,000 ) Change in life expectancy evaluation methodology (5) (87,100,000 ) — Face value of matured policies 71,090,000 64,719,000 Fair value of matured policies (42,579,000 ) (38,243,000 ) Gain (loss) on life insurance policies, net $ (14,105,000 ) $ 62,114,000 ____________ (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 the purchase price for life insurance policies acquired during the reporting period. (3) The discount rate applied to estimate the fair value of the portfolio of life insurance policies we own was 8.25% as of December 31, 2018, compared to 10.45% as of December 31, 2017. (4) The change in fair value due to updating life expectancy estimates on certain life insurance policies in our portfolio. (5) The change in fair value due to the adoption of the Longest Life Expectancy methodology on life insurance policies in our portfolio, partially offset by the impact of a decrease in the discount rate to reflect the higher certainty in future cash flows.
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 2019 $ 65,536,000 $ 1,413,000 $ 66,949,000 2020 77,552,000 1,413,000 78,965,000 2021 90,290,000 1,413,000 91,703,000 2022 103,363,000 1,413,000 104,776,000 2023 115,597,000 1,413,000 117,010,000 $ 452,338,000 $ 7,065,000 $ 459,403,000

Fair Value Definition and Hie_2

Fair Value Definition and Hierarchy (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of reconciliation of investments in life insurance policies	Years Ended 2018 2017 Beginning balance $ 650,527,000 $ 511,192,000 Purchases 128,502,000 88,644,000 Maturities (initial cost basis) (20,763,000 ) (16,070,000 ) Net change in fair value (10,344,000 ) 66,761,000 Ending balance $ 747,922,000 $ 650,527,000
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* (1) 93.2 82.4 Average face amount per policy $ 1,775,000 $ 1,867,000 Discount rate 8.25 % 10.45 % ____________ * Weighted -average (1) Increase primarily due to the adoption of the Longest Life Expectancy methodology.
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 4 months plus 8 months December 31, 2018 $ 113,410,000 $ 57,611,000 $ (55,470,000 ) $ (110,473,000 ) 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% December 31, 2018 $ 95,747,000 $ 45,440,000 $ (41,179,000 ) $ (78,615,000 ) 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 Risk free rate 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 (Tables)	12 Months Ended
	Dec. 31, 2018
Financing Receivable from Affiliate [Abstract]
Schedule of outstanding principal, [discount] and accrued interest balances of the Commercial Loan and Exchangeable Note receivable	As of As of Commercial Loan receivable – principal $ 192,508,000 $ — Discount on Commercial Loan receivable (7,846,000 ) — Accrued interest receivable on Commercial Loan 107,000 — Financing receivable from affiliate $ 184,769,000 $ —

Equity Method Investment (Table

Equity Method Investment (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of classification, carrying value and maximum exposure to loss	Carrying Maximum Financing receivable from affiliate $ 184,769,000 $ 184,769,000 Equity method investment 360,842,000 360,842,000 Other asset 38,562,000 38,562,000 Total assets $ 584,173,000 $ 584,173,000
Schedule of financial information pertaining to beneficient	August 10 to Total revenues $ 18,409,000 Net income 8,291,000 Net income attributable to Beneficient common unitholders 129,000 Net income attributable to GWG (1) 18,000 ____________ (1) Represents our portion of net earnings from August 10, 2018 (Initial Transfer Date) to September 30, 2018.

L Bonds (Tables)

L Bonds (Tables)	12 Months Ended
	Dec. 31, 2018
L Bonds [Abstract]
Schedule of future contractual maturities of L Bonds, and future amortization of deferred financing costs	Years Ending December 31, Contractual Unamortized 2019 $ 144,627,000 $ 1,548,000 2020 160,035,000 4,741,000 2021 117,230,000 4,898,000 2022 43,794,000 1,885,000 2023 73,646,000 4,013,000 2024 33,782,000 1,765,000 Thereafter 89,038,000 5,366,000 $ 662,152,000 $ 24,216,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of income tax expense (benefit) and reconciliation of statutory federal tax rate	Years Ended December 31, December 31, Statutory federal income tax (benefit) $ (25,085,000 ) $ (7,728,000 ) State income taxes (benefit), net of federal benefit (9,243,000 ) (1,433,000 ) Impact of change in enacted rate — 2,605,000 Change in valuation allowance 33,999,000 4,222,000 Other permanent differences 329,000 237,000 Total income tax expense (benefit) $ — $ (2,097,000 )
Schedule of current and deferred components of tax expense (benefit)	Years Ended December 31, December 31, Current income tax expense (benefit) $ — $ — Deferred income tax expense (benefit) — (2,097,000 ) Total income tax expense (benefit) $ — (2,097,000 )
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 10,491,000 9,995,000 Other assets 29,996,000 1,724,000 Subtotal 40,487,000 13,156,000 Valuation allowance (40,385,000 ) (6,386,000 ) Deferred tax assets 102,000 6,770,000 Deferred tax liabilities: Investment in life insurance policies — (6,630,000 ) Other liabilities (102,000 ) (140,000 ) Net deferred tax asset (liability) $ — $ —

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of pertaining to stock repurchase program	Monthly Period Number of Average Price Total Number Maximum December 2018 10,035 $ 6.82 10,035 $ 1,432,000 Total 10,035 $ 6.82 10,035 $ 1,432,000

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of outstanding stock options	Vested Unvested 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 during the year 63,950 314,000 377,950 Vested during the year 503,503 (503,503 ) — Exercised during the year (569,864 ) — (569,864 ) Forfeited during the year (21,582 ) (25,501 ) (47,083 ) Balance as of December 31, 2018 833,199 564,752 1,397,951
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 during the year 2,625 111,025 113,650 Vested during the year 71,785 (71,785 ) Exercised during the year (145,622 ) — (145,622 ) Forfeited during the year — (39,235 ) (39,235 ) Balance as of December 31, 2018 117,841 153,924 271,765
Schedule of outstanding shares options and SARs issued	December 31, 2018 Outstanding Weighted- Weighted- Fair Value at Vested Stock Options 833,199 $ 8.88 5.95 $ 2.02 SARs 117,841 $ 8.88 5.02 $ 2.02 Total Vested 951,040 $ 8.88 5.83 $ 2.02 Unvested Stock Options 564,752 $ 9.15 7.88 $ 2.35 SARs 153,924 $ 8.37 5.98 $ 2.09 Total Unvested 718,676 $ 8.98 7.47 $ 2.30 December 31, 2017 Outstanding Weighted- Weighted- Fair Value at Vested Stock Options 857,192 $ 8.05 6.17 $ 1.76 SARs 189,053 $ 8.54 5.86 $ 1.90 Total Vested 1,046,245 $ 8.14 6.11 $ 1.78 Unvested Stock Options 779,756 $ 9.21 7.50 $ 2.17 SARs 153,919 $ 9.16 6.24 $ 2.02 Total Unvested 933,675 $ 9.21 7.30 $ 2.15

Other Expenses (Tables)

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2018
Other Expenses [Abstract]
Schedule of other expenses in consolidated statements of operations	Years Ended December 31, 2018 2017 Contract Labor $ 1,453,000 $ 550,000 Marketing 1,856,000 2,226,000 Information Technology 1,578,000 1,555,000 Servicing and Facility Fees 1,782,000 1,226,000 Travel and Entertainment 892,000 1,047,000 Insurance and Regulatory 1,562,000 1,591,000 Charitable Contributions — 462,000 Bad Debt Expense 4,300,000 — General and Administrative 2,572,000 3,822,000 Total Other Expenses $ 15,995,000 $ 12,479,000

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Summary of financial information of reportable segments	Revenue: Segment EBT: 2018 2017 2018 2017 Secondary Life Insurance $ (11,633,000 ) $ 62,674,000 $ (96,578,000 ) $ (3,433,000 ) Investment in Beneficient 10,655,000 — (106,000 ) — Corporate & Other 588,000 1,460,000 (22,767,000 ) (19,296,000 ) Total $ (390,000 ) $ 64,134,000 (119,451,000 ) (22,729,000 ) Income tax benefit — 2,097,000 Net Loss $ (119,451,000 ) $ (20,632,000 ) Interest Expense Interest Income 2018 2017 2018 2017 Secondary Life Insurance $ 69,357,000 $ 54,409,000 $ 2,182,000 $ 432,000 Investment in Beneficient 10,778,000 — 10,655,000 — Corporate & Other 1,000 10,000 189,000 554,000 Total $ 80,136,000 $ 54,419,000 $ 13,026,000 $ 986,000 Total Assets 2018 2017 Secondary Life Insurance $ 889,665,000 $ 814,231,000 Investment in Beneficient 584,173,000 — Corporate & Other 7,029,000 4,625,000 Total $ 1,480,867,000 $ 818,856,000

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of minimum lease payments under amendment lease	2019 275,000 2020 284,000 2021 293,000 2022 302,000 2023 311,000 Thereafter 593,000 $ 2,058,000

Guarantee of L Bonds and Sell_2

Guarantee of L Bonds and Seller Trust L Bonds (Tables)	12 Months Ended
	Dec. 31, 2018
Guarantee of L Bonds [Abstract]
Schedule of condensed consolidating balance sheets	December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 113,293,682 $ 232,387 $ 1,061,015 $ — $ 114,587,084 Restricted cash — 7,217,194 3,631,932 — 10,849,126 Investment in life insurance policies, at fair value — 92,336,494 655,585,971 — 747,922,465 Life insurance policy benefits receivable — 5,000,000 11,460,687 — 16,460,687 Financing receivable from affiliate — 184,768,874 — — 184,768,874 Equity method investment 360,841,651 — — — 360,841,651 Other assets 42,944,402 1,730,581 762,181 — 45,437,164 Investment in subsidiaries 799,182,251 510,865,003 — (1,310,047,254 ) — TOTAL ASSETS $ 1,316,261,986 $ 802,150,533 $ 672,501,786 $ (1,310,047,254 ) $ 1,480,867,051 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES Senior credit facility with LNV Corporation $ — $ — $ 148,977,596 $ — $ 148,977,596 L Bonds 651,402,663 — — — 651,402,663 Seller Trust L Bonds 366,891,940 — — — 366,891,940 Accounts payable 1,126,327 1,674,494 6,475,686 — 9,276,507 Interest and dividends payable 14,047,248 — 4,508,045 — 18,555,293 Other accrued expenses 1,735,926 1,593,108 1,376,136 — 4,705,170 TOTAL LIABILITIES 1,035,204,104 3,267,602 161,337,463 — 1,199,809,169 STOCKHOLDERS' EQUITY Member capital — 798,882,931 511,164,323 (1,310,047,254 ) — Redeemable preferred stock and Series 2 redeemable preferred stock 215,973,039 — — — 215,973,039 Common stock 33,018 — — — 33,018 Additional paid-in-capital 249,662,168 — — — 249,662,168 Accumulated deficit (184,610,343 ) — — — (184,610,343 ) TOTAL STOCKHOLDERS' EQUITY 281,057,882 798,882,931 511,164,323 (1,310,047,254 ) 281,057,882 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,316,261,986 $ 802,150,533 $ 672,501,786 $ (1,310,047,254 ) $ 1,480,867,051 December 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 111,952,829 $ 1,486,623 $ 982,039 $ — $ 114,421,491 Restricted cash — 9,367,410 18,982,275 — 28,349,685 Investment in life insurance policies, at fair value — 51,093,362 599,433,991 — 650,527,353 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 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES Amended and Restated 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	For the year ended December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUE Gain on life insurance policies, net $ — $ 8,341,206 $ (22,445,778 ) $ — $ (14,104,572 ) Interest and other income 8,585,681 4,278,809 849,791 — 13,714,281 TOTAL REVENUE 8,585,681 12,620,015 (21,595,987 ) — (390,291) EXPENSES Interest expense 59,111,989 — 21,023,994 — 80,135,983 Employee compensation and benefits 9,979,989 5,741,776 1,685,217 — 17,406,982 Legal and professional fees 1,795,094 863,851 2,882,232 — 5,541,177 Other expenses 6,907,502 1,994,807 7,092,178 — 15,994,487 TOTAL EXPENSES 77,794,574 8,600,434 32,683,621 — 119,078,629 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (69,208,893 ) 4,019,581 (54,279,608 ) — (119,468,920 ) EQUITY IN INCOME OF SUBSIDIARIES (50,260,027 ) (48,665,540 ) — 98,925,567 — NET INCOME (LOSS) BEFORE INCOME TAXES (119,468,920 ) (44,645,959 ) (54,279,608 ) 98,925,567 (119,468,920 ) INCOME TAX EXPENSE — — — — — NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT (119,468,920 ) (44,645,959 ) (54,279,608 ) 98,925,567 (119,468,920 ) Earnings from equity method investment 17,507 — — — 17,507 NET INCOME (LOSS) (119,451,413 ) (44,645,959 ) (54,279,608 ) 98,925,567 (119,451,413 ) Preferred stock dividends 16,662,731 — — — 16,662,731 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (136,114,144 ) $ (44,645,959 ) $ (54,279,608 ) $ 98,925,567 $ (136,114,144 ) For the year ended December 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUE Gain on life insurance policies, net $ — $ 6,979,773 $ 55,134,630 $ — $ 62,114,403 Interest and other income 244,202 496,886 1,753,798 (475,371 ) 2,019,515 TOTAL REVENUE 244,202 7,476,659 56,888,428 (475,371 ) 64,133,918 EXPENSES Interest expense 37,754,984 930,837 15,813,944 (80,321 ) 54,419,444 Employee compensation and benefits 9,043,509 5,310,498 515,742 — 14,869,749 Legal and professional fees 1,937,714 962,778 2,195,151 — 5,095,643 Other expenses 7,058,209 2,715,374 3,100,143 (395,050 ) 12,478,676 TOTAL EXPENSES 55,794,416 9,919,487 21,624,980 (475,371 ) 86,863,512 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (55,550,214 ) (2,442,828 ) 35,263,448 — (22,729,594 ) EQUITY IN INCOME OF SUBSIDIARIES 32,820,620 38,392,230 — (71,212,850 ) — NET INCOME (LOSS) BEFORE INCOME TAXES (22,729,594 ) 35,949,402 35,263,448 (71,212,850 ) (22,729,594 ) INCOME TAX BENEFIT (2,097,371 ) — — — (2,097,371 ) NET INCOME (LOSS) (20,632,223 ) 35,949,402 35,263,448 (71,212,850 ) (20,632,223 ) Preferred stock dividends 12,702,341 — — — 12,702,341 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (33,334,564 ) $ 35,949,402 $ 35,263,448 $ (71,212,850 ) $ (33,334,564 )
Schedule of condensed consolidating statements of cash flows	For the year ended December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (119,451,413 ) $ (44,645,959 ) $ (54,279,608 ) $ 98,925,567 $ (119,451,413 ) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Equity of subsidiaries 50,260,028 48,665,539 — (98,925,567 ) — Change in fair value of life insurance policies — (4,262,774 ) 14,606,803 — 10,344,029 Amortization of deferred financing and issuance costs 8,981,935 — 1,055,020 — 10,036,955 Amortization of discount or premium on financing receivables 628,528 (642,481 ) — — (13,953 ) Provision for uncollectible policy benefit receivable — — 4,300,000 — 4,300,000 Earnings from equity method investment (17,507 ) (17,507 ) Stock-based compensation 2,182,125 — — — 2,182,125 (Increase) decrease in operating assets: Life insurance policy benefits receivable — (3,500,000 ) (601,926 ) — (4,101,926 ) Interest receivable added to loan principal (7,045,791 ) (3,487,841 ) — — (10,533,632 ) Other assets (188,366,280 ) (144,146,549 ) 4,371,666 332,546,217 4,405,054 Increase (decrease) in operating liabilities: Accounts payable (308,295 ) 829,595 2,360,769 — 2,882,069 Interest and dividends payable 4,025,326 — (756,357 ) 3,268,969 Other accrued expenses 253,353 (17,665 ) 984,488 — 1,220,176 NET CASH FLOWS USED IN OPERATING ACTIVITIES (248,857,991 ) (151,208,135 ) (27,959,145 ) 332,546,217 (95,479,054 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (41,404,136 ) (87,098,518 ) — (128,502,654 ) Carrying value of matured life insurance policies — 4,423,779 16,339,737 — 20,763,516 Equity investment acquired (3,204,016 ) — — — (3,204,016 ) Other investments acquired (3,037,234 ) — — — (3,037,234 ) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (6,241,250 ) (36,980,357 ) (70,758,781 ) — (113,980,388 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt — — (64,315,618 ) — (64,315,618 ) Proceeds from issuance of L Bonds 263,964,554 — — — 263,964,554 Payments for issuance of L Bonds (17,379,101 ) — — — (17,379,101 ) Payments for redemption of L Bonds (48,026,551 ) — — — (48,026,551 ) Issuance of common stock 614,193 — — — 614,193 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 redeemable preferred stock (2,456,692 ) — — — (2,456,692 ) Common stock dividends (25,709,412 ) — — — (25,709,412 ) Preferred stock dividends (16,662,731 ) — — — (16,662,731 ) Issuance of member capital — 184,784,040 147,762,177 (332,546,217 ) — NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 256,440,094 184,784,040 83,446,559 (332,546,217 ) 192,124,476 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,340,853 (3,404,452 ) (15,271,367 ) — (17,334,966 ) CASH, 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 $ 113,293,682 $ 7,449,581 $ 4,692,947 $ — $ 125,436,210 For the year ended December 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (20,632,223 ) $ 35,949,402 $ 35,263,448 $ (71,212,850 ) $ (20,632,223 ) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Equity of subsidiaries (32,820,620 ) (38,392,230 ) — 71,212,850 — Change in fair value of life insurance policies — (7,746,744 ) (59,014,067 ) — (66,760,811 ) Amortization of deferred financing and issuance costs 6,939,841 208,829 1,632,177 — 8,780,847 Stock-based compensation 1,424,625 1,424,625 Deferred income taxes (2,097,371 ) — — — (2,097,371 ) Preferred stock issued in lieu of cash dividends 498,659 498,659 (Increase) decrease in operating assets: Life insurance policy benefits receivable — (1,500,000 ) (9,813,761 ) — (11,313,761 ) Other assets (15,870,956 ) (24,497,313 ) ( 1,084,860 ) 42,435,842 982,713 Increase (decrease) in operating liabilities: Accounts payable 581,153 113,202 3,473,373 — 4,167,728 Interest and dividends payable 3 , 771 , 709 (3,743,277 ) 2,680,191 — 2 , 708 , 623 Other accrued expenses 278,000 1,066,743 (146,546) — 1,198,197 NET CASH FLOWS USED IN OPERATING ACTIVITIES (57,927,183 ) (38,541,388 ) (27,010,045 ) 42,435,842 (81,042,774 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (3,022,439 ) (85,621,380 ) — (88,643,819 ) Carrying value of matured life insurance policies — 2,091,713 13,977,919 — 16,069,632 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES — (930,726 ) (71,643,461 ) — (72,574,187 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on (repayments of) senior debt — — 59,799,649 — 59,799,649 Payments for issuance of senior debt — (1,076,118 ) (3,434,270 ) — (4,510,388 ) Payments for redemption of Series I Secured Notes — (16,613,667 ) — — (16,613,667 ) Proceeds from issuance of L Bonds 131,796,220 — — — 131,796,220 Payments for issuance of L Bonds (10,896,925 ) — — — (10,896,925 ) Payments for redemption of L Bonds (60,848,460 ) — — — (60,848,460 ) Redemption of common stock (1,603, 560 ) — — — (1,603, 560 ) Proceeds from issuance of redeemable preferred stock 127,279,847 — — — 127,279,847 Payments for issuance of redeemable preferred stock (9,027,190 ) — — — (9,027,190 ) Payments for redemption of redeemable preferred stock (22,598,626 ) — — — (22,598,626 ) Preferred stock dividends (12,702,341 ) — — — (12,702,341 ) Issuance of member capital — 16,537,331 25,898,511 (42,435,842 ) — NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 141,398,965 (1,152,454 ) 82,263,890 (42,435,842 ) 180,074,559 NET INCREASE (DECREASE) IN CASH , CASH EQUIVALENTS AND RESTRICTED CASH 83,471,782 (40,624,568 ) (16,389,616 ) — 26,457,598 CASH , 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 $ 111,952,829 $ 10,854,033 $ 19,964,314 $ — $ 142,771,176

Concentration (Tables)

Concentration (Tables)	12 Months Ended
	Dec. 31, 2018
Risks and Uncertainties [Abstract]
Schedule of the face value of insurance contracts	Life Insurance Company December 31, December 31, John Hancock 13.71 % 15.57 % Lincoln National 11.33 % 10.80 % AXA Equitable 10.83 % 11.88 %
Schedule of the number of insurance contracts	State of Residence December 31, December 31, California 18.02 % 18.60 % Florida 15.34 % 20.16 %

Nature of Business and Summar_3

Nature of Business and Summary of Significant Accounting Policies (Details) - USD ($)	Aug. 10, 2018	Dec. 28, 2018	Dec. 31, 2018	Dec. 31, 2017
Nature of Business and Summary of Significant Accounting Policies (Textual)
Security acquired			$ 38,600,000	$ 0
Prepaid expenses			1,200,000	4,500,000
Net fixed assets			1,500,000	1,900,000
Security deposits			600,000	600,000
Cash advances			500,000	1,700,000
Other miscellaneous assets			3,100,000	300,000
Portfolio value			$ 2,050,000,000
Life insurance policies, description			We built our business providing value to consumers owning illiquid life insurance products across America, delivering more than $593 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 $192,508,000 principal amount under the Commercial Loan is due on August 9, 2023; however, is extendable for two five-year terms. See Note 5 for a full description of the terms of the loan. Beneficient?s obligations under the Commercial Loan are unsecured. The principal amount of the Commercial Loan bears interest at 5.0% per year. 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%		5.00%
Exchangeable note common units price per shares	$ 10
Initial transfer of beneficient transaction, description	• GWG issued to the Seller Trust L Bonds due 2023 (the “Seller Trust L Bonds”) in an aggregate principal amount of $403,234,866, as more fully described below; • Beneficient purchased 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, which shares were subsequently transferred to the Seller Trusts, as more fully described below; • in consideration for GWG and GWG Life entering into the Master Exchange Agreement and consummating the transactions contemplated thereby, BEN LP, as borrower, entered into a commercial loan agreement (the “Commercial Loan Agreement”) with GWG Life, as lender, providing for a loan in a principal amount of $200,000,000 (the “Commercial Loan”); • BEN LP delivered to GWG a promissory note (the “Exchangeable Note”) in the principal amount of $162,911,379; and • the Seller Trusts delivered to GWG 4,032,349 common units of BEN LP at an assumed value of $10 per common unit.
Final closing of beneficient transaction, description		The final closing of the transaction occurred and the following actions took place (the "Final Closing" and the date upon which the Final Closing occurs, the "Final Closing Date"): in accordance with the Master Exchange Agreement, and based on the net asset value of alternative asset financings as of the Final Closing Date, effective as of the Initial Transfer Date, (i) the principal amount of the Commercial Loan Agreement was reduced to $181,974,314, (ii) the principal amount of the Exchangeable Note was reduced to $148,228,432, and (iii) the principal amount of the Seller Trust L Bonds was reduced to $366,892,000; the Seller Trusts refunded to GWG $840,430 in interest paid on the Seller Trust L Bonds related to the Seller Trust L Bonds that were issued as of the Initial Transfer Date but cancelled, effective as of the Initial Transfer Date, on the Final Closing Date; the accrued interest on the Commercial Loan Agreement and the Exchangeable Note was added to the principal amount of the Commercial Loan Agreement, as a result of which the principal amount of the Commercial Loan Agreement as of the Final Closing Date was $192,507,946; the Seller Trusts transferred to GWG an aggregate of 21,650,087 common units of BEN LP and GWG received 14,822,843 common units of BEN LP in exchange for the Exchangeable Note, upon completion of which GWG owned (including the 4,032,349 common units received by GWG on the Initial Transfer Date) 40,505,279 common units of BEN LP; Beneficient issued to GWG an option (the "Option Agreement") to acquire the number of common units of BEN LP, interests or other property that would be received by a holder of the NPC-A Prime limited partnership interests of Beneficient Company Holdings, L.P., an affiliate of BEN LP ("Beneficient Holdings"); and GWG issued to the Seller Trusts 27,013,516 shares of GWG common stock (including shares issued upon conversion of the Convertible Preferred Stock).
Common unit of beneficient for exchangeable note			14,822,843
Allowance for uncollectible receivables			$ 4,300,000
Cash and cash equivalents			114,587,084	114,421,491
Restricted cash			$ 10,849,126	$ 28,349,685
Series B Convertible Preferred Stock [Member]
Nature of Business and Summary of Significant Accounting Policies (Textual)
Converted shares of preferred stock			5,000,000
Seller Trusts and Beneficient [Member]
Nature of Business and Summary of Significant Accounting Policies (Textual)
Percentage acquired investment			89.90%
Common units of beneficient			40,505,279

Restrictions on Cash (Details)

Restrictions on Cash (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Restrictions on Cash (Textual)
Restricted cash collection and payment accounts	$ 4,164,000	$ 19,967,000
Escrow account, balance	$ 6,685,000	$ 8,383,000

Investment in Life Insurance _3

Investment in Life Insurance Policies (Details)		12 Months Ended
		Dec. 31, 2018USD ($)PoliciesLivesSmokers	Dec. 31, 2017USD ($)Policies
Investments, All Other Investments [Abstract]
Total life insurance portfolio face value of policy benefits		$ 2,047,992,000	$ 1,676,148,000
Average face value per policy		1,775,000
Average face value per insured life		$ 1,984,000
Average age of insured (years)	[1]	82 years 1 month 6 days
Average life expectancy estimate (years)	[1]	7 years 9 months 18 days
Total number of policies | Policies		1,154	898
Number of unique lives | Lives		1,032
Demographics		77% Males; 23% Females
Number of smokers | Smokers		52
Largest policy as % of total portfolio face value		0.60%
Average policy as % of total portfolio		0.10%
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)	Dec. 31, 2018USD ($)Policies	Dec. 31, 2017USD ($)Policies
Summary of policies according to estimated life expectancy dates
Number of Policies, 2018 | Policies		8
Number of Policies, 2019 | Policies	9	48
Number of Policies, 2020 | Policies	41	87
Number of Policies, 2021 | Policies	81	98
Number of Policies, 2022 | Policies	104	90
Number of Policies, 2023 | Policies	109	93
Number of Policies, 2024 | Policies	107	100
Number of Policies, Thereafter | Policies	703	374
Number of Policies, Totals | Policies	1,154	898
Estimated Fair Value, 2018		$ 4,398,000
Estimated Fair Value, 2019	6,380,000	63,356,000
Estimated Fair Value, 2020	46,338,000	79,342,000
Estimated Fair Value, 2021	68,836,000	96,154,000
Estimated Fair Value, 2022	97,231,000	85,877,000
Estimated Fair Value, 2023	93,196,000	69,467,000
Estimated Fair Value, 2024	84,150,000	77,638,000
Estimated Fair Value, Thereafter	351,791,000	174,295,000
Estimated Fair Value, Totals	747,922,000	650,527,000
Face Value, 2018		4,689,000
Face Value, 2019	7,305,000	83,720,000
Face Value, 2020	59,939,000	127,373,000
Face Value, 2021	108,191,000	170,695,000
Face Value, 2022	177,980,000	181,120,000
Face Value, 2023	185,575,000	175,458,000
Face Value, 2024	211,241,000	228,188,000
Face Value, Thereafter	1,297,761,000	704,905,000
Face Value, Totals	$ 2,047,992,000	$ 1,676,148,000

Investment in Life Insurance _5

Investment in Life Insurance Policies (Details 2) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Schedule of reconciliation of gain on life insurance policies
Change in estimated probabilistic cash flows	[1]	$ 75,444,000	$ 63,241,000
Unrealized gain on acquisitions	[2]	28,017,000	31,019,000
Premiums and other annual fees		(54,087,000)	(53,296,000)
Change in discount rates	[3]		14,931,000
Change in life expectancy evaluation	[4]	(4,890,000)	(20,257,000)
Change in life expectancy evaluation methodology	[5]	(87,100,000)
Face value of matured policies		71,090,000	64,719,000
Fair value of matured policies		(42,579,000)	(38,243,000)
Gain (loss) on life insurance policies, net		$ (14,105,000)	$ 62,114,000
[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 the purchase price for life insurance for policies acquired during the reporting period.
[3]	The discount rate applied to estimate the fair value of the portfolio of life insurance policies we own was 8.25% as of December 31, 2018, compared to 10.45% as of December 31, 2017.
[4]	The change in fair value due to updating life expectancy estimates on certain life insurance policies in our portfolio.
[5]	The change in fair value due to the adoption of the Longest Life Expectancy methodology on life insurance policies in our portfolio, partially offset by the impact of a decrease in the discount rate to reflect the higher certainty in future cash flows.

Investment in Life Insurance _6

Investment in Life Insurance Policies (Details 3)	Dec. 31, 2018USD ($)
Premiums [Member]
Schedule of estimated premium payments and servicing fees
2019	$ 65,536,000
2020	77,552,000
2021	90,290,000
2022	103,363,000
2023	115,597,000
Total	452,338,000
Servicing [Member]
Schedule of estimated premium payments and servicing fees
2019	1,413,000
2020	1,413,000
2021	1,413,000
2022	1,413,000
2023	1,413,000
Total	7,065,000
Premiums and Servicing Fees [Member]
Schedule of estimated premium payments and servicing fees
2019	66,949,000
2020	78,965,000
2021	91,703,000
2022	104,776,000
2023	117,010,000
Total	$ 459,403,000

Investment in Life Insurance _7

Investment in Life Insurance Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Investment in Life Insurance Policies (Textual)
Life insurance policies face value	$ 1,000,000
Benefits recognized from insurance policies	71,090,000	$ 64,719,000
Carrying value of life insurance policies	20,763,000	16,070,000
Realized gains from life insurance policies	$ 50,327,000	$ 48,649,000
Discount rate applied to portfolio	8.25%	10.45%

Fair Value Definition and Hie_3

Fair Value Definition and Hierarchy (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Schedule of reconciliation of investments in life insurance policies
Beginning balance	$ 650,527,000	$ 511,192,000
Purchases	128,502,000	88,644,000
Maturities (initial cost basis)	(20,763,000)	(16,070,000)
Net change in fair value	(10,344,000)	66,761,000
Ending balance	$ 747,922,000	$ 650,527,000

Fair Value Definition and Hie_4

Fair Value Definition and Hierarchy (Details 1) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Fair value of our portfolio of life insurance policies
Discount rate		8.25%	10.45%
Life Insurance Policies [Member]
Fair value of our portfolio of life insurance policies
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],[2]	93 years 2 months 12 days	82 years 4 months 24 days
Average face amount per policy		$ 1,775,000	$ 1,867,000
Discount rate		8.25%	10.45%
[1]	Weighted-average by face amount of policy benefits
[2]	Increase primarily due to the adoption of the Longest Life Expectancy methodology.

Fair Value Definition and Hie_5

Fair Value Definition and Hierarchy (Details 2) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Change in Life Expectancy Estimates [Member] | minus 8 months [Member]
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	$ 113,410,000	$ 86,391,000
Change in Life Expectancy Estimates [Member] | minus 4 months [Member]
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	57,611,000	42,886,000
Change in Life Expectancy Estimates [Member] | plus 4 months [Member]
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	(55,470,000)	(42,481,000)
Change in Life Expectancy Estimates [Member] | plus 8 months [Member]
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	(110,473,000)	(84,238,000)
Change in Discount Rate [Member] | minus 2% [Member]
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	95,747,000	68,117,000
Change in Discount Rate [Member] | minus 1 % [Member]
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	45,440,000	32,587,000
Change in Discount Rate [Member] | plus 1 % [Member]
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	(41,179,000)	(29,964,000)
Change in Discount Rate [Member] | plus 2 % [Member]
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	$ (78,615,000)	$ (57,583,000)

Fair Value Definition and Hie_6

Fair Value Definition and Hierarchy (Details 3)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Summary of outstanding warrants
Warrants issued	16,000
September 2014 [Member]
Summary of outstanding warrants
Month issued	Sep. 30, 2014
Warrants issued	16,000
Fair value per share | $ / shares	$ 1.26
Risk free rate	1.85%
Volatility	17.03%
Term	5 years

Fair Value Definition and Hie_7

Fair Value Definition and Hierarchy (Details Textual) - USD ($)	Aug. 10, 2018	Dec. 31, 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		$ 1,029,044,000
Estimated fair value of L Bonds		$ 1,034,729,000
Weighted average market interest rate		7.11%
Secured loan outstanding balance		$ 1,879,000
Allowance for loan loss		$ 1,879,000
Carrying value of the senior credit facility interest margin, description		12-Month LIBOR
Secured merchant cash advances, net of allowance for loan loss		$ 547,000	$ 1,662,000
Coupon interest rate	5.00%	5.00%
Loan receivable rate		2.50%
Description of loan receivable		(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 to be approximately $183,119,000 based on a market yield analysis for similar instruments with similar credit profiles. We utilized an implied yield of approximately 6.75%.

Financing Receivable from Aff_3

Financing Receivable from Affiliate (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable from Affiliate [Abstract]
Commercial Loan receivable - principal	$ 192,508,000
Discount on Commercial Loan receivable	(7,846,000)
Accrued interest receivable on Commercial Loan	107,000
Financing receivable from affiliate	$ 184,769,000

Financing Receivable from Aff_4

Financing Receivable from Affiliate (Details Textual) - Beneficient Company Group, L.P. [Member] - USD ($)	Aug. 10, 2018	Dec. 28, 2018
Note Receivable from Affiliate (Textual)
Exchangeable note accrued interest rate	12.40%
Principal amount	$ 162,911,000	$ 148,220,000
Shares of equity method investment		14,800,000
Accrued interest		$ 7,000,000
Commercial Loan [Member]
Note Receivable from Affiliate (Textual)
Initial transfer of beneficient transaction, description	The Initial Transfer of the Exchange Transaction, GWG Life, as lender, and Beneficient, as borrower, entered into the Commercial Loan Agreement. On December 28, 2018, the Final Closing Date of the Exchange Transaction, the agreement was amended to adjust the principal to $192,508,000. 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.
Description of commercial loan bears interest	The principal amount of the Commercial Loan bears interest at 5.00% per year from the Final Closing Date. One-half of the interest, or 2.50% per year, is due and payable monthly in cash, and (ii) one-half of the interest, or 2.50% per year, accrues and compounds annually on each anniversary date of the Final Closing Date and become due and payable in full in cash on the maturity date.

Equity Method Investment (Detai

Equity Method Investment (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Financing receivable from affiliate	$ 184,768,874
Equity method investment	360,841,651
Other assets	38,600,000	$ 0
VIEs [Member] | Carrying Value [Member]
Financing receivable from affiliate	184,769,000
Equity method investment	360,842,000
Other assets	38,562,000
TOTAL ASSETS	584,173,000
VIEs [Member] | Maximum exposure to loss [Member]
Financing receivable from affiliate	184,769,000
Equity method investment	360,842,000
Other assets	38,562,000
TOTAL ASSETS	$ 584,173,000

Equity Method Investment (Det_2

Equity Method Investment (Details 1) - USD ($)		2 Months Ended	12 Months Ended
		Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Net income attributable to GWG			$ 17,507
Beneficient [Member]
Total revenues		$ 18,409,000
Net income		8,291,000
Net income attributable to Beneficient common unitholders		129,000
Net income attributable to GWG	[1]	$ 18,000
[1]	Our portion of net earnings from August 10, 2018 (Initial Transfer Date) to September 30, 2018

Equity Method Investment (Det_3

Equity Method Investment (Details Textual) - Beneficient [Member] - shares	12 Months Ended
	Dec. 31, 2018	Dec. 28, 2018	Sep. 30, 2018
Equity Method Investment (Textual)
Beneficient transaction, shares acquired	40,500,000
Partnership interest of beneficient	89.90%	13.90%	13.60%
Maximum acquires beneficial ownership percentage	20.00%
Equity earnings of beneficient, description	We recorded $18,000 for our share of the net earnings of Beneficient for the period from August 10, 2018 to September 30, 2018.

Credit Facility - Autobahn Fu_2

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

Credit Facility - LNV Corpora_2

Credit Facility - LNV Corporation (Details) - LNV Corporation [Member] - USD ($)	1 Months Ended	12 Months Ended
	Sep. 27, 2017	Dec. 31, 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.
Effective interest rate		10.42%
Outstanding amount of credit facility		$ 158,209,000	$ 222,525,000
Portfolio pledged, percentage		65.20%

Series I Secured Notes (Details

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

L Bonds (Details)

L Bonds (Details) - Renewable Secured Debentures [Member]	Dec. 31, 2018USD ($)
Contractual Maturities
2019	$ 144,627,000
2020	160,035,000
2021	117,230,000
2022	43,794,000
2023	73,646,000
2024	33,782,000
Thereafter	89,038,000
Total	662,152,000
Unamortized Deferred Financing Costs
2019	1,548,000
2020	4,741,000
2021	4,898,000
2022	1,885,000
2023	4,013,000
2024	1,765,000
Thereafter	5,366,000
Total	$ 24,216,000

L Bonds (Details Textual)

L Bonds (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2018	Dec. 01, 2017
L Bonds (Textual)
Debentures offer for sale	$ 1,029,044,000
Weighted-average market interest rate	7.11%
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	7.10%	7.29%
Amount outstanding under L bonds	$ 662,152,000	$ 461,427,000
Amortization of deferred issuance costs	8,982,000	$ 6,940,000
Future expected amortization of deferred financing costs	$ 24,216,000
Amortization period of deferred financing cost	7 years
Common stock pledged as collateral, percentage	12.00%

Seller Trust L Bonds (Details)

Seller Trust L Bonds (Details) - USD ($)	1 Months Ended
	Aug. 10, 2018	Dec. 31, 2018	Dec. 31, 2017
Seller Trust L Bonds (Textual)
Interest rate		7.11%
Seller Trust L Bonds		$ 366,891,940
Principle amount outstanding		1,029,044,000
GWG [Member]
Seller Trust L Bonds (Textual)
Seller Trust L Bonds	$ 366,892,000
Seller Trust L Bonds [Member]
Seller Trust L Bonds (Textual)
Maturity date	Aug. 9, 2023
Interest rate	7.50%
Description of interest payment	Interest is payable monthly in cash.
Principle amount outstanding		$ 366,892,000	$ 0
Common stock pledged as collateral, percentage	12.00%

Series A Convertible Preferre_2

Series A Convertible Preferred Stock (Details) - Series A Convertible Preferred Stock [Member] - USD ($)	Oct. 09, 2017	Sep. 30, 2012
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%
Redemption payment, per share	$ 8.25

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details)	Mar. 31, 2017USD ($)shares	Nov. 30, 2015Tradingdays$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares
Redeemable Preferred Stock (Textual)
Selling costs related to shares | $			$ 4,142,294	$ 9,027,190
Redeemable Preferred Stock [Member]
Redeemable Preferred Stock (Textual)
Company offering shares of redeemable preferred stock | shares		100,000	100,000	100,000
Par value per share | $ / shares		$ 1,000	$ 0.001	$ 0.001
Dividend rate on redeemable preferred stock		7.00%
Redeemable preferred stock liquidation 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 ($)shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Series 2 Redeemable Preferred Stock (Textual)
Aggregate gross consideration			$ 56,238,128	$ 127,279,847
Selling costs related to shares			$ 4,142,294	$ 9,027,190
Series Two Redeemable Preferred Stock [Member]
Series 2 Redeemable Preferred Stock (Textual)
Public offering, shares | shares	150,000
Market price for 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	The event of redemptions occurring less than one year after issuance, of 107% of the stated value.
Number of shares offering to investors | 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 ($)	Aug. 10, 2018	Dec. 28, 2018	Dec. 31, 2018	Dec. 31, 2017
Series B Convertible Preferred Stock (Textual)
Series B Convertible Preferred Stock, Values issued			$ 50,000,000
Common Stock at a Conversion Price			$ 0.001	$ 0.001
Series B Preferred Stock [Member]
Series B Convertible Preferred Stock (Textual)
Series B Convertible Preferred Stock, Values issued	$ 50,000,000	$ 50,000,000
Series B Convertible Preferred Stock, Shares Issued	5,000,000
Series B Convertible Preferred stock, Par value	$ 0.001
Preferred Stock, Per share Stated value	$ 10
Common Stock at a Conversion Price		$ 10

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory federal income tax (benefit)	$ (25,085,000)	$ (7,728,000)
State income taxes (benefit), net of federal benefit	(9,243,000)	(1,433,000)
Impact of change in enacted rate		2,605,000
Change in valuation allowance	33,999,000	4,222,000
Other permanent differences	329,000	237,000
Total income tax expense (benefit)		$ (2,097,371)

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)
Deferred income tax expense (benefit)		(2,097,371)
Total income tax expense (benefit)		$ (2,097,371)

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Note receivable from related party		$ 1,437,000
Net operating loss carryforwards	10,491,000	9,995,000
Other assets	29,996,000	1,724,000
Subtotal	40,487,000	13,156,000
Valuation allowance	(40,385,000)	(6,386,000)
Deferred tax assets	102,000	6,770,000
Deferred tax liabilities:
Investment in life insurance policies		(6,630,000)
Other liabilities	(102,000)	(140,000)
Net deferred tax asset (liability)

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 28, 2018
Income Taxes (Textual)
Current income tax liability
Valuation allowance against our total net deferred tax asset	40,385,000
Federal net operating loss carryforwards	$ 36,501,000	34,775,000
Net operating loss carryforwards expiration date	Dec. 31, 2031
Future utilization of net operating loss carryforwards, description	The NOL carryforward of $2,636,000 generated in 2018 is not subject to expiration. 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.
State NOL carryforwards	$ 36,475,000	$ 34,749,000
Annual Limitation on operating loss carryforward utilization			$ 7,564,000

Common Stock (Details)

Common Stock (Details)	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Monthly Period December 2018 [Member]
Number of Shares Purchased	10,035
Average Price Paid per Share | $ / shares	$ 6.82
Monthly Period December 2018 One [Member]
Number of Shares Purchased	10,035
Average Price Paid per Share | $ / shares	$ 6.82
Share Repurchase Program[Member]
Number of Shares Purchased	10,035
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program | $	$ 1,432,000	[1]
Share Repurchase Program[Member] | Monthly Period December 2018 [Member]
Number of Shares Purchased	10,035
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program | $	$ 1,432,000
[1]	The stock repurchase program expired on April 30, 2019.

Common Stock (Details Textual)

Common Stock (Details Textual) - USD ($)	1 Months Ended			12 Months Ended
	Dec. 28, 2018	Aug. 27, 2018	Sep. 30, 2014	Dec. 31, 2018	Nov. 15, 2018
Common Stock (Textual)
Aggregate purchase of common stock					$ 1,500,000
Series B Converted [Member]
Common Stock (Textual)
Conversion of common stock shares	5,000,000
Conversion price per share	$ 10
Beneficient transaction, description	The Beneficient Transaction, we issued 22,013,516 shares of common stock to the Seller Trusts at a market value of approximately $203.4 million in exchange for Beneficient common units.
IPO [Member]
Common Stock (Textual)
Issuance of common stock, shares			800,000
Common stock, par value			$ 12.50
Net proceeds			$ 8,600,000
Exercise price				$ 15.63
Warrants issued				16,000
Warrants term				9 months
Shareholders [Member]
Common Stock (Textual)
Dividend per share of common stock		$ 4.30

Stock Incentive Plan (Details)

Stock Incentive Plan (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Stock Option [Member]
Outstanding stock options:
Beginning Balance	1,636,948	1,582,399
Granted during the year	377,950	428,599
Vested during the year
Exercised during the year	(569,864)	(126,498)
Forfeited during the year	(47,083)	(247,552)
Ending Balance	1,397,951	1,636,948
Vested [Member]
Outstanding stock options:
Beginning Balance	857,192	738,065
Granted during the year	63,950	61,099
Vested during the year	503,503	327,061
Exercised during the year	(569,864)	(126,498)
Forfeited during the year	(21,582)	(142,535)
Ending Balance	833,199	857,192
Un-vested [Member]
Outstanding stock options:
Beginning Balance	779,756	844,334
Granted during the year	314,000	367,500
Vested during the year	(503,503)	(327,061)
Exercised during the year
Forfeited during the year	(25,501)	(105,017)
Ending Balance	564,752	779,756

Stock Incentive Plan (Details 1

Stock Incentive Plan (Details 1) - Stock Appreciation Rights [Member] - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Outstanding Stock Appreciation Rights:
Beginning Balance	342,972	239,735
Granted during the year	113,650	104,987
Vested during the year
Exercised during the year	(145,622)
Forfeited during the year	(39,235)	(1,750)
Ending Balance	271,765	342,972
Vested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance	189,053	106,608
Granted during the year	2,625	13,001
Vested during the year	71,785	69,444
Exercised during the year	(145,622)
Forfeited during the year
Ending Balance	117,841	189,053
Un-vested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance	153,919	133,127
Granted during the year	111,025	91,986
Vested during the year	(71,785)	(69,444)
Exercised during the year
Forfeited during the year	(39,235)	(1,750)
Ending Balance	153,924	153,919

Stock Incentive Plan (Details 2

Stock Incentive Plan (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Vested [Member] | SARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	117,841	189,053
Weighted-Average Exercise Price	$ 8.88	$ 8.54
Weighted-Average Remaining Life (years)	5 years 7 days	5 years 10 months 10 days
Fair Value at Grant Date	$ 2.02	$ 1.90
Vested [Member] | Total Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	951,040	1,046,245
Weighted-Average Exercise Price	$ 8.88	$ 8.14
Weighted-Average Remaining Life (years)	5 years 9 months 29 days	6 years 1 month 9 days
Fair Value at Grant Date	$ 2.02	$ 1.78
Vested [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	833,199	857,192
Weighted-Average Exercise Price	$ 8.88	$ 8.05
Weighted-Average Remaining Life (years)	5 years 11 months 12 days	6 years 2 months 1 day
Fair Value at Grant Date	$ 2.02	$ 1.76
Unvested [Member] | SARs Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	153,924	153,919
Weighted-Average Exercise Price	$ 8.37	$ 9.16
Weighted-Average Remaining Life (years)	5 years 11 months 23 days	6 years 2 months 27 days
Fair Value at Grant Date	$ 2.09	$ 2.02
Unvested [Member] | Total Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	718,676	933,675
Weighted-Average Exercise Price	$ 8.98	$ 9.21
Weighted-Average Remaining Life (years)	7 years 5 months 20 days	7 years 3 months 19 days
Fair Value at Grant Date	$ 2.30	$ 2.15
Unvested [Member] | Stock Options Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	564,752	779,756
Weighted-Average Exercise Price	$ 9.15	$ 9.21
Weighted-Average Remaining Life (years)	7 years 10 months 17 days	7 years 6 months
Fair Value at Grant Date	$ 2.35	$ 2.17

Stock Incentive Plan (Details T

Stock Incentive Plan (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock Incentive Plan (Textual)
Reserved for issuance under outstanding incentive awards	2,662,097
Stock Appreciation Rights [Member]
Stock Incentive Plan (Textual)
Number of options vested	118,000
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 for share	$ 8.83
Other accrued expenses	$ 349,000	$ 551,000
Employee compensation and benefits expense	$ 264,000	$ 547,000
Stock Appreciation Rights [Member] | GWG Holdings, Inc. [Member]
Stock Incentive Plan (Textual)
Outstanding stock options	272,000
Stock Appreciation Rights (SARs) [Member]
Stock Incentive Plan (Textual)
Outstanding stock options	271,765	342,972	239,735
Number of options vested
Forfeited	39,235	1,750
Exercised during the year	145,622
Restricted Stock Units (RSUs) [Member]
Stock Incentive Plan (Textual)
Restricted stock outstanding	53,403
Restricted shares of common stock	34,496
Restricted stock units vested current year	68,993
2013 Stock Incentive Plan [Member]
Stock Incentive Plan (Textual)
Common stock options authorized	6,000,000
Common stock options available for issuance	3,337,903
Stock Options [Member]
Stock Incentive Plan (Textual)
Outstanding stock options	1,398,000
Number of options vested	833,000
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.
Forfeited	732,000
Exercised during the year	724,000
Unrecognized compensation expense related to un-vested options	$ 1,109,000
Unrecognized compensation expense related to un-vested options, period of recognition	3 years
Compensation expense remaining vesting in 2019	$ 651,000
Compensation expense remaining vesting in 2020	324,000
Compensation expense remaining vesting in 2021	$ 134,000
Options vesting period	3 years
Expiry award grant term	10 years
Total intrinsic value of stock options exercised	$ 1,922,000
Aggregate intrinsic value of stock options outstanding	805,000
Aggregate intrinsic value of stock options exercisable	$ 481,000
Stock Options [Member] | Minimum [Member]
Stock Incentive Plan (Textual)
Expected volatility rate	20.45%
Risk free rate	2.36%
Stock Options [Member] | Maximum [Member]
Stock Incentive Plan (Textual)
Expected volatility rate	25.83%
Risk free rate	2.77%

Other Expenses (Details)

Other Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Other Expenses [Abstract]
Contract Labor	$ 1,453,000	$ 550,000
Marketing	1,856,000	2,226,000
Information Technology	1,578,000	1,555,000
Servicing and Facility Fees	1,782,000	1,226,000
Travel and Entertainment	892,000	1,047,000
Insurance and Regulatory	1,562,000	1,591,000
Charitable Contributions		462,000
Bad Debt Expense	4,300,000
General and Administrative	2,572,000	3,822,000
Total Other Expenses	$ 15,994,487	$ 12,478,676

Segment Reporting (Details)

Segment Reporting (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Segment EBT [Member]
Total	$ (119,451,000)	$ (22,729,000)
Income tax benefit		2,097,000
Net Loss	(119,451,000)	(20,632,000)
Investment in Beneficient [Member] | Segment EBT [Member]
Total	(106,000)
Revenue [Member]
Total	(390,000)	64,134,000
Revenue [Member] | Corporate & Other [Member]
Total	588,000	1,460,000
Revenue [Member] | Investment in Beneficient [Member]
Total	10,655,000
Secondary Life Insurance [Member] | Segment EBT [Member]
Total	(96,578,000)	(3,433,000)
Secondary Life Insurance [Member] | Revenue [Member]
Total	(11,633,000)	62,674,000
Corporate & Other [Member] | Segment EBT [Member]
Total	$ (22,767,000)	$ (19,296,000)

Segment Reporting (Details 1)

Segment Reporting (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Interest Expense [Member]
Total	$ 80,136,000	$ 54,419,000
Interest Expense [Member] | Corporate & Other [Member]
Total	1,000	10,000
Interest Expense [Member] | Investment in Beneficient [Member]
Total	10,778,000
Interest Income [Member]
Total	13,026,000	986,000
Interest Income [Member] | Corporate & Other [Member]
Total	189,000	554,000
Interest Income [Member] | Investment in Beneficient [Member]
Total	10,655,000
Secondary Life Insurance [Member] | Interest Expense [Member]
Total	69,357,000	54,409,000
Secondary Life Insurance [Member] | Interest Income [Member]
Total	$ 2,182,000	$ 432,000

Segment Reporting (Details 2)

Segment Reporting (Details 2) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Total	$ 1,480,867,000	$ 818,856,000
Investment in Beneficient [Member]
Total	584,173,000
Secondary Life Insurance [Member]
Total	889,665,000	814,231,000
Corporate & Other [Member]
Total	$ 7,029,000	$ 4,625,000

Commitments (Details)

Commitments (Details)	Dec. 31, 2018USD ($)
Summary of minimum lease payments under amendment lease
2019	$ 275,000
2020	284,000
2021	293,000
2022	302,000
2023	311,000
Thereafter	593,000
Total	$ 2,058,000

Commitments (Details Textual)

Commitments (Details Textual)	Sep. 01, 2015ft²	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
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 | $		$ 435,000	$ 442,000

Guarantee of L Bonds and Sell_3

Guarantee of L Bonds and Seller Trust L Bonds (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 114,587,084	$ 114,421,491
Restricted cash	10,849,126	28,349,685
Investment in life insurance policies, at fair value	747,922,465	650,527,353
Life insurance policy benefits receivable	16,460,687	16,658,761
Financing receivable from affiliate	184,768,874
Equity method investment	360,841,651
Other assets	45,437,164	8,898,884
Investment in subsidiaries
TOTAL ASSETS	1,480,867,051	818,856,174
LIABILITIES
Amended and Restated Senior credit facility with LNV Corporation	148,977,596	212,238,192
L Bonds	651,402,663	447,393,568
Seller Trust L Bonds	366,891,940
Accounts payable	9,276,507	6,394,439
Interest and dividends payable	18,555,293	15,427,509
Other accrued expenses	4,705,170	3,730,723
TOTAL LIABILITIES	1,199,809,169	685,184,431
STOCKHOLDERS' EQUITY
Member capital
Redeemable preferred stock and Series 2 redeemable preferred stock	215,973,039	173,115,447
Common stock	33,018	5,813
Additional paid-in-capital	249,662,168
Accumulated deficit	(184,610,343)	(39,449,517)
TOTAL STOCKHOLDERS' EQUITY	281,057,882	133,671,743	$ 67,298,498
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,480,867,051	818,856,174
Consolidation, Eliminations [Member]
ASSETS
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	(1,310,047,254)	(895,895,001)
TOTAL ASSETS	(1,310,047,254)	(895,895,001)
LIABILITIES
Amended and Restated 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	(1,310,047,254)	(895,895,001)
Redeemable preferred stock and Series 2 redeemable preferred stock
Common stock
Additional paid-in-capital
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY	(1,310,047,254)	(895,895,001)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	(1,310,047,254)	(895,895,001)
Parent Company [Member]
ASSETS
Cash and cash equivalents	113,293,682	111,952,829
Restricted cash
Investment in life insurance policies, at fair value
Life insurance policy benefits receivable
Financing receivable from affiliate
Equity method investment	360,841,651
Other assets	42,944,402	1,912,203
Investment in subsidiaries	799,182,251	480,659,789
TOTAL ASSETS	1,316,261,986	594,524,821
LIABILITIES
Amended and Restated Senior credit facility with LNV Corporation
L Bonds	651,402,663	447,393,568
Seller Trust L Bonds	366,891,940
Accounts payable	1,126,327	1,434,623
Interest and dividends payable	14,047,248	10,296,584
Other accrued expenses	1,735,926	1,728,303
TOTAL LIABILITIES	1,035,204,104	460,853,078
STOCKHOLDERS' EQUITY
Member capital
Redeemable preferred stock and Series 2 redeemable preferred stock	215,973,039	173,115,447
Common stock	33,018	5,813
Additional paid-in-capital	249,662,168
Accumulated deficit	(184,610,343)	(39,449,517)
TOTAL STOCKHOLDERS' EQUITY	281,057,882	133,671,743
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,316,261,986	594,524,821
Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	232,387	1,486,623
Restricted cash	7,217,194	9,367,410
Investment in life insurance policies, at fair value	92,336,494	51,093,362
Life insurance policy benefits receivable	5,000,000	1,500,000
Financing receivable from affiliate	184,768,874
Equity method investment
Other assets	1,730,581	1,986,312
Investment in subsidiaries	510,865,003	415,235,212
TOTAL ASSETS	802,150,533	480,668,919
LIABILITIES
Amended and Restated Senior credit facility with LNV Corporation
L Bonds
Seller Trust L Bonds
Accounts payable	1,674,494	844,899
Interest and dividends payable
Other accrued expenses	1,593,108	1,610,773
TOTAL LIABILITIES	3,267,602	2,455,672
STOCKHOLDERS' EQUITY
Member capital	798,882,931	478,213,247
Redeemable preferred stock and Series 2 redeemable preferred stock
Common stock
Additional paid-in-capital
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY	798,882,931	478,213,247
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	802,150,533	480,668,919
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	1,061,015	982,039
Restricted cash	3,631,932	18,982,275
Investment in life insurance policies, at fair value	655,585,971	599,433,991
Life insurance policy benefits receivable	11,460,687	15,158,761
Financing receivable from affiliate
Equity method investment
Other assets	762,181	5,000,369
Investment in subsidiaries
TOTAL ASSETS	672,501,786	639,557,435
LIABILITIES
Amended and Restated Senior credit facility with LNV Corporation	148,977,596	212,238,192
L Bonds
Seller Trust L Bonds
Accounts payable	6,475,686	4,114,917
Interest and dividends payable	4,508,045	5,130,925
Other accrued expenses	1,376,136	391,647
TOTAL LIABILITIES	161,337,463	221,875,681
STOCKHOLDERS' EQUITY
Member capital	511,164,323	417,681,754
Redeemable preferred stock and Series 2 redeemable preferred stock
Common stock
Additional paid-in-capital
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY	511,164,323	417,681,754
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 672,501,786	$ 639,557,435

Guarantee of L Bonds and Sell_4

Guarantee of L Bonds and Seller Trust L Bonds (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
REVENUE
Gain on life insurance policies, net	$ (14,104,572)	$ 62,114,403
Interest and other income	13,714,281	2,019,515
TOTAL REVENUE	(390,291)	64,133,918
EXPENSES
Interest expense	80,135,983	54,419,444
Employee compensation and benefits	17,406,982	14,869,749
Legal and professional fees	5,541,177	5,095,643
Other expenses	15,994,487	12,478,676
TOTAL EXPENSES	119,078,629	86,863,512
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(119,468,920)	(22,729,594)
EQUITY IN INCOME OF SUBSIDIARIES
NET INCOME (LOSS) BEFORE INCOME TAXES	(119,468,920)	(22,729,594)
INCOME TAX EXPENSE		(2,097,371)
NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT	(119,468,920)	(20,632,223)
Earnings from equity method investment	17,507
NET INCOME (LOSS)	(119,451,413)	(20,632,223)
Preferred stock dividends	16,662,731	12,702,341
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	(136,114,144)	(33,334,564)
Eliminations [Member]
REVENUE
Gain on life insurance policies, net
Interest and other income		(475,371)
TOTAL REVENUE		(475,371)
EXPENSES
Interest expense		(80,321)
Employee compensation and benefits
Legal and professional fees
Other expenses		(395,050)
TOTAL EXPENSES		(475,371)
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES
EQUITY IN INCOME OF SUBSIDIARIES	98,925,567	(71,212,850)
NET INCOME (LOSS) BEFORE INCOME TAXES	98,925,567	(71,212,850)
INCOME TAX EXPENSE
NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT	98,925,567
Earnings from equity method investment
NET INCOME (LOSS)	98,925,567	(71,212,850)
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	98,925,567	(71,212,850)
Parent Company [Member]
REVENUE
Gain on life insurance policies, net
Interest and other income	8,585,681	244,202
TOTAL REVENUE	8,585,681	244,202
EXPENSES
Interest expense	59,111,989	37,754,984
Employee compensation and benefits	9,979,989	9,043,509
Legal and professional fees	1,795,094	1,937,714
Other expenses	6,907,502	7,058,209
TOTAL EXPENSES	77,794,574	55,794,416
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(69,208,893)	(55,550,214)
EQUITY IN INCOME OF SUBSIDIARIES	(50,260,027)	32,820,620
NET INCOME (LOSS) BEFORE INCOME TAXES	(119,468,920)	(22,729,594)
INCOME TAX EXPENSE		(2,097,371)
NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT	(119,468,920)
Earnings from equity method investment	17,507
NET INCOME (LOSS)	(119,451,413)	(20,632,223)
Preferred stock dividends	16,662,731	12,702,341
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	(136,114,144)	(33,334,564)
Guarantor Subsidiaries [Member]
REVENUE
Gain on life insurance policies, net	8,341,206	6,979,773
Interest and other income	4,278,809	496,886
TOTAL REVENUE	12,620,015	7,476,659
EXPENSES
Interest expense		930,837
Employee compensation and benefits	5,741,776	5,310,498
Legal and professional fees	863,851	962,778
Other expenses	1,994,807	2,715,374
TOTAL EXPENSES	8,600,434	9,919,487
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	4,019,581	(2,442,828)
EQUITY IN INCOME OF SUBSIDIARIES	(48,665,540)	38,392,230
NET INCOME (LOSS) BEFORE INCOME TAXES	(44,645,959)	35,949,402
INCOME TAX EXPENSE
NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT	(44,645,959)
Earnings from equity method investment
NET INCOME (LOSS)	(44,645,959)	35,949,402
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	(44,645,959)	35,949,402
Non-Guarantor Subsidiaries [Member]
REVENUE
Gain on life insurance policies, net	(22,445,778)	55,134,630
Interest and other income	849,791	1,753,798
TOTAL REVENUE	(21,595,987)	56,888,428
EXPENSES
Interest expense	21,023,994	15,813,944
Employee compensation and benefits	1,685,217	515,742
Legal and professional fees	2,882,232	2,195,151
Other expenses	7,092,178	3,100,143
TOTAL EXPENSES	32,683,621	21,624,980
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(54,279,608)	35,263,448
EQUITY IN INCOME OF SUBSIDIARIES
NET INCOME (LOSS) BEFORE INCOME TAXES	(54,279,608)	35,263,448
INCOME TAX EXPENSE
NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT	(54,279,608)
Earnings from equity method investment
NET INCOME (LOSS)	(54,279,608)	35,263,448
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (54,279,608)	$ 35,263,448

Guarantee of L Bonds and Sell_5

Guarantee of L Bonds and Seller Trust L Bonds (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (119,451,413)	$ (20,632,223)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Change in fair value of life insurance policies	10,344,029	(66,760,811)
Amortization of deferred financing and issuance costs	10,036,955	8,780,847
Amortization of discount or premium on financing receivables	(13,953)
Provision for uncollectible policy benefit receivable	4,300,000
Earnings from equity method investment	(17,507)
Stock-based compensation	2,182,125	1,424,625
Deferred income taxes		(2,097,371)
Preferred stock issued in lieu of cash dividends		498,659
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(4,101,926)	(11,313,761)
Interest receivable added to loan principal	(10,533,632)
Other assets	4,405,054	982,713
Increase (decrease) in operating liabilities:
Accounts payable	2,882,069	4,167,728
Interest and dividends payable	3,268,969	2,708,623
Other accrued expenses	1,220,176	1,198,197
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(95,479,054)	(81,042,774)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(128,502,654)	(88,643,819)
Carrying value of matured life insurance policies	20,763,516	16,069,632
Equity investment acquired	(3,204,016)
Other investments acquired	(3,037,234)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	(113,980,388)	(72,574,187)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt	(64,315,618)	59,799,649
Payments for issuance of senior debt		(4,510,388)
Payments for redemption of Series I Secured Notes		(16,613,667)
Proceeds from issuance of L Bonds	263,964,554	131,796,220
Payments for issuance of L Bonds	(17,379,101)	(10,896,925)
Payments for redemption of L Bonds	(48,026,551)	(60,848,460)
Issuance of common stock	614,193
Proceeds from issuance of convertible preferred stock	50,000,000
Redemption of common stock		(1,603,560)
Proceeds from issuance of redeemable preferred stock	56,238,128	127,279,847
Payments for issuance of redeemable preferred stock	(4,142,294)	(9,027,190)
Payments for redemption of redeemable preferred stock	(2,456,692)	(22,598,626)
Common stock dividends	(25,709,412)
Preferred stock dividends	(16,662,731)	(12,702,341)
Issuance of member capital
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	192,124,476	180,074,559
NET INCREASE (DECREASE) IN CASH, AND CASH EQUIVALENTS AND RESTRICTED CASH	(17,334,966)	26,457,598
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	142,771,176	116,313,578
END OF PERIOD	125,436,210	142,771,176
Eliminations [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	98,925,567	(71,212,850)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Equity of subsidiaries	(98,925,567)	71,212,850
Change in fair value of life insurance policies
Amortization of deferred financing and issuance costs
Amortization of discount or premium on financing receivables
Earnings from equity method investment
Stock-based compensation
Deferred income taxes
Preferred stock issued in lieu of cash dividends
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Other assets	332,546,217	42,435,842
Increase (decrease) in operating liabilities:
Accounts payable
Interest and dividends payable
Other accrued expenses
NET CASH FLOWS USED IN OPERATING ACTIVITIES	332,546,217	42,435,842
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Equity investment acquired
Other investments 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 issuance of L Bonds
Payments for redemption of L Bonds
Issuance of common stock
Proceeds from issuance of convertible preferred stock
Redemption of common stock
Proceeds from issuance of redeemable preferred stock
Payments for issuance of redeemable preferred stock
Payments for redemption of redeemable preferred stock
Common stock dividends
Preferred stock dividends
Issuance of member capital	(332,546,217)	(42,435,842)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	(332,546,217)	(42,435,842)
NET INCREASE (DECREASE) IN CASH, AND CASH EQUIVALENTS AND RESTRICTED CASH
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD
END OF PERIOD
Parent [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(119,451,413)	(20,632,223)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Equity of subsidiaries	50,260,028	(32,820,620)
Change in fair value of life insurance policies
Amortization of deferred financing and issuance costs	8,981,935	6,939,841
Amortization of discount or premium on financing receivables	628,528
Earnings from equity method investment	(17,507)
Stock-based compensation	2,182,125	1,424,625
Deferred income taxes		(2,097,371)
Preferred stock issued in lieu of cash dividends		498,659
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Interest receivable added to loan principal	(7,045,791)
Other assets	(188,366,280)	(15,870,956)
Increase (decrease) in operating liabilities:
Accounts payable	(308,295)	581,153
Interest and dividends payable	4,025,326	3,771,709
Other accrued expenses	253,353	278,000
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(248,857,991)	(57,927,183)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Equity investment acquired	(3,204,016)
Other investments acquired	(3,037,234)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	(6,241,250)
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	263,964,554	131,796,220
Payments for issuance of L Bonds	(17,379,101)	(10,896,925)
Payments for redemption of L Bonds	(48,026,551)	(60,848,460)
Issuance of common stock	614,193
Proceeds from issuance of convertible preferred stock	50,000,000
Redemption of common stock		(1,603,560)
Proceeds from issuance of redeemable preferred stock	56,238,128	127,279,847
Payments for issuance of redeemable preferred stock	(4,142,294)	(9,027,190)
Payments for redemption of redeemable preferred stock	(2,456,692)	(22,598,626)
Common stock dividends	(25,709,412)
Preferred stock dividends	(16,662,731)	(12,702,341)
Issuance of member capital
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	256,440,094	141,398,965
NET INCREASE (DECREASE) IN CASH, AND CASH EQUIVALENTS AND RESTRICTED CASH	1,340,853	83,471,782
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	111,952,829	28,481,047
END OF PERIOD	113,293,682	111,952,829
Guarantor Subsidiaries [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(44,645,959)	35,949,402
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Equity of subsidiaries	48,665,539	(38,392,230)
Change in fair value of life insurance policies	(4,262,774)	(7,746,744)
Amortization of deferred financing and issuance costs		208,829
Amortization of discount or premium on financing receivables	(642,481)
Earnings from equity method investment
Stock-based compensation
Deferred income taxes
Preferred stock issued in lieu of cash dividends
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(3,500,000)	(1,500,000)
Interest receivable added to loan principal	(3,487,841)
Other assets	(144,146,549)	(24,497,313)
Increase (decrease) in operating liabilities:
Accounts payable	829,595	113,202
Interest and dividends payable		(3,743,277)
Other accrued expenses	(17,665)	1,066,743
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(151,208,135)	(38,541,388)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(41,404,136)	(3,022,439)
Carrying value of matured life insurance policies	4,423,779	2,091,713
Equity investment acquired
Other investments acquired
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	(36,980,357)	(930,726)
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		(16,613,667)
Proceeds from issuance of L Bonds
Payments for issuance of L Bonds
Payments for redemption of L Bonds
Issuance of common stock
Proceeds from issuance of convertible preferred stock
Redemption of common stock
Proceeds from issuance of redeemable preferred stock
Payments for issuance of redeemable preferred stock
Payments for redemption of redeemable preferred stock
Common stock dividends
Preferred stock dividends
Issuance of member capital	184,784,040	16,537,331
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	184,784,040	(1,152,454)
NET INCREASE (DECREASE) IN CASH, AND CASH EQUIVALENTS AND RESTRICTED CASH	(3,404,452)	(40,624,568)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	10,854,033	51,478,601
END OF PERIOD	7,449,581	10,854,033
Non-Guarantor Subsidiaries [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(54,279,608)	35,263,448
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Equity of subsidiaries
Change in fair value of life insurance policies	14,606,803	(59,014,067)
Amortization of deferred financing and issuance costs	1,055,020	1,632,177
Amortization of discount or premium on financing receivables
Provision for uncollectible policy benefit receivable	4,300,000
Earnings from equity method investment
Stock-based compensation
Deferred income taxes
Preferred stock issued in lieu of cash dividends
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(601,926)	(9,813,761)
Interest receivable added to loan principal
Other assets	4,371,666	(1,084,860)
Increase (decrease) in operating liabilities:
Accounts payable	2,360,769	3,473,373
Interest and dividends payable	(756,357)	2,680,191
Other accrued expenses	984,488	(146,546)
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(27,959,145)	(27,010,045)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(87,098,518)	(85,621,380)
Carrying value of matured life insurance policies	16,339,737	13,977,919
Equity investment acquired
Other investments acquired
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	(70,758,781)	(71,643,461)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt	(64,315,618)	59,799,649
Payments for issuance of senior debt		(3,434,270)
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds
Payments for issuance of L Bonds
Payments for redemption of L Bonds
Issuance of common stock
Proceeds from issuance of convertible preferred stock
Redemption of common stock
Proceeds from issuance of redeemable preferred stock
Payments for issuance of redeemable preferred stock
Payments for redemption of redeemable preferred stock
Common stock dividends
Preferred stock dividends
Issuance of member capital	147,762,177	25,898,511
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	83,446,559	82,263,890
NET INCREASE (DECREASE) IN CASH, AND CASH EQUIVALENTS AND RESTRICTED CASH	(15,271,367)	(16,389,616)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	19,964,314	36,353,930
END OF PERIOD	$ 4,692,947	$ 19,964,314

Concentration (Details)

Concentration (Details)	Dec. 31, 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	13.71%	15.57%
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	11.33%	10.80%
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	10.83%	11.88%

Concentration (Details 1)

Concentration (Details 1)	Dec. 31, 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	18.02%	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	15.34%	20.16%

Concentration (Details Textual)

Concentration (Details Textual)	12 Months Ended
	Dec. 31, 2018
Concentration (Textual)
Percentage of portfolio	10.00%
Description of credit risk arising from financial instruments	The Company (i) acquired a limited partnership investment in the common units of BEN LP, (ii) entered into a Commercial Loan with Beneficient as borrower, and (iii) received an Option Agreement to acquire additional common units of BEN LP. The total carrying value of these investments at December 31, 2018 is $584,173,000, representing 39.4% of the Company's consolidated assets. Currently there is no liquid market for the common units of BEN LP and it is possible none will develop. Although we intend to hold the Commercial Loan to maturity, there is currently no liquid market for this loan and it is possible none will develop.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended					12 Months Ended
	Jul. 03, 2019	May 31, 2019	Apr. 30, 2019	Apr. 26, 2019	Apr. 15, 2019	Dec. 31, 2018
Beneficient Company Holdings, L.P. [Member]
Subsequent Events (Textual)
Subsequent events, description						As shown on BEN LP's Consolidated Statements of Changes In Equity (Deficit), attached at page 6 of Exhibit 99.4, at December 31, 2018, there was $1,013,693,448 of Preferred Series A Subclass 1 Unit accounts (the "Preferred Series A") and $58,129,760 of Class S Ordinary Units issued. A description of each of these interests is included in footnote 12 - Equity of BEN LP's audited consolidated financial statements.
Subsequent Events [Member]
Subsequent Events (Textual)
Face value of insurance benefits	$ 53,957,000
Issue of L bonds	$ 178,938,000
Agreed to transfer shares of outstanding common stock					3,952,155
Employees will collectively receive bonuses amount					$ 4,500,000
Annual base salary				$ 650,000
Percentage of annual cash bonus				150.00%
Award grant performance share		129,717
Target maximum award		259,434
Principal amount		$ 65,000,000
Ownership percentage		90.00%
Aggregate outstanding principal		16.70%
Description of advance to principal amount		The principal amount of $50,000,000 was funded on June 3, 2019 and, subject to satisfaction of certain customary conditions, it is anticipated that the second advance, in the principal amount of $15,000,000, will be funded no sooner than September 15, 2019 and no later than December 31, 2019. The Loan bears interest at 7.0% per annum, with interest payable at maturity, and matures on June 30, 2023.
Subsequent Events [Member] | Beneficient Company Holdings, L.P. [Member]
Subsequent Events (Textual)
Ownership percentage				100.00%
Subsequent events, description				The Preferred Series A holders can convert up to 20% of the sub-capital balance in any calendar year into Class S Ordinary Units on or after January 1, 2021. Upon such an election, a holder of Preferred Series A will be issued Class S Ordinary Units necessary to provide the holder with a number of Class S Ordinary Units that, in the aggregate, equal (a) the balance of the holder's capital account associated with the Preferred Series A Subclass 1 Unit accounts being converted divided by (b) $8.50.
Subsequent Events [Member] | Beneficient [Member]
Subsequent Events (Textual)
Minimum retained ownership percentage			15.00%
Maximum ownership percentage			15.00%
Beneficient REUs (Restricted equity units) description			A total of 3.4 million Beneficient REUs have been approved for granting in 2019 that will vest upon the grant date, subject to the performance condition vesting described above. A total of 6.1 million Beneficient REUs have been approved for granting in 2019 that will vest over the completion of a 3-year service period beginning on the grant date, subject to the performance condition described above. All awards are anticipated to be classified in equity. Based on the grant date fair value, the estimated total Beneficient compensation expense attributable to these awards, assuming all vest, is approximately $90 to $100 million.