GWG (GWGHQ) 10-K 27 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 24, 2020	Jun. 28, 2019
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, 2019
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Public Float			$ 21,845,565
Entity File Number	001-36615
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	DE
Entity Common Stock Shares Outstanding		33,035,249

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 79,073	$ 114,587
Restricted cash	20,258	10,849
Investment in life insurance policies, at fair value	796,039	747,922
Life insurance policy benefits receivable, net	23,031	16,461
Loan receivables	232,344
Fees receivable	29,168
Financing receivables from affiliates	67,153	184,769
Equity method investments	1,761	360,842
Other assets	28,374	45,437
Goodwill	2,358,005
TOTAL ASSETS	3,635,206	1,480,867
LIABILITIES
Senior credit facility with LNV Corporation	174,390	148,978
L Bonds	926,638	651,403
Seller Trust L Bonds	366,892	366,892
Other borrowings	153,086
Interest and dividends payable	16,516	18,555
Deferred revenue	41,444
Accounts payable and accrued expenses	27,836	13,981
Deferred tax liability	57,923
TOTAL LIABILITIES	1,764,725	1,199,809
Redeemable noncontrolling interests	1,269,654
STOCKHOLDERS' EQUITY
REDEEMABLE PREFERRED STOCK (par value $0.001; shares authorized 100,000; shares outstanding 84,636 and 97,524; liquidation preference of $85,130 and $98,093 as of December 31, 2019 and 2018, respectively)	74,023	86,910
SERIES 2 REDEEMABLE PREFERRED STOCK (par value $0.001; shares authorized 150,000; shares outstanding 147,164 and 148,359; liquidation preference of $148,023 and $149,225 as of December 31, 2019 and 2018, respectively)	127,868	129,063
COMMON STOCK (par value $0.001; shares authorized 210,000,000; shares issued and outstanding 30,533,793 and 33,018,161 as of December 31, 2019 and 2018, respectively)	33	33
Common stock in treasury, at cost, 2,500,000 shares as of December 31, 2019	(24,550)
Additional paid-in capital	233,106	249,662
Accumulated deficit	(76,501)	(184,610)
TOTAL GWG HOLDINGS STOCKHOLDERS' EQUITY	333,979	281,058
Noncontrolling interests	266,848
TOTAL STOCKHOLDERS' EQUITY	600,827	281,058
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$ 3,635,206	$ 1,480,867

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Redeemable preferred stock, par value
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	210,000,000	210,000,000
Common stock, shares issued	30,533,793	33,018,161
Common stock, shares outstanding	30,533,793	33,018,161
Common stock, treasury shares	2,500,000
Redeemable Preferred Stock
Redeemable preferred stock, par value	$ 0.001	$ 0.001
Redeemable preferred stock, shares authorized	100,000	100,000
Redeemable preferred stock, shares outstanding	84,636	97,524
Redeemable preferred stock, liquidation preference	$ 85,130	$ 98,093
Series 2 Redeemable Preferred Stock
Redeemable preferred stock, par value	$ 0.001	$ 0.001
Redeemable preferred stock, shares authorized	150,000	150,000
Redeemable preferred stock, shares outstanding	147,164	148,359
Redeemable preferred stock, liquidation preference	$ 148,023	$ 149,225

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
REVENUE
Gain (loss) on life insurance policies, net	$ 75,320	$ (14,105)
Interest and other income	16,956	13,715
TOTAL REVENUE	92,276	(390)
EXPENSES
Interest expense	114,844	80,136
Employee compensation and benefits	28,309	17,407
Legal and professional fees	12,824	5,541
Other expenses	15,896	15,995
TOTAL EXPENSES	171,873	119,079
LOSS BEFORE INCOME TAXES	(79,597)	(119,469)
INCOME TAX EXPENSE (BENEFIT)	57,933
LOSS BEFORE EARNINGS FROM EQUITY METHOD INVESTMENTS	(137,530)	(119,469)
Earnings (loss) from equity method investments	(4,077)	18
Gain on consolidation of equity method investment (see Note 5)	249,716
NET INCOME (LOSS)	108,109	(119,451)
Preferred stock dividends	16,943	16,663
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 91,166	$ (136,114)
NET INCOME (LOSS) PER COMMON SHARE
Basic	$ 2.76	$ (22.32)
Diluted	$ 2.65	$ (22.32)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic	33,016,007	6,098,208
Diluted	35,219,442	6,098,208

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 108,109	$ (119,451)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Change in fair value of investment in life insurance policies	(49,015)	10,344
Amortization of deferred financing and issuance costs	13,804	10,037
Amortization of premium and accretion of discount on financing receivables	(1,720)	(14)
Provision for uncollectible policy benefit receivable	153	4,300
Loss (earnings) from equity method investments	4,077	(18)
Stock-based compensation	1,732	2,182
Gain on consolidation of equity method investment	(249,716)
Deferred income taxes	57,923
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(6,683)	(4,102)
Interest receivable added to commercial loan principal		(10,534)
Accrued interest on financing receivables	(6,913)
Other assets	(5,056)	4,406
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses	(8,297)	4,102
Interest and dividends payable	(1,228)	3,269
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(142,830)	(95,479)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(32,367)	(128,503)
Carrying value of matured life insurance policies	33,265	20,764
Equity method investments	(12,388)	(3,204)
Business combination consideration, net of cash acquired	(61,479)
Financing receivables from affiliate issued	(65,000)	(3,037)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(137,969)	(113,980)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on senior debt	50,133	12,903
Repayments of senior debt	(23,756)	(77,219)
Payments for senior debt issuance costs	(2,042)
Proceeds from issuance of L Bonds	403,397	263,965
Payments for L Bonds issuance costs	(25,284)	(17,379)
Payments for redemption of L Bonds	(116,809)	(48,027)
Issuance of common stock	59	614
Proceeds from issuance of convertible preferred stock		50,000
Proceeds from issuance of redeemable preferred stock		56,238
Payments for redeemable preferred stock issuance costs		(4,142)
Payments for redemption of redeemable preferred stock	(14,061)	(2,457)
Common stock dividends		(25,709)
Preferred stock dividends	(16,943)	(16,663)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	254,694	192,124
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(26,105)	(17,335)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	125,436	142,771
END OF PERIOD	99,331	125,436
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	102,202	67,058
Premiums paid, including prepaid	68,467	49,467
NON-CASH INVESTING AND FINANCING ACTIVITIES
Financing receivable from affiliate acquired		173,485
Conversion of interest receivable to commercial loan principal		10,534
Exchangeable note acquired and converted to equity method investment		156,422
Equity method investment acquired		201,828
Equity security acquired		38,562
Seller Trust L Bonds issued		366,892
Common stock issued		203,405
L Bonds:
Conversion of accrued interest and commissions payable to principal	1,760	1,240
Conversion of L Bonds to redeemable preferred stock		4,546
Preferred Stock:
Conversion of Series B convertible preferred stock to common stock		50,000
Options and stock appreciation rights issued	399	614
Investment in life insurance policies included in accounts payable		$ 6,377

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock Shares	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Total GWG Holdings Stockholders' Equity	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2017	$ 173,116	$ 6		$ (39,450)		$ 133,672		$ 133,672
Beginning balance, shares at Dec. 31, 2017	187,319	5,813,555
Net income (loss)				(119,451)		(119,451)		(119,451)
Issuance of common stock		$ 22	204,771			204,793		204,793
Issuance of common stock, shares		22,214,641
Repurchase of common stock			(69)			(69)		(69)
Repurchase of common stock, shares		(10,035)
Issuance of redeemable preferred stock	$ 56,878					56,878		56,878
Issuance of redeemable preferred stock, shares	61,021
Redemption of redeemable preferred stock	$ (2,458)					(2,458)		(2,458)
Redemption of redeemable preferred stock, shares	(2,457)
Common stock dividends				(25,709)		(25,709)		(25,709)
Issuance of Series B convertible preferred stock	$ 50,000					50,000		50,000
Issuance of Series B convertible preferred stock, shares	5,000,000
Conversion of Series B convertible preferred stock to common stock	$ (50,000)	$ 5	49,995
Conversion of Series B convertible preferred stock to common stock, shares	(5,000,000)	5,000,000
Preferred stock dividends	$ (11,563)		(5,100)			(16,663)		(16,663)
Stock-based compensation			65			65		65
Ending balance at Dec. 31, 2018	$ 215,973	$ 33	249,662	(184,610)		281,058		281,058
Ending balance, shares at Dec. 31, 2018	245,883	33,018,161
Net income (loss)				108,109		108,109		108,109
Issuance of common stock			439			439		439
Issuance of common stock, shares		58,382
Repurchase of common stock			(362)			(362)		(362)
Repurchase of common stock, shares		(42,750)
Common stock in treasury					$ (24,550)	(24,550)		(24,550)
Common stock in treasury, shares		(2,500,000)
Redemption of redeemable preferred stock	$ (14,082)		(1)			(14,083)		(14,083)
Redemption of redeemable preferred stock, shares	(14,083)
Preferred stock dividends			(16,943)			(16,943)		(16,943)
Stock-based compensation			311			311		311
Recognition of noncontrolling interests							$ 266,848	266,848
Ending balance at Dec. 31, 2019	$ 201,891	$ 33	$ 233,106	$ (76,501)	$ (24,550)	$ 333,979	$ 266,848	$ 600,827
Ending balance, shares at Dec. 31, 2019	231,800	30,533,793

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	(1) Nature of Business Organizational Structure GWG Holdings, Inc. (“GWG Holdings”) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC (“GWG Life”), and GWG Life’s wholly owned subsidiaries, GWG Life Trust and GWG DLP Funding IV, LLC. GWG Holdings’ previously wholly-owned subsidiary, Life Epigenetics Inc. (“Life Epigenetics”) was formed to engage in various life insurance related businesses and activities related to its development of epigenetic technology. Through its previously wholly-owned subsidiary, youSurance General Agency, LLC (“youSurance”), GWG Holdings offered life insurance directly to customers from a variety of life insurance carriers. On November 11, 2019, GWG contributed the common stock of Life Epigenetics and membership interests in youSurance to a legal entity, InsurTech Holdings, LLC in exchange for a membership interest in the entity (see Note 9). GWG Holdings’ indirect interests in loans collateralized by cash flows from other alternative assets are held by The Beneficient Company Group, L.P. (“Ben LP,” including all of the subsidiaries it may have from time to time — “Beneficient”) and its general partner, Beneficient Management, L.L.C. (“Beneficient Management”). Prior to December 31, 2019, GWG Holdings’ investment in Beneficient was accounted for as an equity method investment. On December 31, 2019, as more fully described below, Beneficient became a consolidated subsidiary of GWG Holdings. Ben LP is the general partner to Beneficient Company Holdings, L.P. (“BCH”) and owns 100% of the Class A Subclass A-1 and A-2 Units of BCH. BCH is the holding company that directly or indirectly receives all active and passive income of Beneficient and allocates that income among the units issued by BCH. As of December 31, 2019, BCH has issued general partnership Class A Units (Subclass A-1 and A-2), Class S Ordinary Units, Class S Preferred Units, FLP Units (Subclass 1 and Subclass 2), Preferred Series A Subclass 1 Unit Accounts, and Preferred Series A Subclass 2 Units. BCH issued to Ben LP Preferred Series A Subclass 2 Units as part of the transaction with GWG Holdings discussed below. Preferred Series A Subclass 2 Units hold the same rights and privileges as the Preferred Series A Subclass 1 Unit Accounts. All of the aforementioned legal entities are 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 this report to “we,” “us,” “our,” “our Company,” “GWG,” or the “Company” refer to these entities collectively. Our headquarters are located in Dallas, Texas. Nature of Business GWG Holdings, through its wholly-owned subsidiary GWG Life, has historically purchased life insurance policies in the secondary market and has built a large, actuarially diverse portfolio of life insurance policies backed by highly rated life insurance companies. These policy purchases were funded primarily through sales of L Bonds, as discussed in Note 12. In 2018 and 2019, GWG Holdings made strategic decisions to increase capital allocated toward providing liquidity products to a broader range of alternative assets, primarily through investments in Beneficient. Beneficient is a financial services firm based in Dallas, Texas that provides liquidity solutions for mid-to-high net worth (“MHNW”) individuals and small-to-mid (“STM”) size institutions, which previously had few options to obtain early liquidity for their alternative assets holdings. On September 25, 2018, Beneficient’s capital companies applied for trust charters from the Texas Department of Banking to merge into to-be organized limited trust associations. Beneficient’s capital companies submitted revised charter applications on March 6, 2020. As of March 25, 2020, the trust charters had not been issued to Beneficient. As such, Beneficient has closed a limited number of transactions to date, but intends to significantly expand its operations if and when the trust charters are issued. Beneficient was formed in 2003 but began its alternative asset business in September 2017. Beneficient operates primarily through its subsidiaries, which provide Beneficient’s products and services. These subsidiaries include: (i) Beneficient Capital Company, L.L.C. (“BCC”), through which Beneficient offers loans and liquidity products; (ii) Beneficient Administrative and Clearing Company, L.L.C. (“BACC”), through which Beneficient provides services for fund and trust administration and plans to provide custody services; (iii) Pen Indemnity Insurance Company, LTD (“Pen”), through which Beneficient plans to offer insurance services; and (iv) Ben Markets Management Holdings, L.P., formerly called ACE Portal, L.L.C. (“ACE”), through which Beneficient plans to provide an online portal for direct access to Beneficient’s financial services and products. Beneficient’s primary operations pertain to its liquidity products whereby Ben LP, through its subsidiaries, extends loans collateralized by cash flows from illiquid alternative assets and provides services to the trustees who administer the collateral. Beneficient’s core business products are its Exchange Trust, LiquidTrust and the InterChange Trust (introduced in 2020). Beneficient’s clients select one of these products and place their alternative assets into the custody trust that is a constituent member of a trust structure called the “ExAlt Plan TM TM TM TM In 2018 and 2019, GWG Holdings and GWG Life consummated a series of transactions (as more fully described below) with Beneficient that has resulted in a significant reorientation of our business and capital allocation strategy in addition to changes in our Board of Directors and executive management team. Liquidity As of December 31, 2019, we had cash and cash equivalents of approximately $79.1 million. We generated net losses from operations for the years ended December 31, 2019 and 2018 totaling $137.5 million and $119.5 million. As of February 29, 2020, we had cash and cash equivalents of $104.5 million, not including cash and cash equivalents of Beneficient. Besides funding operating expenditures and having sufficient cash to fund anticipated additional investments in Beneficient primarily for its lending products and working capital needs, we are obligated to pay other items such as interest payments and debt redemptions, and preferred stock dividends and redemptions. We expect to satisfy these obligations and fund our operations through anticipated operating cash flows, receipt of proceeds from our insurance policies, sales of additional L-Bonds, and, potentially, additional borrowings under existing debt facilities or new borrowings with other third-party lenders. GWG has a history of selling L-Bonds dating back to January 2012. GWG may not be able sell additional L-Bonds on terms as favorable to the Company as past transactions or in quantities sufficient to fund all of the Company’s operating requirements. Additionally, the Company may not be able to obtain additional borrowing under existing debt facilities or new borrowings with other third-party lenders. To the extent that GWG or its subsidiaries raise additional capital through the future issuance of debt, the terms of those debt securities may include terms that adversely affect the rights of our existing debt and/or equity holders or involve negative covenants that restrict GWG's ability to take specific actions, such as incurring additional debt or making additional investments in growing the operations of the Company. If GWG is unable to fund its operations and other obligations, or defaults on its debt, then the Company will be required to either i) sell assets to provide sufficient funding or ii) to raise additional capital through the sale of equity and the ownership interest of our equity holders may be diluted. Based on projections of anticipated operating cash flows, receipt of proceeds from our insurance policies, sales of additional L-Bonds, and, potentially, additional borrowings under existing debt facilities or new borrowings with other third-party lenders, we believe that we will have sufficient cash resources to finance our operations, satisfy our other obligations, and to fund anticipated additional investments in Beneficient through March 31, 2021. The Exchange Transaction On August 10, 2018 (the “Initial Transfer Date”), we completed the first of two closings (the “Initial Transfer”) contemplated by a Master Exchange Agreement with Ben LP and certain other parties (the “Seller Trusts”), which governs the strategic exchange of assets among the parties (the “Exchange Transaction”). On the Initial Transfer Date: ● GWG issued to the Seller Trusts Seller Trust L Bonds due 2023 (the “Seller Trust L Bonds”) in an aggregate principal amount of $403.2 million, 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 $50.0 million, which shares were subsequently transferred to the Seller Trusts; ● 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 $200.0 million (the “Commercial Loan”); ● Ben LP delivered to GWG a promissory note (the “Exchangeable Note”) in the principal amount of $162.9 million; and ● the Seller Trusts delivered to GWG 4,032,349 common units of Ben LP at an assumed value of $10 per common unit. On December 28, 2018, the final closing of the transaction occurred and the following actions took place (the “Final Closing” and the date upon which the Final Closing occurred, 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 was reduced to $182.0 million, (ii) the principal amount of the Exchangeable Note was reduced to $148.2 million, and (iii) the principal amount of the Seller Trust L Bonds was reduced to $366.9 million; ● the Seller Trusts refunded to GWG $0.8 million 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 and the Exchangeable Note was added to the principal amount of the Commercial Loan, as a result of which the principal amount of the Commercial Loan as of the Final Closing Date was $192.5 million; ● 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; ● Ben LP 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 Preferred Series A Subclass 1 Unit Accounts of BCH; and ● GWG issued to the Seller Trusts 27,013,516 shares of GWG common stock (including 5,000,000 shares issued upon conversion of the Series B). Description of the Assets Exchanged Seller Trust L Bonds On August 10, 2018, in connection with the Initial Transfer, GWG Holdings, GWG Life and Bank of Utah, as trustee, entered into a Supplemental Indenture (the “Supplemental Indenture”) to the Amended and Restated Indenture dated as of October 23, 2017 (the “Amended and Restated Indenture”). GWG Holdings entered into the Supplemental Indenture to add and modify certain provisions of the Amended and Restated Indenture necessary to provide for the issuance of the Seller Trust L Bonds. The maturity date of the Seller Trust L Bonds is August 9, 2023. The Seller Trust L Bonds bear interest at 7.5% per year. Interest is payable monthly in cash. 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 (see Note 13) are senior secured obligations of GWG, ranking junior only to all senior debt of GWG (see Note 11), pari passu in right of payment and in respect of collateral with all “L Bonds” of GWG (see Note 12), and senior in right of payment to all subordinated indebtedness of GWG. Payments under the Seller Trust L Bonds are guaranteed by GWG Life (see Note 23). Series B Convertible Preferred Stock The Series B converted into 5,000,000 shares of our common stock at a conversion price of $10 per share upon the Final Closing. Commercial Loan The $192.5 million principal amount under the Commercial Loan is due on August 9, 2023; however, it is extendable for two five-year terms. See Note 8 for a full description of the terms of the Commercial Loan. Ben LP’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, is due and payable monthly in cash, and one-half of the interest, or 2.5% per year, accrues and compounds annually on each anniversary date of the Final Closing Date and becomes due and payable in full in cash on the maturity date. In accordance with the Supplemental Indenture governing the issuance of 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, GWG Holdings entered into the Option Agreement with Ben LP. The Option Agreement gives GWG Holdings the option to acquire the number of common units in Ben LP that would be received by the holder of Preferred Series A Subclass 1 Unit Accounts of BCH, if such holder were converting on that date. There is no exercise price and the Company may exercise the option at any time until December 27, 2028, at which time the option will automatically settle. Common Units of Ben LP In connection with the Initial Transfer and Final Closing, the Seller Trusts and Beneficient delivered to GWG Holdings 40,505,279 common units of Ben LP. These units represented an approximate 89.9% interest in the common units of Ben LP as of the Final Closing Date (although, on a fully diluted basis, our ownership interest in common units of Ben LP would be reduced significantly below a majority of those issued and outstanding). Purchase and Contribution Agreement On April 15, 2019, Jon R. Sabes, GWG’s former Chief Executive Officer and a former director, and Steven F. Sabes, GWG’s former Executive Vice President and a former director, entered into a Purchase and Contribution Agreement (the “Purchase and Contribution Agreement”) with, among others, Ben LP. Under the Purchase and Contribution Agreement, Jon and Steven Sabes agreed to transfer all 3,952,155 of the shares of GWG’s outstanding common stock held directly or indirectly by them to BCC (a subsidiary of Ben LP) and AltiVerse Capital Markets, L.L.C. (“AltiVerse”). AltiVerse is a limited liability company owned by an entity related to Beneficient’s founders, including Brad K. Heppner (GWG’s Chairman and Beneficient’s Chief Executive Officer and Chairman) and an entity related to Thomas O. Hicks (one of Beneficient’s current directors and a director of GWG). GWG was not a party to the Purchase Agreement; however, the closing of the transactions contemplated by the Purchase and Contribution Agreement (the “Purchase and Contribution Transaction”) were subject to certain conditions that were dependent upon GWG taking, or refraining from taking, certain actions. The closing of the Purchase and Contribution Transaction occurred on April 26, 2019. Prior to or in connection with such closing: ● GWG’s bylaws were amended to increase the maximum number of directors of GWG from nine to 13, and the actual number of directors comprising the Board of Director was increased from seven to 11. The size of the Board has since been reduced and currently consists of nine directors. ● All seven members of GWG’s Board of Directors prior to the closing resigned as directors of GWG, and 11 individuals designated by Beneficient were appointed as directors of GWG, leaving two board seats vacant after the closing. ● Jon R. Sabes resigned from all officer positions he held with GWG or any of its subsidiaries prior to the closing, other than his position as Chief Executive Officer of GWG’s technology-focused then wholly-owned subsidiaries, Life Epigenetics and youSurance. ● Steven F. Sabes resigned from all officer positions he held with GWG or any of its subsidiaries prior to the closing, except as Chief Operating Officer of Life Epigenetics. ● The resignations of Messrs. Jon and Steven Sabes included a full waiver and forfeit of (i) any severance that may be payable by GWG or any of its subsidiaries in connection with such resignations or the Purchase and Contribution Transaction, and (ii) all equity awards of GWG held by either of them. ● Murray T. Holland was appointed as Chief Executive Officer of GWG. ● GWG entered into performance share unit agreements with certain employees of GWG pursuant to which such employees will collectively receive up to $4.5 million in cash compensation under certain terms and conditions, including, among others, that such employees remain employed by GWG or one of its subsidiaries (or, if no longer employed, such employment was terminated by GWG other than for cause, as such term is defined in the performance share unit agreement) for a period of 120 days following the closing. ● The stockholders agreement that was entered into on the Final Closing Date was terminated by mutual consent of the parties thereto. ● BCC and AltiVerse executed and delivered a Consent and Joinder to the Amended and Restated Pledge and Security Agreement dated October 23, 2017 by and among the Company, GWG Life, LLC, Messrs. Jon and Steven Sabes and the Bank of Utah, which provides that the shares of GWG’s common stock acquired by BCC and AltiVerse pursuant to the Purchase and Contribution Agreement will continue to be pledged as collateral security for GWG’s obligations owing in respect of the L Bonds and Seller Trust L Bonds. Indemnification Agreements On April 26, 2019, GWG entered into Indemnification Agreements (the “Indemnification Agreements”) with each of its executive officers and the directors appointed to the Board of Directors on such date. On May 13, 2019, GWG entered into Indemnification Agreement with the three additional directors appointed to the Board of Directors on such date (collectively with the executive officers and directors appointed on April 26, 2019, the “Indemnitees”). The Indemnification Agreements clarify and supplement indemnification provisions already contained in GWG’s bylaws and generally provide that GWG shall indemnify the indemnitees to the fullest extent permitted by applicable law, subject to certain exceptions, against expenses, judgments, fines and other amounts actually and reasonably incurred in connection with their service as a director or officer and also provide for rights to advancement of expenses and contribution. The Investment and Exchange Agreements On December 31, 2019, the Company, Ben LP, BCH, and Beneficient Management entered into a Preferred Series A Unit Account and Common Unit Investment Agreement (the “Investment Agreement”). Pursuant to the Investment Agreement, the Company transferred $79.0 million to Ben LP in return for 666,667 common units of Ben LP and a Preferred Series A Subclass 1 Unit Account of BCH. In connection with the Investment Agreement, the Company obtained the right to appoint a majority of the board of directors of Beneficient Management, the general partner of Ben LP. As a result, the Company obtained control of Ben LP and began reporting the results of Ben LP and its subsidiaries on a consolidated basis beginning on the transaction date of December 31, 2019. See Note 5 for more details on the accounting for the consolidation. The Company’s right to appoint a majority of the board of directors of Beneficient Management will terminate in the event (i) the Company’s ownership of the fully diluted equity of Ben LP (excluding equity issued upon the conversion or exchange of Preferred Series A Unit Accounts of BCH held as of December 31, 2019 by parties other than the Company) is less than 25%, (ii) the Continuing Directors of the Company cease to constitute a majority of the board of directors of the Company, or (iii) certain bankruptcy events occur with respect to the Company. The term “Continuing Directors” means, as of any date of determination, any member of the board of directors of the Company who: (1) was a member of the board of directors on December 31, 2019; or (2) was nominated for election or elected to the board of directors with the approval of a majority of the Continuing Directors who were members of the board of directors at the time of such nomination or election. Following the transaction, and as agreed upon in the Investment Agreement, the Company was issued an initial capital account balance for the Preferred Series A Subclass 1 Unit Account of $319.0 million. The other holders of the Preferred Series A Subclass 1 Unit Accounts are an entity related to the founders of Ben LP and an entity related to one of GWG’s and Beneficient’s directors (the “Related Account Holders”), and the aggregate capital accounts of all holders of the Preferred Series A Subclass 1 Unit Accounts after giving effect to the investment by the Company is $1.6 billion. The Company’s Preferred Series A Subclass 1 Unit Account is the same class of preferred security as held by the Related Account Holders. If the Related Account Holders exchange their Preferred Series A Subclass 1 Unit Accounts for securities of the Company, the Company’s Preferred Series A Subclass 1 Unit Account would be converted into common units of Ben LP (so neither the Company nor the founders would hold Preferred Series A Subclass 1 Unit Accounts). Also, on December 31, 2019, in a transaction related to the Investment Agreement, GWG Holdings transferred its interest in the Preferred Series A Subclass 1 Unit Account to its wholly owned subsidiary, GWG Life. In addition, on December 31, 2019, the Company, Ben LP and the holders of common units of Ben LP (the “Common Units”) entered into an Exchange Agreement (the “Exchange Agreement”) pursuant to which the holders of Common Units from time to time have the right, on a quarterly basis, to exchange their Common Units for common stock of the Company. The exchange ratio in the Exchange Agreement is based on the ratio of the capital account associated with the Common Units to be exchanged to the market price of the Company’s common stock based on the volume weighted average price of the Company’s common stock for the five consecutive trading days prior to the quarterly exchange date. The Exchange Agreement is intended to facilitate the marketing of Ben LP’s products to holders of alternative assets. The Exchange Transaction, the Purchase and Contribution Transaction, and the Investment and Exchange Agreements are referred to collectively as the “Beneficient Transactions.”

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Basis of Presentation Principles of Consolidation Noncontrolling Interest in Subsidiary The Company has interests in various entities including corporations and limited partnerships. For each such entity, the Company evaluates its ownership interest to determine whether the entity is a variable interest entity ("VIE") and, if so, whether it is the primary beneficiary of the VIE. The Company would consolidate any entity for which it was the primary beneficiary, regardless of its ownership or voting interests. Upon inception of a variable interest or the occurrence of a reconsideration event, the Company makes judgments in determining whether entities in which it invests are VIEs. If so, the Company makes judgments to determine whether it is the primary beneficiary and is thus required to consolidate the entity. If it is concluded that an entity is not a VIE, then the Company considers its proportional voting interests in the entity. The Company consolidates majority-owned subsidiaries in which a controlling financial interest is maintained. A controlling financial interest is determined by majority ownership and the absence of significant third-party participating rights. Ownership interests in entities for which the Company has significant influence that are not consolidated under the Company's consolidation policy are accounted for as equity method investments. SEC Staff Announcement: Accounting for Limited Partnership Investments (codified in ASC 323-30-S99-1) guidance requires the use of the equity method unless the investor's interest "is so minor that the limited partner may have virtually no influence over partnership operating and financial policies." The SEC staff's position is that investments in limited partnerships of greater than 3% to 5% are considered more than minor and, therefore, should be accounted for using the equity method. Related party transactions between the Company and its equity method investees have not been eliminated. Use of Estimates Business Combinations Cash and Cash Equivalents Cash, cash equivalents and restricted cash on our consolidated statements of cash flows include cash and cash equivalents and restricted cash of $79.1 million and $20.3 million and $114.6 million and $10.8 million as of December 31, 2019 and 2018, respectively. See Note 4 for a discussion of restrictions on cash. Investment in Life Insurance Policies, at Fair Value 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 in our consolidated balance sheets until the acquisition is complete and we have secured title to the policy. At December 31, 2019 and 2018, 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 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, Net 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 re-evaluated 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 a single life insurance policy claim where collection was doubtful. In 2019 we received a settlement on that policy recovering the amount of premiums paid during the period it was held by GWG. As of December 31, 2019, there was no allowance for uncollectible life insurance policy benefits receivable. Other Assets In December 2018, in connection with the Final Closing of the Exchange Transaction, GWG Holdings entered into an Option Agreement with Beneficient. The agreement gives GWG Holdings the option to acquire the number of common units in Ben LP that would be received by the holder of Preferred Series A Subclass 1 Unit Accounts of BCH. There is no exercise price and the Company may exercise the option at any time until December 27, 2028, at which time the option will automatically exercise and settle. The Option Agreement was eliminated upon consolidation of Beneficient on December 31, 2019, and the balance of $38.6 million was recorded in other assets at December 31, 2018. The Option Agreement is considered an equity security investment and earns a preferred return that we accrued to the investment balance and recorded in interest and other income in the consolidated statement of operations up until December 31, 2019. Any future gains or losses on this investment will be eliminated in consolidation. Financing Receivables 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 determine it is probable 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 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 receivables. 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 we will experience credit losses that are different from our current estimates. We have no allowance for losses at December 31, 2019 or 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 Investments Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate 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 reducing 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, 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. When we do not expect financial information of our equity method partner companies to be consistently available on a timely basis, the Company reports its share of the income or loss of the equity method investment on a one-quarter lag. For more information on equity method investments, see Note 9. Leases Leases 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 Business Combinations Business Combinations Fair Value Measurements Goodwill and Other Intangibles Intangibles – Goodwill and Other The Company reviews the carrying value of its finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. Factors that would require an impairment assessment include, among other things, a significant change in the extent or manner in which an asset is used, a continual decline in the Company's operating performance, or as a result of fundamental changes in a subsidiary's business condition. Income Taxes Earnings (Loss) per Common Share Net earnings, less any preferred dividends accumulated for the period (whether or not declared), is allocated to common stock. Basic earnings per common share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method in the case of restricted stock units, warrants and options, or the if-converted method in the case of RPS and RPS 2. During 2019 and 2018, RPS, RPS2, restricted stock units and stock options were the potentially dilutive non-participating instruments issued by the Company. Accounting Policies of Recently Consolidated Subsidiaries Loan Receivables Loan receivables are carried at the principal amount outstanding, plus interest paid-in-kind. The loans do not have scheduled principal or interest payments due prior to their maturity date, which is generally 12 years from the date of origination. Prepayment of the loans, in whole or in part, is permitted without premium or penalty. Loans bear contractual interest at the greater of 14% or 1-month LIBOR plus 10% compounded daily. The primary source of repayment for the loans and related fees is cash flows from the alternative assets collateralizing the loans. Interest income on loans is accrued on the principal amount outstanding and interest compounds on a daily basis. Allowances for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses in the portfolio. Management's determination of the allowance is based upon an evaluation of the loan portfolio, impaired loans, economic conditions, volume, growth and composition of the collateral to the loan portfolio, and other risks inherent in the portfolio. Management applies risk factors to categories of loans and individually reviews all impaired loans above a de minimis threshold. Management relies heavily on statistical analysis, current net asset value ("NAV") and distribution performance of the underlying alternative asset collateral and industry trends related to alternative asset investments to estimate losses. Management evaluates the adequacy of the allowance by reviewing relevant internal and external factors that affect credit quality. As the collateral is the sole source of repayment of the loans and related interest, these loans are considered to be collateral dependent. Any charge-offs are recognized in the period in which they arise for the collateral dependent loans (i.e., impaired collateral dependent loans are written down to their estimated net realizable value based on disposition value). Fees Receivable Fees receivable represent balances arising from services provided to clients and are recorded on an accrual basis. Fees receivable are written off when they are determined to be uncollectible. Any allowance for doubtful accounts is estimated based on our estimate of the ability of the collateral to satisfy the amounts due. Most of the fees receivable consist of unpaid upfront fees and trust service fees that will be paid from the cash flows from the client's alternative asset based on an allocation of those cash flows as prescribed in the associated trust agreement. Upfront fees and trust service fees are required to be paid first from the cash flows from the client's alternative asset and thus, we believe that the amounts are fully collectible. Accordingly, our consolidated financial statements do not include an allowance for bad debt nor any bad debt expense. Noncontrolling interests – Redeemable and Non-redeemable Noncontrolling interests represent the portion of certain consolidated subsidiaries' limited partnership interests that are held by third parties. Amounts are adjusted by the noncontrolling interest holder's proportionate share of the subsidiaries' or VIEs' earnings or losses each period and for any distributions that are paid. Noncontrolling interests are reported as a component of equity unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded between liabilities and equity (mezzanine or temporary equity) in the Company's consolidated balance sheets. The redeemable noncontrolling interest is adjusted at each balance sheet date to its maximum redemption value if the amount is greater than the carrying value. Changes in the Company's redeemable noncontrolling interests are presented in the consolidated statements of changes in stockholders' equity. Noncontrolling interests include holders, which consist of "Related Entities", an entity affiliated with a related party, and third parties, of Class S Ordinary Units issued by BCH. "Related Entities" are defined as certain trusts and those entities held by such trusts that are controlled by Beneficient's founder and in which Beneficient's founder and his family members are also among classes of economic beneficiaries whether or not Beneficient's founder is entitled to economic distributions from such trusts. Beneficient's founder is also chairman of the board of directors of GWG Holdings. Redeemable noncontrolling interests are held by holders, which consist of a Related Entity, an entity affiliated with a related party, and a third-party entity, of Preferred Series A Subclass 1 Unit Accounts issued by BCH. Upfront Fees Non-refundable upfront fees are earned for setting up and providing the client access to the EXAlt Plan TM Trust Administration Revenues Trust administration fees are earned for providing administrative services to trustees for existing liquidity solution clients. The performance obligation under these agreements is satisfied over time as the administration and management services are provided. Fees are recognized monthly based upon the beginning of quarter (in advance) net asset value plus any remaining unfunded loan commitments and the applicable fee rate of the account as outlined in the agreement. Payment frequency is defined in the individual contracts, which primarily stipulate billings on a quarterly basis in advance. Trust administration fee receivables are recorded in the consolidated balance sheets in the fees receivable line item and in trust services revenues on the consolidated statements of comprehensive income (loss). Reclassification Newly Adopted Accounting Pronouncements Leases ASU 2017-04, Goodwill, Recently Issued Accounting Pronouncements Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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

Correction of an Immaterial Err

Correction of an Immaterial Error	12 Months Ended
	Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Correction of an Immaterial Error	(3) Correction of an Immaterial Error In the consolidated statement of cash flows for the year ended December 31, 2018, we have separated the gross borrowings and repayments on our senior credit facility with LNV Corporation that were previously erroneously reported on a net basis in cash flows from financing activities. For the year ended December 31, 2018, we previously reported net repayments of senior debt of $64.3 million. We revised the comparative information for the year ended December 31, 2018, to report gross borrowings on senior debt of $12.9 million, and gross repayments of senior debt of $77.2 million, in the consolidated statements of cash flows. This revision had no effect on the total cash flows from financing activities.

Restrictions on Cash

Restrictions on Cash	12 Months Ended
	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Restrictions on Cash	(4) Restrictions on Cash Under the terms of our second amended and restated senior credit facility with LNV Corporation (discussed in Note 11), 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, distribute funds to pay down the facility, and distribute excess funds to the borrower (GWG DLP Funding IV, LLC). The agents for the lender authorize the disbursements from these accounts. At December 31, 2019 and 2018, there was a balance of $20.3 million and $4.2 million, 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, 2019 and 2018, there was a balance of $0 and $6.6 million, respectively, in the Company's escrow accounts.

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Business Combination	(5) Business Combination Prior to December 31, 2019, the Company owned 41,505,279 common units of Ben LP, for a total limited partnership interest in the common units of Ben LP of approximately 90.2%. This investment was historically accounted for using the equity method (see Note 9). On December 31, 2019, the Company entered into the Investment Agreement and Exchange Agreements described in Note 1. Pursuant to the Investment Agreement, the Company transferred $79.0 million to Ben LP in return for 666,667 additional common units of Ben LP and a Preferred Series A Subclass 1 Unit Account of BCH, which increased the Company's ownership in Ben LP common units to approximately 95.5%. Also on December 31, 2019, in a transaction related to the Investment Agreement, GWG Holdings transferred its interest in the Preferred Series A Subclass 1 Unit Account to its wholly owned subsidiary, GWG Life. In connection with the Investment Agreement, the Company obtained the right to appoint a majority of the board of directors of Beneficient Management, the general partner of Ben LP. As a result, the Company obtained control of Ben LP and consolidated Ben LP as of December 31, 2019, under the guidance in ASC 805, Business Combinations As a result of the change-of-control, the Company was required to remeasure its existing equity investment at fair value prior to consolidation. At December 31, 2019, the Company's equity investment in the common units of Ben LP had a carrying value of $368.6 million, prior to the additional investment noted above. The Company estimated the fair value of its investment in Ben LP to be approximately $622.5 million, resulting in the recognition of a gain of $253.9 million during the fourth quarter of 2019. This gain is included in gain on consolidation of equity method investment in the Company's consolidated statement of operations for the year ended December 31, 2019. This gain was partially offset by the remeasurement to fair value of the Commercial Loan Agreement between GWG Life and Ben and the Option Agreement between GWG Holdings and Ben which resulted in a net loss of $4.2 million. The net gain on consolidation of equity method investment after remeasurement of these preexisting balances was $249.7 million. The Company's proportionate share of the earnings or losses from Ben LP was recognized in earnings (loss) from equity method investment in our consolidated statement of operations from August 10, 2018 until December 31, 2019 (see Note 9 for further information) and was previously recorded on a one-quarter lag basis. In connection with the consolidation of Beneficient, the Company was required to discontinue the one-quarter lag. The following table summarizes the fair value measurement of the assets acquired and liabilities assumed as of December 31, 2019 (in thousands): ASSETS Loans receivable $ 232,344 Fees receivable 29,168 Investment in public equity securities 24,550 Other assets 14,053 Intangible assets 3,449 Total identifiable assets acquired 303,564 LIABILITIES Other borrowings 153,086 Commercial loan agreement from parent 168,420 Other liabilities and deferred revenue 105,866 Accounts payable and accrued expenses 13,713 Total liabilities assumed 441,085 Net liabilities assumed (137,521 ) NONCONTROLLING INTERESTS Common Units not owned by GWG Holdings (1) 181,383 Class S Ordinary Units 85,448 Class S Preferred Units 17 Preferred Series A Subclass 1 Unit Accounts 1,269,654 Total noncontrolling interests 1,536,502 ACQUISITION CONSIDERATION Cash, less cash acquired 61,479 Fair value of preexisting investment in Common Units (2) 622,503 Fair value of noncontrolling interest 1,536,502 Total estimated consideration 2,220,484 Less: Net liabilities assumed (137,521 ) Resulting preliminary goodwill 2,358,005 (1) Calculated as 1,974,677 Common Units not owned by GWG Holdings at December 31, 2019, multiplied by the $15.00 per unit derived from the enterprise valuation of Beneficient. Also includes $151.8 million of share-based payment awards that were granted by Beneficient prior to the change in control but were not replaced by awards of GWG Holdings upon the change in control. These awards were treated as noncontrolling interests in accordance with ASC 805, Business Combinations (2) Calculated as 41,505,279 Common Units owned by GWG Holdings prior to the change in control multiplied by the $15.00 per unit derived from the enterprise valuation of Beneficient, with a nominal rounding adjustment. Methods Used to Determine Equity Value and to Fair Value Assets and Liabilities The following is a description of the valuation methodologies used to estimate the fair value of equity and the fair values of major categories of assets acquired and liabilities assumed. In many cases, determining the fair value of equity and the acquired assets and assumed liabilities required management to estimate cash flows expected from those assets and liabilities and to discount those cash flows at appropriate rates of interest. This required the utilization of significant estimates and management judgment in accounting for the 2019 change-of-control event. Loan receivables Cash and cash equivalents and fees receivable Investment in public equity securities Other assets Intangible assets Other borrowings and commercial loan agreement from parent Other liabilities and deferred revenue Accounts payable and accrued expenses Noncontrolling interests The value of the noncontrolling interest includes an amount related to outstanding share-based payment awards that remain outstanding after the change-of-control. For these awards, the portion of the acquisition-date fair value of the share-based payment awards attributable to pre-combination service is recognized in noncontrolling interest as of December 31, 2019 Goodwill As of December 31, 2019, the accounting for the estimates of equity values, which includes noncontrolling interests, the fair value of loan receivables, and any separately identifiable intangibles was based on the facts and circumstances that existed as of the acquisition date. Should management obtain new information about facts and circumstances that existed at the acquisition date, adjustments to the fair values assigned to these items could occur during the measurement period of one year from the acquisition date. Any such adjustment will result in corresponding adjustments to goodwill. The following unaudited pro forma financial information presents the combined results of operations of GWG Holdings as if the acquisition of Ben LP had occurred as of January 1, 2018: (in thousands, except shares and per share data) Years ended December 31, 2019 2018 Total Revenue Pro forma $ 104,989 $ 89,949 As reported $ 92,276 $ (390 ) Net Income (Loss) Attributable to Common Shareholders Pro forma $ (218,572 ) $ (87,808 ) As reported $ 91,166 $ (136,114 ) Net Earnings (Loss) per Diluted Common Share Pro forma $ (6.15 ) $ (2.67 ) As reported $ 2.65 $ (22.32 ) The unaudited pro forma financial information is presented for informational purposes only. It is not necessarily indicative of what our consolidated results of operations actually would have been had the acquisition occurred at the beginning of each year, nor does it attempt to project the future results of operations of the combined company. The unaudited pro forma financial information above gives effect to the following: · Deconsolidation of certain Beneficient trusts included in the EXAlt Plan TM · Exclusion of the $249.7 million nonrecurring gain on consolidation of equity method investment · Reduction of Beneficient interest expense related to acquisition-date debt principal payments · Elimination of intercompany transactions, including the Commercial Loan Agreement and Option Agreement · Exclusion of nonrecurring acquisition-related transaction costs

Investment in Life Insurance Po

Investment in Life Insurance Policies	12 Months Ended
	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Investment in Life Insurance Policies	(6) 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 million in face value benefits or less — which utilize either a single fully underwritten, or simplified report based on self-reported medical interview), assumptions relating to cost-of-insurance (premium) rates and other assumptions. The discount rate we apply incorporates current information about the discount rates observed in the life insurance secondary market through competitive bidding observations (which have recently declined for us as a result of our decreased purchase activity) and other means, fixed income market interest rates, the estimated credit exposure to the insurance companies that issued the life insurance policies and management's estimate of the operational risk yield 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. As a result of management's analysis, a discount rate of 8.25% was applied to our portfolio as of both December 31, 2019 and 2018. Portfolio Information Our portfolio of life insurance policies, owned by our subsidiaries as of December 31, 2019 is summarized below: Life Insurance Portfolio Summary Total life insurance portfolio face value of policy benefits (in thousands) $ 2,020,973 Average face value per policy (in thousands) $ 1,756 Average face value per insured life (in thousands) $ 1,883 Average age of insured (years)* 82.4 Average life expectancy estimate (years)* 7.2 Total number of policies 1,151 Number of unique lives 1,073 Demographics 74% Male; 26% Female Number of smokers 48 Largest policy as % of total portfolio face value 0.7 % Average policy as % of total portfolio face value 0.1 % Average annual premium as % of face value 3.3 % (*) Averages presented in the table are weighted averages by face amount of policy benefits. A summary of our policies organized according to their estimated life expectancy dates, grouped by year, as of the reporting date, is as follows: As of December 31, 2019 As of December 31, 2018 Years Ending December 31, Number of Estimated (in thousands) Face Value (in thousands) Number of Estimated (in thousands) Face Value (in thousands) 2019 — $ — $ — 9 $ 6,380 $ 7,305 2020 8 5,869 6,342 41 46,338 59,939 2021 55 62,061 79,879 81 68,836 108,191 2022 90 89,074 138,723 104 97,231 177,980 2023 128 123,352 222,369 109 93,196 185,575 2024 109 103,111 217,053 107 84,150 211,241 2025 113 74,223 171,961 124 77,718 210,781 Thereafter 648 338,349 1,184,646 579 274,074 1,086,980 Totals 1,151 $ 796,039 $ 2,020,973 1,154 $ 747,923 $ 2,047,992 We recognized life insurance benefits of $125.1 million and $71.1 million during the years ended December 31, 2019 and 2018, respectively, related to policies with a carrying value of $33.2 million and $20.8 million, respectively, and as a result recorded realized gains of $91.9 million and $50.3 million. A reconciliation of gain (loss) on life insurance policies is as follows (in thousands): Years Ended 2019 2018 Change in estimated probabilistic cash flows (1) $ 67,186 $ 75,444 Unrealized gain on acquisitions (2) 6,921 28,017 Premiums and other annual fees (65,577 ) (54,087 ) Change in discount rates (3) — — Change in life expectancy evaluation (4) (2,332 ) (4,890 ) Change in life expectancy evaluation methodology (5) — (87,100 ) Face value of matured policies 125,148 71,090 Fair value of matured policies (56,026 ) (42,579 ) Gain (loss) on life insurance policies, net $ 75,320 $ (14,105 ) (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 changes 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% at December 31, 2019 and 2018. (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 policies in our portfolio, partially offset by the impact of a decrease in the discount rate associated thereto. Estimated 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 (in thousands), are as follows: Years Ending December 31, Premiums Servicing Total 2020 $ 67,455 $ 1,674 $ 69,129 2021 84,712 1,674 86,386 2022 97,757 1,674 99,431 2023 110,156 1,674 111,830 2024 120,077 1,674 121,751 $ 480,157 $ 8,370 $ 488,527 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 second amended and restated senior credit facility with LNV Corporation as described in Note 11. Management anticipates funding premiums and servicing costs of non-pledged life insurance policies with cash flows realized from life insurance policy benefits from our portfolio of life insurance policies and net proceeds from our offering of L Bonds. The proceeds of these capital sources may also be used for; additional investments in Beneficient; the purchase, policy premiums and servicing costs of additional life insurance policies; working capital; and financing expenditures including paying principal, interest and dividends.

Fair Value Definition and Hiera

Fair Value Definition and Hierarchy	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Definition and Hierarchy	(7) 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 third-party 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 (a non-distressed transaction in which neither seller nor buyer is compelled to engage in the transaction). A sale of the portfolio or a portion of the portfolio in an other than orderly transaction would likely occur at less than the fair value of the respective life insurance policies. 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 through competitive bidding observations (which have declined recently as a result of our decreased purchase activity) and other means, fixed income 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 yield 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 prepare a net present value calculation of our life insurance portfolio using the inputs we provide on a quarterly basis. The following table reconciles the beginning and ending fair value of our Level 3 investments in our portfolio of life insurance policies (in thousands): Years Ended 2019 2018 Beginning balance $ 747,922 $ 650,527 Purchases 32,367 128,502 Maturities (initial cost basis) (33,265 ) (20,763 ) Net change in fair value 49,015 (10,344 ) Ending balance $ 796,039 $ 747,922 Historically, for life insurance policies with face amounts greater than $1 million and that are not pledged as collateral under our second amended and restated senior credit facility with LNV Corporation (approximately 14.6% of our portfolio by face amount of policy benefits), we attempted to obtain updated life expectancy reports on a continuous rotating three year cycle. For life insurance policies that are pledged under our second amended and restated senior credit facility with LNV Corporation (approximately 77.3% of our portfolio by face amount of policy benefits as of December 31, 2019), prior to entering into the second amended and restated senior credit facility with LNV Corporation on November 1, 2019, we were required to update the life expectancy estimates every two years beginning from the closing date of the second amended and restated senior credit facility with LNV Corporation. Under the second amended and restated senior credit facility with LNV Corporation, we are required to update the life expectancy estimates for all life insurance policies that are pledged no later than December 18, 2020, and obtain updated life expectancy updates no less frequently than once every five years. For the remaining small face insurance policies (i.e., a policy with $1 million in face value benefits or less), we employ other methods and timeframes to update life expectancy estimates. In the fourth quarter of 2018, we adopted the Longest Life Expectancy portfolio valuation methodology. Under our Longest Life Expectancy methodology, we: i) utilize life expectancy reports from third-party life expectancy providers for the pricing of all life insurance policies; ii) apply a stable valuation methodology driven by the experience of our life insurance portfolio, which is re-evaluated if experience deviates by a specified margin; and iii) use relevant market observations that can be validated and mapped to the discount rate used to value the life insurance portfolio. With the adoption of the Longest Life Expectancy method, we discontinued the practice of obtaining updated life expectancy reports (or updating specific life expectancies in any manner) except as required by lenders to comply with existing and future covenants within credit facilities. This change was accounted for as a change in accounting estimate and affected the year ended December 31, 2019 and will affect all periods thereafter. 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* 82.4 82.1 Age of insured range, years 62-101 61-100 Weighted-average life expectancy, months* 86.2 93.2 Life expectancy range, months 0-240 1-251 Average face amount per policy (in thousands) $ 1,756 $ 1,775 Discount rate 8.25 % 8.25 % ( * Weighted-average by face amount of policy benefits Life expectancy estimates and market discount rates for a portfolio of life insurance policies are inherently uncertain and the effect of changes in estimates may be significant. For example, if the life expectancy estimates were increased or decreased by four and eight months on each outstanding policy, and the discount rates were increased or decreased by 1% and 2%, with all other variables held constant, the fair value of our investment in life insurance policies would increase or decrease as summarized below: Change in Fair Value of the Investment in Life Insurance Policies (in thousands) Change in Life Expectancy Estimates minus minus plus plus December 31, 2019 $ 113,812 $ 57,753 $ (55,905 ) $ (111,340 ) December 31, 2018 $ 113,410 $ 57,611 $ (55,470 ) $ (110,473 ) Change in Discount Rate minus 2% minus 1% plus 1% plus 2% December 31, 2019 $ 91,890 $ 43,713 $ (39,790 ) $ (76,118 ) December 31, 2018 $ 95,747 $ 45,440 $ (41,179 ) $ (78,615 ) Other Fair Value Considerations The carrying value of policy benefit receivables, prepaid expenses, accounts payable and accrued expenses approximate fair value due to their short-term maturities and low credit risk. Using the income-based valuation approach, the estimated fair value of our L Bonds and Seller Trust L Bonds, largely containing the same terms, was approximately $1.4 billion and $1.0 billion as of December 31, 2019 and 2018, respectively, based on a weighted-average market interest rate of 6.34% and 7.11%, respectively. The Commercial Loan receivable from Ben LP has a below-market interest rate of 5.0% per year; provided that the accrued interest from the date of the Initial Transfer to the Final Closing Date of the Exchange Transaction was added to the principal balance of the Commercial Loan. From and after the Final Closing Date, one-half of the interest, or 2.5% per year, is due and payable monthly in cash, and (ii) one-half of the interest, or 2.5% per year, accrues and compounds annually on each anniversary date of the Final Closing Date and becomes due and payable in full in cash on the maturity date. Utilizing an implied yield of 6.75%, we estimated the fair value of the Commercial Loan to be approximately $183.1 million as of December 31, 2018 based on a market yield analysis for similar instruments with similar credit profiles. As previously discussed, the Commercial Loan was eliminated in consolidation on December 31, 2019. The Promissory Note receivable from the LiquidTrusts (see Note 8) earns interest at 7.0% per year, payable upon maturity in 2023. Utilizing an implied yield of 10.0%, we estimate the fair value of the Promissory Note to be approximately $59.6 million as of December 31, 2019 based on a market yield analysis for similar instruments with similar credit profiles. The Promissory Note had a carrying value of $67.2 million as of December 31, 2019. Beneficient also has assets and liabilities measured at fair value on a non-recurring basis including loan receivables, fees receivable and other borrowings. As of December 31, 2019, all of the Beneficient's assets and liabilities were recorded at fair value in the consolidated balance sheet due to the application of pushdown accounting as described in Note 5. The carrying value of the second amended and restated senior credit facility with LNV Corporation reflects interest charged at 12-month LIBOR plus an applicable margin. The margin represents our credit risk, and the strength of the portfolio of life insurance policies collateralizing the debt. The overall rate reflects the current interest rate market, and the carrying value of the facility approximates fair value. GWG MCA Capital, Inc. ("GWG MCA") participated 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 31, 2019, one of our secured cash advances was impaired. Specifically, the secured loan to Nulook Capital LLC had an outstanding balance of $1.9 million and an allowance for loan loss of $1.9 million at December 31, 2019. We deem fair value to be the estimated collectible value on each loan or advance made from GWG MCA. Secured merchant cash advances, net of allowance for loan loss, of $0.3 and $0.5 million are included within other assets in our consolidated balance sheets as of December 31, 2019 and December 31, 2018, respectively. Where we estimate the collectible amount to be less than the outstanding balance, we record an allowance for the difference. Provision for merchant cash advances are recorded within other expenses on our consolidated statements of operations (see Note 17). GWG MCA no longer participates in the merchant cash advance industry. 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 assumptions involving significant unobservable inputs, or Level 3, in the fair value hierarchy. GWG Holdings previously had outstanding common stock warrants; however, the warrants expired in the quarter ended September 30, 2019.

Financing Receivables from Affi

Financing Receivables from Affiliates	12 Months Ended
	Dec. 31, 2019
Financing Receivable from Affiliate [Abstract]
Financing Receivables from Affiliates	(8) Financing Receivables from Affiliates Commercial Loan-Ben LP On August 10, 2018, in connection with the Initial Transfer of the Exchange Transaction, GWG Life, as lender, and Ben LP, 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 $192.5 million. The principal amount under the Commercial Loan is due on August 9, 2023, but is extendable for two five-year terms under certain circumstances. Repayment of the Commercial Loan is subordinated in right of payment to other Beneficient obligations. Ben LP's obligations under the Commercial Loan Agreement are unsecured. In accordance with the Supplemental Indenture governing the issuance of 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 13). On December 31, 2019, the Commercial Loan was eliminated as an intercompany balance as a result of the consolidation of Beneficient. Promissory Note-LiquidTrusts On May 31, 2019, GWG Life entered into a Promissory Note (the "Promissory Note"), made by Jeffrey S. Hinkle and Dr. John A. Stahl, not in their individual capacity but solely as trustees of The LT-1 LiquidTrust, The LT-2 LiquidTrust, The LT-5 LiquidTrust, The LT-7 LiquidTrust, The LT-8 LiquidTrust and The LT-9 LiquidTrust (collectively, the "LiquidTrust Borrowers") in the principal amount of $65.0 million. Pursuant to the terms of the Promissory Note, GWG Life funded a term loan to the LiquidTrust Borrowers in an aggregate principal amount of $65.0 million (the "Loan"), which Loan was funded in two installments as described below. The Loan was made pursuant to GWG's strategy to further diversify into alternative assets (beyond life insurance) and ancillary businesses and was intended to better position Beneficient's balance sheet, working capital and liquidity profile to satisfy anticipated Texas Department of Banking regulatory requirements. The LiquidTrust 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 95% of the issued and outstanding common units of Ben LP (although, on a fully diluted basis, our ownership interest in common units of Ben LP would be reduced significantly below a majority of those issued and outstanding). 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 LiquidTrust Borrowers. An initial advance in the principal amount of $50.0 million was funded on June 3, 2019 and, subsequent to satisfaction of certain customary conditions, the second advance in the principal amount of $15.0 million was funded on November 22, 2019. The Loan bears interest at 7.0% per annum, with interest payable at maturity, and matures on June 30, 2023. Subject to the Intercreditor Agreements (as defined below), the Loan can be prepaid at the LiquidTrust Borrowers' election without premium or penalty. 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. At the time Beneficient was consolidated, all existing senior loan obligations were held by HCLP. The Senior Lenders are directly or indirectly associated with one of Beneficient's founders, who is also Chairman of the Company's Board of Directors. HCLP is not considered a related party of GWG Holdings or Beneficient. Intercreditor Agreements In connection with the Promissory Note, the Company also entered into two intercreditor and subordination agreements: (1) an Intercreditor Agreement between GWG Life and HCLP and (2) an Intercreditor Agreement between 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 and subordination terms, including, without limitation, with respect to permitted actions by each party, permitted payments, waivers, voting arrangements in bankruptcy, application of certain proceeds and limitations on amendments of the respective loan obligations of the parties. The Senior Lenders have agreed not to extend the maturity of their respective loan obligations beyond June 30, 2023 or increase the outstanding principal of the loans made by the Senior Lenders without the written consent of GWG Life. GWG Life has agreed not to transfer, assign, pledge, grant a security interest in or otherwise dispose of (including, without limitation, pursuant to a foreclosure) the Promissory Note except with the written consent of the Senior Lenders (such consent not to be unreasonably withheld) or to the Company or direct or indirect wholly owned subsidiaries thereof. The following table summarizes outstanding principal, discount and accrued interest balances of the financing receivables from affiliates (in thousands) : December 31, 2019 2018 Commercial Loan Commercial Loan receivable – principal $ — $ 192,508 Discount on Commercial Loan receivable — (7,846 ) Accrued interest receivable on Commercial Loan — 107 Balance outstanding on Commercial Loan (1) — 184,769 Promissory Note Promissory Note receivable – principal 65,000 — Accrued interest receivable on Promissory Note 2,153 — Balance outstanding on Promissory Note $ 67,153 $ — (1) The Commercial Loan was eliminated upon consolidation of Beneficient at December 31, 2019. The outstanding principal and accrued interest at December 31, 2019 was $197.4 million.

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	(9) Equity Method Investments The balances of our equity method investments are as follows (in thousands): December 31, 2019 2018 Beneficient Company Group, L.P. (1) $ — $ 360,842 InsurTech Holdings, LLC (2) 1,761 — Total $ 1,761 $ 360,842 (1) The preexisting equity method investment in Ben was remeasured to fair value, and Ben and its subsidiaries were consolidated on December 31, 2019 (see Note 5). (2) On November 11, 2019, GWG Holdings contributed the common stock and membership interests of its previously-wholly owned subsidiaries Life Epigenetics and youSurance to InsurTech Holdings in exchange for a membership interest in InsurTech Holdings. Although GWG Holdings currently owns 100% of the equity of InsurTech Holdings, it does not have a controlling financial interest in InsurTech Holdings because the managing member has substantive participating rights. Therefore, GWG Holdings accounts for its ownership interest in InsurTech Holdings as an equity method investment. Beneficient Company Group, L.P. During 2018, we acquired 40.5 million common units of Ben LP for a total limited partnership interest in the common units of Ben LP of approximately 89.9% as of December 31, 2018. On June 12, 2019, we acquired an additional 1,000,000 common units of Ben LP from a third party for a cash investment of $10.0 million. On December 31, 2019, we acquired an additional 666,667 newly-issued common units of Ben LP for a cash investment of $10.0 million. The common units of Ben LP are not publicly traded on a stock exchange. Prior to December 31, 2019, our investment in the common units of Ben LP was presented in equity method investment on our consolidated balance sheets. Our proportionate share of earnings or losses from our investee was recognized in earnings (loss) from equity method investments in our consolidated statements of operations. We recorded our share of the income or loss of Beneficient through September 30, 2019 on a one-quarter lag. On December 31, 2019, we obtained control of Beneficient and consolidated Beneficient as of that date under the guidance in ASC 805, Business Combinations Financial information pertaining to Beneficient is summarized in the table below (in thousands): Twelve months August 10 to Total revenues $ 93,921 $ 18,409 Net income (loss) (32,133 ) 8,291 Net earnings (loss) attributable to Ben LP common unitholders (13,754 ) 129 GWG portion of net earnings (loss) (1) (2,460 ) 18 (1) Our portion of Beneficient's net earnings (loss) for the periods noted. We eliminated the effects of any intercompany transactions in the summarized information presented above. Our historical ownership percentage of our investment in Ben LP common units is as follows: Date Percentage of outstanding common units Reason August 10, 2018 13.9% Purchase of units December 28, 2018 89.9 Purchase of units March 31, 2019 88.1 Change in investee outstanding units June 12, 2019 90.2 Purchase of units December 31, 2019 95.5 Purchase of units Insurtech Holdings, LLC On November 11, 2019, GWG contributed the common stock and membership interests of its wholly owned Life Epigenetics and youSurance subsidiaries ("Insurtech Subsidiaries") to a legal entity, InsurTech Holdings, LLC ("InsurTech Holdings") in exchange for a membership interest in InsurTech Holdings. Although we currently own 100% of InsurTech Holdings' equity, we do not have a controlling financial interest in InsurTech Holdings because the managing member has substantive participating rights. Therefore, we account for our ownership interest in InsurTech Holdings as an equity method investment. The transaction resulted in a loss of control of the Insurtech Subsidiaries and, as a result, we deconsolidated the subsidiaries and recorded an equity method investment balance during the fourth quarter of 2019. The loss of control required us to measure the equity investment at fair value. We determined the fair value of our investment in InsurTech approximated the carrying value of $3.4 million which was primarily comprised of cash and fixed assets contributed to the entity during the fourth quarter of 2019. We recognized a loss on equity method investment of $1.6 million during the fourth quarter of 2019, resulting in an ending balance of $1.8 million as of December 31, 2019. In accordance with the operating agreement of InsurTech Holdings, GWG contributed $2.1 million in cash to InsurTech Holdings during the fourth quarter of 2019 and is committed to contribute an additional $17.9 million to the entity over the next two years. Our investment in the membership interest of InsurTech Holdings is presented in equity method investment in our consolidated balance sheets. Our proportionate share of earnings or losses from our investee is recognized in earnings (loss) from equity method investments in our consolidated statements of operations.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2019
Variable Interest Entity [Abstract]
Variable Interest Entities	(10) Variable Interest Entities In accordance with ASC 810, Consolidation Prior to December 31, 2019, we determined that Beneficient is a VIE, but that we were not the primary beneficiary of the investment. GWG did not have the power to direct any activities of Beneficient, or any of its related parties, that most significantly impacted Beneficient's economic performance. GWG had 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 did not have the ability to remove the general partner. Therefore, we did not consolidate the results of Beneficient in our consolidated financial statements through September 30, 2019. The Company's exposure to risk of loss in Beneficient was 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. Effective December 31, 2019, GWG acquired the ability to appoint a majority of the board of directors of the general partner of Ben LP. As a result, we became the primary beneficiary of Ben LP on December 31, 2019 and consolidated the balance sheet of Beneficient on that date. We determined that the LiquidTrust Borrowers are VIEs, but that we are not the primary beneficiary of the variable interests. We do not have the power to direct any activities of the LiquidTrust Borrowers that most significantly impact the Borrower's economic performance. The Company's exposure to risk of loss in the LiquidTrust Borrowers is limited to its financing receivable from the LiquidTrust Borrowers. We determined that Insurtech is a VIE, but that we are not the primary beneficiary of the variable interests. We do not have the power to direct any activities of Insurtech that most significantly impact its economic performance. The Company's exposure to risk of loss in Insurtech is limited to its equity method investment in the limited partnership units of Insurtech Holdings, LLC and its remaining unfunded capital commitments. The Company also determined that certain trusts included within the EXAlt TM The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company's unconsolidated VIEs (in thousands): December 31, 2019 December 31, 2018 Carrying Maximum Carrying Maximum Loan receivables $ 232,344 $ 335,255 $ — $ — Financing receivables from affiliates 67,153 67,153 184,769 184,769 Equity method investments 1,761 19,661 360,842 360,842 Other asset — — 38,562 38,562 Accounts payable and accrued expenses (2,515 ) — — — Total $ 298,743 $ 422,069 $ 584,173 $ 584,173

Senior Credit Facility with LNV

Senior Credit Facility with LNV Corporation	12 Months Ended
	Dec. 31, 2019
Line of Credit Facility [Abstract]
Senior Credit Facility with LNV Corporation	(11) Senior Credit Facility with LNV Corporation On September 27, 2017, we entered into an amended and restated senior credit facility with LNV Corporation as lender through our subsidiary GWG DLP Funding IV, LLC (“DLP IV”). The amended and restated senior credit facility makes available a total of up to $300.0 million in credit with a maturity date of September 27, 2029. Additional advances are available under the second amended and restated senior credit facility at the LIBOR rate as herein defined. Advances are available as the result of additional borrowing base capacity, created as the premiums and servicing costs of pledged life insurance policies become due. Interest will accrue on amounts borrowed under the second 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) 12-month LIBOR plus (b) 7.50% per annum. On November 1, 2019, DLP IV entered into a second amended and restated senior credit facility with LNV Corporation, as lender, and CLMG Corp., as the administrative agent on behalf of the lenders under the agreement (the “Second Amended and Restated Agreement”), which replaced the amended and restated senior credit facility dated September 27, 2017 that previously governed the DLP IV’s senior credit facility. The second amended and restated senior credit facility with LV Corporation makes available a total of up to $300.0 million in credit to DLP IV with a maturity date of September 27, 2029. Subject to available borrowing base capacity, additional advances are available under the second amended and restated senior credit facility at the LIBOR rate described below. Such advances are available to pay the premiums and servicing costs of pledged life insurance policies as such amounts become due. Interest will accrue on amounts borrowed under the second 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) 12-month LIBOR, plus (b) 7.50% per annum. The effective rate at December 31, 2019 was 9.54%. Interest payments are made on a quarterly basis. Under the second amended and restated senior credit facility, DLP IV has granted the administrative agent, for the benefit of the lenders under the agreement, a security interest in all of DLP IV’s assets. In conjunction with entering into the second amended and restated senior credit facility, DLP IV pledged life insurance policies having an aggregate face value of approximately $298.3 million as additional collateral and received an advance of approximately $37.1 million (inclusive of certain fees and expenses incurred in connection with the negotiation and entry into the second amended and restated senior credit facility). The second amended and restated senior credit facility has certain financial and nonfinancial covenants, and we were in compliance with these covenants at December 31, 2019 and as of the date of this filing. As of December 31, 2019, approximately 77.3% of the total face value of our life insurance policies portfolio is pledged to LNV Corporation. The amount outstanding under this facility was $184.6 million and $158.2 million at December 31, 2019 and 2018, respectively. Obligations under the second amended and restated senior credit facility are secured by a security interest in DLP IV’s assets, for the benefit of the lenders, through an arrangement under which Wells Fargo Bank, N.A. serves as securities intermediary. The life insurance policies owned by DLP IV do not serve as direct collateral for the obligations of GWG Holdings under the L Bonds and Seller Trust L Bonds. The difference between the amount outstanding and the carrying amount on our consolidated balance sheets is due to netting of unamortized debt issuance costs.

L Bonds

L Bonds	12 Months Ended
	Dec. 31, 2019
L Bonds [Abstract]
L Bonds	(12) L Bonds We began publicly offering and selling L Bonds in January 2012 under the name "Renewable Secured Debentures". These debt securities were re-named "L Bonds" in January 2015. L Bonds were publicly offered and sold on a continuous basis under a registration statement permitting us to sell up to $1.0 billion in principal amount of L Bonds through January 2018. On December 1, 2017, an additional public offering was declared effective permitting us to sell up to $1.0 billion in principal amount of L Bonds on a continuous basis until December 2020. This offering is a follow-on to the previous L Bond offering and contains the same terms and features. We are party to an indenture governing the L Bonds dated October 19, 2011, as amended ("Indenture"), under which GWG Holdings is obligor, GWG Life is guarantor, and Bank of Utah serves as indenture trustee. Effective December 31, 2019, we entered into Amendment No. 2 to the indenture to define the debt coverage ratio as the ratio, expressed as percentage, of (A) the aggregate sum of all indebtedness (other than Excluded Indebtedness as described below) of GWG Holdings and its direct and indirect subsidiaries (including the securities issued under the indenture, but excluding any indebtedness of Ben LP and its direct and indirect subsidiaries) as reflected on GWG Holdings' most recent consolidated balance sheet prepared in accordance with GAAP over (B) the sum of (i) net present asset value of life insurance policies owned by GWG Holdings and its direct or indirect subsidiaries or affiliates, but excluding life insurance policies held by Ben LP and its direct and indirect subsidiaries and controlled affiliates, plus (ii) all cash (and cash equivalents) held by GWG Holdings and its direct or indirect Subsidiaries or subsidiaries or affiliates, but excluding the cash (and cash equivalents) held by Ben LP and its direct and indirect subsidiaries, plus (iii) the original cost basis in GWG Holdings' investment in common units or other securities of Ben LP, plus (iv) the outstanding principal amount of any outstanding loans made under a commercial loan agreement with GWG Life, as lender, plus (v) the cost basis of assets contributed to GWG Holdings or any direct or indirect subsidiary of GWG Holdings in connection with a Repurchase Transaction, plus (vi) without duplication, the value of all other assets of GWG Holdings and its direct and indirect subsidiaries or affiliates (but excluding the value of assets of Ben LP and its direct and indirect subsidiaries) as reflected on its most recent consolidated balance sheet prepared in accordance with GAAP. For this purpose, "Excluded Indebtedness" is indebtedness that is payable at GWG Holdings' option in capital stock of GWG Holdings or securities mandatorily convertible into or exchangeable for such capital stock of the Company, or any indebtedness that is reasonably expected to be converted or exchanged, directly or indirectly, into such capital stock, provided that under the terms of such indebtedness in the event any such conversion or exchange does not occur in accordance with the terms of such transaction, such indebtedness would be cancelled and any assets received in exchange for such indebtedness would be returned. We were in compliance with all material covenants of the indenture at December 31, 2019 and as of the date of this filing, and no Events of Default (as defined in the Amended and Restated Indenture) existed as of such dates. 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 13. We temporarily suspended the offering of our L Bonds on May 1, 2019 as a result of our delay in filing certain periodic reports with the SEC. We recommenced our L Bond offering on August 8, 2019. The collateral and guarantee provisions of the L Bonds and Seller Trust L Bonds are described in Note 23. The bonds have renewal features under which we may elect to permit their renewal, subject to the right of bondholders to elect to receive payment at maturity. Interest is payable monthly or annually depending on the election of the investor. At December 31, 2019 and 2018, the weighted-average interest rate of our L Bonds was 7.15% and 7.10%, respectively. The principal amount of L Bonds outstanding was $948.1 million and $662.2 million at December 31, 2019 and 2018, respectively. The difference between the amount of outstanding L Bonds and the carrying amount on our consolidated balance sheets is due to netting of unamortized deferred issuance costs, cash receipts for new issuances and payments of redemptions in process. Amortization of deferred issuance costs was $12.7 million and $9.0 million for the years ended December 31, 2019 and 2018, respectively. Future expected amortization of deferred financing costs as of December 31, 2019 is $37.2 million in total over the next seven years. Future contractual maturities of L Bonds (other than Seller Trust L Bonds), and future amortization of their deferred financing costs, at December 31, 2019 (in thousands) are as follows: Years Ending December 31, Contractual Unamortized 2020 $ 152,118 $ 1,632 2021 201,419 5,774 2022 163,741 6,812 2023 76,969 3,342 2024 118,848 6,328 Thereafter 235,033 13,312 $ 948,128 $ 37,200

Seller Trust L Bonds

Seller Trust L Bonds	12 Months Ended
	Dec. 31, 2019
Seller Trust L Bonds [Abstract]
Seller Trust L Bonds	(13) 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. 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, and/or 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 12, and we have issued Seller Trust L Bonds under a Supplemental Indenture. We temporarily suspended the offering of our L Bonds on May 1, 2019 as a result of our delay in filing certain periodic reports with the SEC. We recommenced our L Bond offering on August 8, 2019. The collateral and guarantee provisions of the L Bonds and Seller Trust L Bonds are described in Note 23. The principal amount of Seller Trust L Bonds outstanding was $366.9 million at both December 31, 2019 and 2018.

Other Borrowings

Other Borrowings	12 Months Ended
	Dec. 31, 2019
Other Borrowings [Abstract]
Other Borrowings	(14) Other Borrowings Beneficient had borrowings with an aggregate fair value of $153.1 million upon consolidation as of December 31, 2019. This aggregate balance includes a senior credit agreement and a second lien credit agreement with respective balances, including accrued interest, of $77.5 million and $72.2 million at December 31, 2019. Both the senior credit agreement and the second lien credit agreement were held by HCLP as of December 31, 2019. Both loans accrue interest at a rate of 1-month LIBOR plus 3.95%, compounded daily, with interest due by the 15 th The loans contain customary covenants and events of default and termination, including cross-default provisions. As of December 31, 2019, Beneficient was in compliance with all covenants except for certain covenants related to providing financial statements and information related to the eligible underlying investments by a specified date. Subsequent to December 31, 2019, but before these consolidated financial statements were issued, the covenants were amended whereby the Company is in compliance with all such covenants. Beneficient has additional borrowings maturing in 2023 and 2024 with an aggregate principal balance outstanding, including accrued interest, of $2.5 million. Future contractual maturities of Beneficient's borrowings are as follows (in thousands): Years Ending December 31, 2020 $ 149,661 2021 — 2022 — 2023 750 2024 1,579 Thereafter — $ 151,990

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity	(15) Stockholders' Equity Common Stock In September 2014, GWG Holdings consummated an initial public offering of its 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, the common stock of GWG Holdings was listed on the Nasdaq Capital Market under the ticker symbol "GWGH." In conjunction with the initial public offering, GWG Holdings issued warrants to purchase 16,000 shares of common stock at an exercise price of $15.63 per share. As of December 31, 2019, all of these warrants have expired and none of them had been exercised. 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 GWG Holdings 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, GWG Holdings 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 of Directors or policies of GWG. The Stockholders Agreement was terminated in connection with the closing of the Purchase and Contribution Transaction on April 26, 2019. 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 shares of GWG only as permitted under these agreements. On November 15, 2018, the Board of Directors of GWG Holdings approved a stock repurchase program pursuant to which the Company was permitted, from time to time, to purchase shares of its common stock for an aggregate purchase price not to exceed $1.5 million. 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 years ended December 31, 2019 and 2018: 2018 Monthly Period Number of Average Price Total Number Maximum December 2018 10,035 $ 6.82 10,035 $ 1,432 2019 Monthly Period (1) January 2019 42,488 $ 8.47 52,523 $ 1,072 February 2019 202 8.88 52,725 1,070 (1) No stock was repurchased after February 2019, and the stock repurchase program expired on April 30, 2019. The Exchange Agreement, discussed in Note 1, executed on December 31, 2019, allows holders of Ben LP common units to exchange their common units for common stock of the Company. The exchange ratio in the Exchange Agreement is based on the ratio of the capital account associated with the common units to be exchanged to the market price of the Company's common stock based on the volume weighted average price of the Company's common stock for the five consecutive trading days prior to the quarterly exchange date. No Ben LP common units have been exchanged for the Company's common stock through December 31, 2019. Redeemable Preferred Stock On November 30, 2015, our public offering of up to 100,000 shares of RPS at $1,000 per share was declared effective. Holders of RPS are entitled to cumulative dividends at the rate of 7% per annum, paid monthly. Dividends on the RPS are recorded as a reduction to additional paid-in capital, if any, then to the outstanding balance of the preferred stock if additional paid-in capital has been exhausted. Under certain circumstances described in the Certificate of Designation for the RPS, additional shares of RPS may be issued in lieu of cash dividends. The RPS ranks senior to our common stock and pari passu with our RPS 2 and entitles its holders to a liquidation preference equal to the stated value per share (i.e., $1,000) plus accrued but unpaid dividends. Holders of RPS may presently convert their RPS into our common stock at a conversion price equal to the volume-weighted average price of our common stock for the 20 trading days immediately prior to the date of conversion, subject to a minimum conversion price of $15.00 and in an aggregate amount limited to 15% of the stated value of RPS originally purchased from us and still held by such purchaser. Holders of RPS may request that we redeem their RPS at a price equal to their stated value plus accrued but unpaid dividends, less an applicable redemption fee, if any, as specified in the Certificate of Designation. Nevertheless, the Certificate of Designation for RPS permits us in our sole discretion to grant or decline redemption requests. Subject to certain restrictions and conditions, we may also redeem shares of RPS without a redemption fee upon a holder's death, total disability or bankruptcy. In addition, after one year from the date of original issuance, we may, at our option, call and redeem shares of RPS at a price equal to their liquidation preference. In March 2017, we closed the RPS offering to additional investors having sold 99,127 shares of RPS for an aggregate gross consideration of $99.1 million and incurred approximately $7.0 million 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; however, based on our assessment under ASC 470, Debt Derivatives and Hedging Series 2 Redeemable Preferred Stock On February 14, 2017, our public offering of up to 150,000 shares of RPS 2 at $1,000 per share was declared effective. Holders of RPS 2 are entitled to cumulative dividends at the rate of 7% per annum, paid monthly. Dividends on the RPS 2 are recorded as a reduction to additional paid-in capital, if any, then to the outstanding balance of the preferred stock if additional paid-in capital has been exhausted. Under certain circumstances described in the Certificate of Designation for the RPS 2, additional shares of RPS 2 may be issued in lieu of cash dividends. The RPS 2 ranks senior to our common stock and pari passu with our RPS and entitles its holders to a liquidation preference equal to the stated value per share (i.e., $1,000) plus accrued but unpaid dividends. Holders of RPS 2 may, less an applicable conversion discount, if any, convert their RPS 2 into our common stock at a conversion price equal to the volume-weighted average price of our common stock for the 20 trading days immediately prior to the date of conversion, subject to a minimum conversion price of $12.75 and in an aggregate amount limited to 10% of the stated value of RPS 2 originally purchased from us and still held by such purchaser. Holders of RPS 2 may request that we redeem their RPS 2 shares at a price equal to their liquidation preference, less an applicable redemption fee, if any, as specified in the Certificate of Designation. Nevertheless, the Certificate of Designation for RPS 2 permits us in our sole discretion to grant or decline requests for redemption. Subject to certain restrictions and conditions, we may also redeem shares of RPS 2 without a redemption fee upon a holder's death, total disability or bankruptcy. In addition, we may, at our option, call and redeem shares of RPS 2 at a price equal to their liquidation preference (subject to a minimum redemption price, in the event of redemptions occurring less than one year after issuance, of 107% of the stated value of the shares being redeemed). In April 2018, we closed the RPS 2 offering to additional investors having sold 149,979 shares of RPS 2 for an aggregate gross consideration of $150.0 million and incurred approximately $10.3 million 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; however, based on our assessment under ASC 470 and ASC 815, we do not believe bifurcation of either the holder's redemption or conversion feature is appropriate. Series B Convertible Preferred Stock On August 10, 2018, GWG Holdings issued 5,000,000 shares of Series B, par value $0.001 per share and having a stated value of $10.00 per share, to Ben LP for cash consideration of $50.0 million as part of the Initial Transfer. 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. Preferred Series A Subclass 1 (Redeemable noncontrolling interest) BCH, a consolidated subsidiary of Ben LP, had non-unitized equity outstanding as of December 31, 2019. The Preferred Series A Subclass 1 Unit accounts are non-participating and convertible on a dollar basis. As of December 31, 2019, the 4th Amended and Restated Limited Partnership Agreement ("LPA") of BCH governs the terms of BCH's equity securities. Account holders are entitled to a compounded quarterly preferred return. The preferred return to be paid to Preferred Series A Unitholders is limited by a quarterly preferred return rate cap that is based on the annualized revenues of BCH. Annualized revenues are defined as four times the sum of total quarterly interest, fee and dividend income plus total noninterest revenues. This quarterly rate cap is defined as follows: ● 0.25% if annualized revenues are $80 million or less ● 0.50% if annualized revenues are greater than $80 million but equal to or less than $105 million ● 0.75% if annualized revenues are greater than $105 million but equal to or less than $125 million ● 1.00% if annualized revenues are greater than $125 million but equal to or less than $135 million ● 1.25% if annualized revenues are greater than $135 million but equal to or less than $140 million ● If over $140 million, the preferred return calculation is based on a fraction (i) the numerator of which is (A) the positive percentage rate change, if any, to the seasonally adjusted CPI-U covering the period from the date of the last allocation of profits to such holders, plus (B) (x) 2% prior to an Initial Public Offering (as defined in the BCH LPA) by Ben and (y) 3% thereafter, and (ii) the denominator of which is one minus the highest effective marginal combined U.S. federal, state and local income tax rate in effect as of the beginning of the fiscal quarter for which such determination is being made for an individual resident in New York City, New York, assuming (1) that the aggregate gross income allocable with respect to the quarterly preferred return for such fiscal year will consist of the same relative proportion of each type or character (e.g., long term or short term capital gain or ordinary or exempt income) of gross income item included in the aggregate gross income actually allocated in respect of the quarterly preferred return for the fiscal year reflected in the BCH's most recently filed Internal Revenue Service Form 1065 and (2) any state and local income taxes are not deductible against U.S. federal income tax. The definition of Initial Public Offering includes an event, transaction or agreement pursuant to which Ben's Common Units are convertible or exchangeable into equity securities listed on a national securities exchange or quotation in an automated quotation system. No amounts have been paid to the Preferred Series A Subclass 1 Unit Account holders related to the preferred return from issuance on September 1, 2017 through December 31, 2019. In connection with the issuance of Preferred Series A Subclass 2 Units as part of the Option Agreement, the preferred return of Preferred Series A Subclass 1 Unit Account holders is reduced by the preferred return allocated to the Preferred Series A Subclass 2 Units during the period the Option Agreement remains outstanding. Upon election by a holder, the Preferred Series A Unit Accounts (other than Preferred Series A Subclass 2 Unit Accounts) are, at any time on or after January 1, 2021, convertible in an amount of Preferred Series A Unit Accounts (other than Preferred Series A Subclass 2 Unit Accounts), equal to 20% of their Sub-Capital Accounts into Class S Ordinary Units (with the right to convert any unconverted amount from previous years in any subsequent years). Upon an election, a holder of Preferred Series A Subclass 1 Unit Accounts 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) either (x) prior to an initial public offering, the appraised per Class A Unit fair market value as determined by Beneficient or (y) following an initial public offering, the average price of a Common Unit for the thirty (30) day period ended immediately prior to the applicable conversion date. The holder of such newly issued Class S Ordinary Units may immediately convert them into Common Units. Additionally, effective December 31, 2030, if the Preferred Series A Subclass 1 Unit Accounts have not been converted, they will redeem for cash in an amount equal to the then outstanding capital account balance of the accounts. If available redeeming cash (as defined in the LPA) is insufficient to satisfy any such redemption requirements, BCH, on a quarterly basis, will redeem additional Preferred Series A Units until all such Preferred Series A Units have been redeemed. The Preferred Series A Subclass 1 Unit Accounts are subject to certain other conversion and redemption provisions. The current LPA of BCH also includes certain limitations of BCH, without the consent of a majority-in-interest of the Preferred Series A Unit Account holders, to (i) issue any new equity securities and (ii) except as otherwise provided, incur indebtedness that is senior to or pari passu with any right of distribution, redemption, repayment, repurchase or other payments relating to the Preferred Series A Unit accounts. Further, BCH cannot, prior to the conversion of all the Preferred Series A Unit accounts, incur any additional long-term debt unless (i) after giving effect to the incurrence of the new long-term debt on a pro forma basis, the sum of certain preferred stock, existing debt and any new long-term indebtedness would not exceed 55% of the BCH's NAV plus cash on hand, and (ii) at the time of incurrence of any new long-term indebtedness, the aggregate balance of the BCH's (including controlled subsidiaries) debt plus such new long-term debt does not exceed 40% of the sum of the NAV of the collateral underlying the loan portfolio of BCH and its subsidiaries plus cash on hand at Ben LP, BCH and its subsidiaries. The Preferred Series A Subclass 1 Unit Accounts are recorded in the consolidated balance sheet in the redeemable noncontrolling interest line item. Class S Ordinary Units As of December 31, 2019, BCH, a subsidiary of Ben LP, had issued and outstanding 5.8 million Class S Ordinary Units, which were all outstanding on each of the respective dates. The Class S Ordinary Units participate on an as-converted basis pro-rata in the share of the profits or losses of BCH and subsidiaries following all other allocations made by BCH and its subsidiaries. As limited partner interests, these units have limited voting rights and do not entitle participation in the management of the Company's business and affairs. The Class S Ordinary Units are exchangeable for Common Units of Ben LP on a one-for-one basis, subject to customary conversion rate adjustments for splits, distributions and reclassifications, as well as compliance with any applicable vesting and transfer restrictions. Each conversion also results in the issuance to Ben LP of a Class A Unit of BCH for each Common Unit issued. The Class S Ordinary Units are recorded in the consolidated balance sheet in the noncontrolling interests line item. Class S Preferred Units The limited partnership agreement of BCH allows it to issue Class S Preferred Units. The Class S Preferred Units are entitled to a quarterly preferred return that is limited by the quarterly preferred return rate cap described above for Preferred Series A Subclass 1 except for when annualized revenues exceed $140 million, the Class S Preferred return is based on a fraction (i) the numerator of which is (A) the positive percentage rate change, if any, to the seasonally adjusted CPI-U covering the period from the date of the last allocation of profits to such holders, plus (B) 0.75 percent, and (ii) the denominator of which is one minus the highest effective marginal combined U.S. federal, state and local income tax rate in effect as of the beginning of the fiscal quarter for which such determination is being made for an individual resident in New York City, New York, assuming (1) that the aggregate gross income allocable with respect to the quarterly preferred return for such fiscal year will consist of the same relative proportion of each type or character (e.g., long term or short term capital gain or ordinary or exempt income) of gross income item included in the aggregate gross income actually allocated in respect of the quarterly preferred return for the fiscal year reflected in the Ben Group Partnership's most recently filed IRS Form 1065 and (2) any state and local income taxes are not deductible against U.S. federal income tax. The Class S Preferred Units also participate on an as-converted basis pro-rata in the share of the profits or losses of BCH and subsidiaries following all other allocations made by BCH and its subsidiaries. As limited partner interests, these units are generally non-voting and do not entitle participation in the management of the Company's business and affairs. Generally, the Class S Preferred Units are exchangeable for Common Units in Ben LP on a 1.2-for-1 basis, subject to customary conversion rate adjustments for splits, distributions and reclassifications, as well as compliance with any applicable vesting and transfer restrictions. Each conversion also results in the issuance to Ben LP of a Class A Unit for each Common Unit issued. Holders of Class S Preferred Units may elect to convert into Class S Ordinary Units in connection with a sale or dissolution of BCH. No amounts have been paid to the Class S Preferred Unit holders related to the preferred return from issuance through December 31, 2019. The Class S Preferred Units are recorded on the consolidated balance sheet in the noncontrolling interests line item.

Stock Incentive Plan

Stock Incentive Plan	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock Incentive Plan	(16) 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 Stock Option Sub-Committee of our 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, 2019, 6,000,000 of our common stock options are authorized under the plan, of which 2,594,000 shares were reserved for issuance under outstanding incentive awards and 3,406,000 shares remain available for future grants. Stock Options As of December 31, 2019, we had outstanding stock options for 905,381 shares of common stock to employees, officers, and directors under the plan. Options for 673,341 shares have vested and the remaining options are scheduled to vest over three years. The options were issued with an exercise price between $4.83 and $11.56, which is equal to the market price of the shares on the date of grant. As of December 31, 2019, stock options for 1,195,705 shares had been forfeited and stock options for 777,364 shares had been exercised. The total intrinsic value of stock options exercised during 2019 was $0.3 million. The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2019 was $1.0 million and $0.8 million, respectively. Outstanding stock options: Vested Unvested Total 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 Granted during the year — 24,250 24,250 Vested during the year 197,859 (197,859 ) — Exercised during the year (53,001 ) — (53,001 ) Forfeited during the year (304,716 ) (159,103 ) (463,819 ) Balance as of December 31, 2019 673,341 232,040 905,381 We recognized $0.4 million and $1.3 million in expense related to stock options during 2019 and 2018, respectively. As of December 31, 2019, unrecognized compensation expense related to unvested options is $0.4 million. We expect to recognize this compensation expense over the next three years: $0.3 million in 2020, $0.1 million in 2021, and the remainder in 2022. Stock Appreciation Rights (SARs) As of December 31, 2019, we had outstanding SARs for 375,625 shares of common stock to employees. The strike price of the SARs was between $6.75 and $11.55, 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, 2019, 200,745 of the SARs were vested and 169,070 have been exercised. On December 31, 2019, the market price of GWG’s common stock was $9.82. Outstanding SARs: Vested Unvested Total 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 Granted during the period 4,250 130,650 134,900 Vested during the period 102,102 (102,102 ) — Exercised during the period (23,448 ) — (23,448 ) Forfeited during the period — (7,592 ) (7,592 ) Balance as of December 31, 2019 200,745 174,880 375,625 The liability for the SARs as of December 31, 2019 and 2018 was $0.6 million and $0.3 million, respectively, and was recorded within other accrued expenses in 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 $0.3 million was recorded for both years ended December 31, 2019 and 2018. Upon the exercise of SARs, the Company is obligated to make cash payment equal to the positive difference between the market value of the Company’s common stock on the date of exercise less the 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, 2019 Outstanding Weighted- Weighted- Fair Value at Vested Stock Options 673,341 $ 8.88 6.83 $ 2.21 SARs 200,745 $ 8.81 4.49 $ 2.09 Total Vested 874,086 $ 8.87 6.29 $ 2.18 Unvested Stock Options 232,040 $ 9.55 8.51 $ 2.59 SARs 174,880 $ 9.75 6.25 $ 2.50 Total Unvested 406,920 $ 9.64 7.54 $ 2.55 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 Restricted Stock Units A restricted stock unit (“RSU”) entitles the holder thereof to receive one share of our common stock (or, in some circumstances, the cash value thereof) upon vesting. RSUs are subject to forfeiture until they vest. On June 18, 2019, we granted an aggregate of 114,366 RSUs to our directors, which RSUs are subject to time-based vesting and are scheduled to vest in their entirety on the one year anniversary of the grant date subject to the holder continuously remaining a director or employee of, or a consultant to, GWG or one of its subsidiaries through such date. On May 31, 2019, we granted RSUs to our Chief Executive Officer that are subject to performance-based vesting pursuant to a performance share unit agreement (“PSU Agreement”). The PSU Agreement provides for a target award grant of 129,717 RSUs, and up to a maximum of 259,434 RSUs, with each representing the right to receive one share of our common stock (or, following a Change-in-Control Transaction (as defined in the PSU Agreement), the cash value thereof) upon vesting, which is generally subject to the satisfaction of performance goals over a performance period commencing on April 26, 2019 and ending on December 31, 2021. In the third quarter of 2019, a total of 375,000 RSUs held by employees vested entitling the holders thereof, collectively, to cash payments totaling $4.5 million, all of which were paid in the third and fourth quarters of 2019 and recognized in employee compensation and benefits in the consolidated statement of operations for the year ended December 31, 2019. Additionally during 2019, 53,403 RSUs vested and 26,701 shares of common stock were issued to employees, net of shares forfeited to satisfy tax withholding obligations. Beneficient has various equity incentive plans. In 2019 and early 2020, Beneficient granted units to certain of its employees and directors under these plans. The Company expects the expense recognized related to these plans to be material. The holders of certain of these units, upon vesting, have the right to convert the units to shares GWG common stock per the Exchange Agreement discussed in Note 1. As such, units issued and vested under Beneficient’s equity plans could result in dilution of GWG’s common stock.

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2019
Other Expenses [Abstract]
Other Expenses	(17) Other Expenses The components of other expenses in our consolidated statements of operations are as follows (in thousands): Years Ended 2019 2018 Contract labor $ 1,820 $ 1,453 Marketing 1,612 1,856 Information technology 2,024 1,578 Servicing and facility fees 1,833 1,782 Travel and entertainment 1,218 892 Insurance and regulatory 5,032 1,562 Bad debt expense 153 4,300 General and administrative 2,204 2,572 Total other expenses $ 15,896 $ 15,995

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	(18) Income Taxes The components of our income tax expense (benefit) and the reconciliation at the statutory federal tax rate to our actual income tax expense (benefit) consisted of the following (in thousands): Years Ended 2019 2018 Statutory federal income tax (benefit) $ 34,869 $ (25,085 ) State income taxes (benefit), net of federal benefit 13,486 (9,243 ) Change in valuation allowance 9,671 33,999 Other permanent differences (93 ) 329 Total income tax expense (benefit) $ 57,933 $ — The current and deferred components of tax expense were as follows (in thousands): Years Ended 2019 2018 Current income tax expense $ 10 $ — Deferred income tax expense 57,923 — Total income tax expense $ 57,933 $ — The Company's effective tax rate was 34.8% and 0.0% during 2019 and 2018, respectively. The 2019 effective tax rate was higher than the statutory rate primarily due to the deferred tax liability resulting from the gain on consolidation of equity method investment. The effective tax rate during 2018 was 0.0% as we did not generate taxable income. The effects of temporary differences that give rise to deferred income taxes were as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Investment in life insurance policies $ 37,649 $ 23,132 Net operating loss and business interest carryforwards 18,935 10,491 Other assets 4,286 6,864 Subtotal 60,870 40,487 Valuation allowance (50,056 ) (40,385 ) Deferred tax assets 10,814 102 Deferred tax liabilities: Investment in partnership (68,737 ) — Other liabilities — (102 ) Net deferred tax asset (liability) $ (57,923 ) $ — At December 31, 2019 and 2018, we had federal and aggregate state net operating loss ("NOL") carryforwards of $28.6 million and $36.5 million, respectively. The NOL carryforwards will begin to expire in 2033. 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. As a result of the Exchange Transaction, a change in ownership for income tax purposes occurred as of December 28, 2018. As such, the annual utilization of our net operating losses generated prior to the ownership change was limited. However, net unrealized built-in gains on our life insurance policies result in an increase in the Section 382 limit over the five-year recognition period, which resulted a nominal amount of current tax liability in 2019. Included in the deferred tax liability noted in the table above are our investments in Ben LP and InsurTech Holdings, which are partnerships for federal income tax purposes. We provide for a valuation allowance when it is not considered "more likely than not" that our deferred tax assets will be realized. As of December 31, 2019, based on all available evidence, we have provided a valuation allowance of $50.1 million against our deferred tax assets due to the uncertainty as to the realization of our deferred tax assets during the carryforward periods. In 2019, valuation allowances were recorded against the total amount of non-permanent deferred tax assets. Permanent deferred tax assets of $10.8 million in 2019 were comprised of interest expense limitations under Section 163(j) and the tax-effected net operation loss ("NOL") created subsequent to 2018. ASC 740, Income Taxes Under our accounting policies, interest and penalties on unrecognized tax benefits, as well as interest received from favorable tax settlements are recognized as components of income tax expense. At December 31, 2019 and 2018, we recorded no accrued interest or penalties related to uncertain tax positions. Our income tax returns for tax years ended December 31, 2016 through 2018, and 2019, when filed, remain open to examination by the Internal Revenue Service and various state taxing jurisdictions. Our income tax return for tax year ended December 31, 2015 also remains open to examination by various state taxing jurisdictions.

Earnings (Loss) per Common Shar

Earnings (Loss) per Common Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	(19) Earnings (Loss) per Common Share The computations of basic and diluted income (loss) attributable to common shareholders per share for 2019 and 2018 are as follows (in thousands, except share data and per share data): Years Ended 2019 2018 Numerator: Basic – Net income (loss) attributable to common shareholders $ 91,166 $ (136,114 ) Add: Preferred dividends upon conversion 2,020 Diluted – Net income (loss) attributable to common shareholders 93,186 (136,114 ) Denominator: Basic – weighted average common shares outstanding 33,016,007 6,098,208 Effect of dilutive securities 2,203,435 — Diluted – weighted average common shares outstanding 35,219,442 6,098,208 Basic earnings (loss) per common share $ 2.76 $ (22.32 ) Diluted earnings (loss) per common share $ 2.65 $ (22.32 ) RPS and RPS 2 (as described in Note 15) and restricted stock units and stock options (as described in Note 16) were included in the calculation of diluted earnings per share for the year ended December 31, 2019. Options to purchase 437,266 shares of common stock were outstanding during 2019 but were excluded from the calculation of diluted earnings per share because their effects were anti-dilutive. RPS, RPS 2, restricted stock units and stock options were not included in the calculation of diluted earnings per share for the year ended December 31, 2018 because we recorded a net loss during that period and the effects were anti-dilutive.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	(20) Segment Reporting GWG has two reportable segments consisting of Secondary Life Insurance and Investment in Beneficient. Corporate & Other includes certain activities not allocated to specific business segments. These activities include holding company financing and investing activities, and management and administrative services to support the overall operations of the Company and from November 1, 2019, include our equity method investment in InsurTech Holdings. 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 Ben LP, which we accounted for using the equity method prior to December 31, 2019, and the Preferred Series A Subclass 1 Unit Account of BCH. Beneficient became a consolidated subsidiary of GWG as of December 31, 2019 as a result of the Investment and Exchange agreements described in Note 5. 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 (loss) from equity method investments and gain on consolidation of equity method investment. Years Ended Revenue: 2019 2018 Secondary Life Insurance $ 78,002 $ (11,633 ) Investment in Beneficient 13,738 10,655 Corporate & Other 536 588 Total $ 92,276 $ (390 ) Years Ended Interest Expense: 2019 2018 Secondary Life Insurance $ 83,055 $ 69,357 Investment in Beneficient 31,789 10,778 Corporate & Other — 1 Total $ 114,844 $ 80,136 Years Ended Segment EBT: 2019 2018 Secondary Life Insurance $ (27,694 ) $ (96,578 ) Investment in Beneficient 229,206 (106 ) Corporate & Other (35,470 ) (22,767 ) Total 166,042 (119,451 ) Income tax expense 57,933 - Net income (loss) $ 108,109 $ (119,451 ) December 31, Total Assets: 2019 2018 Secondary Life Insurance $ 904,363 $ 889,665 Investment in Beneficient 2,721,546 584,173 Corporate & Other 9,297 7,029 Total $ 3,635,206 $ 1,480,867 The total assets of the Investment in Beneficient segment at December 31, 2019, includes goodwill of $2.4 billion which represents all of the goodwill on our consolidated balance sheet at December 31, 2019.

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	(21) Leases The Company leases certain real estate for its office premises under operating lease agreements which expire in 2021 and 2025. Under these leases, we are obligated to pay base rent plus common area maintenance and a share of building operating costs. The lease agreements contain extension options which we have not included in our liability calculations. We lease various other facilities on a short-term basis. The lease assets and liabilities are as follows (in thousands): December 31, Leases Classification 2019 Operating lease right-of-use assets Other assets $ 1,912 Operating lease liabilities Other accrued expenses $ 2,540 Total lease costs recognized for the years ended December 31, 2019 and 2018 were $0.5 million and $0.4 million, respectively. These amounts included operating lease costs of $0.2 million, variable lease costs of $0.2 million, and short term lease costs of $0.1 million for the year ended December 31, 2019. The weighted average remaining lease term at December 31, 2019 was 4.2 years and the weighted average discount rate was 6.6%. For the year ended December 31, 2019 and 2018, cash paid for amounts included in the measurement of operating lease liabilities and included in operating cash flows totaled $0.3 million. Maturities of operating lease liabilities as of December 31, 2019 are as follows (in thousands): 2020 $ 998 2021 715 2022 302 2023 311 2024 320 Thereafter 273 Total lease payments 2,919 Less: imputed interest (379 ) Present value of lease liabilities $ 2,540 The minimum aggregate operating lease commitments as of December 31, 2018 as reported under previous lease accounting standards were as follows (in thousands): 2019 $ 275 2020 284 2021 293 2022 302 2023 311 Thereafter 593 $ 2,058

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(22) Commitments and Contingencies Litigation — Commitments

Guarantee and Collateral Provis

Guarantee and Collateral Provisions of L Bonds and Seller Trust L Bonds	12 Months Ended
	Dec. 31, 2019
Guarantee of L Bonds [Abstract]
Guarantee and Collateral Provisions of L Bonds and Seller Trust L Bonds	(23) Guarantee and Collateral Provisions 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 12, and we have issued Seller Trust L Bonds under a Supplemental Indenture, as described in Note 13. 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) (2) ​ (1) The Seller Trust L Bonds are senior secured obligations of GWG, ranking junior to all senior debt of GWG (see Note 11), and pari passu in right of payment and in respect of collateral with all L Bonds of GWG (see Note 12). 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 second 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 second amended and restated senior credit facility at any given time. Any excess after satisfying all amounts owing under our second 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, 2019 and 2018, with respect to the financial position, and as of December 31, 2019 and 2018, 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 (in thousands) December 31, 2019 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 57,721 $ 2,644 $ 18,708 $ — $ 79,073 Restricted cash — — 20,258 — 20,258 Investment in life insurance policies, at fair value — 340 795,699 — 796,039 Life insurance policy benefits receivable, net — 200 22,831 — 23,031 Investment in GWG stock — — 24,550 (24,550 ) — Loan receivables — — 232,344 — 232,344 Fees receivable — — 29,168 — 29,168 Financing receivable from affiliates — 235,573 — (168,420 ) 67,153 Equity method investment 384,264 — — (382,503 ) 1,761 Other assets 62,354 320,490 22,163 (376,633 ) 28,374 Goodwill — — 2,358,005 — 2,358,005 Investment in subsidiaries 1,221,227 664,723 — (1,885,950 ) — TOTAL ASSETS $ 1,725,566 $ 1,223,970 $ 3,523,726 $ (2,838,056 ) $ 3,635,206 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Senior credit facility with LNV Corporation $ — $ — $ 174,390 $ — $ 174,390 L Bonds 926,638 — — — 926,638 Seller Trust L Bonds 366,892 — — — 366,892 Other borrowings — — 153,086 — 153,086 Intercompany debt – commercial loan — — 168,420 (168,420 ) — Interest and dividends payable 12,491 — 4,025 — 16,516 Deferred revenue — — 41,444 — 41,444 Account payable and accrued expenses 3,093 3,891 78,455 (57,603 ) 27,836 Deferred tax liability 57,923 — — — 57,923 TOTAL LIABILITIES 1,367,037 3,891 619,820 (226,023 ) 1,764,725 Redeemable noncontrolling interests — — 1,588,604 (318,950 ) 1,269,654 STOCKHOLDERS’ EQUITY Member capital — 1,220,079 665,871 (1,885,950 ) — Common units — — 563,966 (563,966 ) — Redeemable preferred stock and Series 2 redeemable preferred stock 201,891 — — — 201,891 Common stock 33 — — — 33 Treasury stock — — — (24,550 ) (24,550 ) Additional paid-in capital 233,106 — — — 233,106 Accumulated deficit (76,501 ) — — — (76,501 ) Noncontrolling interests — — 85,465 181,383 266,848 TOTAL STOCKHOLDERS’ EQUITY 358,529 1,220,079 1,315,302 (2,293,083 ) 600,827 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,725,566 $ 1,223,970 $ 3,523,726 $ (2,838,056 ) $ 3,635,206 December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 113,294 $ 232 $ 1,061 $ — $ 114,587 Restricted cash — 7,217 3,632 — 10,849 Investment in life insurance policies, at fair value — 92,336 655,586 — 747,922 Life insurance policy benefits receivable, net — 5,000 11,461 — 16,461 Financing receivables from affiliates — 184,769 — — 184,769 Equity method investment 360,842 — — — 360,842 Other assets 42,944 1,731 762 — 45,437 Investment in subsidiaries 799,182 510,865 — (1,310,047 ) — TOTAL ASSETS $ 1,316,262 $ 802,150 $ 672,502 $ (1,310,047 ) $ 1,480,867 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Senior credit facility with LNV Corporation $ — $ — $ 148,978 $ — $ 148,978 L Bonds 651,403 — — — 651,403 Seller Trust L Bonds 366,892 — — — 366,892 Interest and dividends payable 14,047 — 4,508 — 18,555 Accounts payable and accrued expenses 2,862 3,267 7,852 — 13,981 TOTAL LIABILITIES 1,035,204 3,267 161,338 — 1,199,809 STOCKHOLDERS’ EQUITY Member capital — 798,883 511,164 (1,310,047 ) — Redeemable preferred stock and Series 2 redeemable preferred stock 215,973 — — — 215,973 Common stock 33 — — — 33 Additional paid-in capital 249,662 — — — 249,662 Accumulated deficit (184,610 ) — — — (184,610 ) TOTAL STOCKHOLDERS’ EQUITY 281,058 798,883 511,164 (1,310,047 ) 281,058 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,316,262 $ 802,150 $ 672,502 $ (1,310,047 ) $ 1,480,867 Consolidating Statements of Operations (in thousands) For the year ended December 31, 2019 Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUE Gain on life insurance policies, net $ — $ 6,889 $ 68,431 $ — $ 75,320 Interest and other income 2,090 13,738 1,128 — 16,956 TOTAL REVENUE 2,090 20,627 69,559 — 92,276 EXPENSES Interest expense 98,535 — 16,309 — 114,844 Employee compensation and benefits 17,699 9,103 1,507 — 28,309 Legal and professional fees 8,322 1,392 3,110 — 12,824 Other expenses 11,283 1,983 2,630 — 15,896 TOTAL EXPENSES 135,839 12,478 23,556 — 171,873 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (133,749 ) 8,149 46,003 — (79,597 ) EQUITY IN INCOME OF SUBSIDIARIES 31,322 51,362 — (82,684 ) — NET INCOME (LOSS) BEFORE INCOME TAXES (102,427 ) 59,511 46,003 (82,684 ) (79,597 ) INCOME TAX EXPENSE 57,933 — — — 57,933 NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT (160,360 ) 59,511 46,003 (82,684 ) (137,530 ) Earnings (loss) from equity method investment (4,077 ) — — — (4,077 ) Gain on consolidation of equity method investment 272,546 (22,830 ) — — 249,716 NET INCOME (LOSS) 108,109 36,681 46,003 (82,684 ) 108,109 Preferred stock dividends 16,943 — — — 16,943 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 91,166 $ 36,681 $ 46,003 $ (82,684 ) $ 91,166 For the year ended December 31, 2018 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain (loss) on life insurance policies, net $ — $ 8,340 $ (22,445 ) $ — $ (14,105 ) Interest and other income 8,586 4,280 849 — 13,715 TOTAL REVENUE 8,586 12,620 (21,596 ) — (390 ) EXPENSES Interest expense 59,112 — 21,024 — 80,136 Employee compensation and benefits 9,980 5,742 1,685 — 17,407 Legal and professional fees 1,795 864 2,882 — 5,541 Other expenses 6,908 1,995 7,092 — 15,995 TOTAL EXPENSES 77,795 8,601 32,683 — 119,079 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (69,209 ) 4,019 (54,279 ) — (119,469 ) EQUITY IN INCOME OF SUBSIDIARIES (50,260 ) (48,666 ) — 98,926 — NET INCOME (LOSS) BEFORE INCOME TAXES (119,469 ) (44,647 ) (54,279 ) 98,926 (119,469 ) INCOME TAX EXPENSE — — — — — NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT (119,469 ) (44,647 ) (54,279 ) 98,926 (119,469 ) Earnings from equity method investment 18 — — — 18 NET INCOME (LOSS) (119,451 ) (44,647 ) (54,279 ) 98,926 (119,451 ) Preferred stock dividends 16,663 — — — 16,663 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (136,114 ) $ (44,647 ) $ (54,279 ) $ 98,926 $ (136,114 ) Consolidating Statements of Cash Flows (in thousands) For the year ended December 31, 2019 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 108,109 $ 36,681 $ 46,003 $ (82,684 ) $ 108,109 Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Equity of subsidiaries (31,322 ) (51,362 ) — 82,684 — Change in fair value of investment in life insurance policies — (9,477 ) (39,538 ) — (49,015 ) Amortization of deferred financing and issuance costs 12,727 — 1,077 — 13,804 Amortization of discount or premium on financing receivables — (1,720 ) — — (1,720 ) Provision for uncollectible policy benefit receivable — — 153 — 153 Earnings from equity method investments 4,077 — — — 4,077 Stock-based compensation 1,732 — — — 1,732 Gain on consolidation of equity method investment (272,546 ) 22,830 — — (249,716 ) Deferred income taxes 57,923 — — — 57,923 (Increase) decrease in operating assets: Life insurance policy benefits receivable — 4,800 (11,483 ) — (6,683 ) Interest receivable added to commercial loan principal — (6,913 ) — — (6,913 ) Other assets (1,079 ) 194 (4,171 ) — (5,056 ) Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses (1,173 ) (296 ) (6,828 ) — (8,297 ) Interest and dividends payable (746 ) — (482 ) — (1,228 ) NET CASH FLOWS USED IN OPERATING ACTIVITIES (122,298 ) (5,263 ) (15,269 ) — (142,830 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (8,682 ) (23,685 ) — (32,367 ) Carrying value of matured life insurance policies — 3,403 29,862 — 33,265 Equity investment acquired (12,388 ) — — — (12,388 ) Business combination consideration, net of cash acquired (79,030 ) — 17,551 — (61,479 ) Other investments acquired — (65,000 ) — — (65,000 ) Payment of capital contributions (72,217 ) 4,256 — 67,961 — NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (163,635 ) (66,023 ) 23,728 67,961 (137,969 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on senior debt — — 50,133 — 50,133 Repayments of senior debt — — (23,756 ) — (23,756 ) Payments for senior debt issuance costs — — (2,042 ) — (2,042 ) Proceeds from issuance of L Bonds 403,397 — — — 403,397 Payments for L Bonds issuance costs (25,284 ) — — — (25,284 ) Payments for redemption of L Bonds (116,809 ) — — — (116,809 ) Issuance of common stock 59 — — — 59 Payments for redemption of redeemable preferred stock (14,061 ) — — — (14,061 ) Preferred stock dividends (16,943 ) — — — (16,943 ) Issuance of member capital — 66,481 1,480 (67,961 ) — NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 230,359 66,481 25,815 (67,961 ) 254,694 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (55,574 ) (4,805 ) 34,274 — (26,105 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 113,294 7,449 4,693 — 125,436 END OF THE PERIOD $ 57,720 $ 2,644 $ 38,967 $ — $ 99,331 For the year ended December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (119,451 ) $ (44,647 ) $ (54,279 ) $ 98,926 $ (119,451 ) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Equity of subsidiaries 50,260 48,666 — (98,926 ) — Change in fair value of investment in life insurance policies — (4,263 ) 14,607 — 10,344 Amortization of deferred financing and issuance costs 8,982 — 1,055 — 10,037 Amortization of discount or premium on financing receivables 628 (642 ) — — (14 ) Provision for uncollectible policy benefit receivable — — 4,300 — 4,300 Earnings from equity method investment (18 ) — — — (18 ) Stock-based compensation 2,182 — — — 2,182 (Increase) decrease in operating assets: Life insurance policy benefits receivable — (3,500 ) (602 ) — (4,102 ) Interest receivable added to loan principal (7,046 ) (3,488 ) — — (10,534 ) Other assets (188,365 ) (144,147 ) 4,372 332,546 4,406 Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses (55 ) 812 3,345 — 4,102 Interest and dividends payable 4,025 — (756 ) 3,269 NET CASH FLOWS USED IN OPERATING ACTIVITIES (248,858 ) (151,209 ) (27,958 ) 332,546 (95,479 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (41,404 ) (87,099 ) — (128,503 ) Carrying value of matured life insurance policies — 4,424 16,340 — 20,764 Equity method investments (3,204 ) — — — (3,204 ) Other investments acquired (3,037 ) — — — (3,037 ) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (6,241 ) (36,980 ) (70,759 ) — (113,980 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on senior debt — — 12,903 — 12,903 Repayments of senior debt — — (77,219 ) — (77,219 ) Proceeds from issuance of L Bonds 263,965 — — — 263,965 Payments for L Bonds issuance costs (17,379 ) — — — (17,379 ) Payments for redemption of L Bonds (48,027 ) — — — (48,027 ) Issuance of common stock 614 — — — 614 Proceeds from issuance of convertible preferred stock 50,000 — — — 50,000 Proceeds from issuance of redeemable preferred stock 56,238 — — — 56,238 Payments for redeemable preferred stock issuance costs (4,142 ) — — — (4,142 ) Payments for redemption of redeemable preferred stock (2,457 ) — — — (2,457 ) Common stock dividends (25,709 ) — — — (25,709 ) Preferred stock dividends (16,663 ) — — — (16,663 ) Issuance of member capital — 184,784 147,762 (332,546 ) — NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 256,440 184,784 83,446 (332,546 ) 192,124 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,341 (3,405 ) (15,271 ) — (17,335 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 111,953 10,854 19,964 — 142,771 END OF THE PERIOD $ 113,294 $ 7,449 $ 4,693 $ — $ 125,436

Concentration

Concentration	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Concentration	(24) Concentration We primarily purchase life insurance policies written by life insurance companies having investment-grade ratings by independent rating agencies. As a result, there may be certain concentrations of policies with life insurance companies. The following summarizes the face value of insurance policies with specific life insurance companies exceeding 10% of the total face value held by our portfolio. Life Insurance Company December 31, December 31, John Hancock 14.23 % 13.71 % Lincoln National 11.55 % 11.33 % AXA Equitable 10.63 % 10.83 % 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 17.46 % 18.02 % Florida 14.86 % 15.34 % Beneficient’s underlying portfolio companies primarily operate in the United States, with the largest percentage, based on NAV, operating in healthcare technology, bio-technology, and diversified telecommunications services industries.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Parties	(25) Related Parties Relationship with Beneficient Management Counselors, L.L.C. Beneficient Management is the general partner of Ben LP and is governed by a board of directors. The governing document of BMLLC provides that Beneficient Management Counselors, L.L.C. ("BMC"), wholly owned by one of several Related Entities, determine the directors of Beneficient Management who fill 30% of the Board seats. BMC is also entitled to select (a) 50% of the membership of Beneficient Management's Nominating Committee and Executive Committee and appoint the chair of each of these committees, (b) 50% of the membership of the Community Reinvestment Committee (CRC), and (c) the CRC's chairperson, vice-chairperson, and lead committee member. Certain decisions with respect to Ben LP's charitable giving program are delegated to the CRC. Decisions regarding appointment and removal of Beneficient Management's directors, other than directors appointed by BMC, and GWG Holdings, are delegated, with certain exceptions, to the Nominating Committee of Beneficient Management, of which an executive of a Related Entity is a member and Chairman. In the event of a tie vote of the Nominating Committee on a vote for the removal of a director, the Chairman of the Nominating Committee may cast the tie-breaking vote. Services Agreement with Bradley Capital Company, L.L.C. Ben LP is the general partner of BCH and together they entered into an agreement with Bradley Capital Company, L.L.C. ("Bradley Capital") and BMC effective June 1, 2017 (the "Bradley Capital Agreement"). Bradley Capital is indirectly owned by a Related Entity. Under the Bradley Capital Agreement, Bradley Capital is entitled to a current base fee of $0.4 million per quarter for executive-level services provided by an executive of Bradley Capital, who is Beneficient's Chief Executive Officer and Chairman of GWG Holdings' and Beneficient Management's board of directors, together with a current supplemental fee of $0.2 million per quarter for administrative and financial analysis, subject to an annual inflation adjustment. The base fee may be increased up to two times the initial base fee per quarter if the scope of the services is expanded with the approval of the Executive Committee of the board of Beneficient Management, of which an executive of a Related Entity is a member and Chairman. An executive of a Related Entity receives an annual salary from the Company of $0.2 million and both an executive of a Related Entity and other employees of Bradley Capital can participate in equity incentive plans sponsored by the Company. The Bradley Capital Agreement also includes a payment from Ben LP of $0.2 million per year, paid quarterly, to cover ongoing employee costs for retired and/or departed employees of predecessor entities prior to September 1, 2017, which on-going costs were assumed by Bradley Capital, as well as a further payment to Bradley Capital in respect of the cost of health and retirement benefits for current employees of Bradley Capital all of which are reimbursed by Ben LP. Ben LP is also required to reimburse Bradley Capital for out-of-pocket expenses incurred by Bradley Capital employees, including reimbursement for private travel including the family members of a designated executive of a Related Entity for both business and personal use. The Bradley Capital Agreement requires Ben LP to reimburse Bradley Capital or its affiliates for taxes, fees, and expenses, including legal fees and related costs, relating to the contributions by affiliates of Bradley Capital of equity or debt interests in Ben LP to public charitable trusts in connection with the Exchange Trusts, as well as the contribution of beneficial interests in client trusts administered by Beneficient. Additionally, the Company provides office space and access to needed technology systems and telephony services. Payments by Ben LP to Bradley Capital and its affiliates are guaranteed and subject to enforcement by the state courts in Delaware in the event of default. The Bradley Capital Agreement extends through July 2021, with an annual one-year renewal provision thereafter. The Bradley Capital Agreement may be terminated by unanimous approval of the Executive Committee of the board of Beneficient Management of which an executive of a Related Entity is a member, or without such approval if the Related Entity no longer holds $10.0 million of Ben's securities. Relationship with Beneficient Holdings, Inc. The Beneficient Company Group (USA), L.L.C. ("Beneficient USA"), a subsidiary of BCH, entered into a Services Agreement with BHI effective July 1, 2017 (the "BHI Services Agreement"). BHI is indirectly owned by a Related Entity and is an affiliate of Beneficient. BHI pays an annual fee of $30 to Ben LP for the provision of trust administration services for a Related Entity and all trusts affiliated with its family trustee as that term is defined in the governing documents for a Related Entity. Beneficient USA also is required to provide any other services requested by BHI, subject to any restrictions in the operating agreement of BHI, at cost. The term of the BHI Services Agreement extends for the longer of (i) five years past the expiration or termination of the Bradley Capital Agreement, or (ii) seven years after the family trustee of the Related Entity is no longer a primary beneficiary of any trust affiliated with the family trustee. BHI owns the majority of the Class S Ordinary Units, Preferred Series A Subclass 1 Unit Accounts, and FLP Subclass 1 Unit Accounts issued by BCH. Additionally, Ben LP, through its subsidiary, BCC, was the borrower of $72.0 million from BHI under the second lien credit agreement discussed in Note 14 that was subsequently assigned to HCLP. Administrative Services Agreement between Constitution Private Capital Company, L.L.C. ("Constitution") and Beneficient USA Constitution is an entity owned 50.5% by a Related Entity and 49.5% by an entity controlled by our board of directors. It was founded in 1986 and acquired by a Related Entity in 1996. Constitution currently manages three private equity fund-of-funds. Effective January 1, 2017, Constitution entered into an Administrative Services Agreement (the "ASA") with Beneficient USA, which is wholly owned by BACC and a subsidiary of BCH, whereby Beneficient USA provides personnel to administer the portfolio assets advised by Constitution. Under the ASA, Constitution pays to Beneficient USA a monthly fee equal to .01% of the month-end net assets of its portfolio. The ASA automatically renews on an annual basis and may be terminated at any time by Constitution. Beneficient USA may only terminate the ASA in the event of a breach by Constitution. Preferred Provider Liquidity Agreement with Constitution In May 2019, BCC entered into an agreement with Constitution (the "Preferred Liquidity Provider Agreement") under which at Constitution's option, BCC will provide liquidity to alternative asset funds sponsored by Constitution at an advance rate of not less than 82% of NAV, to the extent such funds meet certain specified qualifications. For a fund to qualify for the liquidity option, it must, among other things, hold investments that were approved or deemed approved by BCC at the time a fund makes such investments. BCC is required to provide liquidity in any combination, at its discretion, of cash, U.S. exchange traded funds registered under the Investment Company Act of 1940, or securities traded on a national securities exchange. BCC's obligation under the Preferred Liquidity Provider Agreement is guaranteed by Ben LP and BCH. The Preferred Provider Liquidity Agreement may be terminated solely by mutual consent of Ben and Constitution. Ben and Constitution have not contracted for any liquidity under this agreement through December 31, 2019. Relationship with The Heppner Endowment for Research Organizations, L.L.C. and Research Ranch Operating Company, L.L.C (collectively "HERO"). HERO is owned indirectly by a Related Entity. Its purposes are (i) to serve as an advisor to National Philanthropic Trust ("NPT"), an unrelated third-party charitable organization, regarding the disbursement of research grants to qualifying organizations, (ii) to serve as an advisor to NPT regarding the administration of charitable contributions made for the benefit of multiple Texas universities and (iii) to provide funding and operational support for the research activities conducted by those Texas universities. Both HERO and the charitable organizations administered by NPT (the beneficiaries of which are multiple Texas universities) receive proceeds from trusts settled and funded by clients of Beneficient. The funding received by NPT is used to fund the research projects of the Texas universities. The funding received by HERO may be used, in HERO's discretion, to (i) provide appropriate facilities and properties for the Texas universities to utilize as part of their research endeavors (those properties and facilities being owned by a Related Entity), and (ii) provide fee revenue to HERO. HERO is granted such rights and authority pursuant to trust instruments entered into between a client and subsidiaries of Beneficient as well as an agreement between HERO and NPT. Beneficient's subsidiaries provide financing to the trusts established by the clients and Beneficient is paid as an agent of the trustees for administrative services it provides to the trusts. Relationship with Hicks Holdings L.L.C. Hicks Holdings L.L.C. ("Hicks Holdings"), an entity related to Thomas O. Hicks, who is a Beneficient Management and GWG Holdings director, owns a Preferred Series A Subclass 1 Unit Account and Class S Ordinary Units issued by BCH with a total initial balance of $60.4 million. Hicks Holdings was granted its Preferred Series A Subclass 1 Unit Account and Class S Ordinary Units as compensation for services provided under a previous advisory and consulting services agreement between Beneficient and Hicks Holdings which terminated on June 30, 2018. Services provided by representatives of Ben and the trusts associated with the loans An independent party currently serves as trustee for the LiquidTrusts and certain of the other trusts in the associated EXAlt Plan TM

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	(26) Subsequent Events In December 2019, a novel strain of coronavirus ("COVID-19") was first reported in Wuhan, China. Less than four months later, on March 11, 2020, the World Health Organization declared COVID-19 a pandemic. The extent of COVID-19's effect on the Company's operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on the Company's business. However, if the pandemic continues to evolve into a severe worldwide health crisis, the disease could have a material adverse effect on the Company's business, results of operations, financial condition and cash flows. Subsequent to December 31, 2019 through March 23, 2020, policy benefits on 18 policies covering 15 individuals have been realized. The face value of insurance benefits of these policies was $24.2 million. Subsequent to December 31, 2019 through March 23, 2020, we have issued approximately $105.0 million of L Bonds.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation
Principles of Consolidation	Principles of Consolidation Noncontrolling Interest in Subsidiary The Company has interests in various entities including corporations and limited partnerships. For each such entity, the Company evaluates its ownership interest to determine whether the entity is a variable interest entity (“VIE”) and, if so, whether it is the primary beneficiary of the VIE. The Company would consolidate any entity for which it was the primary beneficiary, regardless of its ownership or voting interests. Upon inception of a variable interest or the occurrence of a reconsideration event, the Company makes judgments in determining whether entities in which it invests are VIEs. If so, the Company makes judgments to determine whether it is the primary beneficiary and is thus required to consolidate the entity. If it is concluded that an entity is not a VIE, then the Company considers its proportional voting interests in the entity. The Company consolidates majority-owned subsidiaries in which a controlling financial interest is maintained. A controlling financial interest is determined by majority ownership and the absence of significant third-party participating rights. Ownership interests in entities for which the Company has significant influence that are not consolidated under the Company’s consolidation policy are accounted for as equity method investments. SEC Staff Announcement: Accounting for Limited Partnership Investments (codified in ASC 323-30-S99-1) guidance requires the use of the equity method unless the investor’s interest “is so minor that the limited partner may have virtually no influence over partnership operating and financial policies.” The SEC staff’s position is that investments in limited partnerships of greater than 3% to 5% are considered more than minor and, therefore, should be accounted for using the equity method. Related party transactions between the Company and its equity method investees have not been eliminated.
Use of Estimates	Use of Estimates 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 and restricted cash of $79.1 million and $20.3 million and $114.6 million and $10.8 million as of December 31, 2019 and 2018, respectively. See Note 4 for a discussion of restrictions on cash.
Investment in Life Insurance Policies, at Fair Value	Investment in Life Insurance Policies, at Fair Value 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 in our consolidated balance sheets until the acquisition is complete and we have secured title to the policy. At December 31, 2019 and 2018, 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 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, Net	Life Insurance Policy Benefits Receivable, Net 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 re-evaluated 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 a single life insurance policy claim where collection was doubtful. In 2019 we received a settlement on that policy recovering the amount of premiums paid during the period it was held by GWG. As of December 31, 2019, there was no allowance for uncollectible life insurance policy benefits receivable.
Other Assets	Other Assets In December 2018, in connection with the Final Closing of the Exchange Transaction, GWG Holdings entered into an Option Agreement with Beneficient. The agreement gives GWG Holdings the option to acquire the number of common units in Ben LP that would be received by the holder of Preferred Series A Subclass 1 Unit Accounts of BCH. There is no exercise price and the Company may exercise the option at any time until December 27, 2028, at which time the option will automatically exercise and settle. The Option Agreement was eliminated upon consolidation of Beneficient on December 31, 2019, and the balance of $38.6 million was recorded in other assets at December 31, 2018. The Option Agreement is considered an equity security investment and earns a preferred return that we accrued to the investment balance and recorded in interest and other income in the consolidated statement of operations up until December 31, 2019. Any future gains or losses on this investment will be eliminated in consolidation.
Financing Receivables	Financing Receivables 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 determine it is probable 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 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 receivables. 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 we will experience credit losses that are different from our current estimates. We have no allowance for losses at December 31, 2019 or 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 Investments	Equity Method Investments Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate 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 reducing 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, 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. When we do not expect financial information of our equity method partner companies to be consistently available on a timely basis, the Company reports its share of the income or loss of the equity method investment on a one-quarter lag. For more information on equity method investments, see Note 9.
Leases	Leases Leases
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
Business Combinations	Business Combinations Business Combinations Fair Value Measurements
Goodwill and Other Intangibles	Goodwill and Other Intangibles Intangibles – Goodwill and Other The Company reviews the carrying value of its finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. Factors that would require an impairment assessment include, among other things, a significant change in the extent or manner in which an asset is used, a continual decline in the Company's operating performance, or as a result of fundamental changes in a subsidiary's business condition.
Income Taxes	Income Taxes
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share Net earnings, less any preferred dividends accumulated for the period (whether or not declared), is allocated to common stock. Basic earnings per common share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method in the case of restricted stock units, warrants and options, or the if-converted method in the case of RPS and RPS 2. During 2019 and 2018, RPS, RPS2, restricted stock units and stock options were the potentially dilutive non-participating instruments issued by the Company.
Accounting Policies of Recently Consolidated Subsidiaries	Accounting Policies of Recently Consolidated Subsidiaries Loan Receivables Loan receivables are carried at the principal amount outstanding, plus interest paid-in-kind. The loans do not have scheduled principal or interest payments due prior to their maturity date, which is generally 12 years from the date of origination. Prepayment of the loans, in whole or in part, is permitted without premium or penalty. Loans bear contractual interest at the greater of 14% or 1-month LIBOR plus 10% compounded daily. The primary source of repayment for the loans and related fees is cash flows from the alternative assets collateralizing the loans. Interest income on loans is accrued on the principal amount outstanding and interest compounds on a daily basis. Allowances for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses in the portfolio. Management's determination of the allowance is based upon an evaluation of the loan portfolio, impaired loans, economic conditions, volume, growth and composition of the collateral to the loan portfolio, and other risks inherent in the portfolio. Management applies risk factors to categories of loans and individually reviews all impaired loans above a de minimis threshold. Management relies heavily on statistical analysis, current net asset value ("NAV") and distribution performance of the underlying alternative asset collateral and industry trends related to alternative asset investments to estimate losses. Management evaluates the adequacy of the allowance by reviewing relevant internal and external factors that affect credit quality. As the collateral is the sole source of repayment of the loans and related interest, these loans are considered to be collateral dependent. Any charge-offs are recognized in the period in which they arise for the collateral dependent loans (i.e., impaired collateral dependent loans are written down to their estimated net realizable value based on disposition value). Fees Receivable Fees receivable represent balances arising from services provided to clients and are recorded on an accrual basis. Fees receivable are written off when they are determined to be uncollectible. Any allowance for doubtful accounts is estimated based on our estimate of the ability of the collateral to satisfy the amounts due. Most of the fees receivable consist of unpaid upfront fees and trust service fees that will be paid from the cash flows from the client's alternative asset based on an allocation of those cash flows as prescribed in the associated trust agreement. Upfront fees and trust service fees are required to be paid first from the cash flows from the client's alternative asset and thus, we believe that the amounts are fully collectible. Accordingly, our consolidated financial statements do not include an allowance for bad debt nor any bad debt expense. Noncontrolling interests – Redeemable and Non-redeemable Noncontrolling interests represent the portion of certain consolidated subsidiaries' limited partnership interests that are held by third parties. Amounts are adjusted by the noncontrolling interest holder's proportionate share of the subsidiaries' or VIEs' earnings or losses each period and for any distributions that are paid. Noncontrolling interests are reported as a component of equity unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded between liabilities and equity (mezzanine or temporary equity) in the Company's consolidated balance sheets. The redeemable noncontrolling interest is adjusted at each balance sheet date to its maximum redemption value if the amount is greater than the carrying value. Changes in the Company's redeemable noncontrolling interests are presented in the consolidated statements of changes in stockholders' equity. Noncontrolling interests include holders, which consist of "Related Entities", an entity affiliated with a related party, and third parties, of Class S Ordinary Units issued by BCH. "Related Entities" are defined as certain trusts and those entities held by such trusts that are controlled by Beneficient's founder and in which Beneficient's founder and his family members are also among classes of economic beneficiaries whether or not Beneficient's founder is entitled to economic distributions from such trusts. Beneficient's founder is also chairman of the board of directors of GWG Holdings. Redeemable noncontrolling interests are held by holders, which consist of a Related Entity, an entity affiliated with a related party, and a third-party entity, of Preferred Series A Subclass 1 Unit Accounts issued by BCH. Upfront Fees Non-refundable upfront fees are earned for setting up and providing the client access to the EXAlt Plan TM Trust Administration Revenues Trust administration fees are earned for providing administrative services to trustees for existing liquidity solution clients. The performance obligation under these agreements is satisfied over time as the administration and management services are provided. Fees are recognized monthly based upon the beginning of quarter (in advance) net asset value plus any remaining unfunded loan commitments and the applicable fee rate of the account as outlined in the agreement. Payment frequency is defined in the individual contracts, which primarily stipulate billings on a quarterly basis in advance. Trust administration fee receivables are recorded in the consolidated balance sheets in the fees receivable line item and in trust services revenues on the consolidated statements of comprehensive income (loss).
Reclassification	Reclassification
Newly Adopted Accounting Pronouncements	Newly Adopted Accounting Pronouncements Leases ASU 2017-04, Goodwill,
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Schedule of preliminary fair value measurement of the assets acquired and liabilities	ASSETS Loans receivable $ 232,344 Fees receivable 29,168 Investment in public equity securities 24,550 Other assets 14,053 Intangible assets 3,449 Total identifiable assets acquired 303,564 LIABILITIES Other borrowings 153,086 Commercial loan agreement from parent 168,420 Other liabilities and deferred revenue 105,866 Accounts payable and accrued expenses 13,713 Total liabilities assumed 441,085 Net liabilities assumed (137,521 ) NONCONTROLLING INTERESTS Common Units not owned by GWG Holdings (1) 181,383 Class S Ordinary Units 85,448 Class S Preferred Units 17 Preferred Series A Subclass 1 Unit Accounts 1,269,654 Total noncontrolling interests 1,536,502 ACQUISITION CONSIDERATION Cash, less cash acquired 61,479 Fair value of preexisting investment in Common Units (2) 622,503 Fair value of noncontrolling interest 1,536,502 Total estimated consideration 2,220,484 Less: Net liabilities assumed (137,521 ) Resulting preliminary goodwill 2,358,005 (1) Calculated as 1,974,677 Common Units not owned by GWG Holdings at December 31, 2019, multiplied by the $15.00 per unit derived from the enterprise valuation of Beneficient. Also includes $151.8 million of share-based payment awards that were granted by Beneficient prior to the change in control but were not replaced by awards of GWG Holdings upon the change in control. These awards were treated as noncontrolling interests in accordance with ASC 805, Business Combinations (2) Calculated as 41,505,279 Common Units owned by GWG Holdings prior to the change in control multiplied by the $15.00 per unit derived from the enterprise valuation of Beneficient, with a nominal rounding adjustment
Schedule of pro forma financial information	(in thousands, except shares and per share data) Years ended December 31, 2019 2018 Total Revenue Pro forma $ 104,989 $ 89,949 As reported $ 92,276 $ (390 ) Net Income (Loss) Attributable to Common Shareholders Pro forma $ (218,572 ) $ (87,808 ) As reported $ 91,166 $ (136,114 ) Net Earnings (Loss) per Diluted Common Share Pro forma $ (6.15 ) $ (2.67 ) As reported $ 2.65 $ (22.32 )

Investment in Life Insurance _2

Investment in Life Insurance Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Schedule of life insurance portfolio	Life Insurance Portfolio Summary Total life insurance portfolio face value of policy benefits (in thousands) $ 2,020,973 Average face value per policy (in thousands) $ 1,756 Average face value per insured life (in thousands) $ 1,883 Average age of insured (years)* 82.4 Average life expectancy estimate (years)* 7.2 Total number of policies 1,151 Number of unique lives 1,073 Demographics 74% Male; 26% Female Number of smokers 48 Largest policy as % of total portfolio face value 0.7 % Average policy as % of total portfolio face value 0.1 % Average annual premium as % of face value 3.3 % (*) Averages presented in the table are weighted averages by face amount of policy benefits.
Schedule of organized according to their estimated life expectancy dates as of the reporting date	As of December 31, 2019 As of December 31, 2018 Years Ending December 31, Number of Estimated (in thousands) Face Value (in thousands) Number of Estimated (in thousands) Face Value (in thousands) 2019 — $ — $ — 9 $ 6,380 $ 7,305 2020 8 5,869 6,342 41 46,338 59,939 2021 55 62,061 79,879 81 68,836 108,191 2022 90 89,074 138,723 104 97,231 177,980 2023 128 123,352 222,369 109 93,196 185,575 2024 109 103,111 217,053 107 84,150 211,241 2025 113 74,223 171,961 124 77,718 210,781 Thereafter 648 338,349 1,184,646 579 274,074 1,086,980 Totals 1,151 $ 796,039 $ 2,020,973 1,154 $ 747,923 $ 2,047,992
Schedule of reconciliation of gain (loss) on life insurance policies	Years Ended 2019 2018 Change in estimated probabilistic cash flows (1) $ 67,186 $ 75,444 Unrealized gain on acquisitions (2) 6,921 28,017 Premiums and other annual fees (65,577 ) (54,087 ) Change in discount rates (3) — — Change in life expectancy evaluation (4) (2,332 ) (4,890 ) Change in life expectancy evaluation methodology (5) — (87,100 ) Face value of matured policies 125,148 71,090 Fair value of matured policies (56,026 ) (42,579 ) Gain (loss) on life insurance policies, net $ 75,320 $ (14,105 ) (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 changes 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% at December 31, 2019 and 2018. (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 policies in our portfolio, partially offset by the impact of a decrease in the discount rate associated thereto.
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 Total 2020 $ 67,455 $ 1,674 $ 69,129 2021 84,712 1,674 86,386 2022 97,757 1,674 99,431 2023 110,156 1,674 111,830 2024 120,077 1,674 121,751 $ 480,157 $ 8,370 $ 488,527

Fair Value Definition and Hie_2

Fair Value Definition and Hierarchy (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of reconciliation of investments in life insurance policies	Years Ended 2019 2018 Beginning balance $ 747,922 $ 650,527 Purchases 32,367 128,502 Maturities (initial cost basis) (33,265 ) (20,763 ) Net change in fair value 49,015 (10,344 ) Ending balance $ 796,039 $ 747,922
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* 82.4 82.1 Age of insured range, years 62-101 61-100 Weighted-average life expectancy, months* 86.2 93.2 Life expectancy range, months 0-240 1-251 Average face amount per policy (in thousands) $ 1,756 $ 1,775 Discount rate 8.25 % 8.25 % ( * Weighted-average by face amount of policy benefits
Schedule of change in fair value of the investment in life insurance policies	Change in Life Expectancy Estimates minus minus plus plus December 31, 2019 $ 113,812 $ 57,753 $ (55,905 ) $ (111,340 ) December 31, 2018 $ 113,410 $ 57,611 $ (55,470 ) $ (110,473 ) Change in Discount Rate minus 2% minus 1% plus 1% plus 2% December 31, 2019 $ 91,890 $ 43,713 $ (39,790 ) $ (76,118 ) December 31, 2018 $ 95,747 $ 45,440 $ (41,179 ) $ (78,615 )

Financing Receivables from Af_2

Financing Receivables from Affiliates (Tables)	12 Months Ended
	Dec. 31, 2019
Financing Receivable from Affiliate [Abstract]
Schedule of outstanding principal, discount and accrued interest balances of the financing receivables	December 31, 2019 2018 Commercial Loan Commercial Loan receivable – principal $ — $ 192,508 Discount on Commercial Loan receivable — (7,846 ) Accrued interest receivable on Commercial Loan — 107 Balance outstanding on Commercial Loan (1) — 184,769 Promissory Note Promissory Note receivable – principal 65,000 — Accrued interest receivable on Promissory Note 2,153 — Balance outstanding on Promissory Note $ 67,153 $ — (1) The Commercial Loan was eliminated upon consolidation of Beneficient at December 31, 2019. The outstanding principal and accrued interest at December 31, 2019 was $197.4 million.

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method investments	December 31, 2019 2018 Beneficient Company Group, L.P. (1) $ — $ 360,842 InsurTech Holdings, LLC (2) 1,761 — Total $ 1,761 $ 360,842 (1) The preexisting equity method investment in Ben was remeasured to fair value, and Ben and its subsidiaries were consolidated on December 31, 2019 (see Note 5). (2) On November 11, 2019, GWG Holdings contributed the common stock and membership interests of its previously-wholly owned subsidiaries Life Epigenetics and youSurance to InsurTech Holdings in exchange for a membership interest in InsurTech Holdings. Although GWG Holdings currently owns 100% of the equity of InsurTech Holdings, it does not have a controlling financial interest in InsurTech Holdings because the managing member has substantive participating rights. Therefore, GWG Holdings accounts for its ownership interest in InsurTech Holdings as an equity method investment.
Schedule of financial information pertaining to beneficient	Twelve months August 10 to Total revenues $ 93,921 $ 18,409 Net income (loss) (32,133 ) 8,291 Net earnings (loss) attributable to Ben LP common unitholders (13,754 ) 129 GWG portion of net earnings (loss) (1) (2,460 ) 18 (1) Our portion of Beneficient's net earnings (loss) for the periods noted.
Schedule of outstanding ownership percentage of common units	Date Percentage of outstanding common units Reason August 10, 2018 13.9% Purchase of units December 28, 2018 89.9 Purchase of units March 31, 2019 88.1 Change in investee outstanding units June 12, 2019 90.2 Purchase of units December 31, 2019 95.5 Purchase of units

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2019
Variable Interest Entity [Abstract]
Schedule of carrying value and maximum exposure to loss with respect to the Company's unconsolidated VIEs	December 31, 2019 December 31, 2018 Carrying Maximum Carrying Maximum Loan receivables $ 232,344 $ 335,255 $ — $ — Financing receivables from affiliates 67,153 67,153 184,769 184,769 Equity method investments 1,761 19,661 360,842 360,842 Other asset — — 38,562 38,562 Accounts payable and accrued expenses (2,515 ) — — — Total $ 298,743 $ 422,069 $ 584,173 $ 584,173

L Bonds (Tables)

L Bonds (Tables)	12 Months Ended
	Dec. 31, 2019
L Bonds [Abstract]
Schedule of future contractual maturities of L Bonds, and future amortization of deferred financing costs	Years Ending December 31, Contractual Unamortized 2020 $ 152,118 $ 1,632 2021 201,419 5,774 2022 163,741 6,812 2023 76,969 3,342 2024 118,848 6,328 Thereafter 235,033 13,312 $ 948,128 $ 37,200

Other Borrowings (Tables)

Other Borrowings (Tables)	12 Months Ended
	Dec. 31, 2019
Other Borrowings [Abstract]
Future contractual maturities of Beneficient's borrowings	Years Ending December 31, 2020 $ 149,661 2021 — 2022 — 2023 750 2024 1,579 Thereafter — $ 151,990

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of stock repurchase program	2018 Monthly Period Number of Average Price Total Number Maximum December 2018 10,035 $ 6.82 10,035 $ 1,432 2019 Monthly Period (1) January 2019 42,488 $ 8.47 52,523 $ 1,072 February 2019 202 8.88 52,725 1,070 (1) No stock was repurchased after February 2019, and the stock repurchase program expired on April 30, 2019.

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of outstanding stock options	Vested Unvested Total 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 Granted during the year — 24,250 24,250 Vested during the year 197,859 (197,859 ) — Exercised during the year (53,001 ) — (53,001 ) Forfeited during the year (304,716 ) (159,103 ) (463,819 ) Balance as of December 31, 2019 673,341 232,040 905,381
Schedule of outstanding stock appreciation rights (SARs)	Vested Unvested Total 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 Granted during the period 4,250 130,650 134,900 Vested during the period 102,102 (102,102 ) — Exercised during the period (23,448 ) — (23,448 ) Forfeited during the period — (7,592 ) (7,592 ) Balance as of December 31, 2019 200,745 174,880 375,625
Schedule of outstanding shares options and SARs issued	December 31, 2019 Outstanding Weighted- Weighted- Fair Value at Vested Stock Options 673,341 $ 8.88 6.83 $ 2.21 SARs 200,745 $ 8.81 4.49 $ 2.09 Total Vested 874,086 $ 8.87 6.29 $ 2.18 Unvested Stock Options 232,040 $ 9.55 8.51 $ 2.59 SARs 174,880 $ 9.75 6.25 $ 2.50 Total Unvested 406,920 $ 9.64 7.54 $ 2.55 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

Other Expenses (Tables)

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Other Expenses [Abstract]
Schedule of other expenses in consolidated statements of operations	Years Ended 2019 2018 Contract labor $ 1,820 $ 1,453 Marketing 1,612 1,856 Information technology 2,024 1,578 Servicing and facility fees 1,833 1,782 Travel and entertainment 1,218 892 Insurance and regulatory 5,032 1,562 Bad debt expense 153 4,300 General and administrative 2,204 2,572 Total other expenses $ 15,896 $ 15,995

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of income tax expense (benefit) and reconciliation of statutory federal tax rate	Years Ended 2019 2018 Statutory federal income tax (benefit) $ 34,869 $ (25,085 ) State income taxes (benefit), net of federal benefit 13,486 (9,243 ) Change in valuation allowance 9,671 33,999 Other permanent differences (93 ) 329 Total income tax expense (benefit) $ 57,933 $ -
Schedule of current and deferred components of tax expense	Years Ended 2019 2018 Current income tax expense $ 10 $ — Deferred income tax expense 57,923 — Total income tax expense $ 57,933 $ —
Schedule of deferred tax assets and liabilities	December 31, 2019 2018 Deferred tax assets: Investment in life insurance policies $ 37,649 $ 23,132 Net operating loss and business interest carryforwards 18,935 10,491 Other assets 4,286 6,864 Subtotal 60,870 40,487 Valuation allowance (50,056 ) (40,385 ) Deferred tax assets 10,814 102 Deferred tax liabilities: Investment in partnership (68,737 ) — Other liabilities — (102 ) Net deferred tax asset (liability) $ (57,923 ) $ —

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of computations of basic and diluted income (loss) attributable to common shareholders per share	Years Ended 2019 2018 Numerator: Basic – Net income (loss) attributable to common shareholders $ 91,166 $ (136,114 ) Add: Preferred dividends upon conversion 2,020 Diluted – Net income (loss) attributable to common shareholders 93,186 (136,114 ) Denominator: Basic – weighted average common shares outstanding 33,016,007 6,098,208 Effect of dilutive securities 2,203,435 — Diluted – weighted average common shares outstanding 35,219,442 6,098,208 Basic earnings (loss) per common share $ 2.76 $ (22.32 ) Diluted earnings (loss) per common share $ 2.65 $ (22.32 )

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Schedule of financial information of reportable segments	Years Ended Revenue: 2019 2018 Secondary Life Insurance $ 78,002 $ (11,633 ) Investment in Beneficient 13,738 10,655 Corporate & Other 536 588 Total $ 92,276 $ (390 ) Years Ended Interest Expense: 2019 2018 Secondary Life Insurance $ 83,055 $ 69,357 Investment in Beneficient 31,789 10,778 Corporate & Other — 1 Total $ 114,844 $ 80,136 Years Ended Segment EBT: 2019 2018 Secondary Life Insurance $ (27,694 ) $ (96,578 ) Investment in Beneficient 229,206 (106 ) Corporate & Other (35,470 ) (22,767 ) Total 166,042 (119,451 ) Income tax expense 57,933 - Net income (loss) $ 108,109 $ (119,451 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases Tables [Abstract]
Schedule of lease assets and liabilities	December 31, Leases Classification 2019 Operating lease right-of-use assets Other assets $ 1,912 Operating lease liabilities Other accrued expenses $ 2,540
Schedule of maturities of operating lease liabilities	2020 $ 998 2021 715 2022 302 2023 311 2024 320 Thereafter 273 Total lease payments 2,919 Less: imputed interest (379 ) Present value of lease liabilities $ 2,540
Schedule of minimum aggregate operating lease commitments	2019 $ 275 2020 284 2021 293 2022 302 2023 311 Thereafter 593 $ 2,058

Guarantee and Collateral Prov_2

Guarantee and Collateral Provisions of L Bonds and Seller Trust L Bonds (Tables)	12 Months Ended
	Dec. 31, 2019
Guarantee of L Bonds [Abstract]
Schedule of condensed consolidating balance sheets	December 31, 2019 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 57,721 $ 2,644 $ 18,708 $ — $ 79,073 Restricted cash — — 20,258 — 20,258 Investment in life insurance policies, at fair value — 340 795,699 — 796,039 Life insurance policy benefits receivable, net — 200 22,831 — 23,031 Investment in GWG stock — — 24,550 (24,550 ) — Loan receivables — — 232,344 — 232,344 Fees receivable — — 29,168 — 29,168 Financing receivable from affiliates — 235,573 — (168,420 ) 67,153 Equity method investment 384,264 — — (382,503 ) 1,761 Other assets 62,354 320,490 22,163 (376,633 ) 28,374 Goodwill — — 2,358,005 — 2,358,005 Investment in subsidiaries 1,221,227 664,723 — (1,885,950 ) — TOTAL ASSETS $ 1,725,566 $ 1,223,970 $ 3,523,726 $ (2,838,056 ) $ 3,635,206 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Senior credit facility with LNV Corporation $ — $ — $ 174,390 $ — $ 174,390 L Bonds 926,638 — — — 926,638 Seller Trust L Bonds 366,892 — — — 366,892 Other borrowings — — 153,086 — 153,086 Intercompany debt – commercial loan — — 168,420 (168,420 ) — Interest and dividends payable 12,491 — 4,025 — 16,516 Deferred revenue — — 41,444 — 41,444 Account payable and accrued expenses 3,093 3,891 78,455 (57,603 ) 27,836 Deferred tax liability 57,923 — — — 57,923 TOTAL LIABILITIES 1,367,037 3,891 619,820 (226,023 ) 1,764,725 Redeemable noncontrolling interests — — 1,588,604 (318,950 ) 1,269,654 STOCKHOLDERS’ EQUITY Member capital — 1,220,079 665,871 (1,885,950 ) — Common units — — 563,966 (563,966 ) — Redeemable preferred stock and Series 2 redeemable preferred stock 201,891 — — — 201,891 Common stock 33 — — — 33 Treasury stock — — — (24,550 ) (24,550 ) Additional paid-in capital 233,106 — — — 233,106 Accumulated deficit (76,501 ) — — — (76,501 ) Noncontrolling interests — — 85,465 181,383 266,848 TOTAL STOCKHOLDERS’ EQUITY 358,529 1,220,079 1,315,302 (2,293,083 ) 600,827 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,725,566 $ 1,223,970 $ 3,523,726 $ (2,838,056 ) $ 3,635,206 December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 113,294 $ 232 $ 1,061 $ — $ 114,587 Restricted cash — 7,217 3,632 — 10,849 Investment in life insurance policies, at fair value — 92,336 655,586 — 747,922 Life insurance policy benefits receivable, net — 5,000 11,461 — 16,461 Financing receivables from affiliates — 184,769 — — 184,769 Equity method investment 360,842 — — — 360,842 Other assets 42,944 1,731 762 — 45,437 Investment in subsidiaries 799,182 510,865 — (1,310,047 ) — TOTAL ASSETS $ 1,316,262 $ 802,150 $ 672,502 $ (1,310,047 ) $ 1,480,867 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Senior credit facility with LNV Corporation $ — $ — $ 148,978 $ — $ 148,978 L Bonds 651,403 — — — 651,403 Seller Trust L Bonds 366,892 — — — 366,892 Interest and dividends payable 14,047 — 4,508 — 18,555 Accounts payable and accrued expenses 2,862 3,267 7,852 — 13,981 TOTAL LIABILITIES 1,035,204 3,267 161,338 — 1,199,809 STOCKHOLDERS’ EQUITY Member capital — 798,883 511,164 (1,310,047 ) — Redeemable preferred stock and Series 2 redeemable preferred stock 215,973 — — — 215,973 Common stock 33 — — — 33 Additional paid-in capital 249,662 — — — 249,662 Accumulated deficit (184,610 ) — — — (184,610 ) TOTAL STOCKHOLDERS’ EQUITY 281,058 798,883 511,164 (1,310,047 ) 281,058 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,316,262 $ 802,150 $ 672,502 $ (1,310,047 ) $ 1,480,867
Schedule of condensed consolidating statements of operations	For the year ended December 31, 2019 Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUE Gain on life insurance policies, net $ — $ 6,889 $ 68,431 $ — $ 75,320 Interest and other income 2,090 13,738 1,128 — 16,956 TOTAL REVENUE 2,090 20,627 69,559 — 92,276 EXPENSES Interest expense 98,535 — 16,309 — 114,844 Employee compensation and benefits 17,699 9,103 1,507 — 28,309 Legal and professional fees 8,322 1,392 3,110 — 12,824 Other expenses 11,283 1,983 2,630 — 15,896 TOTAL EXPENSES 135,839 12,478 23,556 — 171,873 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (133,749 ) 8,149 46,003 — (79,597 ) EQUITY IN INCOME OF SUBSIDIARIES 31,322 51,362 — (82,684 ) — NET INCOME (LOSS) BEFORE INCOME TAXES (102,427 ) 59,511 46,003 (82,684 ) (79,597 ) INCOME TAX EXPENSE 57,933 — — — 57,933 NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT (160,360 ) 59,511 46,003 (82,684 ) (137,530 ) Earnings (loss) from equity method investment (4,077 ) — — — (4,077 ) Gain on consolidation of equity method investment 272,546 (22,830 ) — — 249,716 NET INCOME (LOSS) 108,109 36,681 46,003 (82,684 ) 108,109 Preferred stock dividends 16,943 — — — 16,943 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 91,166 $ 36,681 $ 46,003 $ (82,684 ) $ 91,166 For the year ended December 31, 2018 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain (loss) on life insurance policies, net $ — $ 8,340 $ (22,445 ) $ — $ (14,105 ) Interest and other income 8,586 4,280 849 — 13,715 TOTAL REVENUE 8,586 12,620 (21,596 ) — (390 ) EXPENSES Interest expense 59,112 — 21,024 — 80,136 Employee compensation and benefits 9,980 5,742 1,685 — 17,407 Legal and professional fees 1,795 864 2,882 — 5,541 Other expenses 6,908 1,995 7,092 — 15,995 TOTAL EXPENSES 77,795 8,601 32,683 — 119,079 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (69,209 ) 4,019 (54,279 ) — (119,469 ) EQUITY IN INCOME OF SUBSIDIARIES (50,260 ) (48,666 ) — 98,926 — NET INCOME (LOSS) BEFORE INCOME TAXES (119,469 ) (44,647 ) (54,279 ) 98,926 (119,469 ) INCOME TAX EXPENSE — — — — — NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY METHOD INVESTMENT (119,469 ) (44,647 ) (54,279 ) 98,926 (119,469 ) Earnings from equity method investment 18 — — — 18 NET INCOME (LOSS) (119,451 ) (44,647 ) (54,279 ) 98,926 (119,451 ) Preferred stock dividends 16,663 — — — 16,663 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (136,114 ) $ (44,647 ) $ (54,279 ) $ 98,926 $ (136,114 )
Schedule of condensed consolidating statements of cash flows	For the year ended December 31, 2019 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 108,109 $ 36,681 $ 46,003 $ (82,684 ) $ 108,109 Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Equity of subsidiaries (31,322 ) (51,362 ) — 82,684 — Change in fair value of investment in life insurance policies — (9,477 ) (39,538 ) — (49,015 ) Amortization of deferred financing and issuance costs 12,727 — 1,077 — 13,804 Amortization of discount or premium on financing receivables — (1,720 ) — — (1,720 ) Provision for uncollectible policy benefit receivable — — 153 — 153 Earnings from equity method investments 4,077 — — — 4,077 Stock-based compensation 1,732 — — — 1,732 Gain on consolidation of equity method investment (272,546 ) 22,830 — — (249,716 ) Deferred income taxes 57,923 — — — 57,923 (Increase) decrease in operating assets: Life insurance policy benefits receivable — 4,800 (11,483 ) — (6,683 ) Interest receivable added to commercial loan principal — (6,913 ) — — (6,913 ) Other assets (1,079 ) 194 (4,171 ) — (5,056 ) Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses (1,173 ) (296 ) (6,828 ) (8,297 ) Interest and dividends payable (746 ) - (482 ) — (1,228 ) NET CASH FLOWS USED IN OPERATING ACTIVITIES (122,298 ) (5,263 ) (15,269 ) — (142,830 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (8,682 ) (23,685 ) — (32,367 ) Carrying value of matured life insurance policies — 3,403 29,862 — 33,265 Equity investment acquired (12,388 ) — - — (12,388 ) Business combination consideration, net of cash acquired (79,030 ) - 17,551 (61,479 ) Other investments acquired — (65,000 ) — — (65,000 ) Payment of capital contributions (72,217 ) 4,256 — 67,961 — NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (163,635 ) (66,023 ) 23,728 67,961 (137,969 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on senior debt — — 50,133 — 50,133 Repayments of senior debt — — (23,756 ) — (23,756 ) Payments for senior debt issuance costs — — (2,042 ) — (2,042 ) Proceeds from issuance of L Bonds 403,397 — — — 403,397 Payments for L Bonds issuance costs (25,284 ) — — — (25,284 ) Payments for redemption of L Bonds (116,809 ) — — — (116,809 ) Issuance of common stock 59 — — — 59 Payments for redemption of redeemable preferred stock (14,061 ) — — — (14,061 ) Preferred stock dividends (16,943 ) — — — (16,943 ) Issuance of member capital — 66,481 1,480 (67,961 ) — NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 230,359 66,481 25,815 (67,961 ) 254,694 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (55,574 ) (4,805 ) 34,274 — (26,105 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 113,294 7,449 4,693 — 125,436 END OF THE PERIOD $ 57,720 $ 2,644 $ 38,967 $ — $ 99,331 For the year ended December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (119,451 ) $ (44,647 ) $ (54,279 ) $ 98,926 $ (119,451 ) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Equity of subsidiaries 50,260 48,666 — (98,926 ) — Change in fair value of investment in life insurance policies — (4,263 ) 14,607 — 10,344 Amortization of deferred financing and issuance costs 8,982 — 1,055 — 10,037 Amortization of discount or premium on financing receivables 628 (642 ) — — (14 ) Provision for uncollectible policy benefit receivable — — 4,300 — 4,300 Earnings from equity method investment (18 ) (18 ) Stock-based compensation 2,182 — — — 2,182 (Increase) decrease in operating assets: Life insurance policy benefits receivable — (3,500 ) (602 ) — (4,102 ) Interest receivable added to loan principal (7,046 ) (3,488 ) — — (10,534 ) Other assets (188,365 ) (144,147 ) 4,372 332,546 4,406 Increase (decrease) in operating liabilities: Accounts payable and other accrued expenses (55 ) 812 3,345 — 4,102 Interest and dividends payable 4,025 — (756 ) 3,269 NET CASH FLOWS USED IN OPERATING ACTIVITIES (248,858 ) (151,209 ) (27,958 ) 332,546 (95,479 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (41,404 ) (87,099 ) — (128,503 ) Carrying value of matured life insurance policies — 4,424 16,340 — 20,764 Equity method investments (3,204 ) — — — (3,204 ) Other investments acquired (3,037 ) — — — (3,037 ) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (6,241 ) (36,980 ) (70,759 ) — (113,980 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings on senior debt — — 12,903 — 12,903 Repayments of senior debt (77,219 ) (77,219 ) Proceeds from issuance of L Bonds 263,965 — — — 263,965 Payments for L Bonds issuance costs (17,379 ) — — — (17,379 ) Payments for redemption of L Bonds (48,027 ) — — — (48,027 ) Issuance of common stock 614 — — — 614 Proceeds from issuance of convertible preferred stock 50,000 — — — 50,000 Proceeds from issuance of redeemable preferred stock 56,238 — — — 56,238 Payments for redeemable preferred stock issuance costs (4,142 ) — — — (4,142 ) Payments for redemption of redeemable preferred stock (2,457 ) — — — (2,457 ) Common stock dividends (25,709 ) — — — (25,709 ) Preferred stock dividends (16,663 ) — — — (16,663 ) Issuance of member capital — 184,784 147,762 (332,546 ) — NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 256,440 184,784 83,446 (332,546 ) 192,124 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,341 (3,405 ) (15,271 ) — (17,335 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF THE PERIOD 111,953 10,854 19,964 — 142,771 END OF THE PERIOD $ 113,294 $ 7,449 $ 4,693 $ — $ 125,436

Concentration (Tables)

Concentration (Tables)	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Schedule of the face value of insurance policies	Life Insurance Company December 31, December 31, John Hancock 14.23 % 13.71 % Lincoln National 11.55 % 11.33 % AXA Equitable 10.63 % 10.83 %
Schedule of the number of insurance contracts	State of Residence December 31, December 31, California 17.46 % 18.02 % Florida 14.86 % 15.34 %

Nature of Business (Details)

Nature of Business (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 10, 2018	Apr. 15, 2019	Dec. 28, 2018	Dec. 31, 2019	Feb. 29, 2020	Dec. 30, 2019	Nov. 11, 2019	Dec. 31, 2018
Nature of Business (Textual)
Initial transfer of beneficient transaction, description	● GWG issued to the Seller Trusts Seller Trust L Bonds due 2023 (the "Seller Trust L Bonds") in an aggregate principal amount of $403.2 million, 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 $50.0 million, which shares were subsequently transferred to the Seller Trusts;● 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 $200.0 million (the "Commercial Loan");● Ben LP delivered to GWG a promissory note (the "Exchangeable Note") in the principal amount of $162.9 million; and● the Seller Trusts delivered to GWG 4,032,349 common units of Ben LP at an assumed value of $10 per common unit.
Common units of beneficient				666,667
Percentage acquired investment				95.50%		90.20%
GWG common shares transferred		3,952,155
Cash and cash equivalents				$ 79,100	$ 104,500
Generated net losses				$ 137,500				$ 119,500
Investment Agreement [Member]
Nature of Business (Textual)
Additional equity investment, description				Pursuant to the Investment Agreement, the Company transferred $79.0 million to Ben LP in return for 666,667 common units of Ben LP and a Preferred Series A Subclass 1 Unit Account of BCH.
Investment agreement, description				(i) the Company's ownership of the fully diluted equity of Ben LP (excluding equity issued upon the conversion or exchange of Preferred Series A Unit Accounts of BCH held as of December 31, 2019 by parties other than the Company) is less than 25%, (ii) the Continuing Directors of the Company cease to constitute a majority of the board of directors of the Company, or (iii) certain bankruptcy events occur with respect to the Company. The term "Continuing Directors" means, as of any date of determination, any member of the board of directors of the Company who: (1) was a member of the board of directors on December 31, 2019; or (2) was nominated for election or elected to the board of directors with the approval of a majority of the Continuing Directors who were members of the board of directors at the time of such nomination or election. Following the transaction, and as agreed upon in the Investment Agreement, the Company had an initial capital account balance for the Preferred Series A Subclass 1 Unit Account of $319.0 million. The other holders of the Preferred Series A Subclass 1 Unit Accounts are certain founders of Ben LP, and the aggregate capital accounts of all holders of the Preferred Series A Subclass 1 Unit Accounts after giving effect to the investment by the Company is $1.6 billion. The Company's Preferred Series A Subclass 1 Unit Account is the same class of preferred security as held by the founders. If the founders exchange their Preferred Series A Subclass 1 Unit Accounts for securities of the Company, the Company's Preferred Series A Subclass 1 Unit Account would be converted into common units of Ben LP (so neither the Company nor the founders would hold Preferred Series A Subclass 1 Unit Accounts).
InsurTech Holdings, LLC [Member]
Nature of Business (Textual)
Percentage acquired investment							100.00%
Seller Trusts and Beneficient [Member]
Nature of Business (Textual)
Common units of beneficient				40,505,279
Percentage acquired investment				89.90%
Exchangeable Note [Member]
Nature of Business (Textual)
Interest payable rate				12.40%
Common unit of beneficient for exchangeable note				14,822,843
Commercial Loan [Member]
Nature of Business (Textual)
Description of commercial loan			From and after the Final Closing Date, one-half of the interest, or 2.5% per year, is due and payable monthly in cash, and one-half of the interest, or 2.5% per year, accrues and compounds annually on each anniversary date of the Final Closing Date and becomes due and payable in full in cash on the maturity date.	The $192.5 million principal amount under the Commercial Loan is due on August 9, 2023; however, it is extendable for two five-year terms. See Note 8 for a full description of the terms of the Commercial Loan. Ben LP’s obligations under the Commercial Loan are unsecured.
Interest payable rate				5.00%
Series B Convertible Preferred Stock [Member]
Nature of Business (Textual)
Converted shares of preferred stock			5,000,000	5,000,000
Exchangeable note common units price per shares				$ 10
Seller Trust L Bonds [Member]
Nature of Business (Textual)
Interest rate	7.50%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 02, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies (Textual)
Cash and cash equivalents	$ 79,073		$ 114,587
Restricted cash	20,258		10,849
Right-of-use assets		$ 900
Deferred rent		700
Lease liabilities		$ 1,600
Allowance for uncollectible receivables			4,300
Preliminary goodwill	2,400
Intangible assets	$ 3,400
Income tax benefit, percentage	50.00%
Loans receivable, description	Loan receivables are carried at the principal amount outstanding, plus interest paid-in-kind. The loans do not have scheduled principal or interest payments due prior to their maturity date, which is generally 12 years from the date of origination. Prepayment of the loans, in whole or in part, is permitted without premium or penalty. Loans bear contractual interest at the greater of 14% or 1-month LIBOR plus 10% compounded daily. The primary source of repayment for the loans and related fees is cash flows from the alternative assets collateralizing the loans. Interest income on loans is accrued on the principal amount outstanding.
VIEs [Member]
Summary of Significant Accounting Policies (Textual)
Equity method investment, description	The SEC staff's position is that investments in limited partnerships of greater than 3% to 5% are considered more than minor and, therefore, should be accounted for using the equity method.
Option Agreement [Member]
Summary of Significant Accounting Policies (Textual)
Other assets			$ 38,600

Correction of an Immaterial E_2

Correction of an Immaterial Error (Details) - Senior Debt [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Correction of an Immaterial Error (Textual)
Net repayments of senior debt	$ 64,300
Gross borrowings on senior debt	12,900
Repayments of senior debt	$ 77,200

Restrictions on Cash (Details)

Restrictions on Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Restrictions on Cash (Textual)
Restricted cash collection and payment accounts	$ 20,300	$ 4,200
Escrow account, balance	$ 0	$ 6,600

Business Combination (Details)

Business Combination (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
ASSETS
Loans receivable	$ 232,344
Fees receivable	29,168
Investment in public equity securities	24,550
Other assets	14,053
Intangible assets	3,449
Total identifiable assets acquired	303,564
LIABILITIES
Other borrowings	153,086
Commercial loan agreement from parent	168,420
Other liabilities and deferred revenue	105,866
Accounts payable and accrued expenses	13,713
Total liabilities assumed	441,085
Net liabilities assumed	(137,521)
NONCONTROLLING INTERESTS
Common Units not owned by GWG Holdings	181,383	[1]
Class S Ordinary Units	85,448
Class S Preferred Units	17
Preferred Series A Subclass 1 Unit Accounts	1,269,654
Total noncontrolling interests	1,536,502
ACQUISITION CONSIDERATION
Cash, less cash acquired	61,479
Fair value of preexisting investment in Common Units	622,503	[2]
Fair value of noncontrolling interest	1,536,502
Total estimated consideration	2,220,484
Less: Net assets acquired	(137,521)
Resulting preliminary goodwill	$ 2,358,005
[1]	Calculated as 1,974,677 Common Units not owned by GWG Holdings at December 31, 2019, multiplied by the $15.00 per unit derived from the enterprise valuation of Beneficient. Also includes $151.8 million of share-based payment awards that were granted by Beneficient prior to the change in control but were not replaced by awards of GWG Holdings upon the change in control. These awards were treated as noncontrolling interests in accordance with ASC 805, Business Combinations.
[2]	Calculated as 41,505,279 Common Units owned by GWG Holdings prior to the change in control multiplied by the $15.00 per unit derived from the enterprise valuation of Beneficient, with a nominal rounding adjustment

Business Combination (Details 1

Business Combination (Details 1) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total Revenue
Pro forma	$ 104,989	$ 89,949
As reported	92,276	(390)
Net Income (Loss) Attributable to Common Shareholders
Pro forma	(218,572)	(87,808)
As reported	$ 91,166	$ (136,114)
Net Earnings (Loss) per Diluted Common Share
Pro forma	$ (6.15)	$ (2.67)
As reported	$ 2.65	$ (22.32)

Business Combination (Details T

Business Combination (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
		Dec. 31, 2019	Dec. 31, 2019	Dec. 30, 2019
Business Combination (Textual)
Shares owned				41,505,279
Share per unit				$ 15
Ownership interest rate, percentage		95.50%	95.50%	90.20%
Additional of common units issued			666,667
Business Combination, Consideration Transferred			$ 79,000
Equity investment carrying value		$ 3,686,000	3,686,000
Fair value investment	[1]		622,503
Recognition of a gain		$ 253,900
Net loss			4,200
Insurance license value			3,100
Non-compete agreement			300
Net gain			$ 249,700
Unaudited pro forma financial information, description			Exclusion of the $249.7 million nonrecurring gain on consolidation of equity method investment
Share-based payment			$ 151,800
Common Stock [Member]
Business Combination (Textual)
Shares owned				1,974,677
Share per unit				$ 15
[1]	Calculated as 41,505,279 Common Units owned by GWG Holdings prior to the change in control multiplied by the $15.00 per unit derived from the enterprise valuation of Beneficient, with a nominal rounding adjustment

Investment in Life Insurance _3

Investment in Life Insurance Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)PoliciesLivesSmokers	Dec. 31, 2018USD ($)Policies
Investments, All Other Investments [Abstract]
Total life insurance portfolio face value of policy benefits (in thousands)	$ 2,020,973	$ 2,047,992
Average face value per policy (in thousands)	1,756
Average face value per insured life (in thousands)	$ 1,883
Average age of insured (years)	82 years 4 months 24 days
Average life expectancy estimate (years)	7 years 2 months 12 days
Total number of policies | Policies	1,151	1,154
Number of unique lives | Lives	1,073
Demographics	74% Male; 26% Female
Number of smokers | Smokers	48
Largest policy as % of total portfolio face value	0.70%
Average policy as % of total portfolio face value	0.10%
Average annual premium as % of face value	3.30%

Investment in Life Insurance _4

Investment in Life Insurance Policies (Details 1) $ in Thousands	Dec. 31, 2019USD ($)Policies	Dec. 31, 2018USD ($)Policies
Summary of policies according to estimated life expectancy dates
Number of Policies, 2019 | Policies		9
Number of Policies, 2020 | Policies	8	41
Number of Policies, 2021 | Policies	55	81
Number of Policies, 2022 | Policies	90	104
Number of Policies, 2023 | Policies	128	109
Number of Policies, 2024 | Policies	109	107
Number of Policies, 2025 | Policies	113	124
Number of Policies, Thereafter | Policies	648	579
Number of Policies, Totals | Policies	1,151	1,154
Estimated Fair Value, 2019		$ 6,380
Estimated Fair Value, 2020	5,869	46,338
Estimated Fair Value, 2021	62,061	68,836
Estimated Fair Value, 2022	89,074	97,231
Estimated Fair Value, 2023	123,352	93,196
Estimated Fair Value, 2024	103,111	84,150
Estimated Fair Value, 2025	74,223	77,718
Estimated Fair Value, Thereafter	338,349	274,074
Estimated Fair Value, Totals	796,039	747,923
Face Value, 2019		7,305
Face Value, 2020	6,342	59,939
Face Value, 2021	79,879	108,191
Face Value, 2022	138,723	177,980
Face Value, 2023	222,369	185,575
Face Value, 2024	217,053	211,241
Face Value, 2025	171,961	210,781
Face Value, Thereafter	1,184,646	1,086,980
Face Value, Totals	$ 2,020,973	$ 2,047,992

Investment in Life Insurance _5

Investment in Life Insurance Policies (Details 2) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Life Settlement Contracts, Fair Value Method, Gain (Loss) [Abstract]
Change in estimated probabilistic cash flows	[1]	$ 67,186	$ 75,444
Unrealized gain on acquisitions	[2]	6,921	28,017
Premiums and other annual fees		(65,577)	(54,087)
Change in discount rates	[3]
Change in life expectancy evaluation	[4]	(2,332)	(4,890)
Change in life expectancy evaluation methodology	[5]		(87,100)
Face value of matured policies		125,148	71,090
Fair value of matured policies		(56,026)	(42,579)
Gain (loss) on life insurance policies, net		$ 75,320	$ (14,105)
[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 changes 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% at December 31, 2019 and 2018.
[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 policies in our portfolio, partially offset by the impact of a decrease in the discount rate associated thereto.

Investment in Life Insurance _6

Investment in Life Insurance Policies (Details 3) $ in Thousands	Dec. 31, 2019USD ($)
Premiums [Member]
Life Settlement Contracts, Investment Method, Premiums to be Paid, Fiscal Year Maturity [Abstract]
2020	$ 67,455
2021	84,712
2022	97,757
2023	110,156
2024	120,077
Total	480,157
Servicing [Member]
Life Settlement Contracts, Investment Method, Premiums to be Paid, Fiscal Year Maturity [Abstract]
2020	1,674
2021	1,674
2022	1,674
2023	1,674
2024	1,674
Total	8,370
Total [Member]
Life Settlement Contracts, Investment Method, Premiums to be Paid, Fiscal Year Maturity [Abstract]
2020	69,129
2021	86,386
2022	99,431
2023	111,830
2024	121,751
Total	$ 488,527

Investment in Life Insurance _7

Investment in Life Insurance Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investment in Life Insurance Policies (Textual)
Benefits recognized from insurance policies	$ 125,100	$ 71,100
Carrying value of life insurance policies	33,200	20,800
Realized gains from life insurance policies	$ 91,900	$ 50,300
Discount rate applied to portfolio	8.25%	8.25%

Fair Value Definition and Hie_3

Fair Value Definition and Hierarchy (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of reconciliation of investments in life insurance policies
Beginning balance	$ 747,922	$ 650,527
Purchases	32,367	128,502
Maturities (initial cost basis)	(33,265)	(20,763)
Net change in fair value	49,015	(10,344)
Ending balance	$ 796,039	$ 747,922

Fair Value Definition and Hie_4

Fair Value Definition and Hierarchy (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Fair value of our portfolio of life insurance policies
Discount rate		8.25%	8.25%
Life Insurance Policies [Member]
Fair value of our portfolio of life insurance policies
Weighted-average age of insured, years	[1]	82 years 4 months 24 days	82 years 1 month 6 days
Weighted-average life expectancy, months	[1]	86 years 2 months 12 days	93 years 2 months 12 days
Average face amount per policy		$ 1,756	$ 1,775
Discount rate		8.25%	8.25%
Life Insurance Policies [Member] | Minimum [Member]
Fair value of our portfolio of life insurance policies
Age of insured range, years		62 years	61 years
Life expectancy range, months		0 years	1 month
Life Insurance Policies [Member] | Maximum [Member]
Fair value of our portfolio of life insurance policies
Age of insured range, years		101 years	100 years
Life expectancy range, months		240 years	251 months
[1]	Weighted-average by face amount of policy benefits

Fair Value Definition and Hie_5

Fair Value Definition and Hierarchy (Details 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
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	$ 91,890	$ 95,747
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	43,713	45,440
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	(39,790)	(41,179)
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	(76,118)	(78,615)
minus 8 months [Member] | Change in Life Expectancy Estimates [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	113,812	113,410
minus 4 months [Member] | Change in Life Expectancy Estimates [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	57,753	57,611
plus 4 months [Member] | Change in Life Expectancy Estimates [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	(55,905)	(55,470)
plus 8 months [Member] | Change in Life Expectancy Estimates [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	$ (111,340)	$ (110,473)

Fair Value Definition and Hie_6

Fair Value Definition and Hierarchy (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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.
Secured loan outstanding balance	$ 1,900
Allowance for loan loss	$ 1,900
Carrying value of the senior credit facility interest margin, description	12-Month LIBOR.
Secured merchant cash advances, net of allowance for loan loss	$ 300	$ 500
Life insurance policies, description	Life insurance policies with face amounts greater than $1 million and that are not pledged as collateral under our second amended and restated senior credit facility with LNV Corporation (approximately 14.6% of our portfolio by face amount of policy benefits), we attempted to obtain updated life expectancy reports on a continuous rotating three year cycle. For life insurance policies that are pledged under our second amended and restated senior credit facility with LNV Corporation (approximately 77.3% of our portfolio by face amount of policy benefits as of December 31, 2019), prior to entering into the second amended and restated senior credit facility with LNV Corporation on November 1, 2019, we were required to update the life expectancy estimates every two years beginning from the closing date of the second amended and restated senior credit facility with LNV Corporation. Under the second amended and restated senior credit facility with LNV Corporation, we are required to update the life expectancy estimates for all life insurance policies that are pledged no later than December 18, 2020, and obtain updated life expectancy updates no less frequently than once every five years. For the remaining small face insurance policies (i.e., a policy with $1 million in face value benefits or less), we employ other methods and timeframes to update life expectancy estimates.
Comercial loan, description	From and after the Final Closing Date, one-half of the interest, or 2.5% per year, is due and payable monthly in cash, and (ii) one-half of the interest, or 2.5% per year, accrues and compounds annually on each anniversary date of the Final Closing Date and becomes due and payable in full in cash on the maturity date. Utilizing an implied yield of 6.75%, we estimated the fair value of the Commercial Loan to be approximately $183.1 million as of December 31, 2018 based on a market yield analysis for similar instruments with similar credit profiles. As previously discussed, the Commercial Loan was eliminated in consolidation on December 31, 2019.
Below-market interest rate	5.00%
Promissory Note [Member]
Fair Value Definition and Hierarchy (Textual)
Promissory note, description	The Promissory Note receivable from the LiquidTrusts (see Note 8) earns interest at 7.0% per year, payable upon maturity in 2023. Utilizing an implied yield of 10.0%, we estimate the fair value of the Promissory Note to be approximately $59.6 million as of December 31, 2019 based on a market yield analysis for similar instruments with similar credit profiles. The Promissory Note had a carrying value of $67.2 million as of December 31, 2019.
L Bonds and Seller Trust L Bonds [Member]
Fair Value Definition and Hierarchy (Textual)
Aggregate face value	$ 1,400,000	$ 1,000,000
Weighted average market interest rate	6.34%	7.11%

Financing Receivables from Af_3

Financing Receivables from Affiliates (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Commercial Loan [Member]
Commercial Loan receivable - principal			$ 192,508
Discount on Commercial Loan receivable			(7,846)
Accrued interest receivable on Commercial Loan			107
Balance outstanding on Commercial Loan	[1]		184,769
Promissory Note [Member]
Commercial Loan receivable - principal		65,000
Accrued interest receivable on Commercial Loan		2,153
Balance outstanding on Commercial Loan		$ 67,153
[1]	The Commercial Loan was eliminated upon consolidation of Beneficient at December 31, 2019. The outstanding principal and accrued interest at December 31, 2019 was $197.4 million.

Financing Receivables from Af_4

Financing Receivables from Affiliates (Details Textual) - USD ($) $ in Thousands	Aug. 08, 2018	May 31, 2019	Dec. 31, 2019	Dec. 30, 2019
Financing Receivables from Affiliates (Textual)
Aggregate outstanding principal percentage			10.00%
Ownership percentage			95.50%	90.20%
Beneficient Company Group, L.P. [Member] | Commercial Loan-Ben LP [Member]
Financing Receivables from Affiliates (Textual)
Initial transfer of beneficient transaction, description	The Initial Transfer of the Exchange Transaction, GWG Life, as lender, and Beneficient LP, 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 $192.5 million. The principal amount under the Commercial Loan is due on August 9, 2023, but is extendable for two five-year terms under certain circumstances. Repayment of the Commercial Loan is subordinated in right of payment to other Beneficient obligations. Beneficient LP's obligations under the Commercial Loan Agreement are unsecured.
Outstanding principal and accrued interest			$ 197,400
LiquidTrust Borrowers [Member]
Financing Receivables from Affiliates (Textual)
Description of promissory note commitment			An initial advance in the principal amount of $50.0 million was funded on June 3, 2019 and, subsequent to satisfaction of certain customary conditions, the second advance in the principal amount of $15.0 million was funded on November 22, 2019. The Loan bears interest at 7.0% per annum, with interest payable at maturity, and matures on June 30, 2023.
Aggregate principal amount		$ 65,000
Principal amount		$ 65,000
Aggregate outstanding principal percentage		16.70%
Ben LP [Member]
Financing Receivables from Affiliates (Textual)
Ownership percentage		95.00%

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Total		$ 1,761	$ 360,842
Beneficient Company Group, L.P. [Member]
Total	[1]		360,842
InsurTech Holdings, LLC [Member]
Total	[2]	$ 1,800
[1]	The preexisting equity method investment in Ben was remeasured to fair value, and Ben and its subsidiaries were consolidated on December 31, 2019 (see Note 5).
[2]	On November 11, 2019, GWG Holdings contributed the common stock and membership interests of its previously-wholly owned subsidiaries Life Epigenetics and youSurance to InsurTech Holdings in exchange for a membership interest in InsurTech Holdings. Although GWG Holdings currently owns 100% of the equity of InsurTech Holdings, it does not have a controlling financial interest in InsurTech Holdings because the managing member has substantive participating rights. Therefore, GWG Holdings accounts for its ownership interest in InsurTech Holdings as an equity method investment.

Equity Method Investments (De_2

Equity Method Investments (Details 1) - USD ($) $ in Thousands	2 Months Ended		12 Months Ended
	Sep. 30, 2018		Dec. 31, 2019	Sep. 30, 2019		Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Total revenues	$ 18,409			$ 93,921
Net income (loss)	8,291			(32,133)
Net earnings (loss) attributable to Ben LP common unitholders	129			(13,754)
GWG portion of net earnings (loss)	$ 18	[1]	$ (4,077)	$ (2,460)	[1]	$ 18
[1]	Our portion of Beneficient's net earnings (loss) for the periods noted.

Equity Method Investments (De_3

Equity Method Investments (Details 2)	12 Months Ended
	Dec. 31, 2019	Dec. 30, 2019
Percentage of outstanding common units	95.50%	90.20%
August 10, 2018 [Member]
Percentage of outstanding common units	13.90%
Reason	Purchase of units
December 28, 2018 [Member]
Percentage of outstanding common units	89.90%
Reason	Purchase of units
March 31, 2019 [Member]
Percentage of outstanding common units	88.10%
Reason	Change in investee outstanding units
June 12, 2019 [Member]
Percentage of outstanding common units	90.20%
Reason	Purchase of units
December 31, 2019 [Member]
Percentage of outstanding common units	95.50%
Reason	Purchase of units

Equity Method Investments (De_4

Equity Method Investments (Details Textual) - USD ($) $ in Thousands		Nov. 11, 2019	Jun. 12, 2019	Sep. 30, 2018	[1]	Dec. 31, 2019	Dec. 31, 2019	Sep. 30, 2019	[1]	Dec. 31, 2018	Dec. 30, 2019	Dec. 28, 2018
Equity Method Investment (Textual)
Beneficient transaction, shares acquired							666,667
Partnership interest of beneficient						95.50%	95.50%				90.20%
Cash investment							$ 12,388			$ 3,204
Loss on equity method investment				$ 18			(4,077)	$ (2,460)		18
Equity Method Investment balance						$ 1,761	$ 1,761			$ 360,842
Beneficient Company Group, L.P. [Member]
Equity Method Investment (Textual)
Beneficient transaction, shares acquired			1,000,000				666,667			40,500,000
Partnership interest of beneficient												89.90%
Cash investment			$ 10,000				$ 10,000
InsurTech Holdings, LLC [Member]
Equity Method Investment (Textual)
Partnership interest of beneficient		100.00%
Cash investment						2,100
Ownership percentage		100.00%
Carrying value of cash and fixed assets		$ 3,400
Loss on equity method investment						1,600
Equity Method Investment balance	[2]					$ 1,800	$ 1,800
Additional information, description							During the fourth quarter of 2019 and is committed to contribute an additional $17.9 million to the entity over the next two years.
[1]	Our portion of Beneficient's net earnings (loss) for the periods noted.
[2]	On November 11, 2019, GWG Holdings contributed the common stock and membership interests of its previously-wholly owned subsidiaries Life Epigenetics and youSurance to InsurTech Holdings in exchange for a membership interest in InsurTech Holdings. Although GWG Holdings currently owns 100% of the equity of InsurTech Holdings, it does not have a controlling financial interest in InsurTech Holdings because the managing member has substantive participating rights. Therefore, GWG Holdings accounts for its ownership interest in InsurTech Holdings as an equity method investment.

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing receivables from affiliates	$ 67,153	$ 184,769
Equity method investments	1,761	360,842
Accounts payable and accrued expenses	(27,836)	(13,981)
VIEs [Member] | Carrying Value [Member]
Loan receivables	232,344
Financing receivables from affiliates	67,153	184,769
Equity method investments	1,761	360,842
Other asset		38,562
Accounts payable and accrued expenses	(2,515)
Total	298,743	584,173
VIEs [Member] | Maximum Exposure to Loss [Member]
Loan receivables	335,255
Financing receivables from affiliates	67,153	184,769
Equity method investments	19,661	360,842
Other asset		38,562
Accounts payable and accrued expenses
Total	$ 422,069	$ 584,173

Variable Interest Entities (D_2

Variable Interest Entities (Details Textual)	Dec. 31, 2019
Beneficient [Member]
Variable Interest Entities (Textual)
Maximum acquires beneficial ownership percentage	20.00%

Senior Credit Facility with L_2

Senior Credit Facility with LNV Corporation (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 01, 2019	Dec. 31, 2019	Dec. 31, 2018
Credit Facility - LNV Corporation (Textual)
Interest rate, description		1-month LIBOR plus 3.95%.
LNV Corporation [Member]
Credit Facility - LNV Corporation (Textual)
Senior credit facility	$ 300,000
Outstanding amount of credit facility		$ 184,600	$ 158,200
Portfolio pledged, percentage		77.30%
LNV Corporation [Member] | CLMG Corp [Member]
Credit Facility - LNV Corporation (Textual)
Maturity date	Sep. 27, 2029
Interest rate, description	Interest will accrue on amounts borrowed under the second 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) 12-month LIBOR, plus (b) 7.50% per annum. The effective rate at December 31, 2019 was 9.54%.
LNV Corporation [Member] | DLP Funding IV, LLC [Member]
Credit Facility - LNV Corporation (Textual)
Additional collateral pledged		$ 298,300
Collateral received		$ 37,100

L Bonds (Details)

L Bonds (Details) - Renewable Secured Debentures [Member] $ in Thousands	Dec. 31, 2019USD ($)
Contractual Maturities
2020	$ 152,118
2021	201,419
2022	163,741
2023	76,969
2024	118,848
Thereafter	235,033
Total	948,128
Unamortized Deferred Financing Costs
2020	1,632
2021	5,774
2022	6,812
2023	3,342
2024	6,328
Thereafter	13,312
Total	$ 37,200

L Bonds (Details Textual)

L Bonds (Details Textual) - Renewable Secured Debentures [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2018	Dec. 01, 2017
L Bonds (Textual)
Debentures offer for sale			$ 1,000,000	$ 1,000,000
Description of interest payment	Interest is payable monthly or annually depending on the election of the investor.
Weighted-average market interest rate	7.15%	7.10%
Principal amount outstanding under L bonds	$ 948,100	$ 662,200
Amortization of deferred issuance costs	12,700	$ 9,000
Future expected amortization of deferred financing costs	$ 37,200
Amortization period of deferred financing cost	7 years

Seller Trust L Bonds (Details)

Seller Trust L Bonds (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 10, 2018	Dec. 31, 2019	Dec. 31, 2018
Seller Trust L Bonds (Textual)
Seller Trust L Bonds		$ 366,892	$ 366,892
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.
Seller Trust L Bonds	$ 366,900
Principle amount outstanding		$ 366,900	$ 366,900

Other Borrowings (Details)

Other Borrowings (Details) $ in Thousands	Dec. 31, 2019USD ($)
Other Borrowings [Abstract]
2020	$ 149,661
2021
2022
2023	750
2024	1,579
Thereafter
Total	$ 151,990

Other Borrowings (Details Textu

Other Borrowings (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Borrowings (Textual)
Borrowings an aggregate fair value	$ 153,086
Senior credit agreement balance	77,500
Second lien credit agreement	$ 72,200
Interest at a rate, description	1-month LIBOR plus 3.95%.
Credit agreement maturity date	Jun. 30, 2020
Including accrued interest	$ 2,500

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Stock Repurchase Program [Member] - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Monthly Period January 2019 [Member]
Number of Shares Purchased	[1]	42,488
Average Price Paid per Share	[1]	$ 8.47
Total Number of Shares Purchased as Part of the Program	[1]	52,523
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program	[1]	$ 1,072
Monthly Period February 2019 [Member]
Number of Shares Purchased	[1]	202
Average Price Paid per Share	[1]	$ 8.88
Total Number of Shares Purchased as Part of the Program	[1]	52,725
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program	[1]	$ 1,070
Monthly Period December 2018 [Member]
Number of Shares Purchased			10,035
Average Price Paid per Share			$ 6.82
Total Number of Shares Purchased as Part of the Program			10,035
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program			$ 1,432
[1]	No stock was repurchased after February 2019, and the stock repurchase program expired on April 30, 2019.

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	Apr. 26, 2019	Aug. 10, 2018USD ($)shares	Feb. 14, 2017Tradingdays$ / sharesshares	Dec. 28, 2018$ / sharesshares	Aug. 10, 2018$ / shares	Apr. 30, 2018USD ($)shares	Mar. 31, 2017USD ($)shares	Nov. 30, 2015Tradingdays$ / shares	Sep. 30, 2014USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 30, 2019$ / shares	Nov. 15, 2018USD ($)	Aug. 08, 2018$ / shares
Stockholders' Equity (Textual)
Issuance of common stock | $										$ 439	$ 204,793
Aggregate purchase of common stock | $													$ 1,500
Par value per share
Selling costs related to shares | $											4,142
Aggregate gross consideration | $											56,238
Series B Convertible Preferred Stock, Values issued | $											$ 50,000
Preferred Stock, Per share Stated value												$ 15
Common stock at a conversion price										$ 0.001	$ 0.001
Sub-capital accounts, percentage										20.00%
Long-term debt, percentage										40.00%
Common stock, shares issued | shares										30,533,793	33,018,161
Common stock, shares outstanding | shares										30,533,793	33,018,161
Common Stock [Member]
Stockholders' Equity (Textual)
Issuance of common stock, shares | shares									800,000	58,382	22,214,641
Issuance of common stock | $											$ 22
Common stock, par value									$ 12.50
Net proceeds | $									$ 8,600
Exercise price										$ 15.63
Warrants issued | shares										16,000
Dividend per share of common stock					$ 4.30
Exchange transaction, description				The Exchange Transaction, GWG Holdings 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.
Voting shares, description	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 of Directors or policies of GWG. The Stockholders Agreement was terminated in connection with the closing of the Purchase and Contribution Transaction on April 26, 2019.
Preferred Stock, Per share Stated value												$ 15
Redeemable Preferred Stock [Member]
Stockholders' Equity (Textual)
Company offering shares of redeemable preferred stock | shares										100,000	100,000
Par value per share								$ 1,000		$ 0.001	$ 0.001
Dividend rate								7.00%
Liquidation preference value, per share								$ 1,000
Number of trading days | Tradingdays								20
Minimum conversion price								$ 15
Preferred stock redemption, percentage								15.00%
Number of shares issued | shares							99,127
Aggregate gross consideration | $							$ 99,100
Selling costs related to shares | $							$ 7,000
Series Two Redeemable Preferred Stock [Member]
Stockholders' Equity (Textual)
Company offering shares of redeemable preferred stock | shares			150,000
Dividend rate			7.00%
Liquidation preference value, per share			$ 1,000
Number of trading days | Tradingdays			20
Minimum conversion price			$ 12.75
Preferred stock redemption, percentage			10.00%
Number of shares issued | shares						149,979
Selling costs related to shares | $						$ 10,300
Preferred stock redemption, description			The event of redemptions occurring less than one year after issuance, of 107% of the stated value.
Aggregate gross consideration | $						$ 150,000
Series B Convertible Preferred Stock [Member]
Stockholders' Equity (Textual)
Conversion of common stock shares | shares				5,000,000						5,000,000
Conversion price per share				$ 10
Par value per share														$ 0.001
Series B Convertible Preferred Stock, Values issued | $		$ 50,000
Series B Convertible Preferred Stock, Shares Issued | shares		5,000,000		5,000,000
Preferred Stock, Per share Stated value														$ 10
Common stock at a conversion price				$ 10
Preferred Series A Subclass [Member]
Stockholders' Equity (Textual)
Preferred stock redemption, description										● 0.25% if annualized revenues are $80 million or less   ● 0.50% if annualized revenues are greater than $80 million but equal to or less than $105 million   ● 0.75% if annualized revenues are greater than $105 million but equal to or less than $125 million   ● 1.00% if annualized revenues are greater than $125 million but equal to or less than $135 million   ● 1.25% if annualized revenues are greater than $135 million but equal to or less than $140 million   ● If over $140 million, the preferred return calculation is based on a fraction (i) the numerator of which is (A) the positive percentage rate change, if any, to the seasonally adjusted CPI-U covering the period from the date of the last allocation of profits to such holders, plus (B) (x) 2% prior to an Initial Public Offering (as defined in the BCH LPA) by Ben and (y) 3% thereafter, and (ii) the denominator of which is one minus the highest effective marginal combined U.S. federal, state and local income tax rate in effect as of the beginning of the fiscal quarter for which such determination is being made for an individual resident in New York City, New York, assuming (1) that the aggregate gross income allocable with respect to the quarterly preferred return for such fiscal year will consist of the same relative proportion of each type or character (e.g., long term or short term capital gain or ordinary or exempt income) of gross income item included in the aggregate gross income actually allocated in respect of the quarterly preferred return for the fiscal year reflected in the BCH's most recently filed Internal Revenue Service Form 1065 and (2) any state and local income taxes are not deductible against U.S. federal income tax.
Long-term debt, percentage										55.00%
Class S Preferred [Member]
Stockholders' Equity (Textual)
Issuance of common stock | $										$ 100
Preferred stock redemption, percentage										0.75%
Preferred stock participation rights										The Class S Preferred Units are entitled to a quarterly preferred return that is limited by the quarterly preferred return rate cap described above for Preferred Series A Subclass 1 except for when annualized revenues exceed $140 million, the Class S Preferred return is based on a fraction (i) the numerator of which is (A) the positive percentage rate change, if any, to the seasonally adjusted CPI-U covering the period from the date of the last allocation of profits to such holders, plus (B) 0.75 percent, and (ii) the denominator of which is one minus the highest effective marginal combined U.S. federal, state and local income tax rate in effect as of the beginning of the fiscal quarter for which such determination is being made for an individual resident in New York City, New York, assuming (1) that the aggregate gross income allocable with respect to the quarterly preferred return for such fiscal year will consist of the same relative proportion of each type or character (e.g., long term or short term capital gain or ordinary or exempt income) of gross income item included in the aggregate gross income actually allocated in respect of the quarterly preferred return for the fiscal year reflected in the Ben Group Partnership’s most recently filed IRS Form 1065 and (2) any state and local income taxes are not deductible against U.S. federal income tax. The Class S Preferred Units also participate on an as-converted basis pro-rata in the share of the profits or losses of BCH and subsidiaries following all other allocations made by BCH and its subsidiaries. As limited partner interests, these units are generally non-voting and do not entitle participation in the management of the Company’s business and affairs. Generally, the Class S Preferred Units are exchangeable for Common Units in Ben LP on a 1.2-for-1 basis, subject to customary conversion rate adjustments for splits, distributions and reclassifications, as well as compliance with any applicable vesting and transfer restrictions. Each conversion also results in the issuance to Ben LP of a Class A Unit for each Common Unit issued. Holders of Class S Preferred Units may elect to convert into Class S Ordinary Units in connection with a sale or dissolution of BCH.
Class S Ordinary [Member]
Stockholders' Equity (Textual)
Common stock, shares issued | shares										5,800,000	5,800,000
Common stock, shares outstanding | shares										5,800,000	5,800,000

Stock Incentive Plan (Details)

Stock Incentive Plan (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock Options [Member]
Outstanding stock options:
Beginning Balance	1,397,951	1,636,948
Granted during the year	24,250	377,950
Vested during the year
Exercised during the year	(53,001)	(569,864)
Forfeited during the year	(463,819)	(47,083)
Ending Balance	905,381	1,397,951
Vested [Member]
Outstanding stock options:
Beginning Balance	833,199	857,192
Granted during the year		63,950
Vested during the year	197,859	503,503
Exercised during the year	(53,001)	(569,864)
Forfeited during the year	(304,716)	(21,582)
Ending Balance	673,341	833,199
Unvested [Member]
Outstanding stock options:
Beginning Balance	564,752	779,756
Granted during the year	24,250	314,000
Vested during the year	(197,859)	(503,503)
Exercised during the year
Forfeited during the year	(159,103)	(25,501)
Ending Balance	232,040	564,752

Stock Incentive Plan (Details 1

Stock Incentive Plan (Details 1) - Stock Appreciation Rights [Member] - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Outstanding Stock Appreciation Rights:
Beginning Balance	271,765	342,972
Granted during the year	134,900	113,650
Vested during the year
Exercised during the year	(23,448)	(145,622)
Forfeited during the year	(7,592)	(39,235)
Ending Balance	375,625	271,765
Vested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance	117,841	189,053
Granted during the year	4,250	2,625
Vested during the year	102,102	71,785
Exercised during the year	(23,448)	(145,622)
Forfeited during the year
Ending Balance	200,745	117,841
Unvested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance	153,924	153,919
Granted during the year	130,650	111,025
Vested during the year	(102,102)	(71,785)
Exercised during the year
Forfeited during the year	(7,592)	(39,235)
Ending Balance	174,880	153,924

Stock Incentive Plan (Details 2

Stock Incentive Plan (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Vested [Member] | SARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	200,745	117,841
Weighted-Average Exercise Price	$ 8.81	$ 8.88
Weighted-Average Remaining Life (years)	4 years 5 months 27 days	5 years 7 days
Fair Value at Grant Date	$ 2.09	$ 2.02
Vested [Member] | Total Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	874,086	951,040
Weighted-Average Exercise Price	$ 8.87	$ 8.88
Weighted-Average Remaining Life (years)	6 years 3 months 15 days	5 years 9 months 29 days
Fair Value at Grant Date	$ 2.18	$ 2.02
Vested [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	673,341	833,199
Weighted-Average Exercise Price	$ 8.88	$ 8.88
Weighted-Average Remaining Life (years)	6 years 9 months 29 days	5 years 11 months 12 days
Fair Value at Grant Date	$ 2.21	$ 2.02
Unvested [Member] | SARs Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	174,880	153,924
Weighted-Average Exercise Price	$ 9.75	$ 8.37
Weighted-Average Remaining Life (years)	6 years 2 months 30 days	5 years 11 months 23 days
Fair Value at Grant Date	$ 2.5	$ 2.09
Unvested [Member] | Total Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	406,920	718,676
Weighted-Average Exercise Price	$ 9.64	$ 8.98
Weighted-Average Remaining Life (years)	7 years 6 months 14 days	7 years 5 months 20 days
Fair Value at Grant Date	$ 2.55	$ 2.30
Unvested [Member] | Stock Options Unvested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	232,040	564,752
Weighted-Average Exercise Price	$ 9.55	$ 9.15
Weighted-Average Remaining Life (years)	8 years 6 months 3 days	7 years 10 months 17 days
Fair Value at Grant Date	$ 2.59	$ 2.35

Stock Incentive Plan (Details T

Stock Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Jun. 18, 2019	May 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Stock Incentive Plan (Textual)
Employee compensation and benefits expense					$ 151,800
Aggregate intrinsic value of stock options outstanding					1,000
Aggregate intrinsic value of stock options exercisable					$ 800
Stock Appreciation Rights [Member]
Stock Incentive Plan (Textual)
Stock awards vested during period					200,745
Number of awards exercised					169,070
Options exercise price, description					We had outstanding SARs for 375,625 shares of common stock to employees. The strike price of the SARs was between $6.75 and $11.55, which was equal to the market price of the common stock at the date of issuance.
Market price for share					$ 9.82
Options vesting period					3 years
Other accrued expenses					$ 600	$ 300
Employee compensation and benefits expense			$ 300	$ 300
Restricted Stock Units (RSUs) [Member]
Stock Incentive Plan (Textual)
Restricted shares of common stock issued			375,000		26,701
Restricted shares of common stock exercising					53,403
Cash payments			$ 4,500
Restricted Stock Units (RSUs) [Member] | Director [Member]
Stock Incentive Plan (Textual)
Restricted stock units granted during period	114,366
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member]
Stock Incentive Plan (Textual)
Options exercise price, description		We granted RSUs to our Chief Executive Officer that are subject to performance-based vesting pursuant to a performance share unit agreement ("PSU Agreement"). The PSU Agreement provides for a target award grant of 129,717 RSUs, and up to a maximum of 259,434 RSUs, with each representing the right to receive one share of our common stock (or, following a Change-in-Control Transaction (as defined in the PSU Agreement), the cash value thereof) upon vesting, which is generally subject to the satisfaction of performance goals over a performance period commencing on April 26, 2019 and ending on December 31, 2021.
2013 Stock Incentive Plan [Member]
Stock Incentive Plan (Textual)
Common stock options authorized					6,000,000
Common stock options available for issuance					3,406,000
Expiry award grant term					10 years
Reserved for issuance under outstanding incentive awards					2,594,000
Stock Options [Member]
Stock Incentive Plan (Textual)
Outstanding stock options					905,381
Awards vested during period					673,341
Options exercise price maximum range					$ 11.56
Options exercise price minimum range					$ 4.83
Forfeited					1,195,705
Cumulative options exercised					777,364
Unrecognized compensation expense related to un-vested options					$ 400
Unrecognized compensation expense related to un-vested options, period of recognition					3 years
Compensation expense remaining vesting in 2020					$ 300
Compensation expense remaining vesting in 2021					100
Compensation expense remaining vesting in 2022
Total intrinsic value of stock options exercised					300
Expense related to stock options					$ 400	$ 1,300

Other Expenses (Details)

Other Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Expenses [Abstract]
Contract labor	$ 1,820	$ 1,453
Marketing	1,612	1,856
Information technology	2,024	1,578
Servicing and facility fees	1,833	1,782
Travel and entertainment	1,218	892
Insurance and regulatory	5,032	1,562
Bad debt expense	153	4,300
General and administrative	2,204	2,572
Total other expenses	$ 15,896	$ 15,995

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Statutory federal income tax (benefit)	$ 34,869	$ (25,085)
State income taxes (benefit), net of federal benefit	13,486	(9,243)
Change in valuation allowance	9,671	33,999
Other permanent differences	(93)	329
Total income tax expense (benefit)	$ 57,933

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current income tax expense	$ 10
Deferred income tax expense	57,923
Total income tax expense	$ 57,933

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Investment in life insurance policies	$ 37,649	$ 23,132
Net operating loss and business interest carryforwards	18,935	10,491
Other assets	4,286	6,864
Subtotal	60,870	40,487
Valuation allowance	(50,056)	(40,385)
Deferred tax assets	10,814	102
Deferred tax liabilities:
Investment in partnership	(68,737)
Other liabilities		(102)
Net deferred tax asset (liability)	$ (57,923)

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Taxes (Textual)
Current income tax liability	$ 10
Net operating loss carryforwards expiration date	Dec. 31, 2033
Future utilization of net operating loss carryforwards, description	The NOL carryforwards will begin to expire in 2033. 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	$ 28,600	$ 36,500
Effective tax rate	34.80%	0.00%

Earnings (Loss) per Common Sh_3

Earnings (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Basic - Net income (loss) attributable to common shareholders	$ 91,166	$ (136,114)
Add: Preferred dividends upon conversion	2,020
Diluted - Net income (loss) attributable to common shareholders	$ 93,186	$ (136,114)
Denominator:
Basic - weighted average common shares outstanding	33,016,007	6,098,208
Effect of dilutive securities	2,203,435
Diluted - weighted average common shares outstanding	35,219,442	6,098,208
Basic earnings (loss) per common share	$ 2.76	$ (22.32)
Diluted earnings (loss) per common share	$ 2.65	$ (22.32)

Earnings (Loss) per Common Sh_4

Earnings (Loss) per Common Share (Details Textual)	12 Months Ended
	Dec. 31, 2019shares
Earnings (Loss) per Common Share (Textual)
Options to purchase common stock	437,266

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Segment EBT [Member]
Total	$ 166,042	$ (119,451)
Income tax expense	57,933
Net income (loss)	108,109	(119,451)
Investment in Beneficient [Member] | Segment EBT [Member]
Total	229,206	(106)
Revenue [Member]
Total	92,276	(390)
Revenue [Member] | Corporate & Other [Member]
Total	536	588
Revenue [Member] | Investment in Beneficient [Member]
Total	13,738	10,655
Secondary Life Insurance [Member] | Segment EBT [Member]
Total	(27,694)	(96,578)
Secondary Life Insurance [Member] | Revenue [Member]
Total	78,002	(11,633)
Corporate & Other [Member] | Segment EBT [Member]
Total	$ (35,470)	$ (22,767)

Segment Reporting (Details 1)

Segment Reporting (Details 1) - Interest Expense [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total	$ 114,844	$ 80,136
Corporate & Other [Member]
Total		1
Investment in Beneficient [Member]
Total	31,789	10,778
Secondary Life Insurance [Member]
Total	$ 83,055	$ 69,357

Segment Reporting (Details 2)

Segment Reporting (Details 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Total	$ 3,635,206	$ 1,480,867
Investment in Beneficient [Member]
Total	2,721,546	584,173
Secondary Life Insurance [Member]
Total	904,363	889,665
Corporate & Other [Member]
Total	$ 9,297	$ 7,029

Segment Reporting (Details Text

Segment Reporting (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)
Segment Reporting (Textual)
Number of reportable segments | Segment	2
Goodwill | $	$ 2,358,005

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 02, 2019
Operating lease right-of-use assets		$ 900
Operating lease liabilities	$ 2,540
Other accrued expenses [Member]
Operating lease liabilities	2,540
Other assets [Member]
Operating lease right-of-use assets	$ 1,912

Leases (Details 1)

Leases (Details 1) $ in Thousands	Dec. 31, 2019USD ($)
Summary of minimum lease payments under amendment lease
2020	$ 998
2021	715
2022	302
2023	311
2024	320
Thereafter	273
Total lease payments	2,919
Less: imputed interest	(379)
Present value of lease liabilities	$ 2,540

Leases (Details 2)

Leases (Details 2) $ in Thousands	Dec. 31, 2018USD ($)
Summary of minimum aggregate operating lease commitments
2019	$ 275
2020	284
2021	293
2022	302
2023	311
Thereafter	593
Total	$ 2,058

Leases (Details Textual)

Leases (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Leases (Textual)
Description of operating lease agreements	The Company leases certain real estate for its office premises under operating lease agreements which expire in 2021 and 2025.
Operating lease costs	$ 200,000
Short term lease costs	$ 100,000
Weighted average remaining lease term	4 years 2 months 12 days
Weighted average discount rate	6.60%
Operating lease payments	$ 300,000	$ 300,000
Variable lease costs	200,000
Total lease costs	$ 500,000	$ 400,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies (Textual)
Commitments, description	GWG is committed to contribute an additional $17.9 million to InsurTech Holdings over the next two years, with $13.8 million in 2020 and $4.1 million in 2021.
Gross potential capital commitments	$ 73,800	$ 75,200

Guarantee and Collateral Prov_3

Guarantee and Collateral Provisions of L Bonds and Seller Trust L Bonds (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 79,073	$ 114,587
Restricted cash	20,258	10,849
Investment in life insurance policies, at fair value	796,039	747,922
Life insurance policy benefits receivable, net	23,031	16,461
Investment in GWG stock
Loan receivables	232,344
Fees receivable	29,168
Financing receivables from affiliates	67,153	184,769
Equity method investment	1,761	360,842
Other assets	28,374	45,437
Goodwill	2,358,005
Investment in subsidiaries
TOTAL ASSETS	3,635,206	1,480,867
LIABILITIES
Senior credit facility with LNV Corporation	174,390	148,978
L Bonds	926,638	651,403
Seller Trust L Bonds	366,892	366,892
Other borrowings	153,086
Intercompany debt - commercial loan
Interest and dividends payable	16,516	18,555
Deferred revenue	41,444
Account payable and accrued expenses	27,836	13,981
Deferred tax liability	57,923
TOTAL LIABILITIES	1,764,725	1,199,809
Redeemable noncontrolling interests	1,269,654
STOCKHOLDERS' EQUITY
Member capital
Common units
Redeemable preferred stock and Series 2 redeemable preferred stock	201,891	215,973
Common stock	33	33
Treasury stock	(24,550)
Additional paid-in capital	233,106	249,662
Accumulated deficit	(76,501)	(184,610)
Noncontrolling interests	266,848
TOTAL STOCKHOLDERS' EQUITY	600,827	281,058	$ 133,672
TOTAL LIABILITIES AND EQUITY	3,635,206	1,480,867
Parent [Member]
ASSETS
Cash and cash equivalents	57,721	113,294
Restricted cash
Investment in life insurance policies, at fair value
Life insurance policy benefits receivable, net
Investment in GWG stock
Loan receivables
Fees receivable
Financing receivables from affiliates
Equity method investment	384,264	360,842
Other assets	62,354	42,944
Goodwill
Investment in subsidiaries	1,221,227	799,182
TOTAL ASSETS	1,725,566	1,316,262
LIABILITIES
Senior credit facility with LNV Corporation
L Bonds	926,638	651,403
Seller Trust L Bonds	366,892	366,892
Intercompany debt - commercial loan
Interest and dividends payable	12,491	14,047
Deferred revenue
Account payable and accrued expenses	3,093	2,862
Deferred tax liability	57,923
TOTAL LIABILITIES	1,367,037	1,035,204
Redeemable noncontrolling interests
STOCKHOLDERS' EQUITY
Member capital
Common units
Redeemable preferred stock and Series 2 redeemable preferred stock	201,891	215,973
Common stock	33	33
Treasury stock
Additional paid-in capital	233,106	249,662
Accumulated deficit	(76,501)	(184,610)
Noncontrolling interests
TOTAL STOCKHOLDERS' EQUITY	358,529	281,058
TOTAL LIABILITIES AND EQUITY	1,725,566	1,316,262
Guarantor Subsidiary [Member]
ASSETS
Cash and cash equivalents	2,644	232
Restricted cash		7,217
Investment in life insurance policies, at fair value	340	92,336
Life insurance policy benefits receivable, net	200	5,000
Investment in GWG stock
Loan receivables
Fees receivable
Financing receivables from affiliates	235,573	184,769
Equity method investment
Other assets	320,490	1,731
Goodwill
Investment in subsidiaries	664,723	510,865
TOTAL ASSETS	1,223,970	802,150
LIABILITIES
Senior credit facility with LNV Corporation
L Bonds
Seller Trust L Bonds
Intercompany debt - commercial loan
Interest and dividends payable
Deferred revenue
Account payable and accrued expenses	3,891	3,267
Deferred tax liability
TOTAL LIABILITIES	3,891	3,267
Redeemable noncontrolling interests
STOCKHOLDERS' EQUITY
Member capital	1,220,079	798,883
Common units
Redeemable preferred stock and Series 2 redeemable preferred stock
Common stock
Treasury stock
Additional paid-in capital
Accumulated deficit
Noncontrolling interests
TOTAL STOCKHOLDERS' EQUITY	1,220,079	798,883
TOTAL LIABILITIES AND EQUITY	1,223,970	802,150
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	18,708	1,061
Restricted cash	20,258	3,632
Investment in life insurance policies, at fair value	795,699	655,586
Life insurance policy benefits receivable, net	22,831	11,461
Investment in GWG stock	24,550
Loan receivables	232,344
Fees receivable	29,168
Financing receivables from affiliates
Equity method investment
Other assets	22,163	762
Goodwill	2,358,005
Investment in subsidiaries
TOTAL ASSETS	3,523,726	672,502
LIABILITIES
Senior credit facility with LNV Corporation	174,390	148,978
L Bonds
Seller Trust L Bonds
Other borrowings	153,086
Intercompany debt - commercial loan	168,420
Interest and dividends payable	4,025	4,508
Deferred revenue	41,444
Account payable and accrued expenses	78,455	7,852
Deferred tax liability
TOTAL LIABILITIES	619,820	161,338
Redeemable noncontrolling interests	1,588,604
STOCKHOLDERS' EQUITY
Member capital	665,871	511,164
Common units	563,966
Redeemable preferred stock and Series 2 redeemable preferred stock
Common stock
Treasury stock
Additional paid-in capital
Accumulated deficit
Noncontrolling interests	85,465
TOTAL STOCKHOLDERS' EQUITY	1,315,302	511,164
TOTAL LIABILITIES AND EQUITY	3,523,726	672,502
Eliminations [Member]
ASSETS
Cash and cash equivalents
Restricted cash
Investment in life insurance policies, at fair value
Life insurance policy benefits receivable, net
Investment in GWG stock	(24,550)
Loan receivables
Fees receivable
Financing receivables from affiliates	(168,420)
Equity method investment	(382,503)
Other assets	(376,633)
Goodwill
Investment in subsidiaries	(1,885,950)	(1,310,047)
TOTAL ASSETS	(2,838,056)	(1,310,047)
LIABILITIES
Senior credit facility with LNV Corporation
L Bonds
Seller Trust L Bonds
Intercompany debt - commercial loan	(168,420)
Interest and dividends payable
Deferred revenue
Account payable and accrued expenses	(57,603)
Deferred tax liability
TOTAL LIABILITIES	(226,023)
Redeemable noncontrolling interests	(318,950)
STOCKHOLDERS' EQUITY
Member capital	(1,885,950)	(1,310,047)
Common units	(563,966)
Redeemable preferred stock and Series 2 redeemable preferred stock
Common stock
Treasury stock	(24,550)
Additional paid-in capital
Accumulated deficit
Noncontrolling interests	181,383
TOTAL STOCKHOLDERS' EQUITY	(2,293,083)	(1,310,047)
TOTAL LIABILITIES AND EQUITY	$ (2,838,056)	$ (1,310,047)

Guarantee and Collateral Prov_4

Guarantee and Collateral Provisions of L Bonds and Seller Trust L Bonds (Details 1) - USD ($) $ in Thousands	2 Months Ended		12 Months Ended
	Sep. 30, 2018	[1]	Dec. 31, 2019	Sep. 30, 2019	[1]	Dec. 31, 2018
REVENUE
Gain (loss) on life insurance policies, net			$ 75,320			$ (14,105)
Interest and other income			16,956			13,715
TOTAL REVENUE			92,276			(390)
EXPENSES
Interest expense			114,844			80,136
Employee compensation and benefits			28,309			17,407
Legal and professional fees			12,824			5,541
Other expenses			15,896			15,995
TOTAL EXPENSES			171,873			119,079
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES			(79,597)			(119,469)
EQUITY IN INCOME OF SUBSIDIARIES
INCOME (LOSS) BEFORE INCOME TAXES			(79,597)			(119,469)
INCOME TAX EXPENSE			57,933
NET INCOME (LOSS) BEFORE EARNINGS (LOSS) FROM EQUITY METHOD INVESTMENT			(137,530)			(119,469)
Earnings (loss) from equity method investments	$ 18		(4,077)	$ (2,460)		18
Gain on consolidation of equity method investment			249,716
NET INCOME (LOSS)			108,109			(119,451)
Preferred stock dividends			16,943			16,663
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS			91,166			(136,114)
Parent [Member]
REVENUE
Gain (loss) on life insurance policies, net
Interest and other income			2,090			8,586
TOTAL REVENUE			2,090			8,586
EXPENSES
Interest expense			98,535			59,112
Employee compensation and benefits			17,699			9,980
Legal and professional fees			8,322			1,795
Other expenses			11,283			6,908
TOTAL EXPENSES			135,839			77,795
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES			(133,749)			(69,209)
EQUITY IN INCOME OF SUBSIDIARIES			31,322			(50,260)
INCOME (LOSS) BEFORE INCOME TAXES			(102,427)			(119,469)
INCOME TAX EXPENSE			57,933
NET INCOME (LOSS) BEFORE EARNINGS (LOSS) FROM EQUITY METHOD INVESTMENT			(160,360)			(119,469)
Earnings (loss) from equity method investments			(4,077)			18
Gain on consolidation of equity method investment			272,546
NET INCOME (LOSS)			108,109			(119,451)
Preferred stock dividends			16,943			16,663
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS			91,166			(136,114)
Guarantor Subsidiary [Member]
REVENUE
Gain (loss) on life insurance policies, net			6,889			8,340
Interest and other income			13,738			4,280
TOTAL REVENUE			20,627			12,620
EXPENSES
Interest expense
Employee compensation and benefits			9,103			5,742
Legal and professional fees			1,392			864
Other expenses			1,983			1,995
TOTAL EXPENSES			12,478			8,601
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES			8,149			4,019
EQUITY IN INCOME OF SUBSIDIARIES			51,362			(48,666)
INCOME (LOSS) BEFORE INCOME TAXES			59,511			(44,647)
INCOME TAX EXPENSE
NET INCOME (LOSS) BEFORE EARNINGS (LOSS) FROM EQUITY METHOD INVESTMENT			59,511			(44,647)
Earnings (loss) from equity method investments
Gain on consolidation of equity method investment			(22,830)
NET INCOME (LOSS)			36,681			(44,647)
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS			36,681			(44,647)
Non-Guarantor Subsidiaries [Member]
REVENUE
Gain (loss) on life insurance policies, net			68,431			(22,445)
Interest and other income			1,128			849
TOTAL REVENUE			69,559			(21,596)
EXPENSES
Interest expense			16,309			21,024
Employee compensation and benefits			1,507			1,685
Legal and professional fees			3,110			2,882
Other expenses			2,630			7,092
TOTAL EXPENSES			23,556			32,683
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES			46,003			(54,279)
EQUITY IN INCOME OF SUBSIDIARIES
INCOME (LOSS) BEFORE INCOME TAXES			46,003			(54,279)
INCOME TAX EXPENSE
NET INCOME (LOSS) BEFORE EARNINGS (LOSS) FROM EQUITY METHOD INVESTMENT			46,003			(54,279)
Earnings (loss) from equity method investments
Gain on consolidation of equity method investment
NET INCOME (LOSS)			46,003			(54,279)
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS			46,003			(54,279)
Eliminations [Member]
REVENUE
Gain (loss) on life insurance policies, net
Interest and other income
TOTAL REVENUE
EXPENSES
Interest expense
Employee compensation and benefits
Legal and professional fees
Other expenses
TOTAL EXPENSES
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES
EQUITY IN INCOME OF SUBSIDIARIES			(82,684)			98,926
INCOME (LOSS) BEFORE INCOME TAXES			(82,684)			98,926
INCOME TAX EXPENSE
NET INCOME (LOSS) BEFORE EARNINGS (LOSS) FROM EQUITY METHOD INVESTMENT			(82,684)			98,926
Earnings (loss) from equity method investments
Gain on consolidation of equity method investment
NET INCOME (LOSS)			(82,684)			98,926
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS			$ (82,684)			$ 98,926
[1]	Our portion of Beneficient's net earnings (loss) for the periods noted.

Guarantee and Collateral Prov_5

Guarantee and Collateral Provisions of L Bonds and Seller Trust L Bonds (Details 2) - USD ($) $ in Thousands	2 Months Ended		12 Months Ended
	Sep. 30, 2018	[1]	Dec. 31, 2019	Sep. 30, 2019	[1]	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			$ 108,109			$ (119,451)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries
Change in fair value of investment in life insurance policies			(49,015)			10,344
Amortization of deferred financing and issuance costs			13,804			10,037
Amortization of discount or premium on financing receivables			(1,720)			(14)
Provision for uncollectible policy benefits receivable			153			4,300
Earnings from equity method investments	$ (18)		4,077	$ 2,460		(18)
Stock-based compensation			1,732			2,182
Gain on consolidation of equity method investment			(249,716)
Deferred income taxes			57,923
(Increase) decrease in operating assets:
Life insurance policy benefits receivable			(6,683)			(4,102)
Interest receivable added to commercial loan principal			(6,913)			(10,534)
Other assets			(5,056)			4,406
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses			(8,297)			4,102
Interest and dividends payable			(1,228)			3,269
NET CASH FLOWS USED IN OPERATING ACTIVITIES			(142,830)			(95,479)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies			(32,367)			(128,503)
Carrying value of matured life insurance policies			33,265			20,764
Equity method investments			(12,388)			(3,204)
Business combination consideration, net of cash acquired			(61,479)
Other investments acquired			(65,000)			(3,037)
Payment of capital contributions
NET CASH FLOWS USED IN INVESTING ACTIVITIES			(137,969)			(113,980)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on senior debt			50,133			12,903
Repayments of senior debt			(23,756)			(77,219)
Payments for senior debt issuance costs			(2,042)
Proceeds from issuance of L Bonds			403,397			263,965
Payments for L Bonds issuance costs			(25,284)			(17,379)
Payments for redemption of L Bonds			(116,809)			(48,027)
Issuance of common stock			59			614
Proceeds from issuance of convertible preferred stock						50,000
Proceeds from Issuance of redeemable preferred stock						56,238
Payments for issuance of preferred stock						(4,142)
Payments for redemption of redeemable preferred stock			(14,061)			(2,457)
Common stock dividends						(25,709)
Preferred stock dividends			(16,943)			(16,663)
Issuance of member capital
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES			254,694			192,124
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(26,105)			(17,335)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD			125,436			142,771
END OF PERIOD			99,331			125,436
Eliminations [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			(82,684)			98,926
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries			82,684			(98,926)
Change in fair value of investment in life insurance policies
Amortization of deferred financing and issuance costs
Amortization of discount or premium on financing receivables
Provision for uncollectible policy benefits receivable
Earnings from equity method investments
Stock-based compensation
Gain on consolidation of equity method investment
Deferred income taxes
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Interest receivable added to commercial loan principal
Other assets						332,546
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses
Interest and dividends payable
NET CASH FLOWS USED IN OPERATING ACTIVITIES						332,546
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Equity method investments
Business combination consideration, net of cash acquired
Other investments acquired
Payment of capital contributions			67,961
NET CASH FLOWS USED IN INVESTING ACTIVITIES			67,961
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on senior debt
Repayments of senior debt
Payments for senior debt issuance costs
Proceeds from issuance of L Bonds
Payments for L Bonds issuance costs
Payments for redemption of L Bonds
Issuance of common stock
Proceeds from issuance of convertible preferred stock
Proceeds from Issuance of redeemable preferred stock
Payments for issuance of preferred stock
Payments for redemption of redeemable preferred stock
Common stock dividends
Preferred stock dividends
Issuance of member capital			(67,961)			(332,546)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES			(67,961)			(332,546)
NET INCREASE (DECREASE) IN CASH, 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)			108,109			(119,451)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries			(31,322)			50,260
Change in fair value of investment in life insurance policies
Amortization of deferred financing and issuance costs			12,727			8,982
Amortization of discount or premium on financing receivables						628
Provision for uncollectible policy benefits receivable
Earnings from equity method investments			4,077			(18)
Stock-based compensation			1,732			2,182
Gain on consolidation of equity method investment			(272,546)
Deferred income taxes			57,923
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Interest receivable added to commercial loan principal						(7,046)
Other assets			(1,079)			(188,365)
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses			(1,173)			(55)
Interest and dividends payable			(746)			4,025
NET CASH FLOWS USED IN OPERATING ACTIVITIES			(122,298)			(248,858)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Equity method investments			(12,388)			(3,204)
Business combination consideration, net of cash acquired			(79,030)
Other investments acquired						(3,037)
Payment of capital contributions			(72,217)
NET CASH FLOWS USED IN INVESTING ACTIVITIES			(163,635)			(6,241)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on senior debt
Repayments of senior debt
Payments for senior debt issuance costs
Proceeds from issuance of L Bonds			403,397			263,965
Payments for L Bonds issuance costs			(25,284)			(17,379)
Payments for redemption of L Bonds			(116,809)			(48,027)
Issuance of common stock			59			614
Proceeds from issuance of convertible preferred stock						50,000
Proceeds from Issuance of redeemable preferred stock						56,238
Payments for issuance of preferred stock						(4,142)
Payments for redemption of redeemable preferred stock			(14,061)			(2,457)
Common stock dividends						(25,709)
Preferred stock dividends			(16,943)			(16,663)
Issuance of member capital
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES			230,359			256,440
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(55,574)			1,341
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD			113,294			111,953
END OF PERIOD			57,720			113,294
Guarantor Subsidiaries [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			36,681			(44,647)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries			(51,362)			48,666
Change in fair value of investment in life insurance policies			(9,477)			(4,263)
Amortization of deferred financing and issuance costs
Amortization of discount or premium on financing receivables			(1,720)			(642)
Provision for uncollectible policy benefits receivable
Earnings from equity method investments
Stock-based compensation
Gain on consolidation of equity method investment			22,830
Deferred income taxes
(Increase) decrease in operating assets:
Life insurance policy benefits receivable			4,800			(3,500)
Interest receivable added to commercial loan principal			(6,913)			(3,488)
Other assets			194			(144,147)
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses			(296)			812
Interest and dividends payable
NET CASH FLOWS USED IN OPERATING ACTIVITIES			(5,263)			(151,209)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies			(8,682)			(41,404)
Carrying value of matured life insurance policies			3,403			4,424
Equity method investments
Business combination consideration, net of cash acquired
Other investments acquired			(65,000)
Payment of capital contributions			4,256
NET CASH FLOWS USED IN INVESTING ACTIVITIES			(66,023)			(36,980)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on senior debt
Repayments of senior debt
Payments for senior debt issuance costs
Proceeds from issuance of L Bonds
Payments for L Bonds issuance costs
Payments for redemption of L Bonds
Issuance of common stock
Proceeds from issuance of convertible preferred stock
Proceeds from Issuance of redeemable preferred stock
Payments for issuance of preferred stock
Payments for redemption of redeemable preferred stock
Common stock dividends
Preferred stock dividends
Issuance of member capital			66,481			184,784
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES			66,481			184,784
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(4,805)			(3,405)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD			7,449			10,854
END OF PERIOD			2,644			7,449
Non-Guarantor Subsidiaries [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			46,003			(54,279)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries
Change in fair value of investment in life insurance policies			(39,538)			14,607
Amortization of deferred financing and issuance costs			1,077			1,055
Amortization of discount or premium on financing receivables
Provision for uncollectible policy benefits receivable			153			4,300
Earnings from equity method investments
Stock-based compensation
Gain on consolidation of equity method investment
Deferred income taxes
(Increase) decrease in operating assets:
Life insurance policy benefits receivable			(11,483)			(602)
Interest receivable added to commercial loan principal
Other assets			(4,171)			4,372
Increase (decrease) in operating liabilities:
Accounts payable and other accrued expenses			(6,828)			3,345
Interest and dividends payable			(482)			(756)
NET CASH FLOWS USED IN OPERATING ACTIVITIES			(15,269)			(27,958)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies			(23,685)			(87,099)
Carrying value of matured life insurance policies			29,862			16,340
Equity method investments
Business combination consideration, net of cash acquired			17,551
Other investments acquired
Payment of capital contributions
NET CASH FLOWS USED IN INVESTING ACTIVITIES			23,728			(70,759)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on senior debt			50,133			12,903
Repayments of senior debt			(23,756)			(77,219)
Payments for senior debt issuance costs			(2,042)
Proceeds from issuance of L Bonds
Payments for L Bonds issuance costs
Payments for redemption of L Bonds
Issuance of common stock
Proceeds from issuance of convertible preferred stock
Proceeds from Issuance of redeemable preferred stock
Payments for issuance of preferred stock
Payments for redemption of redeemable preferred stock
Common stock dividends
Preferred stock dividends
Issuance of member capital			1,480			147,762
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES			25,815			83,446
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			34,274			(15,271)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD			4,693			19,964
END OF PERIOD			$ 38,967			$ 4,693
[1]	Our portion of Beneficient's net earnings (loss) for the periods noted.

Concentration (Details)

Concentration (Details)	Dec. 31, 2019	Dec. 31, 2018
John Hancock [Member]
Concentration Risk [Line Items]
Face value percentage of insurance policies with specific life insurance companies	14.23%	13.71%
Lincoln National [Member]
Concentration Risk [Line Items]
Face value percentage of insurance policies with specific life insurance companies	11.55%	11.33%
AXA Equitable [Member]
Concentration Risk [Line Items]
Face value percentage of insurance policies with specific life insurance companies	10.63%	10.83%

Concentration (Details 1)

Concentration (Details 1)	Dec. 31, 2019	Dec. 31, 2018
California [Member]
Concentration Risk [Line Items]
Percentage of insurance policies held in specific states	17.46%	18.02%
Florida [Member]
Concentration Risk [Line Items]
Percentage of insurance policies held in specific states	14.86%	15.34%

Concentration (Details Textual)

Concentration (Details Textual)	12 Months Ended
	Dec. 31, 2019
Concentration (Textual)
Percentage of portfolio	10.00%
Life Insurance Portfolio [Member]
Concentration (Textual)
Percentage of portfolio	10.00%

Related Parties (Details)

Related Parties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Bradley Capital Agreement [Member]
Related Parties (Textual)
Current supplemental fee	$ 200
Effective date	Jul. 1, 2017
Annual salary	$ 200
Post employment benefit payments	$ 200
Expiration date	Jul. 30, 2021
Renewal provision term	1 year
Termination provisions	$ 10,000
Borrowing amount	$ 400
Constitution Private Capital Company, LLC [Member]
Related Parties (Textual)
Relationship management, description	Constitution is an entity owned 50.5% by a Related Entity and 49.5% by an entity controlled by our board of directors.
Constitution Private Capital Company, LLC [Member] | Administrative Services Agreement [Member]
Related Parties (Textual)
Effective date	Jan. 1, 2017
Monthly fee	0.01%
Constitution Private Capital Company, LLC [Member] | Preferred Liquidity Provider Agreement [Member]
Related Parties (Textual)
Advance rate, percentage	82.00%
Beneficient Management Counselors, LLC [Member]
Related Parties (Textual)
Relationship management, description	The governing document of BMLLC provides that Beneficient Management Counselors, L.L.C. ("BMC"), wholly owned by one of several Related Entities, determine the directors of Beneficient Management who fill 30% of the Board seats. BMC is also entitled to select (a) 50% of the membership of Beneficient Management's Nominating Committee and Executive Committee and appoint the chair of each of these committees, (b) 50% of the membership of the Community Reinvestment Committee (CRC), and (c) the CRC's chairperson, vice-chairperson, and lead committee member. Certain decisions with respect to Ben LP's charitable giving program are delegated to the CRC. Decisions regarding appointment and removal of Beneficient Management's directors, other than directors appointed by BMC, and GWG Holdings, are delegated, with certain exceptions, to the Nominating Committee of Beneficient Management, of which an executive of a Related Entity is a member and Chairman. In the event of a tie vote of the Nominating Committee on a vote for the removal of a director, the Chairman of the Nominating Committee may cast the tie-breaking vote.
Hicks Holdings LLC [Member] | Preferred Series A Subclass [Member]
Related Parties (Textual)
Initial balance	$ 60,400
Beneficient Holdings Inc [Member]
Related Parties (Textual)
Effective date	Jun. 1, 2017
Annual fee	$ 30
Borrowing amount	$ 72,000

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Mar. 27, 2019USD ($)
Subsequent Events (Textual)
Subsequent events, description	Subsequent to December 31, 2019 through March 23, 2020, we have issued approximately $105.0 million of L Bonds.
Face value of insurance benefits	$ 24,200