GWG (GWGHQ) 10-K 5 Nov 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36615
Entity Registrant Name	GWG HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2222607
Entity Address, Address Line One	325 North St. Paul Street, Suite 2650
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	612
Local Phone Number	746-1944
Title of 12(b) Security	Common Stock
Trading Symbol	GWGH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 24,297,105
Entity Common Stock, Shares Outstanding (in shares)		33,097,118
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE: None.
Entity Central Index Key	0001522690
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 85,249	$ 82,284
Restricted cash	38,911	33,506
Investment in life insurance policies, at fair value	791,911	796,039
Life insurance policy benefits receivable, net	14,334	23,031
Investment in alternative assets, at fair value	221,894	342,012
Equity method investments	8,582	1,761
Other assets	36,326	29,398
Goodwill	2,367,750	2,367,750
TOTAL ASSETS	3,564,957	3,675,781
LIABILITIES
Senior credit facility with LNV Corporation	193,730	174,390
L Bonds	1,246,902	926,638
Seller Trust L Bonds	272,104	366,892
Debt due to related parties	76,260	153,086
Interest and dividends payable	24,080	16,516
Repurchase option	0	61,664
Accounts payable and accrued expenses	26,505	27,892
Deferred tax liability, net	51,469	71,855
TOTAL LIABILITIES	1,891,050	1,798,933
Redeemable noncontrolling interests	1,233,093	1,269,654
COMMON STOCK
(par value $0.001; shares authorized 210,000,000; shares issued and outstanding, 33,094,664 and 33,033,793 as of December 31, 2020 and 2019, respectively)	33	33
Common stock in treasury, at cost, 12,337,264 shares as of December 31, 2020 and 2,500,000 shares as of December 31, 2019	(67,406)	(24,550)
Additional paid-in capital	274,023	233,106
Accumulated deficit	(251,111)	(97,196)
TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY	112,372	313,284
Noncontrolling interests	328,442	293,910
TOTAL STOCKHOLDERS’ EQUITY	440,814	607,194
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	3,564,957	3,675,781
Redeemable Preferred Stock
STOCKHOLDERS’ EQUITY
Redeemable preferred stock	46,241	74,023
Series 2 Redeemable Preferred Stock
STOCKHOLDERS’ EQUITY
Redeemable preferred stock	$ 110,592	$ 127,868

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	210,000,000	210,000,000
Common stock, issued (in shares)	33,094,664	33,033,793
Common stock, outstanding (in shares)	33,094,664	33,033,793
Treasury stock (in shares)	12,337,264	2,500,000
Redeemable Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	100,000	100,000
Preferred stock, outstanding (in shares)	56,855	84,636
Preferred stock, liquidation preference	$ 57,187	$ 85,130
Series 2 Redeemable Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	150,000	150,000
Preferred stock, outstanding (in shares)	129,887	147,164
Preferred stock, liquidation preference	$ 130,645	$ 148,023

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Gain on life insurance policies, net	$ 49,598	$ 75,320
Investment income, net	44,106	0
Interest income	1,594	15,646
Other income	29,073	1,310
TOTAL REVENUE	124,371	92,276
EXPENSES
Interest expense	154,616	114,844
Employee compensation and benefits	146,363	28,309
Legal and professional fees	30,075	12,824
Other expenses	18,227	15,896
TOTAL EXPENSES	349,281	171,873
LOSS BEFORE INCOME TAXES	(224,910)	(79,597)
INCOME TAX EXPENSE (BENEFIT)	(16,390)	71,865
LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS	(208,520)	(151,462)
Loss from equity method investments	(7,319)	(4,077)
Gain on consolidation of equity method investment	0	242,953
NET INCOME (LOSS)	(215,839)	87,414
Net loss attributable to noncontrolling interests	61,924	0
Less: Preferred stock dividends	14,630	16,943
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (168,545)	$ 70,471
NET INCOME (LOSS) PER COMMON SHARE
Basic (in usd per share)	$ (6.01)	$ 2.13
Diluted (in usd per share)	$ (6.01)	$ 2.06
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	28,063,268	33,016,007
Diluted (in shares)	28,063,268	35,219,442

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (215,839)	$ 87,414
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Change in fair value of investment in life insurance policies	(34,114)	(49,015)
Investment income, net	(44,106)	0
Amortization of deferred financing and issuance costs	19,760	13,804
Amortization and depreciation of long-lived assets	1,171	0
Accretion of discount on financing receivables from affiliate	0	(1,720)
Provision for uncollectible policy benefit receivable	0	153
Return on investments in alternative assets	3,683	0
Non-cash interest income, including interest paid-in-kind and accretion of purchase discount	(283)	0
Non-cash interest expense	2,343	0
Loss from equity method investments	7,319	4,077
Loss on fair value of put options	7,757	0
Equity-based compensation	110,840	1,732
Forfeiture of vested equity-based compensation	(36,267)	0
Gain on consolidation of equity method investment	0	(242,953)
Deferred income taxes	(16,927)	71,855
Change in operating assets and liabilities:
Life insurance policy benefits receivable	8,697	(6,683)
Accrued interest on financing receivables	0	(6,913)
Other assets	(599)	(5,056)
Accounts payable and accrued expenses	3,123	(8,297)
Interest and dividends payable	1,042	(1,228)
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(182,400)	(142,830)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	0	(32,367)
Return of investment for matured life insurance policies	38,186	33,265
Purchases of fixed assets	(3,281)	0
Contributions to equity method investments	(14,140)	(12,388)
Business combination consideration, net of cash and restricted cash acquired	0	(45,020)
Return of investments in alternative assets	20,394	0
Investments in alternative assets	(8,378)	0
Financing receivables from affiliate issued	0	(65,000)
Investment in put options	(14,775)	0
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	18,006	(121,510)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on senior debt	28,530	50,133
Repayments of senior debt and debt due to related parties	(85,505)	(23,756)
Proceeds from issuance of L Bonds	440,195	403,397
Payments for redemption of L Bonds	(110,691)	(116,809)
Payment of employee taxes on stock awards	(1,554)	0
Purchase of noncontrolling interest	(1,195)	0
Issuance of common stock	8	59
Payments for redemption of redeemable preferred stock	(45,058)	(14,061)
Payments for equity issuance costs	(633)	0
Preferred stock dividends	(14,630)	(16,943)
Tax distribution to noncontrolling interest	(5,592)	0
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	172,764	254,694
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	8,370	(9,646)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD	115,790	125,436
END OF PERIOD	124,160	115,790
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	131,516	102,202
Premiums paid, including prepaid	70,243	68,467
NON-CASH INVESTING AND FINANCING ACTIVITIES
L Bonds: Conversion of accrued interest and commissions payable to principal	1,911	1,760
Distribution payable to noncontrolling interest (see Note 12)	738	0
Noncash issuance of noncontrolling interest (see Note 12)	5,978	0
Liquidity Bonds, net of financing costs (see Note 10)	392	0
Deemed capital contribution from related party	46,770	0
Adjustment to noncontrolling interest	3,444	0
Treasury Stock
NON-CASH INVESTING AND FINANCING ACTIVITIES
Consideration given	42,856	0
Debt Due To Related Parties
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for deferred financing costs and issuance costs	(3,207)
Senior Debt
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for deferred financing costs and issuance costs		(2,042)
L Bonds
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for deferred financing costs and issuance costs	(27,904)	(25,284)
NON-CASH INVESTING AND FINANCING ACTIVITIES
Consideration given	$ 94,788	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Redeemable Preferred Stock	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Total GWG Holdings Stockholders’ Equity	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2018		245,883	33,018,161
Beginning balance at Dec. 31, 2018	$ 281,058	$ 215,973	$ 33	$ 249,662	$ (184,610)	$ 0	$ 281,058	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (As Restated)	87,414				87,414		87,414
Issuance of common stock (in shares)			58,382
Issuance of common stock	439			439			439
Repurchase of common stock (in shares)			(42,750)
Repurchase of common stock	(362)			(362)			(362)
Common stock in treasury (in shares)			(2,500,000)
Common stock in treasury	(24,550)					(24,550)	(24,550)
Redemption of redeemable preferred stock (in shares)		(14,083)
Redemption of redeemable preferred stock	(14,083)	$ (14,082)		(1)			(14,083)
Preferred stock dividends	(16,943)			(16,943)			(16,943)
Equity-based compensation	311			311			311
Recognition of noncontrolling interests (As Restated)	293,910							293,910
Ending balance (in shares) at Dec. 31, 2019		231,800	30,533,793
Ending balance at Dec. 31, 2019	607,194	$ 201,891	$ 33	233,106	(97,196)	(24,550)	313,284	293,910
Beginning balance at Dec. 31, 2018	0
Redeemable Noncontrolling Interests
Recognition of noncontrolling interests (As Restated)	1,269,654
Ending balance at Dec. 31, 2019	1,269,654
Ending balance (in shares) at Mar. 31, 2020			30,535,249
Ending balance at Mar. 31, 2020	598,950			229,207	(140,567)	(24,550)	250,781	348,169
Beginning balance (in shares) at Dec. 31, 2019		231,800	30,533,793
Beginning balance at Dec. 31, 2019	607,194	$ 201,891	$ 33	233,106	(97,196)	(24,550)	313,284	293,910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (As Restated)	(184,870)				(153,915)		(153,915)	(30,955)
Issuance of common stock (in shares)			60,871
Issuance of common stock	533			533			533
Common stock in treasury (in shares)			(9,837,264)
Common stock in treasury	(42,856)					(42,856)	(42,856)
Redemption of redeemable preferred stock (in shares)		(45,058)
Redemption of redeemable preferred stock	(45,058)	$ (45,058)					(45,058)
Preferred stock dividends	(14,630)			(14,630)			(14,630)
Deemed capital contribution from related party	46,770			46,770			46,770
Equity-based compensation	110,918			180			180	110,738
Forfeiture of vested equity-based compensation	(36,267)							(36,267)
Tax withholding for employee restricted equity units	(1,521)							(1,521)
Distributions payable to noncontrolling interest	(738)							(738)
Noncash issuance of noncontrolling interest	5,978							5,978
(Increase) decrease in noncontrolling interest				8,064			8,064	(8,064)
Reduction to noncontrolling interest for Beneficient treasury (Note 1)	(3,444)							(3,444)
Purchase of noncontrolling interest	(1,195)							(1,195)
Ending balance (in shares) at Dec. 31, 2020		186,742	20,757,400
Ending balance at Dec. 31, 2020	440,814	$ 156,833	$ 33	274,023	(251,111)	(67,406)	112,372	328,442
Beginning balance at Dec. 31, 2019	1,269,654
Redeemable Noncontrolling Interests
Net income (loss)	(30,969)
Tax distribution to noncontrolling interest	(5,592)
Ending balance at Dec. 31, 2020	1,233,093
Beginning balance (in shares) at Mar. 31, 2020			30,535,249
Beginning balance at Mar. 31, 2020	598,950			229,207	(140,567)	(24,550)	250,781	348,169
Ending balance (in shares) at Jun. 30, 2020			30,537,481
Ending balance at Jun. 30, 2020	499,196			225,537	(161,107)	(24,550)	217,315	281,881
Ending balance (in shares) at Sep. 30, 2020			20,757,400
Ending balance at Sep. 30, 2020	$ 494,656			$ 277,354	$ (206,436)	$ (67,406)	$ 170,658	$ 323,998

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	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, GWG DLP Funding IV, LLC (“DLP IV”), GWG DLP Funding V Holdings, LLC (“DLP V Holdings”), and GWG DLP Funding Holdings VI, LLC (“DLP VI Holdings”). DLP V Holdings is the sole member of GWG DLP Funding V, LLC (“DLP V”). DLP VI Holdings is the sole member of GWG DLP Funding VI, LLC (“DLP VI”). In addition, GWG Holdings has exposure to indirect interests in loans collateralized by cash flows from alternative assets. Such loans are made and held by certain of the operating subsidiaries of The Beneficient Company Group, L.P. (“Ben LP,” including all of the subsidiaries it may have from time to time — “Beneficient”). These loans are made to certain of the ExAlt Trusts (defined below), which are consolidated subsidiaries of Ben LP and thus, such loans are eliminated in consolidation for financial reporting purposes. The ExAlt Trusts are comprised of the Custody Trusts, Collective Trusts, LiquidTrusts and Funding Trusts, (collectively, the “ExAlt Trusts”). Ben LP’s general partner is 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. As also further described in Note 23, on August 13, 2021, GWG Holdings and Ben LP, and Beneficient Company Holdings, L.P. (“BCH”) entered into a non-binding term sheet (the “Term Sheet”) that outlines a series of transactions that, if completed, will result in, among other things, (i) GWG Holdings receiving certain proposed enhancements to its investments in Beneficient; (ii) GWG Holdings no longer having the right to appoint directors of the Board of Directors of Beneficient Management; and (iii) Beneficient no longer being a consolidated subsidiary of GWG Holdings. The Term Sheet is part of ongoing efforts by management and the Board of Directors of GWG Holdings to maximize the value of GWG Holdings’ and GWG Life’s investment in Beneficient. Ben LP is the general partner of 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 partnership interests issued by BCH. As of December 31, 2020, 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 C Unit Accounts. On July 15, 2020, BCH amended its limited partnership agreement by executing that certain 5th Amended and Restated Limited Partnership Agreement (“LPA”) of BCH to allow for the issuance of Preferred Series A Subclass 0 Unit Accounts (“Preferred A.0”), which are expected to be issued once certain conditions are met (as discussed in more detail below). GWG Holdings also has a financial interest in FOXO Technologies Inc. (“FOXO”, formerly FOXO BioScience LLC), which, through its wholly-owned subsidiaries FOXO Labs Inc. (“FOXO Labs”, formerly, Life Epigenetics Inc.) and FOXO Life LLC (“FOXO Life”, formerly, youSurance General Agency, LLC), seeks to commercialize epigenetic technology for the longevity industry and offer life insurance directly to customers utilizing epigenetic technology. Although we have a financial interest in FOXO, we do not have a controlling financial interest because another party is the majority shareholder of the voting class of securities. Therefore, we account for GWG Holdings’ ownership interest in FOXO as an equity method investment. All of the aforementioned entities are legally organized in the state of Delaware, other than GWG Life Trust, which was formed under the laws of the state of Utah, and certain of the ExAlt Trusts, which were formed under the laws of the state of Texas. 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 GWG Holdings together, in each case, with its subsidiaries. Our headquarters are located at 325 N. St. Paul Street, Suite 2650, Dallas, Texas 75201. Nature of Business GWG Holdings, through its wholly-owned subsidiary GWG Life, 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 policies were purchased between April 2006 and November 2019 and were funded primarily through sales of L Bonds, as discussed in Note 10. Beginning in 2018, GWG Holdings consummated a series of transactions with Beneficient as part of a strategic decision to reorient its business and increase capital allocated toward providing liquidity products to a broader range of alternative assets through investments in Beneficient. GWG Holdings completed the transactions with Beneficient to provide the Company with a significant increase in assets and common stockholders’ equity as well as the opportunity for a diversified source of future earnings from our exposure to the alternative asset industry. We believe that GWG Holdings’ and GWG Life’s investments in Beneficient and the other strategies we are pursuing, including continuing to pursue opportunities in the life insurance industry, will transform GWG Holdings from a niche provider of liquidity to owners of life insurance policies to a diversified provider of financial products and services with exposure to a broad range of alternative assets. We believe that Beneficient’s operations will generally produce higher risk-adjusted returns than those we can achieve from life insurance policies acquired in the secondary market; however, returns on equity in life settlements, especially with the current availability of financings on favorable terms, appear to be an attractive option to diversify our exposure to alternative assets, and we have begun exploring the feasibility of acquiring such policies. Furthermore, although we believe that our portfolio of life insurance policies is a meaningful component of a growing diversified alternative asset portfolio, we continue to explore strategic alternatives for our life insurance portfolio aimed at maximizing its value, including a possible sale, refinancing, recapitalization, partnership, reinsurance guarantees, life insurance operations or other transactions involving of our life insurance portfolio, as well as pursuing other alternatives to increase our exposure to alternative assets. These operations are in addition to allocating capital to provide liquidity to holders of a broader range of alternative assets, which we currently provide through GWG Holdings’ and GWG Life’s investments in Beneficient. Beneficient is a financial services company based in Dallas, Texas that markets an array of liquidity and trust administration products to alternative asset investors primarily comprised of mid-to-high-net-worth individuals having a net worth between $5 million and $30 million (“MHNW”) and small-to-midsize institutional investors and family offices with less than $1 billion in investable assets (“STMIs”). One of Beneficient’s founders, Brad K. Heppner (“Ben Founder”) serves as Chairman and Chief Executive Officer of Beneficient and previously served from April 26, 2019 to June 14, 2021 as Chairman of GWG Holdings. Ben LP plans to offer its products and services through its five operating subsidiaries, which include (i) Ben Liquidity, (ii) Ben Custody Admin, (iii) Ben Insurance, (iv) Ben Markets and (v) Beneficient USA (each operating subsidiary is further defined below). Ben Liquidity plans to operate a trust company that is a Kansas Technology Enabled Fiduciary Financial Institutions (“TEFFI”) authorized to serve as an alternative asset custodian, trustee and lender with statutory powers granted for each of these activities and permitting Ben Liquidity to provide fiduciary financing for certain of its customer liquidity transactions. Ben Custody Admin plans to operate a Texas trust company that is being organized to provide its customers with certain administrative, custodial and trustee products and specialized services focused on alternative asset investors. Ben Insurance has been chartered as a Bermuda based insurance company that plans to offer certain customized insurance products and services covering risks relating to owning, managing and transferring alternative assets. Ben Markets is in the regulatory process for acquiring a captive registered broker-dealer that would conduct certain of its activities attendant to offering a suite of products and services from the Beneficient family of companies. Certain of Ben LP’s operating subsidiary products and services involve or are offered to certain of the ExAlt Trusts (defined below), which are consolidated subsidiaries of Ben LP for financial reporting purposes (such trusts are and may individually be referred to as Custody Trusts, Collective Trusts, LiquidTrusts, and Funding Trusts). Beneficient USA employs a substantial majority of the executives and staff for Beneficient’s operating subsidiaries to which Beneficient USA provides administrative and technical services. Beneficient ’s primary operations, which commenced on September 1, 2017, consist of offering its liquidity and trust administration services to its customers, primarily through certain of Ben LP’s operating subsidiaries, Ben Liquidity, L.L.C and its subsidiaries (collectively, “Ben Liquidity”) and Ben Custody Admin, L.L.C. and its subsidiaries (collectively, “Ben Custody Admin”), respectively. Ben Liquidity offers simple, rapid and cost-effective liquidity products to its customers through the use of customized trust vehicles, (such trusts, the ExAlt Trusts), that facilitate the exchange of a customer’s alternative assets for consideration using a unique financing structure (such structure and process, the “ExAlt Plan TM ”). The ExAlt Plan trademark was developed by Beneficient as a brand of liquidity and trust administration services designed for alternative asset investors, specifically MHNW and STMIs to “Ex”it “Alt”ernatives. A subsidiary of Ben Liquidity makes loans (each, an “ExAlt Loan”) to certain of the ExAlt Trusts, which employ the loan proceeds to acquire agreed upon consideration, which certain of the ExAlt Trusts deliver to customers in exchange for their alternative assets. Ben Liquidity generates interest and fee income earned in connection with the ExAlt Loans, which are collateralized by a portion of the cash flows from the exchanged alternative assets (the “Collateral”). Ben Custody Admin currently provides trust administration services to the trustees of certain of the ExAlt Trusts that own the exchanged alternative asset following liquidity transactions for fees payable quarterly. The Collateral supports the repayment of the ExAlt Loans plus any related interest and fees and trust administration service fees. Under the applicable trust and other agreements, certain charities are the ultimate beneficiaries of the ExAlt Trusts (the “Non-Controlling Interest Holders”). As ultimate beneficiaries of prior transactions, for every $0.95 paid to the lender (e.g., subsidiaries of Ben LP) on the ExAlt Loans, $0.05 is also paid to certain of the Non-Controlling Interest Holders. For periods following 2020, future Non-Controlling Interest Holders are structured to be paid $0.025 for every $0.975 paid to the fiduciary financial lender (e.g., subsidiaries of Ben LP) of the ExAlt Loans. Since Ben LP consolidates the ExAlt Trusts, Ben LP’s operating subsidiary’s ExAlt Loans and related interest and fee income are eliminated in the presentation of our consolidated financial statements but are recognized for purposes of the allocation of income (loss) to Beneficient’s equity holders. Prior to January 1, 2021, Ben LP operated primarily through certain of its subsidiaries, that included (i) Beneficient Capital Company, L.L.C. (“BCC”), which offered liquidity products; (ii) Beneficient Administration and Clearing Company, L.L.C. (“BACC”), which provided services for private fund and trust administration; and (iii) other entities, including the ExAlt Trusts. On December 31, 2020, a series of restructuring transactions occurred to better position certain of Ben LP’s subsidiaries for ongoing operations and future products and services, to capitalize PEN Indemnity Insurance Company, Ltd. (“Pen”) and to meet certain requirements of the Texas Department of Banking. These transactions had no impact to the consolidated financial statements. In connection with these transactions, BCC transferred all of its assets, which included, among other assets, its ExAlt Loans receivable, and liabilities, which included, among other liabilities, loans payable with respect to secured loans with HCLP Nominees, L.L.C., held as of December 31, 2020, to BCH. In order to capitalize Pen and enable it to offer insurance products and services to cover risks attendant to owning and managing alternative assets following approval from the Bermuda Monetary Authority (the “BMA”), BCH contributed to Pen certain of such ExAlt Loans receivable with an aggregate carrying value equal to $129.2 million. Likewise, BACC transferred all of its assets, which included its rights to perform fund trust administration services under certain trust and other agreements, and liabilities to BCH, which will perform such services until a Texas trust company charter is issued or the Kansas TEFFI trust company becomes operational. Subsequent to December 31, 2020, Ben LP operates primarily through its business line operating subsidiaries, which provide, or will provide, Beneficient ’ s existing and planned products and services. These subsidiaries include (i) Ben Liquidity, which offers liquidity products; (ii) Ben Custody Admin, which provides services for fund and trust administration; (iii) Ben Insurance L.L.C., including its subsidiaries (collectively, “Ben Insurance”), which intends to offer insurance products and services covering risks attendant to owning, managing and transferring alternative assets; (iv) Ben Markets, L.L.C., including its subsidiaries (collectively, “Ben Markets”) , which intends to provide broker-dealer services in connection with offering Beneficient’s liquidity products and services; and (vi) other entities, including the ExAlt Trusts, which operate for the benefit of the Non-Controlling Interest Holders. Beneficient’s financial products and services are presently offered through Ben Liquidity and Ben Custody Admin, and Beneficient plans to expand its capabilities under Ben Custody Admin and provide products and services through Ben Insurance and Ben Markets in the future. Beneficient’s existing and planned products and services are designed to provide liquidity and trust solutions, support the tax and estate planning objectives of its MHNW customers, facilitate asset diversification or provide administrative management and reporting solutions tailored to the goals of investors of alternative investments. Beneficient’s Regulatory Developments In April 2021, the Kansas Legislature adopted, and the governor of Kansas signed into law, a bill that would allow for the chartering and creation of Kansas trust companies, known as TEFFIs, that provide fiduciary financing (e.g., lending to ExAlt Trusts), custodian and trustee services in all capacities pursuant to statutory fiduciary powers, to investors and other participants in the alternative assets market, as well as the establishment of alternative asset trusts. The legislation became effective on July 1, 2021, and designates an operating subsidiary of Ben LP, Beneficient Fiduciary Financial (“BFF”), as the pilot trust company under the TEFFI legislation. A conditional trust charter was issued by the Kansas Bank Commissioner to Beneficient on July 1, 2021 as discussed further in Note 23. Under the pilot program, Beneficient will not be authorized to exercise its fiduciary powers as a TEFFI until the earlier of the date the Kansas Bank Commissioner promulgates applicable rules and regulations or December 31, 2021. The bill also permits the Kansas Bank Commissioner to request a six-month extension of the pilot program period, which could delay Beneficient’s permission to exercise its fiduciary powers under the charter until July 1, 2022. In order to devote their time to serving as directors of the Beneficient TEFFI trust company, the directors of GWG Holdings who serve on the new TEFFI trust company Board of Directors resigned their membership, effective June 14, 2021, on GWG Holdings’ Board of Directors, which the Company believes is the highest and best use of their available time and skills and will support the development of the Beneficient TEFFI trust company and the successful execution of Beneficient’s business plan. Also, Beneficient’s charter application for custodian and trustee services remains in process at the Texas Department of Banking. If the charter is issued, the trust company would serve as custodian and trustee to one or more ExAlt Trusts. Similar or the same services may also be provided by Beneficient’s Kansas trust company TEFFI. Also, a subsidiary of Ben Insurance, Pen has applied for regulatory approval from the BMA to write fiduciary liability policies for managers and investors in alternative asset funds to cover losses from contractual indemnification and exculpation provisions arising under the governing documents of such funds. Further, on March 26, 2021, a Ben LP subsidiary, Beneficient Capital Markets, L.L.C (“Beneficient Capital Markets”) filed a Form BD with the Securities and Exchange Commission (“SEC”) to commence its application for broker-dealer registration. Upon registration and admittance as a Financial Industry Regulatory Authority (“FINRA”) member, Beneficient Capital Markets will conduct activities attendant to offering Beneficient’s products and services. When the Kansas TEFFI trust company is authorized to exercise its fiduciary powers, Beneficient expects to be able to expand its operations and close an increased number of liquidity transactions. Additionally, once BMA regulatory approval is obtained and Beneficient Capital Markets is admitted as a FINRA member, Beneficient anticipates being able to offer its full suite of products and services. The Exchange Transaction On December 28, 2018 (the “Final Closing Date”), we completed a series of strategic exchanges of assets among GWG Holdings, GWG Life, Ben LP and certain trusts, each identified as an Exchange Trust formed during 2017 and 2018 (such trusts collectively, the “Seller Trusts”, which are a related party but are not among Ben LP’s consolidated trusts), pursuant to a Master Exchange Agreement among the parties (the “Exchange Transaction”). As a result of the Exchange Transaction, a number of securities were exchanged between the parties, including the following securities as of the Final Closing Date: the Seller Trusts acquired GWG Holdings’ L Bonds due 2023 (the “Seller Trust L Bonds”) in the aggregate principal amount of $366.9 million; the Seller Trusts acquired 27,013,516 shares of GWG Holdings’ common stock; GWG Holdings acquired 40,505,279 common units of Ben LP (the “Common Units”); and GWG Holdings acquired the right to obtain additional Common Units or other property that would be received by a holder of Preferred Series A Subclass 1 Unit Accounts of BCH pursuant to an option issued by Ben LP (the “Option Agreement”). In addition, in connection with the Exchange Transaction, 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 $192.5 million as of the Final Closing Date (the “Commercial Loan”). Description of the Assets Exchanged 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 “L Bond Supplemental Indenture”) to the Amended and Restated Indenture dated as of October 23, 2017 (the “Amended and Restated Indenture”). GWG Holdings entered into the L Bond 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. As the second anniversary of the Final Closing Date has passed, the holders of the Seller Trust L Bonds now have the right to cause GWG Holdings to repurchase, in whole but not in part, the Seller Trust L Bonds held by such holder. The repurchase may be paid, at GWG Holdings’ 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) Common Units, or a combination of cash and such property. The Seller Trust L Bonds are senior secured obligations of GWG Holdings, ranking junior only to all senior debt of GWG Holdings, pari passu in right of payment and in respect of collateral with all “L Bonds” of GWG Holdings, and senior in right of payment to all subordinated indebtedness of GWG Holdings. See Note 10 for additional discussion of the outstanding debt of GWG Holdings. Payments under the Seller Trust L Bonds are guaranteed by GWG Life (see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ). As result of the Collateral Swap (discussed and defined below) on September 30, 2020, $94.8 million of Seller Trusts L Bonds are eliminated upon consolidation. 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. 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 L Bond 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, GWG Holdings, 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. The Commercial Loan and its related interest are eliminated upon consolidation. Option Agreement In connection with the Exchange Transaction, GWG Holdings entered into the Option Agreement with Ben LP. The Option Agreement gave GWG Holdings the option to acquire the number of Common Units or other property that would be received by the holder of Preferred Series A Subclass 1 Unit Accounts of BCH pursuant to an option issued by Ben LP, if such holder were converting on that date. There was no exercise price and GWG Holdings could exercise the option at any time until December 27, 2028, at which time the option automatically settled. Effective August 11, 2020, as a result of the Exchange Agreement entered into by the parties on December 31, 2019 (discussed below), and the mutual agreement of the parties, the Option Agreement was exercised under the provisions of the Option Agreement. As such, GWG Holdings received $57.5 million of Common Units at a price per unit equal to $12.50 per unit. The exercise of the Option Agreement had no impact on the Company’s consolidated financial statements as it is eliminated in consolidation. Common Units of Ben LP In connection with the Exchange Transaction, the Seller Trusts and Beneficient delivered to GWG Holdings 40,505,279 Common Units. These units represented an approximate 89.9% interest in the Common Units as of the Final Closing Date (although, on a fully diluted basis, GWG Holdings’ ownership interest in Common Units would be reduced significantly below a majority of those issued and outstanding). These amounts eliminate upon consolidation. Purchase and Contribution Agreement On April 15, 2019, Jon R. Sabes, the former Chief Executive Officer and a former director of GWG Holdings, and Steven F. Sabes, the former Executive Vice President and a former director of GWG Holdings, 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 Holdings’ 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 initial investors (the “Ben Initial Investors”), including Brad K. Heppner (GWG Holdings’ former Chairman, who served in such capacity from April 26, 2019 to June 14, 2021, and Beneficient’s current Chief Executive Officer and Chairman), and an entity related to Thomas O. Hicks (one of Beneficient’s current directors and a former director of GWG Holdings). GWG Holdings 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 Holdings taking, or refraining from taking, certain actions. The closing of the Purchase and Contribution Transaction occurred on April 26, 2019. In connection with such closing, 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 GWG Holdings, GWG Life, Messrs. Jon and Steven Sabes and the Bank of Utah, which provides that the shares of GWG Holdings’ common stock acquired by BCC and AltiVerse pursuant to the Purchase and Contribution Agreement will continue to be pledged as collateral security for GWG Holdings’ obligations owing in respect of the L Bonds and Seller Trust L Bonds. Promissory Note - ExAlt Trusts 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 certain 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 “Borrowers”). Pursuant to the terms of the Promissory Note, GWG Life funded a term loan to the Borrowers in an aggregate principal amount of $65.0 million (the “Loan”). 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 Loan bears interest at 7.0% per annum, with interest payable at maturity, and matures on June 30, 2023. As of December 31, 2019, the Borrowers became consolidated subsidiaries of GWG Holdings as a result of the Investment Agreement (described below). Accordingly, the Promissory Note and related accrued interest, are eliminated upon consolidation as of that date. On September 30, 2020, GWG Holdings, GWG Life, BCH, Ben LP, BCC, and the Borrowers entered into an agreement (the “Promissory Note Repayment”) by which the parties agreed to repay the Promissory Note and any related accrued interest for a $75.0 million Preferred Series C Unit Account (the “Preferred C”) of BCH that Ben LP issued to the Borrowers. The $75.0 million of Preferred C received by GWG Life was transferred to GWG Holdings upon execution of the Promissory Note conversion, which increased GWG Holdings’ ownership percentage in Ben LP. As part of the agreement, if Beneficient has not received a trust company charter as of the one-year anniversary of the Promissory Note conversion, or if no trust company charter filing is still pending or in the process of being refiled, GWG Holdings would receive an additional $5.0 million of Preferred C. The carrying value of the Promissory Note on September 30, 2020, immediately prior to the transaction, net of a fair value adjustment and with accrued and unpaid interest thereon, was $65.1 million. Other than the $8.1 million decrease to noncontrolling interest, which represents the required rebalancing of equity driven from the change in GWG Holdings’ ownership percentage, any impacts of the Promissory Note conversion are eliminated upon consolidation. The Investment and Exchange Agreements On December 31, 2019, GWG Holdings obtained control over Ben LP pursuant to a Preferred Series A Unit Account and Common Unit Investment Agreement, by and among GWG Holdings, Ben LP, BCH, and Beneficient Management (the “Investment Agreement”), which resulted in the consolidation of GWG Holdings and Ben LP for accounting and financial reporting purposes. Pursuant to the Investment Agreement, GWG Holdings transferred $79.0 million to Ben LP in return for 666,667 Common Units and a Preferred Series A Subclass 1 Unit Account of BCH. In connection with the Investment Agreement, GWG Holdings obtained the right to appoint a majority of the board of directors of Beneficient Management, the general partner of Ben LP. As a result, GWG Holdings 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 4 for more details on the accounting for the consolidation. GWG Holdings’ right to appoint a majority of the board of directors of Beneficient Management will terminate in the event (i) GWG Holdings’ 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 GWG Holdings) is less than 25%, (ii) the Continuing Directors of GWG Holdings cease to constitute a majority of the board of directors of GWG Holdings, or (iii) certain bankruptcy events occur with respect to GWG Holdings. The term “Continuing Directors” means, as of any date of determination, any member of the board of directors of GWG Holdings who: (1) was a member of the board of directors of GWG Holdings on December 31, 2019; or (2) was nominated for election or elected to the board of directors of GWG Holdings with the approval of a majority of the Continuing Directors who were members of the board of directors of GWG Holdings at the time of such nomination or election. Following the transaction, and as agreed upon in the Investment Agreement, GWG Holdings 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 Ben Initial Investors and an entity related to one of Beneficient’s directors who is also a former director of GWG Holdings (the “Related Account Holders”). The parties to the Investment Agreement agreed that the aggregate capital accounts of all holders of the Preferred Series A Subclass 1 Unit Accounts after giving effect to the investment by GWG Holdings was $1.6 billion. GWG Holdings’ 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 GWG Holdings, the Preferred Series A Subclass 1 Unit Account of GWG Holdings would be converted into Common Units (so neither GWG Holdings 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, GW

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Restatement — The Company is restating its previously issued (i) consolidated balance sheet as of December 31, 2019, (ii) the consolidated statement of operations, (iii) the consolidated statement of changes in stockholders’ equity, and (iv) the consolidated statement of cash flows for the year ended December 31, 2019, included in its Annual Report on Form 10-K for the year ended December 31, 2019, (the “Restatement”). The Restatement also impacted each of the quarters for the periods beginning with GWG Holdings, Inc.’s consolidation with The Beneficient Company Group, L.P. (“Ben LP,” including all of the subsidiaries it may have from time to time — “Beneficient”) as of December 31, 2019 through the quarter ended September 30, 2020. The impact of the Restatement is included in this 2020 Form 10-K, and is more specifically described in Notes 21 and 22. Additionally, the impacts of the Restatement have been reflected throughout the financial statements, including the applicable footnotes. Other Corrections — In addition to the Restatement items, the Company has corrected other items, which had been previously identified and determined to be immaterial pursuant to Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections and Staff Accounting Bulletin (“SAB”) No. 99, Materiality . While these other adjustments are both quantitatively and qualitatively immaterial, individually and in the aggregate, because we are correcting for the Restatement items, we have decided to correct these other adjustments as well. Specifically, the Company reassessed its valuation allowance against its deferred tax assets and determined it will no longer utilize the reversal of a temporary difference related to the Company's preferred equity ownership in Beneficient, until such time as the preferred equity is no longer constrained, as a source of income to realize existing deferred tax assets related to the net operating loss and Section 163(j) limitations. The net deferred tax liability presented in the Company’s consolidated balance sheets is specifically related to GWG Life’s investment in the Preferred Series A Subclass 1 Unit Accounts resulting from the Investment Agreement described in Note 1. The disposition of this investment is constrained by the Pledge and Security Agreement in favor of the holders of the L Bonds of GWG Holdings. As such, the timing of recognition of the necessary taxable income related to this investment and the future reversal of this temporary difference cannot be predicted. The changes in the valuation allowance are reflected in the restatement tables presented in Notes 21 and 22. Basis of Presentation — The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Principles of Consolidation — The consolidated financial statements include the accounts of GWG Holdings, Inc. and its subsidiaries. All material intercompany balances and transactions have been eliminated upon consolidation. Noncontrolling interests have been recorded for minority ownership in entities that are not wholly owned and are presented in compliance with the provisions of the Noncontrolling Interest in Subsidiary subsections of the Accounting Standards Codification (“ASC”). The Company has interests in various entities including, but not limited to, 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. 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. The entities for which the ExAlt Plan Trusts hold an ownership interest are investment companies (i.e., funds) under ASC 946. Thus, the investments in non-investment companies made by these funds are accounted for in accordance with ASC 946 and are not subject to consolidation or the disclosure requirements of ASC 810. Moreover, further consolidation provisions of ASC 946 are not applicable to Beneficient since these investment companies do not have an investment in an operating entity that provides services to the investment company or to Beneficient. Related party transactions between the Company and its equity method investees have not been eliminated. Use of Estimates — The preparation of our consolidated financial statements in conformity with GAAP requires management to make significant estimates and assumptions affecting the reported amounts of assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue during the reporting period. Management regularly evaluates estimates and assumptions, which are based on current facts, historical experience, management’s judgment, and various other factors that we believe to be reasonable under the circumstances. Our actual results may differ materially and adversely from our estimates. Material estimates that are particularly susceptible to change, in the near term, relate to: (1) determining the assumptions used in estimating the fair value of our investments in life insurance policies, (2) determining the grant date fair value for equity-based compensation awards, (3) determination of the allowance for loan losses as an input to the allocation of income (loss) to Beneficient’s equity holders, and (4) evaluation of potential impairment of goodwill and other intangibles. Periodically, we make significant estimates in assessing the fair value of assets acquired and consideration given in return for those assets, which are used to establish the initial recorded values of such assets in accordance with ASC 805, Business Combinations. Under ASC 805, the consideration paid in an asset acquisition is allocated among the assets acquired based on their relative fair values at acquisition date. In relation to the Investment and Exchange Agreements, relative fair values obtained from a third-party valuation firm were used to calculate the amounts recorded for the assets acquired and liabilities assumed at their acquisition dates as more fully described in Note 4. Cash and Cash Equivalents — We consider cash in demand deposit accounts and temporary investments purchased with an original maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents with highly rated financial institutions. The balances in our bank accounts may exceed Federal Deposit Insurance Corporation limits. We periodically evaluate the risk of exceeding insured levels and may transfer funds as we deem appropriate. Cash, cash equivalents and restricted cash on our consolidated statements of cash flows include cash and cash equivalents and restricted cash of $85.2 million and $38.9 million and $82.3 million and $33.5 million as of December 31, 2020 and 2019, respectively. See Note 3 for a discussion of restrictions on cash. Investment in Life Insurance Policies, at Fair Value — ASC 325-30, Investments in Insurance Contracts , permits a reporting entity to account for its investments in life insurance policies using either the investment method or the fair value method. We elected to use the fair value method to account for our life insurance policies. We initially record our purchase of life insurance policies at the purchase price, which is the amount paid for the policy, inclusive of all direct external fees and costs associated with the purchase. At each subsequent reporting period, we re-measure the investment at fair value in its entirety and recognize the change in fair value as unrealized gain or loss in the current period, net of premiums paid, within gain (loss) on life insurance policies, net in our consolidated statements of operations. 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 premium payments are considered operating cash flows and are included in the net income (loss) line item in the consolidated statements of cash flows. The portion of proceeds received from policy maturities that represents the carrying value of the policy is reported in return of investment for matured life insurance policies in the consolidated statements of cash flows. Life Insurance Policy Benefits Receivable, Net — Our policy benefit receivables represent amounts due from insurance carriers for claims submitted on matured life insurance policies. Policy benefit receivables are recorded at the policy benefit amounts less reserves for estimated uncollectible amounts. Uncollectible policy benefits can result from challenges by the insurance carrier to the legal validity of the policy, typically related to the concept of insurable interest, or from liquidity or solvency problems at the insurance carrier (although policy benefits are senior to any other obligations of a carrier). 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, 2020 and 2019, there was no allowance for uncollectible life insurance policy benefits receivable. Other Assets — Other assets consist of investment in put options, fixed assets, intangible assets, prepaid expenses, operating lease right-of-use assets, and other receivables. Investment in Alternative Assets, at Fair Value — Investments in alternative assets represent the ownership interests in alternative assets, predominately private equity funds, held by certain of the ExAlt Trusts, either through direct ownership or a beneficial interest. ASC Topic 820, Fair Value Measurement, permits, as a practical expedient, to estimate the fair value of these types of investments based on the net asset value (“NAV”) per share, or its equivalent, if the NAV of such investments is calculated in a manner consistent with the measurement principles of ASC 946, Financial Services – Investment Companies . The Company has elected to use NAV as a practical expedient to measure the fair value of these investments. These investments are valued based on the most recent available information, which typically has a delay due to the timing of financial information received from the individual investments. Accordingly, in determining the value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances in which management is aware of material events that affect the value of the investments during the intervening period. Changes in NAV are recorded within investment income (loss) on our consolidated statements of operations. Equity Method Investments — Other than the investments in alternative assets, which use NAV as a practical expedient, the Company accounts for investments in common stock or in-substance common stock in which we have the ability to exercise significant influence, but do not own a controlling financial interest, under the equity method of accounting. Investments within the scope of the equity method of accounting are initially measured at cost, including the cost of the investment itself and direct transaction costs incurred to acquire the investment. After the initial recognition of the investment at cost, we recognize income and losses from our investment by adjusting upward or downward the balance of our equity method investment on our consolidated balance sheet with such adjustments, if any, flowing through earnings (loss) from equity method investment on our consolidated statement of operations, in all cases adjusted to reflect amortization of basis differences, if any, and the elimination of intercompany gains and losses, if any. Cash distributions received from equity method investees are recorded as reductions to the investment balance and classified in the statement of cash flows using the cumulative earnings approach. 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 8. Leases — The Company adopted ASC 842, Leases , on January 1, 2019. The Company leases certain real estate for its office premises that are classified as operating leases. We assess whether an arrangement is a lease at inception. Leases with an initial term of twelve months or less are not recorded in the balance sheet. We have elected the practical expedient to not separate lease and non-lease components for all assets. Operating lease assets and operating lease liabilities are calculated based on the present value of the future minimum lease payments over the lease term at the lease start date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease start date in determining the present value of future payments. The operating lease asset is increased by any lease payments made at or before the lease start date and reduced by lease incentives and initial direct costs incurred. The lease term includes options to renew or terminate the lease when it is reasonably certain that we will exercise that option. The exercise of lease renewal options is at our sole discretion. The depreciable life of lease assets and leasehold improvements are limited by the lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Equity-based Compensation — The Company measures and recognizes compensation expense for all equity-based payments at fair value on the grant date over the requisite service period. New shares of common are issued for stock option exercises. GWG Holdings uses the Black-Scholes option pricing model to determine the fair value of stock options and stock appreciation rights. For restricted stock grants (including restricted stock units), fair value is determined as of the closing price of GWG Holdings’ common stock on the date of grant. The determination of fair value of equity-based payment awards on the date of grant is affected by our stock price and a number of subjective variables. These variables include, but are not limited to, the expected stock price volatility over the term of the awards, the expected duration of the awards, the results of a probability-weighted discounted cash flow analysis and observable transactions. We account for the effects of forfeitures as they occur. 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. As it is not publicly traded, Beneficient uses various methods to determine the grant date fair value of its equity-based compensation awards, as more fully described in Note 12. Equity-based compensation expense is recorded in employee compensation and benefits in the consolidated statements of operations. Deferred Financing and Issuance Costs — Loans advanced to us under the second amended and restated senior credit facility with LNV Corporation (as amended from time to time, “LNV Credit Facility”), as described in Note 10, are reported net of financing costs, including issuance costs, sales commissions and other direct expenses, which are amortized using the straight-line method over the term of the facility. The L Bonds, as described in Note 10, are reported net of financing costs, which are amortized using the effective interest method over the term of those borrowings. Beneficient’s first and second lien credit agreements, as described in Note 10, are reported net of financing costs, which are amortized using the effective interest method over the term of those borrowings. Selling and issuance costs of Redeemable Preferred Stock (“RPS”) and Series 2 Redeemable Preferred Stock (“RPS 2”), described in Note 11, are netted against additional paid-in capital, until depleted, and then against the outstanding balance of the preferred stock. The offerings of GWG Holdings’ RPS and RPS 2 closed in March 2017 and April 2018, respectively. There were no issuance costs associated with the August 2018 issuance of the Series B Convertible Preferred Stock. Business Combinations — The Company includes the results of operations of the businesses that it acquires from the acquisition date. In allocating the purchase price of a business combination, in accordance with ASC 805, Business Combinations , the Company records all assets acquired and liabilities assumed at fair value, and the fair value of any noncontrolling interests, with the excess of the purchase price over the aggregate fair values recorded as goodwill. ASC Topic 820, Fair Value Measurements , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred. Goodwill and Other Intangibles — Goodwill of $2.4 billion and intangible assets of $3.4 million were recognized as a result of the business combination related to the Investment and Exchange Agreements on December 31, 2019 (see Note 4). Intangible assets are included in other assets in the Company’s consolidated balance sheets. The Company accounts for goodwill and intangible assets in accordance with ASC Topic 350, Intangibles – Goodwill and Other . The amount of goodwill recorded is based on the fair value of the acquired entity at the time of acquisition. Management performs goodwill and intangible asset impairment testing annually, as of October 1, or when events occur, or circumstances change that would more likely than not indicate impairment has occurred. Goodwill impairment exists when the carrying value of goodwill exceeds its implied fair value. For 2020, the annual goodwill impairment analysis did not result in any impairment charges. Our impairment evaluation included a qualitative assessment, which considered whether there were indicators of potential impairment following the recent completion of the business combination accounting. In addition, our evaluation included a quantitative analysis, which included multiple assumptions, including estimated discounted cash flows and other estimates that may change over time. For example, a key assumption in determining the fair value of our reporting units is forecasting free cash flow generated by our business over the next five years and includes assumptions regarding expected growth of new service offerings and products. While our assumption reflects management’s best estimates of future performance, the estimates assume Beneficient capturing a significant market share of liquidity transactions during the next five years leading to a substantial rate of growth of new service offerings and products, revenues and assets over the next five years ending December 31, 2025. These estimations are uncertain to occur, and to the extent the Company falls short of achieving our expected growth in revenues and assets over the next four years, material impairments of our goodwill may occur in the near term. For example, a 15% decline in our annual projected volume of liquidity transactions reflected in the Company’s forecasts would require impairments to begin to be recorded assuming all other assumptions on which the forecasts are built remain constant. Because the Company’s forecasts are predicated on estimating future volume for new service offerings and products, the Company’s actual future volume of liquidity transactions reflected in the Company’s forecasts may fall short of management’s forecasts by 15% or greater and may result in a partial or full write down of our goodwill balance, which totaled $2.4 billion at December 31, 2020. In light of Beneficient’s significant recurring losses from operations, negative cash flows from operations, and delays in executing its business plans, there could be potential triggering events identified and resulting impairment of goodwill recorded during the annual impairment test during the fourth quarter of 2021. While management can and has implemented strategies to address these events, changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that would trigger future impairment charges of the reporting unit's goodwill balance. Intangible assets include an insurance license and a non-compete agreement. Finite-lived intangibles are stated at cost less accumulated amortization. Amortization is recorded using the straight-line method, which approximates the expected pattern of economic benefit, over the estimated lives of the assets. The insurance license intangible has an indefinite life and is evaluated for impairment annually. The non-compete agreement is amortized over its estimated useful life of two years and is evaluated for impairment when indicators of impairment are present as outlined in the subsequent paragraph. 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. Repurchase Option — Beneficient determined that a provision of the Exchange Trust agreements, of which such trust is not among the consolidated trusts of Ben LP, executed as part of its initial capitalization whereby the holder of the beneficial interest can repurchase the senior beneficial interest in a certain ExAlt Trust from its holder, at any time up to 3 years from the initial transaction date, represents an equity contract liability that it has elected to account for utilizing the fair value option in accordance with accounting standards applicable to financial instruments. The repurchase options were provided to each Exchange Trust for no consideration. As of the date of establishment of these ExAlt Trusts in 2017 and 2018, Beneficient measured the fair value of the repurchase options and recorded the amount of repurchase options in the consolidated balance sheets with the recognition of transaction expense of a corresponding amount. The repurchase options are recorded at fair value with changes in fair value recorded in net income (loss) in the consolidated statements of operations. Adjustments to the fair value of the repurchase options are recognized within investment income in the consolidated statements of operations. ExAlt Plan TM transactions, other than those executed in the initial capitalization, do not include a repurchase provision. The primary reasons that management elected to record the repurchase options at fair value included reflecting the economic events in earnings on a timely basis and mitigating volatility in earnings from using different measurement attributes. Refer to Note 7 for additional information. Income Taxes — GWG Holdings is a corporation for tax purposes. Certain of GWG Holdings’ subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes. In addition, certain of the wholly-owned subsidiaries of GWG Holdings will be subject to federal, state, and local corporate income taxes at the entity level and the related tax provision attributable to the Company’s share of this income tax is reflected in the consolidated financial statements. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities, if any, are recorded within accounts payable and accrued expenses and other liabilities in the consolidated balance sheets. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. The Company records uncertain tax positions on the basis of a two-step process: (a) determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and (b) those tax positions that meet the more likely than not threshold are recognized as the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense (benefit) within the consolidated statements of operations. Noncontrolling Interests – Redeemable and Non-redeemable — Noncontrolling interests represent the portion of certain consolidated subsidiaries’ limited partnership interests or the ExAlt Trusts 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 (i) holders of Class S Ordinary Units issued by BCH, which consist of Ben Founder Affiliates (as defined below), an entity affiliated with a related party, and third parties, and (ii) holders, which consists of unrelated charity organizations, of residual beneficial interests issued by the ExAlt Trusts. “Ben Founder Affiliates” are defined as certain trusts and those entities held by such trusts that are controlled by Ben Founder or in which Ben Founder and his family members are also among classes of economic beneficiaries whether or not our founder is entitled to economic distributions from such trusts . Ben Founder is also the former Chairman of the board of directors of GWG Holdings, serving is such capacity from April 26, 2019 to June 14, 2021. Redeemable noncontrolling interests are held by holders, which consist of a Ben Founder Affiliate, entities affiliated with a related party, and certain former directors, of Preferred Series A Subclass 1 Unit Accounts issued by BCH. Beneficient’s Income Allocation Net income (loss) attributable to noncontrolling interest holders is subject to Beneficient’s income allocation in accordance with the governing limited partnership agreement of BCH as more fully described in Note 11 . The consolidated financial statements of Beneficient reflect the assets, liabilities, revenues, expenses, investment income and cash flows of Beneficient, including, after December 31, 2019, all of the trusts in the ExAlt Plan TM on a gross basis, and a portion of the economic interests of certain of the ExAlt Trusts, held by the residual beneficiaries, are attributed to noncontrolling interests in the accompanying consolidated financial statements. Interest income earned by Beneficient from the ExAlt Trusts is eliminated in its consolidation. However, because the eliminated amounts are earned from, and funded by, its noncontrolling interests, Beneficient’s attributable share of the net income from the ExAlt Trusts is increased by the amounts eliminated. Accordingly, the elimination in consolidation of interest income and, for periods after December 31, 2019, certain fee revenue has no effect on net income (loss) attributable to Beneficient or to holders of Common Units. For purposes of income allocation to Beneficient’s equity holders, interest income is generally comprised of contractual interest, which is computed at a variable rate compounding monthly, interest recognized on certain of the ExAlt Loans through the effective yield method, and an amortized discount that is recognized ratably over the life of the ExAlt Loan. As a result of the change-of-control event discussed in Note 9 on December 31, 2019 and the resulting valuation performed under ASC 805, the existing loan portfolio between Ben and the ExAlt Trusts was evaluated as of December 31, 2019, for credit deterioration based on the intentions of all parties that the income allocations provisions of Ben operate under US GAAP as if the ExAlt Trusts were not consolidated for financial reporting purposes. Further, as required under ASC 805, each ExAlt Loan between Beneficient and the ExAlt

Restrictions on Cash

Restrictions on Cash	12 Months Ended
	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Restrictions on Cash	Restrictions on Cash Under the terms of the LNV Credit Facility, discussed further in Note 10, 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, 2020 and 2019, there was a balance of $33.5 million and $20.3 million, respectively, in these collection and payment accounts. Under the terms of the ExAlt Plan TM trust agreements, the trusts are required to maintain capital call reserves and administration reserves. These reserves are used to satisfy capital call obligations and pay fees and expenses for the trusts as required. The fees and expenses are primarily paid to Ben Custody Admin for serving as the administrative agent to the current trustees of the ExAlt Trusts. These reserves represent cash held in banks. At December 31, 2020 and 2019, there was a combined balance of $5.4 million and $13.2 million, respectively, in these reserves.

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Business Combination	Business Combination Prior to December 31, 2019, GWG Holdings owned 41,505,279 Common Units, for a total limited partnership interest in the Common Units of approximately 90.2%. This investment was historically accounted for using the equity method (see Note 8). On December 31, 2019, GWG Holdings entered into the Investment Agreement and Exchange Agreements described in Note 1. Pursuant to the Investment Agreement, GWG Holdings transferred $79.0 million to Ben LP in return for 666,667 additional Common Units and a Preferred Series A Subclass 1 Unit Account of BCH, which increased GWG Holdings’ ownership of 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, GWG Holdings obtained the right to appoint a majority of the board of directors of Beneficient Management, the general partner of Ben LP. As a result, GWG Holdings 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, GWG Holdings was required to remeasure its existing equity investment at fair value prior to consolidation. At December 31, 2019, GWG Holdings’ equity investment in Common Units had a carrying value of $368.6 million, prior to the additional investment noted above. GWG Holdings 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 LP, the Promissory Note between GWG Life and the Borrowers, and the Option Agreement between GWG Holdings and Ben LP which resulted in a net loss of $10.9 million. The net gain on consolidation of equity method investment after remeasurement of these preexisting balances was $243.0 million. GWG Holdings’ 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 8 for further information) and was previously recorded on a one-quarter lag basis. In connection with the consolidation of Beneficient, the one-quarter lag was discontinued. The following table summarizes the fair value measurement of the assets acquired and liabilities assumed as of December 31, 2019 (in thousands): As Restated Fair Value at Acquisition Date ASSETS Investments in alternative assets, at net asset value $ 342,012 Investment in public equity securities 24,550 Other assets 15,077 Intangible assets (1) 3,449 Total identifiable assets acquired 385,088 LIABILITIES Debt due to related parties 153,086 Promissory note with related party 60,390 Commercial loan agreement from parent 168,420 Other liabilities and option agreement 64,421 Repurchase option 61,664 Accounts payable and accrued expenses 13,770 Total liabilities assumed 521,751 Net liabilities assumed (136,663) NONCONTROLLING INTERESTS Common Units not owned by GWG Holdings (2) 181,383 Class S Ordinary Units 85,448 Class S Preferred Units 17 Trusts’ Deficit 27,062 Preferred Series A Subclass 1 Unit Accounts 1,269,654 Total noncontrolling interests 1,563,564 ACQUISITION CONSIDERATION Cash, less cash acquired 45,020 Fair value of preexisting investment in Common Units (3) 622,503 Fair value of noncontrolling interest 1,563,564 Total estimated consideration 2,231,087 Less: Net liabilities assumed (136,663) Resulting goodwill $ 2,367,750 __________________________________ (1) Includes an insurance license valued at $3.1 million and a non-compete agreement valued at $0.3 million. (2) Calculated as 1,974,677 Common Units not owned by GWG Holdings at December 31, 2019, multiplied by the $15 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 . (3) Calculated as 41,505,279 Common Units owned by GWG Holdings prior to the change in control multiplied by the $15 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 change-of-control event. Investments in alternative assets — The investment in alternative assets was valued at fair value using the net asset value of each underlying investment as a practical expedient. Cash and cash equivalents and restricted cash — Cash and cash equivalents and restricted cash were valued using their current carrying amounts which approximate fair value. Investment in public equity securities — The fair value of the investments in public equity securities was determined using quoted market prices. As these were investments by Beneficient in the common stock of GWG Holdings, these amounts were eliminated in consolidation and treated as treasury stock. Other assets — Other assets include miscellaneous receivables that were valued using the current carrying amount as that amount approximates fair value due to the relatively short time between their origination date and the fair value date. Miscellaneous intercompany receivables were eliminated in consolidation. Intangible assets — Intangible assets include an insurance license and a non-compete agreement. Both assets were valued using their current carrying amount which approximates fair value. Debt due to related parties, promissory note with related party, and commercial loan agreement from parent — The measurement of the fair value of debt due to related parties, promissory note with related party, and commercial loan agreement from parent was based on market prices that generally are observable for similar liabilities at commonly quoted intervals and is considered a Level 2 fair value measurement. The Promissory Note between certain of the ExAlt Trusts and GWG Life and the Commercial Loan Agreement between Ben LP and GWG Life were eliminated in consolidation. Other liabilities — The carrying amount of other liabilities approximates the fair value. The Option Agreement between Ben LP and GWG Holdings was eliminated in consolidation. Repurchase options: Repurchase options were fair valued using a Black-Scholes option pricing model with a time-dependent strike for the repurchase price. Other model assumptions include i) a period of restricted exercise, ii) the dividend yield, iii) underlying NAVs, iv) alternative asset growth rates, v) volatilities, and vi) market discount rate. Accounts payable and accrued expenses — Due to their short-term nature, the carrying amounts of accounts payable and accrued expenses approximate the fair value. Miscellaneous intercompany payables were eliminated in consolidation. Noncontrolling interests — The values for each noncontrolling interest component were calculated after determination of an overall enterprise value for the Company. The enterprise value of the Company was determined using the Option Pricing Model (“OPM”) Backsolve approach under the market method. The OPM Backsolve approach uses a Black-Scholes option pricing model to calculate the implied equity value of the firm. Once an overall equity value was determined, amounts were allocated to the various classes of equity based on the security class preferences. The inputs to the OPM Backsolve approach are the equity value for one component of the capital structure, expected time to exit, the risk-free interest rate and an assumed volatility based on the volatility of similar publicly traded companies. The OPM Backsolve inputs include Level 3 inputs. Goodwill — The resulting excess of the overall enterprise value after deducting the fair values of assets acquired and liabilities assumed is recognized as goodwill. The goodwill recognized is the result of the inherent value associated with the assembled business after all separately identifiable assets acquired and liabilities assumed are deducted from the enterprise value. The excess estimated enterprise value of Beneficient over the fair value of its net assets is primarily attributable to management’s expectation of the potentially large and underserved market that Beneficient is seeking to address, including the estimated demand from MHNW individuals and STM size institutions seeking liquidity for their professionally managed alternative assets. None of the goodwill is expected to be deductible for income tax purposes. The goodwill is allocated to our Beneficient reporting unit. 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, 2019: (in thousands, except shares and per share data) (As Restated) December 31, 2019 Total Revenue Pro forma $ 62,636 As reported $ 92,276 Net Income (Loss) Attributable to Common Shareholders Pro forma $ (220,726) As reported $ 70,471 Net Earnings (Loss) per Diluted Common Share Pro forma $ (6.21) As reported $ 2.06 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 the 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: • Consolidation of all ExAlt Trusts (only certain of the trusts were consolidated until December 31, 2019) • Exclusion of the $243.0 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 Promissory Note, 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, 2020
Investments, All Other Investments [Abstract]
Investment in Life Insurance Policies	Investment in Life Insurance Policies The Company’s 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. The fair value of our life insurance policies is determined as the net present value of the life insurance portfolio’s future expected cash flows (policy benefits received and required premium payments) that incorporates life expectancy estimates obtained when the policy was purchased and current discount rate assumptions. We refer to our valuation methodology as the Longest Life Expectancy methodology. This methodology utilizes a portfolio mortality multiplier (“PMM”) that allows us to “fit” projections to actual results, which provides a basis to forecast future performance more accurately. The life expectancies used in our valuation were obtained at the time of policy purchase and are generally derived from reports obtained from widely accepted life expectancy providers (other than insured lives covered under small face amount policies — those with $1.0 million in face value benefits or less — which utilize either a single fully underwritten, or simplified report based on self-reported medical interview). Our valuation methodology also incorporates assumptions relating to cost-of-insurance (premium) rates and other assumptions, including a discount rate. The discount rate we apply is primarily based on information about the discount rates observed in recent portfolio purchase transactions in the life insurance tertiary market. The discount rate also incorporates 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. In prior periods, the discount rate also incorporated information about the discount rates observed in the life insurance secondary market through the Company’s internal competitive bidding to purchase policies. However, the Company discontinued the use of this input as of December 31, 2020, as it is no longer actively purchasing policies in the life insurance secondary market. The determination of the discount rate used in the valuation of the Company’s life insurance policies requires management judgment and incorporates information that is reasonably available to management as of the date of the valuation. As a result of management’s analysis, a discount rate of 8.25% was applied to our portfolio as of both December 31, 2020 and 2019. Portfolio Information Our portfolio of life insurance policies, owned by GWG Holdings’ subsidiaries as of December 31, 2020 is summarized below: Life Insurance Portfolio Summary Total life insurance portfolio face value of policy benefits (in thousands) $ 1,900,715 Average face value per insured life (in thousands) $ 1,943 Average life expectancy estimate (years)* 6.9 Total number of policies 1,058 Number of unique lives 978 Demographics 74% Male; 26% Female Number of smokers 40 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 3.8 % __________________________________ (*) 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 (dollars in thousands): As of December 31, 2020 As of December 31, 2019 Years Ending December 31, Number of Policies Estimated Fair Value Face Value Number of Policies Estimated Fair Value Face Value 2020 — $ — $ — 8 $ 5,869 $ 6,342 2021 15 19,429 22,298 55 62,061 79,879 2022 62 66,657 88,698 90 89,074 138,723 2023 106 113,926 178,983 128 123,352 222,369 2024 119 130,280 229,815 109 103,111 217,053 2025 111 85,842 187,042 113 74,223 171,961 2026 115 100,280 237,632 123 92,337 250,239 Thereafter 530 275,497 956,247 525 246,012 934,407 Totals 1,058 $ 791,911 $ 1,900,715 1,151 $ 796,039 $ 2,020,973 We recognized life insurance benefits of $125.1 million for each of the years ended December 31, 2020 and 2019, respectively, related to policies with a carrying value of $38.2 million and $33.2 million, respectively, and as a result recorded realized gains of $86.9 million and $91.9 million. The aforementioned carrying value, which represents the aggregate cost basis in the policies that matured during the period, is considered a return of investment within the investing section of the consolidated statements of cash flows. Changes in fair value of policies and the other components of the net gain on life insurance policies, as detailed below, are included in the operating section of the consolidated statements of cash flows. A reconciliation of gain (loss) on life insurance policies is as follows (in thousands): Year Ended December 31, 2020 2019 Change in estimated probabilistic cash flows (1) $ 63,463 $ 67,186 Unrealized gain on acquisitions (2) — 6,921 Premiums and other annual fees (71,439) (65,577) Change in life expectancy evaluation (3) — (2,332) Face value of matured policies 125,109 125,148 Fair value of matured policies (67,535) (56,026) Gain on life insurance policies, net $ 49,598 $ 75,320 __________________________________ (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 change in fair value due to updating life expectancy estimates on certain life insurance policies in our portfolio. 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, are as follows (in thousands): Years Ending December 31, Premiums Servicing Total 2021 $ 72,445 $ 1,655 $ 74,100 2022 89,436 1,655 91,091 2023 100,953 1,655 102,608 2024 110,044 1,655 111,699 2025 122,438 1,655 124,093 $ 495,316 $ 8,275 $ 503,591

Investments in Alternative Asse

Investments in Alternative Assets	12 Months Ended
	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Investments in Alternative Assets	Investments in Alternative Assets The investments held, either through direct ownership or through a beneficial interest, by certain of the ExAlt Trusts consist primarily of limited partnership interests in various alternative assets, including private equity funds. These alternative investments are valued using NAV as a practical expedient. Changes in the NAV of these investments are recorded in investment income, net in our consolidated statements of operations. The investments in alternative assets provide the economic value that ultimately collateralizes the loan that Beneficient originates with the ExAlt Trusts in a liquidity transaction. The NAV calculation reflects the most current report of NAV and other data received from firm/fund sponsors. If no such report has been received, Beneficient estimates NAV based upon the last NAV calculation reported by the investment manager and adjusts it for capital calls and distributions made in the intervening time frame. Beneficient also considers whether adjustments to the NAV are necessary in certain circumstances in which management is aware of specific material events, changes in market conditions, and other relevant factors that have affected the value of an investment during the period between the date of the most recent NAV calculation reported by the investment manager or sponsor and the measurement date. Public equity securities known to be owned within an alternative investment fund, based on the most recent information reported by the general partners, are marked to market using quoted market prices on the reporting date. The underlying interests in alternative assets are primarily limited partnership interests, and the limited partnership agreements governing those interests generally include restrictions on disclosure of fund-level information, including fund names and company names in the funds. The transfer of the investments in private equity funds generally requires the consent of the corresponding private equity fund manager, and the transfer of certain fund investments is subject to rights of first refusal or other preemptive rights, potentially further limiting the ExAlt Plan TM from transferring an investment in a private equity fund. These investments can never be redeemed with the funds. Distributions from each fund will be received as the underlying investments are liquidated. Timing of liquidation is currently unknown. Portfolio Information Our portfolio of alternative investments, held by certain of the ExAlt Trust subsidiaries by asset class of each fund as of December 31, 2020 and 2019, is summarized below: Alternative Investments Portfolio Summary (1) December 31, 2020 December 31, 2019 Asset Class Value Unfunded Commitments Value Unfunded Commitments Venture Capital $ 123,021 $ 1,659 $ 267,662 $ 8,915 Private Equity 92,316 33,387 34,614 22,187 Private Real Estate 2,118 269 27,151 3,584 Other (2) 4,439 294 12,585 260 Total $ 221,894 $ 35,609 $ 342,012 $ 34,946 (1) Amounts presented in the table exclude the collateral resulting from the Collateral Swap, including GWG Holdings’ common stock valued at $84.6 million, 543,874 shares of Ben Common Units valued at $6.8 million, and GWG L Bonds due 2023 in the aggregate principal amount of $94.8 million, all of which are eliminated in consolidation (2) “Other” includes private debt strategies, natural resources strategies, and hedge funds.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets and liabilities at fair value. Market price observability is affected by a number of factors, including the type of investment, the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Assets and liabilities with readily available and actively quoted prices, or for which fair value can be measured from actively quoted prices in an orderly market, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. ASC 820 maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the use of observable inputs whenever available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from 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). The fair value 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 as of the measurement date. Valuations are based on quoted prices that are readily and regularly available in an active market. Level 2 — Valuations based quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable market data. Level 3 — Valuations based on inputs that are unobservable, are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such instruments. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments valued using NAV as a practical expedient are excluded from this hierarchy. At December 31, 2020 and December 31, 2019, the fair value of these investments using the NAV per share practical expedient was $221.9 million and $342.0 million, respectively. During the year ended December 31, 2020, $17.6 million of loss was recognized from changes in NAV, which is recorded within investment income (loss) on our consolidated statements of operations. 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. Financial instruments measured at fair value on a recurring basis The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on December 31, 2020 and December 31, 2019 are presented below (in thousands). As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Investments in put options $ 7,017 $ — $ — $ 7,017 Investments in life insurance policies — — 791,911 791,911 As of December 31, 2019 (As Restated) Level 1 Level 2 Level 3 Total Assets: Investments in life insurance policies $ — $ — $ 796,039 $ 796,039 Liabilities: Repurchase options $ — $ — $ 61,664 $ 61,664 The following is a description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis: Investments in put options On July 17, 2020, Ben LP, through its subsidiary CT Risk Management, L.L.C., made aggregate payments of $14.8 million to purchase put options against a decrease in the S&P 500 Index. The options have an aggregate notional amount of $300.0 million and are designed to protect the net asset value of the interests in alternative assets that support the Collateral to Beneficient’s loan portfolio against market risk. One-half of the put options expire in July 2022 with the remaining put options expiring in July 2023. Changes in the fair value of the options are recognized directly in earnings. The fair value of the options is recorded in the other assets line item of the consolidated balance sheets, and changes in the fair value of the options are recognized directly in earnings in the other income (loss) line item of the consolidated statements of operations. Repurchase options Repurchase options were fair valued using a Black-Scholes option pricing model with a time-dependent strike price for the repurchase price. The option pricing model has assumptions related to a period of restricted exercise price, dividend yield, underlying NAVs, alternative asset growth rates, volatilities, and market discount rate. The Company uses Level 3 inputs for its fair value estimates. The unrealized impact of this Level 3 measurement on earnings is reflected in investment income (loss). The following table reconciles the beginning and ending fair value of our Level 3 repurchase options (in thousands). The year ended December 31, 2019, is not presented as the consolidation of Beneficient occurred on December 31, 2019. Year Ended December 31, 2020 Beginning balance $ 61,664 Total gain in earnings (1) (61,664) Purchases — Settlements — Other — Ending balance $ — (1) Net change in fair value. The repurchase options, all of which were unexercised, expired during the third and fourth quarters of 2020, which is recognized in the investment income (loss) line item of the consolidated statements of operations. Additionally, during the year ended December 31, 2020, $17.6 million of loss on the investments in alternative assets was recognized from changes in NAV, which is recorded within investment income (loss) on our consolidated statements of operations. The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Level 3 repurchase options as of December 31, 2019 (dollars in thousands): Valuation Date Fair Value Valuation Methodology Unobservable Inputs Range of Targets December 31, 2019 $ 61,664 Option Pricing Model Alternative asset market discount rate 0.085 Dividend yield .22 - .56 Net asset value growth rates 0.085 Net asset value volatilities 0.24 - 0.45 Restricted exercise period 1 year Investments in life insurance policies 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 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 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. The determination of the discount rate used in the valuation of the Company's life insurance policies requires management judgment and incorporates information that is reasonably available to management as of the date of the valuation. Under our Longest Life Expectancy portfolio valuation methodology, we: i) utilize life expectancy reports from third-party life expectancy providers for the pricing of all life insurance policies at the time of purchase; 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. 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): Year Ended December 31, 2020 2019 Beginning balance $ 796,039 $ 747,922 Total gain in earnings (1) 34,114 49,015 Purchases — 32,367 Settlements (2) (38,185) (33,265) Lapsed policy (3) (57) — Ending balance $ 791,911 $ 796,039 _________________________________________ (1) Net change in fair value (2) Policy maturities at initial cost basis (3) Represents the cost basis of one policy with a face value of $0.5 million. The net activity in the table above is reported in gain on life insurance policies, net, in the consolidated statements of operations. There have been no transfers between levels in the fair value hierarchy for any assets or liabilities recorded at fair value on a recurring basis or any changes in the valuation techniques used for measuring the fair value as of December 31, 2020 and December 31, 2019. The following table summarizes the inputs utilized in estimating the fair value of our portfolio of life insurance policies: As of December 31, 2020 As of December 31, 2019 Weighted-average age of insured, years* 83.1 82.4 Age of insured range, years 63-100 62-101 Weighted-average life expectancy, months* 83.0 86.2 Life expectancy range, months 0-240 0-240 Average face amount per policy (in thousands) $ 1,797 $ 1,756 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 (in thousands): Change in Life Expectancy Estimates Minus Minus Plus Plus December 31, 2020 $ 97,837 $ 45,536 $ (61,713) $ (114,099) December 31, 2019 $ 113,812 $ 57,753 $ (55,905) $ (111,340) Change in Discount Rate Minus 2% Minus 1% Plus 1% Plus 2% December 31, 2020 $ 82,983 $ 39,560 $ (36,151) $ (69,284) December 31, 2019 $ 91,890 $ 43,713 $ (39,790) $ (76,118) Financial instruments measured at fair value on a non-recurring basis There were no assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2020. As of December 31, 2019, Beneficient’s assets and liabilities were recorded at fair value in the consolidated balance sheet due to the application of purchase accounting in accordance with ASC 805 as described in Note 4. Carrying amounts and estimated fair values The Company is required to disclose the estimated fair value of financial instruments, whether or not recognized in the condensed consolidated balance sheets, for which it is practicable to estimate those values. These fair value estimates are determined based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or the price at which a liability could be settled. However, given there is no active market or observable market transactions for many of the Company’s financial instruments, estimates of fair values are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. Nonfinancial instruments are excluded from disclosure requirements. The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value were as noted in the tables below (in thousands). As of December 31, 2020 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash, cash equivalents and restricted cash 1 $ 124,160 $ 124,160 Life insurance policy benefits receivable, net 1 14,334 14,334 Financial liabilities: Senior credit facility 2 $ 193,730 $ 202,611 L Bonds and Seller Trust L bonds 1 1,519,006 1,519,006 Debt due to related parties 2 76,260 78,081 Other liabilities 1 50,585 50,585 As of December 31, 2019 (As Restated) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash, cash equivalents and restricted cash 1 $ 115,790 $ 115,790 Life insurance policy benefits receivable, net 1 23,031 23,031 Financial liabilities: Senior credit facility with LNV Corporation 2 $ 174,390 $ 184,587 L Bonds and Seller Trust L Bonds 1 1,293,530 1,293,530 Debt due to related parties 2 153,086 153,086 Other liabilities 1 44,408 44,408 Other liabilities is comprised of the interest and dividends payable and accounts payable and accrued expenses line items on the consolidated balance sheets as of December 31, 2020 and December 31, 2019. 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.

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments FOXO Technologies Inc. (formerly, FOXO BioScience LLC) On November 11, 2019, GWG Holdings contributed the common stock and membership interests of its wholly-owned subsidiaries, FOXO Labs and FOXO Life (“Insurtech Subsidiaries”) to a legal entity, then known as FOXO BioScience LLC, in exchange for a membership interest in FOXO. On November 13, 2020, FOXO BioScience LLC converted to a corporation and is now known as FOXO Technologies Inc. With the conversion to a corporation, GWG Holdings’ previous membership interest in the LLC converted to preferred equity in FOXO. Although GWG Holdings has a financial interest in FOXO, GWG Holdings does not have a controlling financial interest because another party is the majority shareholder of the voting class of securities. Therefore, we account for GWG Holdings’ ownership interest in FOXO as an equity method investment. The 2019 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 FOXO 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. The following table includes a rollforward of the equity method investment in FOXO (in thousands): Year Ended Year Ended Beginning balance $ 1,761 $ — Contributions 14,436 3,378 Loss on equity method investment (7,319) (1,617) Other (296) — Ending balance $ 8,582 $ 1,761 In accordance with the subscription agreement of FOXO, as of December 31, 2020, GWG Holdings was committed to contribute an additional $3.8 million to the entity through October 2021, all of which was contributed by such date. GWG Holdings’ investment in FOXO is presented in other assets 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. The Beneficient Company Group, L.P. During 2018, GWG Holdings acquired 40,505,279 Common Units for a total limited partnership interest in the Common Units of approximately 89.9% as of December 31, 2018. On June 12, 2019, GWG Holdings acquired an additional 1,000,000 Common Units from a third party for a cash investment of $10.0 million. Prior to December 31, 2019, GWG Holdings’ investment in Common Units 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 GWG Holdings’ share of the income or loss of Beneficient through September 30, 2019 on a one-quarter lag. On December 31, 2019, GWG Holdings obtained control of Beneficient and consolidated Beneficient as of that date under the guidance in ASC 805, Business Combinations . See Note 4 for further information on the business combination. In connection with the consolidation, we discontinued the one-quarter reporting lag. Preconsolidation financial information after the elimination of any intercompany transactions pertaining to Beneficient is summarized in the table below (in thousands): Twelve months ended September 30, 2019 (unaudited) Total revenues $ 93,921 Net loss (32,133) Net loss attributable to holders of Common Units (13,754) GWG Holdings’ portion of net loss (1) (2,460) __________________________________ (1) GWG Holdings portion of Beneficient’s net loss for October 1, 2018 to September 31, 2019. This amount was recognized during the year ended December 31, 2019, prior to the consolidation of Beneficient.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities In accordance with ASC 810, Consolidation , the Company assesses whether it has a variable interest in legal entities in which it has a financial relationship and, if so, whether or not those entities are variable interest entities (“VIEs”). For those entities that qualify as VIEs, ASC 810 requires the Company to determine if the Company is the primary beneficiary of the VIE, and if so, to consolidate the VIE. VIEs for Which the Company is the Primary Beneficiary ExAlt Trusts The Company determined that the ExAlt Trusts used in connection with Beneficient’s operations are VIEs of which Beneficient is the primary beneficiary. The Company concluded that Beneficient is the primary beneficiary of the trusts as it has the power to direct the most significant activities and has an obligation to absorb potential losses of the trusts. Accordingly, the results of the trusts are included in the Company’s consolidated financial statements. The assets of the trusts may only be used to settle obligations of the trusts. Other than potentially funding capital calls above the related reserve (refer to Note 18), there is no recourse to the Company for the trusts’ liabilities. The cash flows generated by these VIEs subsequent to December 31, 2019 are included within the Company’s consolidated statements of cash flows. The consolidated balance sheets include the following amounts from these consolidated VIEs as of the dates presented (in thousands): December 31, 2020 December 31, 2019 Assets: Cash and cash equivalents $ 5,965 $ 3,211 Restricted cash 5,386 13,248 Investments in alternative assets, at NAV 221,894 342,012 Other assets 1,273 1,335 Total Assets of VIE $ 234,518 $ 359,806 Liabilities: Repurchase obligation $ — $ 61,664 Accounts payable and accrued expense 2,029 17 Total Liabilities of VIE $ 2,029 $ 61,681 Equity: Noncontrolling interest $ 7,208 $ 27,062 Total Equity of VIE $ 7,208 $ 27,062 The consolidated statement of operations for the year ended December 31, 2020 includes the following amounts from these consolidated VIEs (in thousands). The results of operations for year ended December 31, 2019 are not inclusive of these consolidated VIEs as Beneficient was not a consolidated subsidiary of GWG Holdings until December 31, 2019. Year Ended REVENUE Investment income, net $ 44,106 Interest income 21 TOTAL REVENUE 44,127 EXPENSES Other expenses 501 TOTAL EXPENSES 501 NET INCOME 43,626 Net loss attributable to noncontrolling interests 25,094 NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 68,720 CT Risk Management, L.L.C. On March 20, 2020, CT Risk Management, L.L.C. (“CT”) was created as a Delaware limited liability company to reduce the impact of a potential market downturn on the interests in alternative assets that support the Collateral for receivables held by Beneficient by distributing any potential profits to the certain of the ExAlt Trusts thereby offsetting any reduction in the value of the alternative assets. The LLC agreement was amended and restated on April 16, 2020. There was no activity of CT until July 2020 when Beneficient made a capital contribution of $14.8 million, which was used to purchase the put options reflected in the consolidated balance sheet as of December 31, 2020. CT is considered a VIE as the at-risk equity holder, Ben LP, does not have all of the characteristics of a controlling financial interest due to Ben LP’s receipt of returns being limited to its initial investment in CT. The Company concluded that Beneficient is the primary beneficiary of CT as it has the power to direct the most significant activities and has an obligation to absorb potential losses of CT. Accordingly, the results of CT are included in the Company’s consolidated financial statements. As of December 31, 2020, the consolidated balance sheets include assets of this consolidated VIE with a carrying value of $7.0 million, which is recorded in the other assets line item. Additionally, the Company recorded a $7.8 million loss on investment for the year ended December 31, 2020, which is reported in the other income (loss) line item of the consolidated statements of operations. VIEs for Which the Company is Not the Primary Beneficiary Prior to December 31, 2019, we determined that the 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 Borrowers that most significantly impact the Borrower’s economic performance. The Company’s exposure to risk of loss in the Borrowers is limited to its financing receivable from the Borrowers, which is eliminated upon consolidation with Beneficient on December 31, 2019. We determined that FOXO 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 FOXO that most significantly impact its economic performance. The Company’s exposure to risk of loss in FOXO is limited to its equity method investment in the preferred equity of FOXO and its remaining unfunded capital commitments. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIE (in thousands): December 31, 2020 December 31, 2019 Carrying Value Maximum Exposure to Loss Carrying Value Maximum Exposure to Loss Total equity method investment $ 8,582 $ 12,332 $ 1,761 $ 19,661

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Senior Credit Facility with LNV Corporation On November 1, 2019, DLP IV entered into a second amended and restated senior credit facility with LNV Corporation (as amended and restated by the Fourth Amended Facility (defined in Note 23) on September 7, 2021, the (“LNV Credit Facility”)), as lender, and CLMG Corp., as the administrative agent on behalf of the lenders under the agreement, which replaced the amended and restated senior credit facility dated September 27, 2017 that previously governed DLP IV’s senior credit facility. The LNV Credit Facility 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 LNV 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 LNV Credit Facility at an annual interest rate, determined as of each date of borrowing or quarterly if there is no borrowing, equal to (a) the greater of 1.5% or 12-month LIBOR, plus (b) 7.50% per annum. The effective rate at December 31, 2020 was 9.00%. Interest payments are made on a quarterly basis. Under the LNV 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 LNV 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 LNV Credit Facility). The LNV Credit Facility has certain financial and nonfinancial covenants, and we were in compliance with these covenants at December 31, 2020 and continue to be as of the date of this filing. In addition, the LNV Credit Facility has certain reporting obligations that require DLP IV to deliver audited annual financial statements no later than ninety days after the end of each fiscal year. Due to the failure to issue GWG Life, LLC audited financial statements for 2020 to LNV Corporation within 90 days after the end of the year, we were in violation of our financial reporting obligations under the LNV Credit Facility. CLMG Corp., as administrative agent for LNV Corporation, issued a limited deferral extending the delivery of these reports to May 17, 2021. We regained compliance on May 17, 2021, when the audited annual financial statements of GWG Life were delivered to LNV Corporation. As of December 31, 2020, approximately 77.1% of the total face value of our life insurance policies portfolio is pledged to LNV Corporation. The amount outstanding under this facility was $202.6 million and $184.6 million at December 31, 2020 and 2019, respectively. There were unamortized deferred financing costs of $8.9 million and $10.2 million as of December 31, 2020 and 2019, respectively. Obligations under the LNV 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 GWG Holdings began publicly offering and selling L Bonds in January 2012, which have been sold under various registration statements since that time. 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. We reached the maximum capacity on this offering during the third quarter of 2020. On June 3, 2020, a registration statement relating to an additional public offering was declared effective permitting us to sell up to $2.0 billion in principal amount of L Bonds on a continuous basis through June 2023. These bonds contain the same terms and features as our previous offerings. 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, which primarily modified the calculation of the debt coverage ratio to allow the Company greater flexibility to finance and to anticipate the potential impacts of GWG Holdings’ relationship with Beneficient. We were in compliance with the covenants of the indenture at December 31, 2020 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. GWG Holdings publicly offers and sells L Bonds under a registration statement declared effective by the SEC and have issued Seller Trust L Bonds under the L Bond Supplemental Indenture, as described below. We temporarily suspended the offering of GWG Holdings’ L Bonds, commencing April 16, 2021, as a result of our delay in filing certain periodic reports with the SEC, including this 2020 Form 10-K. We anticipate recommencing the offering of GWG Holdings’ L Bonds when we regain compliance with SEC filing requirements. 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, 2020 and 2019, the weighted-average interest rate of GWG Holdings’ L Bonds was 7.21% and 7.15%, respectively. The principal amount of L Bonds outstanding, including Liquidity Bonds discussed below, was $1.3 billion and $0.9 billion at December 31, 2020 and 2019, 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. There were $18.0 million and $15.8 million of subscriptions in process as of December 31, 2020 and 2019, respectively. Amortization of deferred issuance costs was $17.0 million and $12.7 million for the years ended December 31, 2020 and 2019, respectively. Future expected amortization of deferred financing costs as of December 31, 2020 is $49.0 million in total over the next seven years. Future contractual maturities of L Bonds, including Liquidity Bonds discussed below, but excluding Seller Trust L Bonds, and future amortization of their deferred financing costs, at December 31, 2020 (in thousands) are as follows: Years Ending December 31, Contractual Maturities Unamortized Deferred Financing Costs 2021 $ 191,582 $ 2,116 2022 293,038 8,522 2023 191,446 7,616 2024 121,105 5,220 2025 167,433 8,251 Thereafter 313,277 17,232 $ 1,277,881 $ 48,957 Seller Trust L Bonds On August 10, 2018, in connection with the initial transfer of the Exchange Transaction described in Note 1, GWG Holdings, issued Seller Trust L Bonds in the amount of $366.9 million to the Seller Trusts. 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 December 28, 2020, the holders of the Seller Trust L Bonds have the right to cause GWG Holdings to repurchase, in whole but not in part, the Seller Trust L Bonds held by such holder. The repurchase may be paid, at GWG Holdings’ 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) Common Units, or a combination of cash and such property. GWG Holdings’ L Bonds are offered and sold under a registration statement declared effective by the SEC, as described above, and GWG Holdings has issued Seller Trust L Bonds under the L Bond Supplemental Indenture. As a result of the Collateral Swap on September 30, 2020, as discussed in Note 1, $94.8 million of Seller Trust L Bonds are now held by certain trusts within the ExAlt Trusts, and are eliminated in consolidation as of December 31, 2020. The principal amount of Seller Trust L Bonds outstanding reflected on the consolidated balance sheets was $272.1 million and $366.9 million as of December 31, 2020 and 2019, respectively. Liquidity Bonds On December 31, 2020, GWG Holdings, GWG Life, and Bank of Utah, as trustee (the “Trustee”), entered into a supplemental indenture, dated as of December 31, 2020 (the “Liquidity Bond Supplemental Indenture”), to that certain Amended and Restated Indenture, dated as of October 23, 2017 (as amended, the “Indenture”), among GWG Holdings, GWG Life and the Trustee, providing for the issuance from time to time of up to $1.0 billion in aggregate principal amount of two new series of L Bonds (the “Liquidity Bonds”). The Liquidity Bonds will be offered and sold to accredited investors in transactions that are exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Regulation D under the Securities Act. The Liquidity Bonds were issued as part of the Company’s strategy to expand its exposure to a portfolio of loans collateralized by cash flows from illiquid alternative assets. Holders of alternative assets will be able to contribute their alternative assets to trusts that are part of the ExAlt Plan TM established by GWG Holdings’ subsidiary, Ben LP, in exchange for Liquidity Bonds. The Liquidity Bonds will be issued by GWG Life, as issuer, and guaranteed by GWG Holdings, will bear interest rates determined by the Company and the holders of the alternative assets being contributed and will generally have a maturity of four years from issuance. The Liquidity Bonds will be issued under the Indenture, and will rank pari passu with respect to payment on and collateral securing all of the Company’s other L Bonds issued under the Indenture. The Liquidity Bond Supplemental Indenture provides for the issuance of two series of Liquidity Bonds: Series A Liquidity Bonds and Series B Liquidity Bonds. The Company expects an exchange of alternative assets for Series A Liquidity Bonds will be treated as a non-taxable exchange for U.S. federal and state income tax purposes, and that an exchange of alternative assets for Series B Liquidity Bonds will be treated as a taxable exchange for U.S. federal and state income tax purposes. In addition to interest payments, holders of Series A Liquidity Bonds will be entitled to an annual, cash participation payment of up to 1.5% of the principal amount of their Series A Liquidity Bonds subject to GWG Life having net taxable income in a given year, prorated for the portion of such year that the holder owned the Series A Liquidity Bond. To the extent that the net taxable income of GWG Life is insufficient to provide holders of Series A Liquidity Bonds with the full participation payment for any given year, such shortfall shall carry forward and be payable from net taxable income earned by GWG Life in subsequent years. Six months after the issuance date of a Liquidity Bond, the holder may elect to exchange the Liquidity Bond, at the beginning of each month and upon 30 days’ prior written notice to GWG Holdings, for that number of shares of GWG Holdings’ common stock (the “GWG Common Stock”) as determined by dividing the entire outstanding principal balance and accrued but unpaid interest of the Liquidity Bond by the Exchange Price (as defined below) or, at GWG Holdings’ election, common securities of a subsidiary of GWG Holdings (the “Subsidiary Common Securities”) if they are publicly traded on a national securities exchange, by dividing the entire outstanding principal balance and accrued but unpaid interest of the Liquidity Bond by the Subsidiary Common Securities Exchange Price (as defined below). For purposes of the Liquidity Bond Supplemental Indenture, (i) the Exchange Price will be set at a premium to the closing price of GWG Holdings’ Common Stock on the Nasdaq Stock Market on the last trading day prior to the execution and delivery of the binding agreement for issuance of the Liquidity Bond, and (ii) the Subsidiary Common Securities Exchange Price will be based on the Exchange Price multiplied by the exchange ratio of GWG Common Stock to the Subsidiary Common Securities issued in connection with any transaction in which GWG Common Stock is converted into, or exchanged for, Subsidiary Common Securities, or if there is no conversion or exchange, the Subsidiary Common Securities Exchange Price will be determined by GWG Holdings’ board of directors in good faith taking into account differences in capital structure and related matters between GWG Holdings and the issuer of such Subsidiary Common Securities. The Liquidity Bonds are payable in cash at maturity; provided that the Liquidity Bonds may be paid at maturity (in GWG Life’s sole discretion) in GWG Common Stock (at the Exchange Price) or Subsidiary Common Securities if they are publicly traded on a national securities exchange (at the Subsidiary Common Security Exchange Price), or a combination of cash and GWG Common Stock or Subsidiary Common Securities. GWG Life may call and redeem the entire outstanding principal balance and accrued but unpaid interest of any or all of the Liquidity Bonds for cash at any time without penalty or premium. Liquidity Bond holders have no rights to require GWG Life to redeem any Liquidity Bond prior to maturity. As of December 31, 2020, there was $0.5 million in principal and $0.2 million of unamortized financing costs of Liquidity Bonds. The net of these amounts, $0.3 million, is presented on the consolidated balance sheets in the L Bonds line item. Debt Due to Related Parties As of December 31, 2020 and December 31, 2019, Beneficient had borrowings that consisted of the following (in thousands): December 31, 2020 December 31, 2019 First Lien Credit Agreement $ 2,288 $ 77,477 Second Lien Credit Agreement 72,260 72,184 Other borrowings 2,628 2,538 Unamortized debt premiums (discounts) (916) 887 Total debt due to related parties $ 76,260 $ 153,086 Beneficient First and Second Lien Credit Agreement On May 15, 2020, Beneficient executed a Term Sheet with HCLP Nominees, L.L.C (“HCLP” or the “lender”) to amend its then senior credit agreement and subordinated credit agreement. The resulting Second Amended and Restated First Lien Credit Agreement and Second Amended and Restated Second Lien Credit Agreement (collectively, the “Second Amendments”) was executed on August 13, 2020, with terms and conditions substantially consistent with the Term Sheet, as further described below. Prior to the execution of the Second Amendments, other amendments extended the June 30, 2020 maturity dates of both loans to August 13, 2020, while Beneficient and the lender finalized the amended and restated credit agreements. Additional agreements were entered into on June 10, 2020, and on June 19, 2020, consistent with the Term Sheet, whereby Beneficient agreed to repay $25.0 million of the then outstanding principal balance and pay an extension fee of 2.5% of the outstanding aggregate principal balance of the loans, calculated after the $25.0 million repayment, on July 15, 2020. A total of $28.6 million was paid on July 15, 2020, which included the $25.0 million principal payment, related accrued interest thereon, and the extension fee described above. GWG Holdings, GWG Life, and a newly formed entity, DLP V, also entered into the credit agreements with respect to provisions related to the potential future assumption of the loans by DLP V as described below. The amendments extended the maturity date of both loans to April 10, 2021, and increased the interest rate on each loan to 1-month LIBOR plus 8.0%, with a maximum interest rate of 9.5%. The loans are payable in three installments of $25.0 million on each of September 10, 2020, December 10, 2020, and March 10, 2021, with the remaining balance payable on April 10, 2021. On March 10, 2021, and again on June 28, 2021, Beneficient executed subsequent amendments, among other items, to further extend the maturity date to May 30, 2022, as more fully described below and in Note 23. Through December 31, 2020, all principal and interest due under the Second Amendments have been paid. The Second Amendments provided for the assumption of the loans by DLP V pursuant to a Third Amended and Restated First Lien Credit Agreement, upon satisfaction of certain conditions precedent, including the issuance of Beneficient’s trust company charter by the Texas Department of Banking. The amendments provide that DLP V will receive Preferred C interests in exchange for assuming Beneficient’s amended loans in an amount equal to 110% of the then outstanding loan balance. Upon assumption of the loans, the lender will receive a fee of 2.0% of the then outstanding balance of the loans. Furthermore, upon assumption of the loans, the Commercial Loan Agreement between GWG Life and Ben LP will be assumed by GWG Life USA, LLC, a wholly owned subsidiary of GWG Holdings, in exchange for Class A Subclass A-2 Units of BCH equivalent to the outstanding principal balance of the debt evidenced by the Commercial Loan Agreement. In connection with the assumption of the loans by DLP V, the lender will be granted a security interest in the Preferred Series A Subclass 1 Unit Accounts of BCH held by GWG Life and the life insurance policies held by DLP V, which are to be contributed to DLP V from GWG Life Trust. The assumption of the loans by DLP V has not occurred and, as described below, further amendments to the Second Amended and Restated Credit Agreement and the Second Amended and Restated Subordinate Credit Agreement removed the assumption of the loans by DLP V. In connection with the Ben Credit Agreements (as defined in Note 23), (i) the lender will be permitted to make capital contributions of up to $152.0 million in exchange for a Preferred Series A Subclass 1 Unit Account of BCH for an equal amount of cash for two years after the assumption of the loans; should the lender elect to make such a capital contribution, GWG Holdings or one of its subsidiaries will be allowed to exchange an amount of Preferred C into Preferred Series A Subclass 1 Unit Accounts or contribute cash for Preferred Series A Subclass 1 Unit Accounts, in certain circumstances, in order to maintain its relative ownership percentage of the Preferred Series A Subclass 1 Unit Accounts; (ii) Beneficient Holdings, Inc. (“BHI”), which owns a majority of the Class S Ordinary Units, Preferred Series A Subclass 1 Unit Accounts, and FLP Subclass 1 Unit Accounts issued by BCH, will grant certain tax-related concessions related to the transaction to the lender as may be mutually agreed upon between the parties, and (iii) in exchange for the tax-related concessions to be agreed between the parties, (a) 5% of BHI’s Preferred Series A Sub Class 1 Unit Account, which will be held by the lender, may convert, upon delivery of notice by BHI or its designee, to a Preferred A.0 Unit Account of BCH, and (b) recipients of a grant of Preferred Series A Subclass 1 Unit Accounts from BHI will have the right to put an amount of Preferred Series A Subclass 1 Unit Accounts to Ben LP equal to any associated tax liability stemming from any such grant; provided that the aggregated associated tax liability shall not relate to more than $30 million of grants of Preferred Series A Subclass 1 Unit Accounts from BHI; and provided, further, that such a put cannot be exercised prior to July 1, 2021. There has been no liability recorded for the put right as of December 31, 2020, as the transfer of Preferred Series A Subclass Unit Accounts has not occurred. The amended loan terms and ancillary documents contain covenants that (i) prevent Beneficient from issuing any securities senior to the Preferred Series A Subclass 1 or Preferred A.0 Unit Accounts; (ii) prevent Beneficient from incurring additional debt or borrowings greater than $10.0 million, other than trade payables, while the loans are outstanding; (iii) prevent, without the written consent of the lender, GWG Life Trust or DLP V from selling, transferring or otherwise disposing any of the life insurance policies held by GWG Life Trust as of May 15, 2020, except that life insurance policies may be sold, transferred, or otherwise disposed of, provided that concurrent with the assumption of the loans by DLP V, a prepayment of the loans would be required, if necessary, to maintain certain loan-to-value percentages, after giving effect to such sale, transfer or disposal; and (iv) prevent, without the written consent of the lender, GWG Holdings from selling, transferring, or otherwise disposing of any Preferred Series A Subclass 1 Unit Accounts held as of May 15, 2020, other than to DLP V. These covenants are materially similar to the terms under the Third Amended and Restated First Lien Credit Agreement once assumed by DLP V. As of December 31, 2020, Beneficient was in compliance with all covenants. The assumption set forth in the amendments are subject to, among other things, the satisfaction of certain closing conditions, some of which may be outside of the parties’ control. These loans are not currently guaranteed by GWG. As more fully described in Note 23, on March 10, 2021, Beneficient executed the Amendment No.1 to the Second Amended and Restated Credit Agreement and Amendment No. 1 to the Second Amended and Restated Subordinate Credit Agreement with its lender. The amendments extend the maturity date of both loans to May 30, 2022. The loans are payable in three installments of $5.0 million on each of September 10, 2021 (subsequently deferred as discussed below), December 10, 2021, and March 10, 2022, with the remaining balance payable on May 30, 2022. The amendments also provide for an extension fee equal to 1.5% of the amount outstanding under the Credit Agreements, which was added to the outstanding amount under the Credit Agreements as provided for in the amendments. Further, as more fully described in Note 23, on June 28, 2021, Beneficient executed the Amendment No. 2 to the Second Amended and Restated Credit Agreement and Amendment No. 2 to the Second Amended and Restated Subordinate Credit Agreement with its lender. The amendments eliminate the obligation of DLP V to assume the Ben Credit Agreements as provided for in the Second Amendments and waive the daily fee payable upon the Trigger as provided for in the Amendment No. 1 to the Ben Credit Agreements. Finally, as also discussed in Note 23, effective July 15, 2021, Beneficient executed Consent and Amendment No. 3 to the Second Amended and Restated Credit Agreement and Amendment No. 2 to the Second Amended and Restated Subordinate Credit Agreement with its lender, which (i) deferred the payment of all accrued and unpaid interest until December 10, 2021, and (ii) deferred the installment payment of $5.0 million due on September 10, 2021, to December 10, 2021. Beneficient agreed to pay an amendment fee to the lender in an amount equal to 3% of the then outstanding principal and interest on December 10, 2021. Beneficient’s Second Lien Credit Agreement was originally issued to BHI, a Ben Founder Affiliate. During 2019, the Second Lien Credit Agreement was contributed to HCLP and thus, all existing senior loan obligations are held by HCLP as of December 31, 2020 and 2019. Future transactions between these parties are more fully described in Note 20. HCLP is indirectly associated with Ben Founder. Further, an indirect parent entity of HCLP had loans outstanding to Ben Founder Affiliates as of December 31, 2020. Neither GWG Holdings nor Beneficient are a party to these loans, nor have they secured or guaranteed the loans. See Note 20 for further discussion of the relationship between HCLP and Ben Founder. Beneficient’s additional borrowings as detailed in the table below mature in 2023 and 2024. Future contractual maturities of Beneficient’s debt due to related parties as of December 31, 2020 are as follows (in thousands): Years Ending December 31, 2021 $ 74,548 2022 — 2023 750 2024 1,856 2025 — Thereafter — $ 77,154

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity GWG Holdings 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.” The 2018 transactions between GWG Holdings, GWG Life, Beneficient and the Seller Trusts described in Note 1 ultimately resulted in the issuance of 27,013,516 shares of GWG Holdings’ common stock to the Seller Trusts in exchange for 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. Also, the Purchase and Contribution Agreement described in Note 1 ultimately resulted in the sale of 2,500,000 shares of GWG Holdings common stock to BCC, and the contribution of 1,452,155 shares of GWG Holdings common stock to AltiVerse. Pursuant to the Exchange Agreement described in Note 1, commencing on December 31, 2019, holders of Common Units have the right to exchange their Common Units for common stock of GWG Holdings. 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 common stock of GWG Holdings based on the volume weighted average price of GWG Holdings’ common stock for the five consecutive trading days prior to the quarterly exchange date. No Common Units have been exchanged for common stock of GWG Holdings through December 31, 2020. On November 15, 2018, the Board of Directors of GWG Holdings approved a stock repurchase program pursuant to which GWG Holdings 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 Company repurchased 42,750 shares under this program in the first quarter of 2019 at an average per share price of $8.43. The stock repurchase program did not obligate the Company to purchase any shares and expired on April 30, 2019. Redeemable Preferred Stock On November 30, 2015, GWG Holdings’ 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 GWG Holdings’ common stock and pari passu with GWG Holdings’ RPS 2 (see further details in the section below) 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 GWG Holdings’ common stock at a conversion price equal to the volume-weighted average price of GWG Holdings’ 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 , (“ASC 470”) and ASC 815, Derivatives and Hedging , (“ASC 815”), we do not believe bifurcation of either the holder’s redemption or conversion feature is appropriate. Series 2 Redeemable Preferred Stock On February 14, 2017, GWG Holdings’ public offering of up to 150,000 shares of RPS 2 at $1,000 per share was declared effective. The terms of the RPS 2 are largely consistent with those of the RPS, other than the conversion and redemption features discussed below. Holders of RPS 2 may, less an applicable conversion discount, if any, convert their RPS 2 into GWG Holdings’ common stock at a conversion price equal to the volume-weighted average price of GWG Holdings’ 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. 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. The RPS 2 was determined to have the same two embedded features discussed in the RPS section above (optional redemption by the holder and optional conversion by the holder). We do not believe bifurcation of either the holder’s redemption or conversion feature is appropriate. Beneficient Equity As of December 31, 2020, Ben LP has issued Common Units and BCH, a consolidated subsidiary of Ben LP, 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, Preferred Series A Subclass 2 Unit Accounts, and Preferred Series C Unit Accounts. The Preferred Series A Subclass 0 Unit Accounts were created under the 5th Amended and Restated LPA; however, none have been issued as of December 31, 2020. The 5th Amended and Restated LPA of BCH governs the terms of these equity securities. Common Units As of December 31, 2020 and December 31, 2019, Ben LP has a total of 48,205,756 and 44,146,623 Common Units issued and outstanding, respectively. As of December 31, 2020 and December 31, 2019, GWG Holdings owns 46,887,915 and 42,171,946, Common Units, respectively, which are eliminated in consolidation. The remaining issued and outstanding Common Units are recorded in the consolidated balance sheets in the noncontrolling interests line item. Preferred Series A Subclass 0 (Noncontrolling Interests) On July 15, 2020, BCH amended its limited partnership agreement in a 5th Amended and Restated LPA, which created a new subclass of Preferred Series A Unit Accounts, the Preferred A.0. As a subclass of the Preferred Series A Unit Accounts, the Preferred A.0 receives the same preferred return on a quarterly basis as the other Preferred Series A subclasses. However, the Preferred A.0 is senior to all other classes of preferred equity, including the other subclasses of Preferred Series A in terms of allocations of profits, distributions, and liquidation. The Preferred A.0 can be converted into Class S Units at the election of the holder, at a price equal to (x) prior to the initial public listing, the per Common Unit fair market value as determined by the general Partner and (y) following the initial public listing, the lesser of (i) $10 and (ii) if the Common Units are listed on a national securities exchange, the volume-weighted average closing price of a Common Unit as reported on the exchange on which the Common Units are traded for the twenty (20) days immediately prior to the applicable exchange date, or if the Common Units are not listed on a national securities exchange, then the volume-weighted average closing price of a security traded on a national securities exchange or quoted in an automated quotation system into which the Common Units are convertible or exchangeable for the twenty (20) days immediately prior to the applicable exchange date. The Preferred A.0 Unit Accounts have not been issued as of December 31, 2020. Preferred Series A Subclass 1 (Redeemable Noncontrolling Interest) BCH, a consolidated subsidiary of Ben LP, has non-unitized equity outstanding. The Preferred Series A Subclass 1 Unit Accounts are non-participating and convertible on a dollar basis. In 2019, Preferred Series A Subclass 1 Unit Account holders signed an agreement to forbear the right to receive an annualized preferred return in excess of a rate determined materially consistent with the methodology below until, initially, the earlier of December 31, 2019 or three months following the issuance of the limited trust association charter by the Texas Department of Banking. The charter from the Texas Department of Banking was not issued as of December 31, 2019. In 2020, this forbearance agreement was extended through December 31, 2020. The income allocation methodology under this forbearance agreement was as follows: • First, Ben, as the sole holder of Class A Units issued by BCH is allocated income from BCH to cover the expenses incurred solely by Ben; • Second, the remaining income at BCH is allocated 50% to the aggregate of Class A Units and Class S Ordinary Units and 50% to Preferred Series A Subclass 1 Unit Accounts, until the Common Units issued by Ben LP receive a 1% annualized return on the Common Unit account balance; • Third, after the 1% annualized return to the Common Unit issued by Ben LP is achieved, additional income is allocated to the Preferred Series A until the Preferred Series A is allocated the amount required under the LPA, (as amended); and • Finally, any remaining income is allocated under the terms of the current LPA (pro-rata between the Class A Units and Class S Ordinary Units). If and when the forbearance agreement expires, account holders will be 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 LP 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 the 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 inception through December 31, 2020, and any amounts earned have been accrued and are included in the balance of redeemable noncontrolling interests line item of the consolidated balance sheets. Certain Preferred Series A Subclass 1 Unit Account holders agreed to be specially allocated any income or losses associated with the Beneficient Management Partners, L.P. Equity Incentive Plan and certain other costs. 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 pro vide 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 BCH’s net asset value (“NAV”) plus cash on hand, and (ii) at the time of incurrence of any new long-term indebtedness, the aggregate balance of BCH’s (including controlled subsidiaries) debt plus such new long-term debt does not exceed 40% of the sum of the NAV of the interests in alternative assets supporting 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. Preferred Series C Unit Accounts The 5th Amended and Restated LPA also created a new class of preferred equity, the Preferred Series C Unit Accounts. The Preferred Series C Unit Accounts are non-participating and convertible on a basis consistent with the UPA discussed in Note 1. Account holders are entitled to a compounded quarterly preferred return based on a fraction, the numerator of which is (a) the sum of an inflation adjustment amount, plus (1) 0.5% prior to the initial public listing and (2) 0.75% following the initial public listing, and the denominator of which is (b) 1 minus the means of the highest effective marginal combined U.S. federal, state and local income tax rate (including the rate of taxes under Section 1411 of the Code) for a Fiscal Year prescribed for an individual resident in New York, New York (taking into account (a) the nondeductibility of expenses subject to the limitations described in Sections 67 and 68 of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes), based on the Partnership’s most recently filed IRS form 1065. BCH calculates two Preferred Series C Unit Accounts capital accounts: the Liquidation Capital Account and the Conversion Capital Account. In calculating the Conversion Capital Account, the Preferred Series C Unit Accounts are allocated profits and losses junior to the Preferred Series A Unit Accounts. In calculating the Liquidation Capital Account, the Preferred Series C Unit Accounts are allocated profits and losses pari passu with the Preferred Series A Unit Accounts. Following the exchange of any Preferred Series C Unit Accounts into Common Units under the UPA described in Note 1, the excess of the profits and losses allocated to the Preferred Series C Unit Accounts under the Liquidation Capital Account will be deemed the “Excess Amount.” This Excess Amount will be specially allocated at each tax period in accordance with the principals of Treasury Regulation Section 1.704-1(b)(4)(x), to the Preferred Series A Subclass 1 Units Accounts, prior to any amount of profit, income or gain being allocated to any other class of units (other than the Preferred A.0) or limited partners until such special allocations equal, in the aggregate, such Excess Amount. The only conversion, redemption, or exchange rights available to the Preferred Series C Unit Accounts are those rights afforded in accordance with the UPA, described in Note 1, or such similar agreement. While any amount of Preferred Series C Unit Accounts is outstanding, BCH cannot make any distributions, other than tax distributions and redemptions, distributions upon a liquidation of BCH, and distributions of net consideration received from a sale of BCH, without the prior consent of a majority in interest of the holders of the Preferred Series C Unit Accounts. As of December 31, 2020, the carrying value of GWG Holdings’ investments in Preferred Series C Unit Accounts was $195.6 million. The Preferred Series C Unit Accounts are eliminated upon consolidation. Class S Ordinary Units As of December 31, 2020 and 2019, BCH, a subsidiary of Ben LP, had issued and outstanding 5.8 million and 5.7 million Class S Ordinary Units, respectively. 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 BCH’s business and affairs. The Class S Ordinary Units are exchangeable for Common Units 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 BCH’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. As of December 31, 2020, a nominal number of shares of Class S Preferred Units have been issued. No amounts have been paid to the Class S Preferred Unit holders related to the preferred return from issuance through December 31, 2020, a nd any amounts earned have been accrued and are included in the balance of Class S Preferred Units presented on the consolidated balance sheet in the noncontrolling interests line item. Beneficiaries of the ExAlt Trusts The ultimate beneficiary of the ExAlt Trusts is an unrelated third party charity (the “Charitable Beneficiary”) that is entitled to i) approximately 5% of any amounts paid to Beneficient as payment on amounts due under each ExAlt Loan, ii) approximately 10% of the amount of excess cash Collateral, if any, following the full repayment of an ExAlt Loan; and (iii) all amounts accrued and held at the ExAlt Trusts once all amounts due to Beneficient under the ExAlt Loans and any fees related to Beneficient’s services to the ExAlt Trusts are repaid. The Charitable Beneficiary’s account balances with respect to its interest in such ExAlt Trusts cannot be reduced to below zero. Any losses allocable to the Charitable Beneficiary in excess of its account balances are reclassified at each period end to the trusts deficit account which is included as part of noncontrolling interest. During 2020, additional ExAlt Trusts were created arising from new liquidity transactions with customers. These new ExAlt Trusts, which are consolidated by Beneficient, resulted in the recognition of additional noncontrolling interest of $6.0 million representing the interests in these new ExAlt Trusts held by the Charitable Beneficiary. The interest of the Charitable Beneficiary, including the associated trust deficit (as applicable), in the ExAlt Trusts is recorded on the consolidated balance sheets in the noncontrolling interests line item.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation As of December 31, 2020 and 2019, the Company has outstanding equity-based awards under the GWG Holdings 2013 Stock Incentive Plan, the Beneficient Management Partners, L.P. (“BMP”) Equity Incentive Plan (the “BMP Equity Incentive Plan”), the Ben Equity Incentive Plan (as defined below), and Preferred Series A Subclass 1 Unit Accounts, as more fully described in the sections below. 2013 Stock Incentive Plan GWG Holdings adopted the 2013 Stock Incentive Plan in March 2013, as amended on June 1, 2015, May 5, 2017 and May 8, 2018. 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 GWG Holdings’ Board of Directors, and consultants. Option awards generally expire 10 years from the date of grant. As of December 31, 2020, the Company has granted stock options, stock appreciation rights (“SAR”), and restricted stock units (“RSU”) under this plan. As of December 31, 2020, 6,000,000 awards are authorized under the plan, of which 2,507,924 shares were reserved for issuance under outstanding incentive awards and 3,492,076 shares remain available for future grants. Stock Options As of December 31, 2020, GWG Holdings had outstanding stock options for 695,117 shares of common stock to employees, officers, and directors under the plan. 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. Options vest over varying terms of up to three years. There were no options granted during the year ended December 31, 2020. The weighted average grant date fair value of options granted during the year ended December 31, 2019, was $2.73. The total intrinsic value of stock options exercised during the year ended December 31, 2020 and 2019 was $31.6 thousand and $0.3 million, respectively. The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2020 was $41.7 thousand and $40.1 thousand, respectively. Additionally, as a result of stock option exercises, 3,688 shares of common stock were issued to employees, net of shares forfeited to satisfy tax withholding obligations. During the years ended December 31, 2020 and 2019, a total of 97,996 and 197,859 stock options held by employees vested for a total fair value of $0.3 million and $0.5 million, respectively. Stock Appreciation Rights (SARs) As of December 31, 2020, GWG Holdings had 535,657 SARs outstanding. 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. On December 31, 2020, the market price of GWG’s common stock was $6.99. The weighted average grant date fair value of SARs granted during the years ended December 31, 2020 and 2019, was $2.51 and $2.66, respectively. During the years ended December 31, 2020 and 2019, a total of 98,536 and 102,102 SARs held by employees vested for a total fair value of $0.2 million and $0.2 million, respectively. Upon the exercise of SARs, the Company is obligated to make cash payments equal to the positive difference between the market value of GWG Holdings’ common stock on the date of exercise less the market value of the common stock on the date of grant. The liability for the SARs as of December 31, 2020 and 2019 was $0.5 million and $0.6 million, respectively, and was recorded within other accrued expenses in the consolidated balance sheets. The following summarizes information concerning outstanding options and SARs issued under the 2013 Stock Incentive Plan: Outstanding Weighted Average Exercise Price Stock Options SARs Stock Options SARs December 31, 2019 905,381 375,625 $ 9.05 $ 9.25 Granted — 192,925 — 7.82 Exercised (20,136) (1,284) 8.27 7.24 Forfeited and expired (190,128) (31,609) 9.23 9.05 December 31, 2020 695,117 535,657 9.03 8.75 The following table provides information regarding outstanding stock options and SARs which were fully vested and exercisable: December 31, 2020 December 31, 2019 Stock Options SARs Stock Options SARs Number outstanding and exercisable 629,530 293,455 673,341 200,745 Weighted-Average Remaining Life (years) 5.88 4.17 6.83 4.49 Weighted Average Exercise Price $ 8.91 $ 8.93 $ 8.88 $ 8.81 Restricted Stock Units A restricted stock unit (“RSU”) entitles the holder thereof to receive one share of GWG Holdings’ common stock (or, in some circumstances, the cash value thereof) upon vesting. RSUs are subject to forfeiture until they vest. On June 18, 2019, GWG Holdings granted an aggregate of 114,366 RSUs to its directors, which vested in their entirety on the one year anniversary of the grant date. On May 31, 2019, GWG Holdings granted RSUs to its 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 GWG Holdings’ 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. The weighted average grant date fair value of awards granted during 2019 was $10.15. 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. During the year ended December 31, 2020, 57,183 of the RSUs held by directors vested for the same number of shares of common stock for a total fair value of $0.5 million. The weighted-average grant date fair value for the unvested activity presented in the table below was $9.18 for the year ended December 31, 2020. BMP Equity Incentive Plan The Board of Directors of Beneficient Management, Ben LP’s general partner, adopted the BMP Equity Incentive Plan in 2019. Under the BMP Equity Incentive Plan, certain directors and employees of Beneficient are eligible to receive equity units in BMP, an entity affiliated with the board of directors of Beneficient Management, in return for their services to Ben. The BMP equity units eligible to be awarded to employees are comprised of BMP’s Class A Units and/or BMP’s Class B Units (collectively, the “BMP Equity Units”). As of December 31, 2020 and 2019, the Board of Directors of Beneficient Management has authorized the issuance of up to 19,000,000 units each of the BMP Equity Units. All awards are classified in equity upon issuance. While providing services to Beneficient, if applicable, certain of these awards are subject to minimum retained ownership rules requiring the award recipient to continuously hold BMP Equity Units equivalents equal to at least 25% of their cumulatively granted awards that have the minimum retained ownership requirement. The awards are generally non-transferable. Awards under the BMP Equity Incentive Plan that vest ultimately dilute holders of Common Units. The BMP Equity Units awarded beginning in second quarter 2019 and through December 31, 2020, included awards that were fully vested upon grant date, and some awards that are subject to service-based vesting over a four-year period from the date of hire. Expense associated with the vesting of these awards is based on the fair value of the BMP Equity Units on the date of grant. As of December 31, 2020 and 2019, compensation cost has been recognized for the granted awards using the straight-line method over the requisite service period. The remaining unrecognized compensation cost for granted awards will be recognized prospectively over the remaining requisite service period, on a straight-line basis using the graded vesting method and forfeitures will be accounted for at the time that such forfeitures occur. Expense recognized for these awards is specially allocated to certain holders of redeemable noncontrolling interests. As BMP’s equity is not publicly traded, the fair value of the BMP Equity Units is determined on each grant date using a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The resultant probability-weighted cash flows are then discounted using a rate that reflects the uncertainty surrounding the expected outcomes, which the Company believes is appropriate and representative of a market participant assumption. During the second quarter of 2020, 1,963,969 vested units were forfeited and returned as a result of an agreement allowing Beneficient to recover the aforementioned units held by one former director of Beneficient (see further discussion below). The weighted-average grant date fair value was $9.61 per unit as of December 31, 2020. The weighted-average grant date fair value for the unvested activity presented in the table below was $9.61 per unit for the year ended December 31, 2020. The total fair value of shares vested during the year ended December 31, 2020, was $49.6 million. Ben Equity Incentive Plan The Board of Directors of Beneficient Management adopted the Ben Equity Incentive Plan in September 2018 (the “Ben Equity Incentive Plan”). Under the Ben Equity Incentive Plan, Ben LP is permitted to grant equity awards, in the form of restricted equity units (“REUs”) up to a maximum of 12,811,258, representing ownership interests in Common Units. Settled awards under the Ben Equity Incentive Plan dilute holders of Common Units. The total number of Common Units that may be issued under the Ben Equity Incentive Plan is equivalent to 15% of the number of fully diluted Common Units outstanding, subject to annual adjustment. All awards are classified in equity upon issuance. All REUs are subject to two performance conditions, both of which were met during 2019. Additionally, if a change-of-control event occurs prior to July 1, 2021, then all units, vested and unvested, will settle within 60 days. Any transaction whereby GWG Holdings obtains the right to appoint a majority of the members of Beneficient Management’s Board of Directors is expressly excluded from the definition of change-of-control for the REUs. Awards will generally be subject to service-based vesting over a multi-year period from the recipient’s date of hire, though some awards fully vest upon grant date. While providing services to Beneficient, if applicable, certain of these awards are subject to minimum retained ownership rules requiring the award recipient to continuously hold Common Unit equivalents equal to at least 15% of their cumulatively granted awards that have the minimum retained ownership requirement. The holders of certain of the units issued under the BMP Equity Incentive Plan and the Ben Equity Incentive Plan, upon vesting, have the right to convert the units to shares of GWG Holdings common stock per the Exchange Agreement discussed in Note 1. As such, units vested and issued under Beneficient’s equity incentive plans may result in dilution of the common stock of GWG Holdings. REUs were awarded under the Ben Equity Incentive Plan beginning in the second quarter of 2019. For the REUs awarded under the Ben Equity Incentive Plan, pre-combination expense associated with the vesting of these awards is based on the fair value of the Common Units on the date of grant while post-combination expense is based on the fair value of the Common Units on the change-in-control date. The remaining unrecognized compensation cost for granted awards will be recognized prospectively over the remaining requisite service period, on a straight-line basis using the graded vesting method and forfeitures will be accounted for at the time that such forfeitures occur. As Ben LP’s equity is not publicly traded, the fair value for substantially all of the REUs granted in 2020 was estimated by using the valuation techniques consistent with those utilized to determine the acquisition date equity values arising from GWG Holdings obtaining a controlling financial interest in Beneficient. These valuation techniques relied upon the OPM Backsolve approach under the market method as more fully described in Note 4. For the REUs granted in the latter portion of 2020, which is a de minimis amount of the total 2020 REUs, we utilized valuation techniques consisting of the income approach and market approach. For awards granted during 2019, the fair value of the REUs was estimated using recent equity transactions involving third parties, which provided the Company with observable fair value information sufficient for estimating the grant date fair value. During the second quarter of 2020, 507,500 vested units were forfeited as a result of an agreement allowing Beneficient to recover the aforementioned units held by one former director of Beneficient. Beneficient recognized $36.3 million of other income as a result of this recovery of equity-based compensation, including both BMP Equity Units and REUs. A substantial majority of the former director’s equity-based compensation units were fully vested, and the majority of the related expense was allocated to certain holders of noncontrolling interests and recorded in prior periods. The provisions of the award agreements related to the forfeiture of vested units resulted in the previous expense being recorded to other income in the year-to-date period, accordingly. During the third quarter of 2020, 515,000 units were granted to a senior partner director subject to a performance condition. The performance condition has not been met as of December 31, 2020. As the performance condition of the grant is based on a liquidity event, recognition of the related compensation cost is deferred until the condition has been met. Total unrecognized compensation cost related to this award is approximately $6.4 million as of December 31, 2020. The estimated weighted-average grant date fair value date was $12.50 as of December 31, 2020. The weighted-average grant date fair value for the unvested activity presented in the table below was $12.50 for the year ended December 31, 2020. The total fair value of shares vested during the year ended December 31, 2020, was $42.9 million. Preferred Equity On April 25, 2019, Preferred Series A Subclass 1 Unit Accounts in BCH, a subsidiary of Ben LP, were assigned to three directors, with each having a capital account balance of $4.0 million, subject to a performance condition, in return for each of the directors providing to BCH their knowledge and abilities in helping with the formation of and capital raising for the Company. BHI, a Ben Founder Affiliate, assigned the Preferred Series A Subclass 1 Unit Accounts it holds in BCH to the directors for those individuals providing services to BCH. Accounting for services provided to the Company but paid by a principal shareholder follows the substance of the transaction and is therefore accounted for similar to a share-based payment in exchange for services rendered. The awards vest upon grant, subject to a performance condition whereby each of the directors must be a board member at the time that a certain level of additional capital is raised. The fair value of the awards at the grant date was estimated at $12.0 million in aggregate. During the fourth quarter of 2019, $4.0 million of the capital account balance was forfeited back to the Company and reverted to BHI upon the departure of a certain director. The performance condition was met during the fourth quarter of 2020 and expense of $11.4 million was recognized and specially allocated to certain Preferred Series A Subclass 1 Unit Account holders on a pro-rata basis based on their capital account balance. The expense recognized upon vesting is reflective of the value calculated after the determination of overall enterprise value in connection with the change of control event discussed in Note 4. The following table summarizes the award activity, in number of units, during the year ended December 31, 2020: Balance at December 31, 2019 Granted Vested Exercised Forfeited Recovery of Vested Awards Balance at December 31, 2020 Vested RSU — — 57,183 (57,183) — — — BMP Equity Units 7,980,037 4,580,888 578,678 — (31,618) (1,963,969) 11,144,016 REUs 2,164,742 3,033,956 401,598 — (14,000) (507,500) 5,078,796 Unvested RSU 244,083 — (57,183) — (57,183) — 129,717 BMP Equity Units 180,000 3,008,800 (578,678) — (380,025) — 2,230,097 REUs 246,500 2,727,072 (401,598) — (303,400) — 2,268,574 Total RSU 244,083 — — (57,183) (57,183) — 129,717 BMP Equity Units 8,160,037 7,589,688 — — (411,643) (1,963,969) 13,374,113 REUs 2,411,242 5,761,028 — — (317,400) (507,500) 7,347,370 The following table presents the components of equity-based compensation expense recognized in the consolidated statement of operations (in thousands): Year Ended 2020 2019 Stock options $ 180 $ 408 Stock appreciation rights (40) 338 Restricted stock units (38) 986 BMP equity units 53,523 — REUs 45,772 — Preferred equity 11,443 — Total equity-based compensation $ 110,840 $ 1,732 Unrecognized equity-based compensation expense, excluding the expense related to the performance award discussed above, totaled approximately $34.8 million as of December 31, 2020. The following table presents the equity-based compensation expense expected to be recognized over the next five years based on scheduled vesting of awards outstanding, excluding the award subject to the performance condition discussed above, as of December 31, 2020 (in thousands): Stock Options SAR REU BMP Equity Units Total 2021 $ 107 $ 287 $ 7,805 $ 7,965 $ 16,164 2022 19 192 5,754 5,834 11,799 2023 — 91 2,993 2,555 5,639 2024 — — 674 518 1,192 2025 — — — — — Total $ 126 $ 570 $ 17,226 $ 16,872 $ 34,794 Weighted-average period over which to be recognized 0.57 years 1.12 years 2.52 years 1.61 years

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2020
Other Expenses [Abstract]
Other Expenses	Other Expenses The components of other expenses in our consolidated statements of operations are as follows (in thousands): Year Ended December 31, 2020 2019 Insurance and regulatory $ 4,459 $ 5,032 Information technology 3,596 2,024 Servicing and facility fees 2,423 1,833 Marketing 1,251 1,612 Premises and equipment 1,215 692 Depreciation and amortization 1,170 436 Contract labor 906 1,820 Travel and entertainment 2,004 1,218 General and administrative 1,203 1,076 Bad debt expense — 153 Total other expenses $ 18,227 $ 15,896

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision reflects the activity of GWG Holdings and its subsidiaries and Beneficient Corporate Holdings, LLC, currently the sole entity in the Beneficient consolidated group that is taxed as a corporation. GWG Holdings and its subsidiaries files a separate tax return from Beneficient Corporate Holdings, LLC, but the tax provision information below as of and for the year ended December 31, 2020 is presented on a consolidated basis for financial reporting purposes under applicable GAAP. As the statements of operations of GWG Holdings and Ben LP were presented on a consolidated basis beginning on January 1, 2020, the information below as of and for the year ended December 31, 2019 does not include the tax provision information of Beneficient Corporate Holdings, LLC. The current and deferred 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): Year Ended December 31, 2020 2019 (As Restated) Current income tax expense $ 537 $ 10 Deferred income tax expense (benefit) (16,927) 71,855 Total income tax expense (benefit) $ (16,390) $ 71,865 Year Ended December 31, 2020 2019 (As Restated) Statutory federal income tax (benefit) $ (43,339) $ 33,449 State income taxes (benefit), net of federal benefit (2,995) 12,962 Change in valuation allowance 20,688 25,547 Noncontrolling interest 7,718 — Other permanent differences, net 1,538 (93) Total income tax expense (benefit) $ (16,390) $ 71,865 The Company’s effective tax rate was 7.9% and 45.1% for the years ended December 31, 2020 and 2019, respectively. The effective tax rate for the year ended December 31, 2020 primarily reflects the effects of the remeasurement of deferred tax liabilities due to a change in state deferred tax rate, offset by current state taxes and an increase in valuation allowance. The effective tax rate for the year ended December 31, 2019 was higher than the statutory rate primarily due to the deferred tax liability resulting from the gain on consolidation of equity method investment. After the change-of-control transaction with Ben LP on December 31, 2019, GWG Holdings moved its headquarters from Minnesota to Texas. This move resulted in a change in the state deferred tax rate from 9.8% to 0%. The effects of temporary differences that give rise to deferred income taxes were as follows (in thousands): December 31 2020 2019 (As Restated) Deferred tax assets: Investment in life insurance policies $ 42,836 $ 37,649 Net operating loss and business interest carryforwards 43,188 18,935 Other assets 4,940 9,348 Subtotal 90,964 65,932 Valuation allowance (88,157) (65,932) Deferred tax assets 2,807 — Deferred tax liabilities: Investment in partnership (54,077) (71,855) Other liabilities (199) — Net deferred tax liability $ (51,469) $ (71,855) At December 31, 2020, we had federal net operating loss (“NOL”) carryforwards of $58.0 million resulting in related deferred tax assets of $12.2 million, and state NOL carryforwards of $24.3 million resulting in related deferred tax assets of $1.9 million. At December 31, 2019, we had federal NOL carryforwards of $29.7 million resulting in related deferred tax assets of $6.2 million, and state NOL carryforwards of $29.6 million resulting in related deferred tax assets of $2.3 million. The NOL carryforwards will begin to expire in 2031. Future utilization of NOL carryforwards is subject to limitations under Section 382 of the Internal Revenue Code. This section generally relates to a more than 50 percent change in ownership over a three-year period. 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 in $0.5 million of current tax liability in 2020 and a nominal amount in 2019. Included in the deferred tax liability noted in the table above are our investments in various classes of equity in Beneficient, which are partnerships for federal income tax purposes. Also, as of December 31, 2020, we had a capital loss carryforward of $14.2 million that, if unused, will expire in 2025. 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, 2020, based on all available evidence, we have provided a valuation allowance of $88.2 million against our deferred tax assets due to the uncertainty as to the realization of our deferred tax assets during the carryforward periods. In 2020, valuation allowances were recorded against the total amount of non-permanent deferred tax assets. The Company currently records a valuation allowance against its deferred tax assets that cannot be realized by the future reversal of existing temporary differences. Due to the uncertain timing of the reversal of certain of these temporary differences due to the constraint described below, they cannot be considered as a source of future taxable income for purposes of determining a valuation allowance; therefore, the vast majority of the deferred tax liability cannot be utilized in determining the realizability of the deferred tax assets. As previously discussed, due to a prior deemed ownership change, net operating loss carryforwards are subject to Section 382 of the Internal Revenue Code. The Company reassessed its valuation allowance during the third quarter of 2020 and determined it would no longer utilize the reversal of a temporary difference related to GWG Holdings’ preferred equity ownership in Beneficient, until such time as the preferred equity is no longer constrained, as a source of income to realize existing deferred tax assets related to the net operating loss and Section 163(j) limitations. As a result, the Company recorded a large net deferred tax liability as of December 31, 2020. The effects of the reassessment of the valuation allowance on the deferred tax liability as of December 31, 2019 are reflected in Note 21 to these consolidated financial statements. The net deferred tax liability as of December 31, 2020 is specifically related to GWG Life’s investment in the Preferred Series A Subclass 1 Unit Accounts described in Note 1. The disposition of this investment is constrained by the Pledge and Security Agreement in favor of the holders of the L Bonds of GWG Holdings. As such, the timing of recognition of the necessary taxable income related to this investment and the future reversal of this temporary difference cannot be predicted. ASC 740, Income Taxes , requires the reporting of certain tax positions that do not meet a threshold of “more-likely-than-not” to be recorded as uncertain tax benefits. It is management’s responsibility to determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation, based upon the technical merits of the position. Management has reviewed all income tax positions taken or expected to be taken and has determined that the income tax positions are appropriately stated and supported. We do not anticipate that the total unrecognized tax benefits will significantly change prior to December 31, 2021. 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, 2020 and 2019, we recorded no accrued interest or penalties related to uncertain tax positions. Our income tax returns for tax years ended December 31, 2017 through 2019, and 2020, 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, 2016 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, 2020
Earnings Per Share [Abstract]
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share The computations of basic and diluted income (loss) attributable to common shareholders per share for 2020 and 2019 are as follows (in thousands, except share data and per share data): Year Ended December 31, 2020 2019 Numerator: (As Restated) Basic – Net income (loss) attributable to common shareholders $ (168,545) $ 70,471 Add: Preferred dividends upon conversion — 2,020 Diluted – Net income (loss) attributable to common shareholders (168,545) 72,491 Denominator: Basic – weighted average common shares outstanding 28,063,268 33,016,007 Effect of dilutive securities — 2,203,435 Diluted – weighted average common shares outstanding 28,063,268 35,219,442 Basic earnings (loss) per common share $ (6.01) $ 2.13 Diluted earnings (loss) per common share $ (6.01) $ 2.06 For the year ended December 31, 2020, RPS, RPS 2, restricted stock units, and stock options for a potential 2,313,748 shares were not included in the calculation of diluted earnings per share because we recorded a net loss during this period and the effects were anti-dilutive. Potentially dilutive instruments issued by Ben LP that are ultimately exchangeable into GWG Holdings’ common stock were also excluded from the calculation of diluted earnings per share for the year ended December 31, 2020 because we recorded a net loss during this period and the effects were anti-dilutive. RPS and RPS 2 (as described in Note 11) and restricted stock units and stock options (as described in Note 12) 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.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has two reportable segments consisting of Secondary Life Insurance and 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 GWG Holdings’ equity method investment in FOXO. The Secondary Life Insurance segment seeks to earn non-correlated yield from our portfolio of life insurance policies. Our Beneficient segment consists of the assets and operations of Ben LP and its subsidiaries. Beneficient became a consolidated subsidiary of GWG Holdings as of December 31, 2019 as described in Note 4. Ben LP provides a variety of trust services, liquidity products for owners of alternative assets and illiquid investment funds, and other financial services to MHNW 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 for the year ended December 31, 2019, the gain on consolidation of equity method investment. Information on reportable segments is as follows (in thousands): Year Ended December 31, Revenue: 2020 2019 Secondary Life Insurance $ 51,359 $ 78,002 Beneficient 72,950 13,738 Corporate & Other 62 536 Total $ 124,371 $ 92,276 Year Ended December 31, Interest Expense: 2020 2019 Secondary Life Insurance $ 97,279 $ 83,055 Beneficient 57,337 31,789 Corporate & Other — — Total $ 154,616 $ 114,844 Year Ended December 31, Segment EBT: 2020 2019 (As Restated) Secondary Life Insurance $ (59,684) $ (27,694) Beneficient (139,575) 222,443 Corporate & Other (32,970) (35,470) Total Segment EBT (232,229) 159,279 Income tax expense (benefit) (16,390) 71,865 Net income (loss) $ (215,839) $ 87,414 December 31, Total Assets: 2020 2019 (As Restated) Secondary Life Insurance $ 886,739 $ 904,363 Beneficient 2,662,630 2,762,121 Corporate & Other 15,588 9,297 Total $ 3,564,957 $ 3,675,781 The total assets of the Beneficient segment at both December 31, 2020 and 2019, includes goodwill of $2.4 billion which represents all of the goodwill on our consolidated balance sheet as of the end of each reporting period.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	LeasesThe 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): Leases Classification December 31, 2020 Operating lease right-of-use assets Other assets $ 1,126 Operating lease liabilities Accounts payable and accrued expenses $ 1,672 Total lease costs recognized for the years ended December 31, 2020 and 2019 were as follows (in thousands): Year Ended 2020 2019 Operating lease costs $ 910 $ 233 Variable lease costs 332 225 Short-term lease costs 87 60 Total lease costs $ 1,329 $ 518 The weighted average remaining lease term at December 31, 2020 and 2019 was 3.9 years and 4.2 years, respectively, and the weighted average discount rate was 6.8% and 6.6%, respectively. For the years ended December 31, 2020 and 2019, cash paid for amounts included in the measurement of operating lease liabilities and included in operating cash flows totaled $1.0 million and $0.3 million respectively. Maturities of operating lease liabilities as of December 31, 2020 are as follows (in thousands): 2021 $ 716 2022 302 2023 311 2024 320 2025 273 Thereafter — Total lease payments 1,922 Less: imputed interest (250) Present value of lease liabilities $ 1,672

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation — In the normal course of business, we are involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on our financial position, results of operations or cash flows. Commitments — GWG Holdings is committed to contribute an additional $3.8 million to FOXO through 2021. The ExAlt Trusts had $35.6 million and $34.9 million of potential gross capital commitments as of December 31, 2020 and December 31, 2019, respectively, representing potential limited partner capital funding commitments on the interests in alternative asset funds. This is the amount above any existing cash reserves for such capital funding commitments. The ExAlt Trusts holding the interest in the limited partnership for the alternative asset fund is required to fund these limited partner capital commitments per the terms of the limited partnership agreement. Capital funding commitment reserves are maintained by the associated trusts within the ExAlt Plan TM created at the origination of each trust for up to $0.1 million. To the extent that the associated ExAlt Trusts cannot pay the capital funding commitment, Beneficient is obligated to lend the associated ExAlt Trust sufficient funds to meet the commitment pursuant to the terms of the respective ExAlt Loan. Any amounts advanced by Beneficient to the ExAlt Trusts for these limited partner capital funding commitments pursuant to the terms of the respective ExAlt Loan above the associated capital funding commitment reserves held by the associated ExAlt Trusts are added to the ExAlt Loan balance between Beneficient and the ExAlt Trusts and are expected to be recouped through the cash distributions from the alternative asset fund that collateralizes such ExAlt Loan. Capital commitments generally originate from limited partner agreements having fixed or expiring expiration dates. The total limited partner capital funding commitment amounts may not necessarily represent future cash requirements. Beneficient considers the creditworthiness of the investments on a case-by-case basis. At both December 31, 2020 and December 31, 2019 , Beneficient had no reserves for losses on unused commitments to fund potential limited partner capital funding commitments. Unfunded Commitments — Beneficient had $1.1 million of unfunded commitments on liquidity solution transactions as of December 31, 2020 related to liquidity transactions in process as of that date. There were no reserves for unfunded commitments as of December 31, 2020, and all amount in process were fully funded in the first quarter of 2021. Investigation — On October 6, 2020, GWG Holdings received a subpoena to produce documents from the Chicago office of the SEC’s Division of Enforcement, informing the Company of the existence of a non-public, fact-finding investigation into GWG Holdings. Since the initial subpoena, GWG Holdings has received subsequent subpoenas from the SEC for additional information. The requested information from the SEC has primarily related to GWG Holdings’ investment products, including its L Bonds, as well as various accounting matters, among them, the consolidation for financial reporting purposes of Beneficient by GWG Holdings, goodwill valuation, and the accounting related to the ExAlt Trusts, related party transactions, life insurance policies, and the calculation of the debt-coverage ratio. Until receipt of the initial subpoena on October 6, 2020, GWG Holdings had no previous communication with the SEC related to these issues and was unaware of this investigation. The Company is fully cooperating with the SEC in this investigation. The Company is currently unable to predict when this matter will be resolved or what further action, if any, the SEC may take in connection with it. As such, the Company cannot predict with certainty the outcome or effect of any such investigation or whether it will lead to any claim or litigation.

Concentration

Concentration	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentration	Concentration Life Insurance Carriers Our portfolio consists of purchased life insurance policies written by life insurance companies rated investment-grade by third-party rating agencies, including A.M. Best Company, Standard & Poor’s, and Moody’s. As a result, there may be concentrations of policies with certain life insurance companies. The following summarizes the face value of insurance policies with specific life insurance companies exceeding 10% of the total face value of our portfolio. Life Insurance Company December 31, December 31, John Hancock 14.72 % 14.23 % Lincoln National 11.20 % 11.55 % Equitable Financial 10.57 % 10.63 % The following summarizes the number of insurance policies held in specific states exceeding 10% of the total face value held by us: State of Residence December 31, December 31, California 18.05 % 17.46 % Florida 14.93 % 14.86 % Alternative Assets Industries Beneficient’s underlying portfolio companies primarily operate in the United States and Western Europe, with the largest percentage, based on NAV, operating in diversified financials, telecommunications services, food and staples retailing, and software and services industries.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Parties	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 Beneficient Management provides that Beneficient Management Counselors, L.L.C. (“BMC”), wholly owned by one of several Ben Founder Affiliates, determines the directors of Beneficient Management who fill 30% of the seats on the Board of Directors of Beneficient Management. 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, and (b) 50% of the membership of the Community Reinvestment Committee (CRC) and 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 Ben Founder Affiliate 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 July 1, 2017 (the “Bradley Capital Agreement”). Bradley Capital is indirectly owned by a Ben Founder Affiliate. 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, former Chairman of GWG Holdings’ board of directors (serving from April 26, 2019 to June 14, 2021), and Chairman of 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 Ben Founder Affiliate is a member and Chairman. An executive of a Ben Founder Affiliate receives an annual salary from the Company of $0.2 million and both an executive of a Ben Founder Affiliate 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 Ben Founder Affiliate 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 customer 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 December 31, 2021, with an automatic 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 Ben Founder Affiliate is a member, or without such approval if the Ben Founder Affiliate no longer holds $10.0 million of Ben LP’s securities. During the year ended December 31, 2020, the Company recognized expenses totaling $3.8 million related to this services agreement. 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 Ben Founder Affiliate and is an affiliate of Beneficient. BHI pays an annual fee of $30 thousand to Ben LP for the provision of trust administration services for a Ben Founder Affiliate and all trusts affiliated with its family trustee as that term is defined in the governing documents for a Ben Founder Affiliate. 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 Ben Founder Affiliate is no longer a primary beneficiary of any trust affiliated with the family trustee. During the year ended December 31, 2020, the Company recognized income in accordance with the agreement. BHI owns the majority of the Class S Ordinary Units, Class S Preferred Units, Preferred Series A Subclass 1 Unit Accounts, and FLP Subclass 1 Unit Accounts issued by BCH. BHI expects to receive tax distributions from HCLP arising from the repayment of the Second Lien Credit Agreement to cover any tax liability associated with the contribution of the Second Lien Credit Agreement to HCLP (Note 10). Additionally, if HCLP is liquidated while the Second Lien Credit Agreement is still outstanding, the Second Lien Credit Agreement will transfer back to BHI. HCLP Nominees, LLC During the years ended December 31, 2020 and 2019, GWG Holdings invested $130.2 million and $79.0 million, respectively, of cash into equity investments in Beneficient. During this same period, Beneficient made payments to HCLP, its Senior Lender, totaling $144.6 million in principal and interest on the First and Second Lien Credit Agreements. The First Credit Agreement was issued in 2017, while the Second Lien Credit Agreement was issued in 2018. HCLP is an indirect subsidiary of Highland Consolidated, L.L.C. (“Highland”). A long-standing lending and investment relationship of 25 years exists between Highland (and its affiliates or related parties), on the one hand, and certain trusts and entities held by such trusts that are controlled by Ben Founder (“Ben Founder Affiliates”), on the other. From time to time, Highland or its affiliates have advanced funds under various lending and investing arrangements to the Ben Founder Affiliates, and such Ben Founder Affiliates have made repayments to Highland or its affiliates, as applicable, both in cash and in kind. Such loans to and investments with or in the Ben Founder Affiliates have been and may be made by Highland, or its affiliates, as applicable, using proceeds from loan repayments made by Beneficient to HCLP in its capacity as Senior Lender to Beneficient, with such loan repayments made potentially using cash from GWG Holdings’ and GWG Life’s investments in Beneficient. Such loans and investments have ranged between no outstanding balance and $104.0 million. As of June 30, 2021, Highland and the applicable Ben Founder Affiliates mutually agreed to satisfy all obligations under all outstanding loans among Highland and the Ben Founder Affiliates via full payment and satisfaction of the existing loan balances (the “Loan Balances”) by in-kind real property transfers (the “In-Kind Property Payment”) from certain of the Ben Founder Affiliates to Highland. The terms of the In-Kind Property Payment grants Highland the right to transfer the real property that was transferred pursuant to the In-Kind Property Payment back to certain of the Ben Founder Affiliates, in exchange for a Preferred Series A Subclass 1 capital account balance in BCH in an amount equal to the Loan Balances, with such exchange to be satisfied from existing Preferred Series A Subclass 1 Unit Accounts that are held by such Ben Founder Affiliates. As of June 30, 2021, neither Highland nor any of its affiliates has any outstanding loans or investments with or in any Ben Founder Affiliates. Ad ministrative Services Agreement between Constitution Private Capital Company, L.L.C. (“Constitution”) and Beneficient USA Constitution is an entity owned 50.5% by a Ben Founder Affiliate and 49.5% by an entity controlled by the board of directors of Beneficient Management. It was founded in 1986 and acquired by a Ben Founder Affiliate 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. The income recognized by the Company related to this services agreement was immaterial for the years ended December 31, 2020. Preferred Liquidity Provider 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 Liquidity Provider Agreement may be terminated solely by mutual consent of Beneficient and Constitution. Beneficient and Constitution have not contracted for any liquidity under this agreement through December 31, 2020. Relationship with The Heppner Endowment for Research Organizations, L.L.C. (“HERO”) and Research Ranch Operating Company, L.L.C (“RROC”). HERO and RROC are owned indirectly by a Ben Founder Affiliate. HERO’s 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, and (ii) to serve as an advisor to NPT regarding the administration of charitable contributions made for the benefit of such qualifying organizations. Although HERO can advise on these matters, NPT has all final decision-making authority on the charitable contributions and complete control over the proceeds received by the charitable organizations. The charitable organizations administered by NPT (the beneficiaries of which have historically been multiple Texas universities) receive proceeds from trusts settled and funded by customers of Beneficient, in support of their charitable initiatives. HERO does not receive any proceeds from trusts settled and funded by customers of Beneficient. RROC’s purpose is to provide funding and operational support for the research activities conducted by the qualified charities. The funding received by RROC, from proceeds of trusts settled and funded by customers of Beneficient, may be used, in RROC’s discretion, to (i) provide appropriate facilities and properties for the charitable organizations to utilize as part of their charitable initiatives (those properties and facilities being owned by a Ben Founder Affiliate), and (ii) provide fee revenue to RROC. RROC is granted such rights and authority pursuant to trust instruments entered into between a customer and subsidiaries of Ben LP as well as an agreement with NPT. Ben LP’s subsidiaries provide financing to the ExAlt Trusts and Beneficient is paid as an agent of the trustees for administrative services it provides to the trusts. The Company has certain outstanding payables, including accrued interest, of approximately $2.6 million and $2.5 million as of December 31, 2020 and 2019, respectively, to RROC and NPT (for the benefit of the Texas universities). There were no payments made during the year ended December 31, 2020. 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 director and a former 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. The total balance as of December 31, 2020 was $78.2 million. Relationship with MHT Financial, L.L.C. MHT Financial, L.L.C (“MHT”) is the sole beneficiary of each of the Seller Trusts. MHT is an entity affiliated with the Chairman, President and Chief Executive Officer of GWG Holdings (the “GWG Chairman”) and became a related party to Beneficient as a result of the December 31, 2019 transactions between GWG Holdings and Ben LP. The GWG Chairman may be deemed to have an indirect interest in the assets held by the Seller Trusts as a result of his ownership of 30% of the outstanding membership interests of MHT. The assets of the Seller Trusts currently include shares of GWG Holdings’ common stock and Seller Trust L Bonds. Consequently, to the extent that MHT, as sole beneficiary of each of the Seller Trusts, receives any proceeds from distributions on the GWG Holdings’ common stock, interest and principal payments on the Seller Trust L Bonds or the sale or other disposition of GWG Holdings’ common stock and Seller Trust L Bonds in excess of MHT’s contractual obligations to the former owners of alternative assets that were contributed to the Seller Trusts, the GWG Chairman would have a right to receive his pro rata share of any distribution of such excess proceeds if made by MHT to its members. The GWG Chairman does not have unilateral authority to effect the sale or other disposition of the assets of the Seller Trusts or cause MHT to make distributions to its members. Following the satisfaction of MHT’s contractual obligations upon the sale or other disposition of the assets of the Seller Trusts, (i) there may not be excess proceeds to distribute to MHT or (ii) even if there are excess proceeds, MHT may not distribute such excess proceeds to its members. Beneficient has amounts due under two promissory note agreements with MHT for funds advanced outside of its normal liquidity arrangements. Aggregate principal and interest due for both promissory notes as of December 31, 2020 and 2019, was $4.2 million and $3.9 million, respectively, which is recorded in other assets in the consolidated balance sheets. MHT also owns a Preferred Series A Subclass 1 Unit Account with a total account balance of $23.9 million and $24.5 million as of December 31, 2020 and 2019, respectively. Promissory Note On May 31, 2019, the Borrowers executed the Promissory Note with GWG Life for a principal amount of $65.0 million that matures on June 30, 2023. An initial advance in the principal amount of $50.0 million was funded on June 3, 2019, and a second advance in the principal amount of $15.0 million was funded on November 27, 2019. The proceeds from the Promissory Note were used by the Borrowers to purchase senior beneficial interests held by these certain other trusts of the ExAlt Plan TM . The aforementioned trusts utilized the proceeds to repay loan amounts owed by certain of the trusts included within the ExAlt Plan TM to BCC, a subsidiary of Ben LP. As of December 31, 2019, the Borrowers became consolidated subsidiaries of GWG Holdings as a result of the Investment Agreement (described in Note 1). Accordingly, the Promissory Note and related accrued interest, are eliminated upon consolidation as of that date. Prior to any purchase accounting adjustments, the outstanding principal balance was $65.0 million and accrued interest expense was $2.2 million as of December 31, 2019. The Promissory Note was settled on September 30, 2020, as discussed further in Note 1.

Restatement

Restatement	12 Months Ended
	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Restatement	Restatement As previously reported on Form 8-K filed with the SEC on July 7, 2021, and as discussed throughout this 2020 Form 10-K, as part of the preparation of its 2020 Form 10-K, the Company voluntarily submitted two questions to the OCA on February 15, 2021. The questions submitted by the Company to OCA were (1) whether a December 31, 2019 transaction resulted in GWG Holdings, Inc. obtaining control of Ben LP in a transaction that constituted a change-in-control of Beneficient by entities not under common control, and (2) whether Ben LP was required to consolidate any of the trusts created through Beneficient’s ExAlt Plan TM established in connection with its business of providing liquidity to holders of alternative assets. On July 26, 2021, the Company and OCA staff held a conference call in which OCA’s staff notified the Company of its conclusions on the two accounting questions that were the subject of the consultation. During that call, OCA expressed that it would object to a conclusion that Ben LP not consolidate the ExAlt Trusts as of December 31, 2019. Regarding question (1), OCA did not conclude on the common control aspect of the transaction in question. However, after further analysis, including, among other things, consulting with legal counsel to conclude that the common stock of GWG Holdings held by Beneficient were not voteable under Delaware law, the Company confirmed its original conclusion that the entities were not under common control. Prior to December 31, 2019, only certain trusts created through Beneficient’s ExAlt Plan TM were considered variable interest entities for which Ben LP had a variable interest and was considered the primary beneficiary. Thus, Ben LP was required to consolidate certain of such trusts. Due to changes to both the governance structure and the underlying economics of the trust and other agreements pertaining to certain of the ExAlt Trusts and the execution of new loan agreements between a subsidiary of Ben LP and certain of such trusts as of December 31, 2019, it was initially concluded that Ben LP no longer had the power to direct the activities that most significantly impact the economic performance of any of the ExAlt Trusts and therefore could no longer consolidate any of such trusts as of December 31, 2019, including those previously consolidated. However, we have since determined that such conclusion was incorrect, and that the proper application of generally accepted accounting principles is for Ben LP to consolidate all of the ExAlt Trusts. As a result of consolidating such trusts, Ben LP’s primary tangible asset, which was acquired through loans a subsidiary of Ben LP made to certain of the ExAlt Trusts, was previously reported as a loan receivable as of December 31, 2019, but is now being reported as an investment in alternative assets held by certain of the ExAlt Trusts. The tables below illustrate the impact of the Restatement, as well as other corrections as discussed in Note 2, on our historical Consolidated Balance Sheet, Consolidated Statement of Operations, Consolidated Statement of Cash Flows, and Consolidated Statement of Changes in Stockholder’s Equity as of December 31, 2019, each as compared with the amounts presented in the original Form 10-K previously filed with the SEC. Effects of the Restatement - Annual Results All adjustments presented in the tables below reflect the impact of the consolidation of the ExAlt Trusts, unless otherwise specifically indicated in the footnotes to each table. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Balance Sheet as of December 31, 2019 (dollars in thousands). December 31, 2019 As Previously Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 79,073 $ 3,211 $ 82,284 Restricted cash 20,258 13,248 33,506 Investment in alternative assets, at net asset value — 342,012 342,012 Loan receivables, net of discount 232,344 (232,344) — Fees receivable 29,168 (29,168) — Financing receivables from affiliates 67,153 (67,153) — Other assets 28,374 1,024 29,398 Goodwill 2,358,005 9,745 2,367,750 TOTAL ASSETS 3,635,206 40,575 3,675,781 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Deferred revenue 41,444 (41,444) — Repurchase option — 61,664 61,664 Accounts payable and accrued expenses 27,836 56 27,892 Deferred tax liability, net (1) 57,923 13,932 71,855 TOTAL LIABILITIES 1,764,725 34,208 1,798,933 STOCKHOLDERS’ EQUITY Accumulated deficit (76,501) (20,695) (97,196) TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY 333,979 (20,695) 313,284 Noncontrolling interests 266,848 27,062 293,910 TOTAL STOCKHOLDERS’ EQUITY 600,827 6,367 607,194 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $ 3,635,206 $ 40,575 $ 3,675,781 (1) Adjustment specifically reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Statement of Operations for the year ended December 31, 2019 (dollars in thousands). As Previously Reported Adjustments As Restated INCOME TAX EXPENSE (1) $ 57,933 $ 13,932 $ 71,865 LOSS BEFORE EARNINGS FROM EQUITY METHOD INVESTMENTS (137,530) (13,932) (151,462) Gain on consolidation of equity method investment (see Note 4) (2) 249,716 (6,763) 242,953 NET INCOME (LOSS) 108,109 (20,695) 87,414 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS 91,166 (20,695) 70,471 NET INCOME (LOSS) PER COMMON SHARE Basic $ 2.76 $ (0.63) $ 2.13 Diluted $ 2.65 $ (0.59) $ 2.06 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) Adjustment is due to the fair value adjustment of the Promissory Note, which was required as of December 31, 2019 upon consolidation of the ExAlt Trusts. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Statement of Cash Flows for the year ended December 31, 2019 (dollars in thousands). As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) (1) (2) $ 108,109 $ (20,695) $ 87,414 Gain on consolidation of equity method investment (249,716) 6,763 (242,953) Deferred income taxes (1) 57,923 13,932 71,855 NET CASH FLOWS USED IN OPERATING ACTIVITIES (142,830) — (142,830) CASH FLOWS FROM INVESTING ACTIVITIES Business combination consideration, net of cash and restricted cash acquired (61,479) 16,459 (45,020) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (137,969) 16,459 (121,510) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (26,105) 16,459 (9,646) CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD 99,331 16,459 115,790 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) Adjustment is due to the fair value adjustment of the Promissory Note, which was required as of December 31, 2019 upon consolidation of the ExAlt Trusts. The following table sets forth the effects of the Restatement on the affected line items and classes of stockholders’ equity within the Company’s previously reported Consolidated Statement of Changes in Stockholder’s Equity as of December 31, 2019 (dollars in thousands). Accumulated Deficit Total GWG Holdings Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2019 (As Previously Reported) $ (76,501) $ 333,979 $ 266,848 $ 600,827 Adjustment to recognition of noncontrolling interest — — 27,062 27,062 Adjustments to net income (20,695) (20,695) — (20,695) Balance, December 31, 2019 (As Restated) $ (97,196) $ 313,284 $ 293,910 $ 607,194 The tables below illustrate the impact of the Restatement, as well as other adjustments, on our historical Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Cash Flows, and Condensed Consolidated Statements of Changes in Stockholder’s Equity for the interim quarters impacted, each as compared with the amounts presented in the original Form 10-Q previously filed with the SEC. All adjustments presented in the tables below reflect the impact of the consolidation of the ExAlt Trusts, unless otherwise specifically indicated in the footnotes to each table. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Balance Sheets as of September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). September 30, 2020 June 30, 2020 March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 93,766 $ 588 $ 94,354 $ 149,233 $ 454 $ 149,687 $ 116,432 $ 776 $ 117,208 Restricted cash 15,990 5,324 21,314 19,059 6,686 25,745 26,446 7,613 34,059 Investment in alternative assets, at net asset value — 221,245 221,245 — 315,713 315,713 — 335,487 335,487 Loan receivables, net of discount 229,961 (229,961) — 218,448 (218,448) — 219,296 (219,296) — Allowance for loan losses (2,914) 2,914 — (7,900) 7,900 — (700) 700 — Loans receivable, net 227,047 (227,047) — 210,548 (210,548) — 218,596 (218,596) — Fees receivable 31,571 (31,571) — 31,611 (31,611) — 30,453 (30,453) — Financing receivables from affiliates — — — 69,428 (69,428) — 68,290 (68,290) — Other assets 53,501 838 54,339 40,142 1,399 41,541 33,906 1,035 34,941 Goodwill 2,384,121 (16,371) 2,367,750 2,384,121 (16,371) 2,367,750 2,372,595 (4,845) 2,367,750 TOTAL ASSETS 3,629,674 (46,994) 3,582,680 3,718,637 (3,706) 3,714,931 3,684,229 22,727 3,706,956 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Seller Trust L Bonds (1) $ 366,892 $ (94,788) $ 272,104 $ 366,892 $ — $ 366,892 $ 366,892 $ — $ 366,892 Deferred revenue 35,848 (35,848) — 37,858 (37,858) — 39,651 (39,651) — Repurchase option — 730 730 — 56,660 56,660 — 52,052 52,052 Accounts payable and accrued expenses 33,235 277 33,512 23,457 242 23,699 21,139 208 21,347 Deferred tax liability, net (2) 52,500 — 52,500 33,674 18,826 52,500 40,206 12,294 52,500 TOTAL LIABILITIES 1,970,900 (129,629) 1,841,271 1,913,834 37,870 1,951,704 1,841,462 24,903 1,866,365 STOCKHOLDERS’ EQUITY Common stock in treasury, at cost, 12,337,264 shares December 31, 2020 and 2,500,000 shares as of December 31, 2019 (1) (24,550) (42,856) (67,406) (24,550) — (24,550) (24,550) — (24,550) Additional paid-in capital (1) 178,969 98,385 277,354 225,537 — 225,537 229,207 — 229,207 Accumulated deficit (2) (200,935) (5,501) (206,436) (136,355) (24,752) (161,107) (121,933) (18,634) (140,567) TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY 120,630 50,028 170,658 242,067 (24,752) 217,315 269,415 (18,634) 250,781 Noncontrolling interests (1) 291,391 32,607 323,998 298,705 (16,824) 281,881 331,711 16,458 348,169 TOTAL STOCKHOLDERS’ EQUITY 412,021 82,635 494,656 540,772 (41,576) 499,196 601,126 (2,176) 598,950 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY 3,629,674 (46,994) 3,582,680 3,718,637 (3,706) 3,714,931 3,684,229 22,727 3,706,956 (1) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. (2) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Operations for the quarterly periods ended September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). Three Months Ended September 30, 2020 Three Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated REVENUE Investment income (loss), net $ — $ 56,705 $ 56,705 $ — $ (22,671) $ (22,671) $ — $ 7,556 $ 7,556 Interest income 12,928 (12,650) 278 12,671 (12,371) 300 13,989 (13,274) 715 Trust services revenues 4,556 (4,556) — 4,829 (4,829) — 5,027 (5,027) — TOTAL REVENUE 28,513 39,499 68,012 68,789 (39,871) 28,918 33,557 (10,745) 22,812 EXPENSES Provision for loan losses (4,986) 4,986 — 7,200 (7,200) — 700 (700) — Other expenses 4,550 162 4,712 4,895 168 5,063 3,612 — 3,612 TOTAL EXPENSES 81,963 5,148 87,111 68,720 (7,032) 61,688 124,050 (700) 123,350 LOSS BEFORE INCOME TAXES (53,450) 34,351 (19,099) 69 (32,839) (32,770) (90,493) (10,045) (100,538) INCOME TAX EXPENSE (BENEFIT) (1) 22,444 (18,826) 3,618 (8,550) 6,532 (2,018) (14,507) (1,638) (16,145) LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS (75,894) 53,177 (22,717) 8,619 (39,371) (30,752) (75,986) (8,407) (84,393) NET INCOME (LOSS) (77,325) 53,177 (24,148) 7,301 (39,371) (32,070) (77,516) (8,407) (85,923) Net (income) loss attributable to noncontrolling interests 12,745 (33,926) (21,181) (21,723) 33,253 11,530 32,084 10,468 42,552 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (68,149) $ 19,251 $ (48,898) $ (18,136) $ (6,118) $ (24,254) $ (49,384) $ 2,061 $ (47,323) NET INCOME (LOSS) PER COMMON SHARE Basic $ (2.23) $ 0.63 $ (1.60) $ (0.59) $ (0.20) $ (0.79) $ (1.62) $ 0.07 $ (1.55) Diluted $ (2.23) $ 0.63 $ (1.60) $ (0.59) $ (0.20) $ (0.79) $ (1.62) $ 0.07 $ (1.55) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (2) Basic 30,584,719 (106,927) 30,477,792 30,536,830 — 30,536,830 30,534,977 — 30,534,977 Diluted 30,584,719 (106,927) 30,477,792 30,536,830 — 30,536,830 30,534,977 — 30,534,977 (1) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Operations for the year-to-date periods ended September 30, 2020 and June 30, 2020 (dollars in thousands). Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated REVENUE Investment income (loss), net $ — $ 41,590 $ 41,590 $ — $ (15,115) $ (15,115) Interest income 39,588 (38,295) 1,293 26,660 (25,645) 1,015 Trust services revenues 14,412 (14,412) — 9,856 (9,856) — TOTAL REVENUE 130,859 (11,117) 119,742 102,346 (50,616) 51,730 EXPENSES Provision for loan losses 2,914 (2,914) — 7,900 (7,900) — Other expenses 13,057 330 13,387 8,507 168 8,675 TOTAL EXPENSES 274,733 (2,584) 272,149 192,770 (7,732) 185,038 LOSS BEFORE INCOME TAXES (143,874) (8,533) (152,407) (90,424) (42,884) (133,308) INCOME TAX EXPENSE (BENEFIT) (1) (613) (13,932) (14,545) (23,057) 4,894 (18,163) LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS (143,261) 5,399 (137,862) (67,367) (47,778) (115,145) NET INCOME (LOSS) (147,540) 5,399 (142,141) (70,215) (47,778) (117,993) Net loss attributable to noncontrolling interests 23,106 9,795 32,901 10,361 43,721 54,082 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (135,669) $ 15,194 $ (120,475) $ (67,520) $ (4,057) $ (71,577) NET INCOME (LOSS) PER COMMON SHARE Basic $ (4.44) $ 0.49 $ (3.95) $ (2.21) $ (0.13) $ (2.34) Diluted $ (4.44) $ 0.49 $ (3.95) $ (2.21) $ (0.13) $ (2.34) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (2) Basic 30,552,233 (35,902) 30,516,331 30,535,811 — 30,535,811 Diluted 30,552,233 (35,902) 30,516,331 30,535,811 — 30,535,811 (1) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Cash Flows for the year-to-date periods ended September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (147,540) $ 5,399 $ (142,141) $ (70,215) $ (47,778) $ (117,993) $ (77,516) $ (8,407) $ (85,923) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Investment income (loss), net — (41,590) (41,590) — 15,115 15,115 — (7,556) (7,556) Amortization of upfront fees (5,356) 5,356 — (3,586) 3,586 — (1,793) 1,793 — Return on investments in alternative assets — 1,577 1,577 — 1,180 1,180 — 374 374 Non-cash interest income, including interest paid-in-kind and accretion of purchase discount (38,530) 38,315 (215) (25,811) 25,665 (146) (13,374) 13,295 (79) Provision for loan losses 2,914 (2,914) — 7,900 (7,900) — 700 (700) — Deferred income taxes (1) (4,621) (13,932) (18,553) (24,250) 4,894 (19,356) (17,717) (1,638) (19,355) Change in operating assets and liabilities: Fees receivable (2,643) 2,643 — (2,443) 2,443 — (1,285) 1,285 — Other assets (2,634) 184 (2,450) (2,869) (377) (3,246) 368 (12) 356 Accounts payable and accrued expenses 8,306 58 8,364 2,592 21 2,613 (1,103) 15 (1,088) NET CASH FLOWS USED IN OPERATING ACTIVITIES (142,905) (4,904) (147,809) (83,669) (3,151) (86,820) (40,632) (1,551) (42,183) CASH FLOWS FROM INVESTING ACTIVITIES Net change in loans receivable 11,169 (11,169) — 11,169 (11,169) — 10,614 (10,614) — Investments in alternative assets — (226) (226) — (169) (169) — (78) (78) Return of investments in alternative assets — 5,752 5,752 — 5,169 5,169 — 4,173 4,173 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES 16,007 (5,643) 10,364 19,049 (6,169) 12,880 10,751 (6,519) 4,232 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,425 (10,547) (122) 68,962 (9,320) 59,642 43,547 (8,070) 35,477 CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD 99,331 16,459 115,790 99,331 16,459 115,790 99,331 16,459 115,790 END OF PERIOD $ 109,756 $ 5,912 $ 115,668 $ 168,293 $ 7,139 $ 175,432 $ 142,878 $ 8,389 $ 151,267 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated NON-CASH INVESTING AND FINANCING ACTIVITIES Conversion of Promissory Note 70,565 (70,565) — — — — — — — Collateral Swap (see Note 1): Exchange of alternative assets for Seller Trust L Bonds (1) — 94,788 94,788 — — — — — — Exchange of alternative assets for common stock (1) — 42,856 42,856 — — — — — — Deemed capital contribution from related party (1) — 46,770 46,770 — — — — — — Adjustment to noncontrolling interest as a result of Collateral Swap (1) — 3,444 3,444 — — — — — — Distribution payable to noncontrolling interest — 165 165 — 165 165 — 136 136 Business combination measurement period adjustments: Reduction in loans receivable 26,116 (26,116) — 26,116 (26,116) — 14,590 (14,590) — (1) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following table sets forth the effects of the Restatement on the affected line items and classes of stockholders’ equity within the Company’s previously reported Condensed Consolidated Statements of Changes in Stockholder’s Equity for the quarters ended March 31, 2020 through September 30, 2020 (dollars in thousands). There was no impact to the redeemable noncontrolling interest. Common Shares Additional Paid-in Capital Accumulated Deficit Treasury Stock Total GWG Holdings Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2019 (As Previously Reported) 30,533,793 $ 233,106 $ (76,501) $ (24,550) $ 333,979 $ 266,848 $ 600,827 Adjustments to recognition of noncontrolling interest — — — — — 27,062 27,062 Adjustments to net income — — (20,695) — (20,695) — (20,695) Balance, December 31, 2019 (As Restated) 30,533,793 233,106 (97,196) (24,550) 313,284 293,910 607,194 Adjustments to noncontrolling interest — — — — — (10,604) (10,604) Adjustments to net loss — — 2,061 — 2,061 — 2,061 Total other activity as previously reported 1,456 (3,899) (45,432) — (64,564) 64,863 299 Balance, March 31, 2020 (As Restated) 30,535,249 229,207 (140,567) (24,550) 250,781 348,169 598,950 Adjustments to noncontrolling interest — — — — — (33,282) (33,282) Adjustments to net loss — — (6,118) — (6,118) — (6,118) Total other activity as previously reported 2,232 (3,670) (14,422) — (27,348) (33,006) (60,354) Balance, June 30, 2020 (As Restated) 30,537,481 225,537 (161,107) (24,550) 217,315 281,881 499,196 Adjustments to noncontrolling interest — — — — — 33,926 33,926 Adjustments to net loss — — 19,251 — 19,251 — 19,251 Deemed capital contribution from related party — 46,770 — — 46,770 — 46,770 Recognition of shares in treasury (9,837,264) — — (42,856) (42,856) — (42,856) Adjustment for change in ownership — 8,039 — — 8,039 (8,039) — Reduction to noncontrolling interest for Beneficient treasury — — — — — (3,444) (3,444) Total other activity as previously reported 57,183 (2,992) (64,580) — (77,861) 19,674 (58,187) Balance, September 30, 2020 (As Restated) 20,757,400 $ 277,354 $ (206,436) $ (67,406) $ 170,658 $ 323,998 $ 494,656

Effects of the Restatement - Qu

Effects of the Restatement - Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Effects of the Restatement - Quarterly Results (Unaudited)	Restatement As previously reported on Form 8-K filed with the SEC on July 7, 2021, and as discussed throughout this 2020 Form 10-K, as part of the preparation of its 2020 Form 10-K, the Company voluntarily submitted two questions to the OCA on February 15, 2021. The questions submitted by the Company to OCA were (1) whether a December 31, 2019 transaction resulted in GWG Holdings, Inc. obtaining control of Ben LP in a transaction that constituted a change-in-control of Beneficient by entities not under common control, and (2) whether Ben LP was required to consolidate any of the trusts created through Beneficient’s ExAlt Plan TM established in connection with its business of providing liquidity to holders of alternative assets. On July 26, 2021, the Company and OCA staff held a conference call in which OCA’s staff notified the Company of its conclusions on the two accounting questions that were the subject of the consultation. During that call, OCA expressed that it would object to a conclusion that Ben LP not consolidate the ExAlt Trusts as of December 31, 2019. Regarding question (1), OCA did not conclude on the common control aspect of the transaction in question. However, after further analysis, including, among other things, consulting with legal counsel to conclude that the common stock of GWG Holdings held by Beneficient were not voteable under Delaware law, the Company confirmed its original conclusion that the entities were not under common control. Prior to December 31, 2019, only certain trusts created through Beneficient’s ExAlt Plan TM were considered variable interest entities for which Ben LP had a variable interest and was considered the primary beneficiary. Thus, Ben LP was required to consolidate certain of such trusts. Due to changes to both the governance structure and the underlying economics of the trust and other agreements pertaining to certain of the ExAlt Trusts and the execution of new loan agreements between a subsidiary of Ben LP and certain of such trusts as of December 31, 2019, it was initially concluded that Ben LP no longer had the power to direct the activities that most significantly impact the economic performance of any of the ExAlt Trusts and therefore could no longer consolidate any of such trusts as of December 31, 2019, including those previously consolidated. However, we have since determined that such conclusion was incorrect, and that the proper application of generally accepted accounting principles is for Ben LP to consolidate all of the ExAlt Trusts. As a result of consolidating such trusts, Ben LP’s primary tangible asset, which was acquired through loans a subsidiary of Ben LP made to certain of the ExAlt Trusts, was previously reported as a loan receivable as of December 31, 2019, but is now being reported as an investment in alternative assets held by certain of the ExAlt Trusts. The tables below illustrate the impact of the Restatement, as well as other corrections as discussed in Note 2, on our historical Consolidated Balance Sheet, Consolidated Statement of Operations, Consolidated Statement of Cash Flows, and Consolidated Statement of Changes in Stockholder’s Equity as of December 31, 2019, each as compared with the amounts presented in the original Form 10-K previously filed with the SEC. Effects of the Restatement - Annual Results All adjustments presented in the tables below reflect the impact of the consolidation of the ExAlt Trusts, unless otherwise specifically indicated in the footnotes to each table. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Balance Sheet as of December 31, 2019 (dollars in thousands). December 31, 2019 As Previously Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 79,073 $ 3,211 $ 82,284 Restricted cash 20,258 13,248 33,506 Investment in alternative assets, at net asset value — 342,012 342,012 Loan receivables, net of discount 232,344 (232,344) — Fees receivable 29,168 (29,168) — Financing receivables from affiliates 67,153 (67,153) — Other assets 28,374 1,024 29,398 Goodwill 2,358,005 9,745 2,367,750 TOTAL ASSETS 3,635,206 40,575 3,675,781 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Deferred revenue 41,444 (41,444) — Repurchase option — 61,664 61,664 Accounts payable and accrued expenses 27,836 56 27,892 Deferred tax liability, net (1) 57,923 13,932 71,855 TOTAL LIABILITIES 1,764,725 34,208 1,798,933 STOCKHOLDERS’ EQUITY Accumulated deficit (76,501) (20,695) (97,196) TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY 333,979 (20,695) 313,284 Noncontrolling interests 266,848 27,062 293,910 TOTAL STOCKHOLDERS’ EQUITY 600,827 6,367 607,194 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $ 3,635,206 $ 40,575 $ 3,675,781 (1) Adjustment specifically reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Statement of Operations for the year ended December 31, 2019 (dollars in thousands). As Previously Reported Adjustments As Restated INCOME TAX EXPENSE (1) $ 57,933 $ 13,932 $ 71,865 LOSS BEFORE EARNINGS FROM EQUITY METHOD INVESTMENTS (137,530) (13,932) (151,462) Gain on consolidation of equity method investment (see Note 4) (2) 249,716 (6,763) 242,953 NET INCOME (LOSS) 108,109 (20,695) 87,414 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS 91,166 (20,695) 70,471 NET INCOME (LOSS) PER COMMON SHARE Basic $ 2.76 $ (0.63) $ 2.13 Diluted $ 2.65 $ (0.59) $ 2.06 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) Adjustment is due to the fair value adjustment of the Promissory Note, which was required as of December 31, 2019 upon consolidation of the ExAlt Trusts. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Statement of Cash Flows for the year ended December 31, 2019 (dollars in thousands). As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) (1) (2) $ 108,109 $ (20,695) $ 87,414 Gain on consolidation of equity method investment (249,716) 6,763 (242,953) Deferred income taxes (1) 57,923 13,932 71,855 NET CASH FLOWS USED IN OPERATING ACTIVITIES (142,830) — (142,830) CASH FLOWS FROM INVESTING ACTIVITIES Business combination consideration, net of cash and restricted cash acquired (61,479) 16,459 (45,020) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (137,969) 16,459 (121,510) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (26,105) 16,459 (9,646) CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD 99,331 16,459 115,790 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) Adjustment is due to the fair value adjustment of the Promissory Note, which was required as of December 31, 2019 upon consolidation of the ExAlt Trusts. The following table sets forth the effects of the Restatement on the affected line items and classes of stockholders’ equity within the Company’s previously reported Consolidated Statement of Changes in Stockholder’s Equity as of December 31, 2019 (dollars in thousands). Accumulated Deficit Total GWG Holdings Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2019 (As Previously Reported) $ (76,501) $ 333,979 $ 266,848 $ 600,827 Adjustment to recognition of noncontrolling interest — — 27,062 27,062 Adjustments to net income (20,695) (20,695) — (20,695) Balance, December 31, 2019 (As Restated) $ (97,196) $ 313,284 $ 293,910 $ 607,194 The tables below illustrate the impact of the Restatement, as well as other adjustments, on our historical Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Cash Flows, and Condensed Consolidated Statements of Changes in Stockholder’s Equity for the interim quarters impacted, each as compared with the amounts presented in the original Form 10-Q previously filed with the SEC. All adjustments presented in the tables below reflect the impact of the consolidation of the ExAlt Trusts, unless otherwise specifically indicated in the footnotes to each table. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Balance Sheets as of September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). September 30, 2020 June 30, 2020 March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 93,766 $ 588 $ 94,354 $ 149,233 $ 454 $ 149,687 $ 116,432 $ 776 $ 117,208 Restricted cash 15,990 5,324 21,314 19,059 6,686 25,745 26,446 7,613 34,059 Investment in alternative assets, at net asset value — 221,245 221,245 — 315,713 315,713 — 335,487 335,487 Loan receivables, net of discount 229,961 (229,961) — 218,448 (218,448) — 219,296 (219,296) — Allowance for loan losses (2,914) 2,914 — (7,900) 7,900 — (700) 700 — Loans receivable, net 227,047 (227,047) — 210,548 (210,548) — 218,596 (218,596) — Fees receivable 31,571 (31,571) — 31,611 (31,611) — 30,453 (30,453) — Financing receivables from affiliates — — — 69,428 (69,428) — 68,290 (68,290) — Other assets 53,501 838 54,339 40,142 1,399 41,541 33,906 1,035 34,941 Goodwill 2,384,121 (16,371) 2,367,750 2,384,121 (16,371) 2,367,750 2,372,595 (4,845) 2,367,750 TOTAL ASSETS 3,629,674 (46,994) 3,582,680 3,718,637 (3,706) 3,714,931 3,684,229 22,727 3,706,956 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Seller Trust L Bonds (1) $ 366,892 $ (94,788) $ 272,104 $ 366,892 $ — $ 366,892 $ 366,892 $ — $ 366,892 Deferred revenue 35,848 (35,848) — 37,858 (37,858) — 39,651 (39,651) — Repurchase option — 730 730 — 56,660 56,660 — 52,052 52,052 Accounts payable and accrued expenses 33,235 277 33,512 23,457 242 23,699 21,139 208 21,347 Deferred tax liability, net (2) 52,500 — 52,500 33,674 18,826 52,500 40,206 12,294 52,500 TOTAL LIABILITIES 1,970,900 (129,629) 1,841,271 1,913,834 37,870 1,951,704 1,841,462 24,903 1,866,365 STOCKHOLDERS’ EQUITY Common stock in treasury, at cost, 12,337,264 shares December 31, 2020 and 2,500,000 shares as of December 31, 2019 (1) (24,550) (42,856) (67,406) (24,550) — (24,550) (24,550) — (24,550) Additional paid-in capital (1) 178,969 98,385 277,354 225,537 — 225,537 229,207 — 229,207 Accumulated deficit (2) (200,935) (5,501) (206,436) (136,355) (24,752) (161,107) (121,933) (18,634) (140,567) TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY 120,630 50,028 170,658 242,067 (24,752) 217,315 269,415 (18,634) 250,781 Noncontrolling interests (1) 291,391 32,607 323,998 298,705 (16,824) 281,881 331,711 16,458 348,169 TOTAL STOCKHOLDERS’ EQUITY 412,021 82,635 494,656 540,772 (41,576) 499,196 601,126 (2,176) 598,950 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY 3,629,674 (46,994) 3,582,680 3,718,637 (3,706) 3,714,931 3,684,229 22,727 3,706,956 (1) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. (2) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Operations for the quarterly periods ended September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). Three Months Ended September 30, 2020 Three Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated REVENUE Investment income (loss), net $ — $ 56,705 $ 56,705 $ — $ (22,671) $ (22,671) $ — $ 7,556 $ 7,556 Interest income 12,928 (12,650) 278 12,671 (12,371) 300 13,989 (13,274) 715 Trust services revenues 4,556 (4,556) — 4,829 (4,829) — 5,027 (5,027) — TOTAL REVENUE 28,513 39,499 68,012 68,789 (39,871) 28,918 33,557 (10,745) 22,812 EXPENSES Provision for loan losses (4,986) 4,986 — 7,200 (7,200) — 700 (700) — Other expenses 4,550 162 4,712 4,895 168 5,063 3,612 — 3,612 TOTAL EXPENSES 81,963 5,148 87,111 68,720 (7,032) 61,688 124,050 (700) 123,350 LOSS BEFORE INCOME TAXES (53,450) 34,351 (19,099) 69 (32,839) (32,770) (90,493) (10,045) (100,538) INCOME TAX EXPENSE (BENEFIT) (1) 22,444 (18,826) 3,618 (8,550) 6,532 (2,018) (14,507) (1,638) (16,145) LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS (75,894) 53,177 (22,717) 8,619 (39,371) (30,752) (75,986) (8,407) (84,393) NET INCOME (LOSS) (77,325) 53,177 (24,148) 7,301 (39,371) (32,070) (77,516) (8,407) (85,923) Net (income) loss attributable to noncontrolling interests 12,745 (33,926) (21,181) (21,723) 33,253 11,530 32,084 10,468 42,552 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (68,149) $ 19,251 $ (48,898) $ (18,136) $ (6,118) $ (24,254) $ (49,384) $ 2,061 $ (47,323) NET INCOME (LOSS) PER COMMON SHARE Basic $ (2.23) $ 0.63 $ (1.60) $ (0.59) $ (0.20) $ (0.79) $ (1.62) $ 0.07 $ (1.55) Diluted $ (2.23) $ 0.63 $ (1.60) $ (0.59) $ (0.20) $ (0.79) $ (1.62) $ 0.07 $ (1.55) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (2) Basic 30,584,719 (106,927) 30,477,792 30,536,830 — 30,536,830 30,534,977 — 30,534,977 Diluted 30,584,719 (106,927) 30,477,792 30,536,830 — 30,536,830 30,534,977 — 30,534,977 (1) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Operations for the year-to-date periods ended September 30, 2020 and June 30, 2020 (dollars in thousands). Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated REVENUE Investment income (loss), net $ — $ 41,590 $ 41,590 $ — $ (15,115) $ (15,115) Interest income 39,588 (38,295) 1,293 26,660 (25,645) 1,015 Trust services revenues 14,412 (14,412) — 9,856 (9,856) — TOTAL REVENUE 130,859 (11,117) 119,742 102,346 (50,616) 51,730 EXPENSES Provision for loan losses 2,914 (2,914) — 7,900 (7,900) — Other expenses 13,057 330 13,387 8,507 168 8,675 TOTAL EXPENSES 274,733 (2,584) 272,149 192,770 (7,732) 185,038 LOSS BEFORE INCOME TAXES (143,874) (8,533) (152,407) (90,424) (42,884) (133,308) INCOME TAX EXPENSE (BENEFIT) (1) (613) (13,932) (14,545) (23,057) 4,894 (18,163) LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS (143,261) 5,399 (137,862) (67,367) (47,778) (115,145) NET INCOME (LOSS) (147,540) 5,399 (142,141) (70,215) (47,778) (117,993) Net loss attributable to noncontrolling interests 23,106 9,795 32,901 10,361 43,721 54,082 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (135,669) $ 15,194 $ (120,475) $ (67,520) $ (4,057) $ (71,577) NET INCOME (LOSS) PER COMMON SHARE Basic $ (4.44) $ 0.49 $ (3.95) $ (2.21) $ (0.13) $ (2.34) Diluted $ (4.44) $ 0.49 $ (3.95) $ (2.21) $ (0.13) $ (2.34) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (2) Basic 30,552,233 (35,902) 30,516,331 30,535,811 — 30,535,811 Diluted 30,552,233 (35,902) 30,516,331 30,535,811 — 30,535,811 (1) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Cash Flows for the year-to-date periods ended September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (147,540) $ 5,399 $ (142,141) $ (70,215) $ (47,778) $ (117,993) $ (77,516) $ (8,407) $ (85,923) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Investment income (loss), net — (41,590) (41,590) — 15,115 15,115 — (7,556) (7,556) Amortization of upfront fees (5,356) 5,356 — (3,586) 3,586 — (1,793) 1,793 — Return on investments in alternative assets — 1,577 1,577 — 1,180 1,180 — 374 374 Non-cash interest income, including interest paid-in-kind and accretion of purchase discount (38,530) 38,315 (215) (25,811) 25,665 (146) (13,374) 13,295 (79) Provision for loan losses 2,914 (2,914) — 7,900 (7,900) — 700 (700) — Deferred income taxes (1) (4,621) (13,932) (18,553) (24,250) 4,894 (19,356) (17,717) (1,638) (19,355) Change in operating assets and liabilities: Fees receivable (2,643) 2,643 — (2,443) 2,443 — (1,285) 1,285 — Other assets (2,634) 184 (2,450) (2,869) (377) (3,246) 368 (12) 356 Accounts payable and accrued expenses 8,306 58 8,364 2,592 21 2,613 (1,103) 15 (1,088) NET CASH FLOWS USED IN OPERATING ACTIVITIES (142,905) (4,904) (147,809) (83,669) (3,151) (86,820) (40,632) (1,551) (42,183) CASH FLOWS FROM INVESTING ACTIVITIES Net change in loans receivable 11,169 (11,169) — 11,169 (11,169) — 10,614 (10,614) — Investments in alternative assets — (226) (226) — (169) (169) — (78) (78) Return of investments in alternative assets — 5,752 5,752 — 5,169 5,169 — 4,173 4,173 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES 16,007 (5,643) 10,364 19,049 (6,169) 12,880 10,751 (6,519) 4,232 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,425 (10,547) (122) 68,962 (9,320) 59,642 43,547 (8,070) 35,477 CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD 99,331 16,459 115,790 99,331 16,459 115,790 99,331 16,459 115,790 END OF PERIOD $ 109,756 $ 5,912 $ 115,668 $ 168,293 $ 7,139 $ 175,432 $ 142,878 $ 8,389 $ 151,267 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated NON-CASH INVESTING AND FINANCING ACTIVITIES Conversion of Promissory Note 70,565 (70,565) — — — — — — — Collateral Swap (see Note 1): Exchange of alternative assets for Seller Trust L Bonds (1) — 94,788 94,788 — — — — — — Exchange of alternative assets for common stock (1) — 42,856 42,856 — — — — — — Deemed capital contribution from related party (1) — 46,770 46,770 — — — — — — Adjustment to noncontrolling interest as a result of Collateral Swap (1) — 3,444 3,444 — — — — — — Distribution payable to noncontrolling interest — 165 165 — 165 165 — 136 136 Business combination measurement period adjustments: Reduction in loans receivable 26,116 (26,116) — 26,116 (26,116) — 14,590 (14,590) — (1) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following table sets forth the effects of the Restatement on the affected line items and classes of stockholders’ equity within the Company’s previously reported Condensed Consolidated Statements of Changes in Stockholder’s Equity for the quarters ended March 31, 2020 through September 30, 2020 (dollars in thousands). There was no impact to the redeemable noncontrolling interest. Common Shares Additional Paid-in Capital Accumulated Deficit Treasury Stock Total GWG Holdings Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2019 (As Previously Reported) 30,533,793 $ 233,106 $ (76,501) $ (24,550) $ 333,979 $ 266,848 $ 600,827 Adjustments to recognition of noncontrolling interest — — — — — 27,062 27,062 Adjustments to net income — — (20,695) — (20,695) — (20,695) Balance, December 31, 2019 (As Restated) 30,533,793 233,106 (97,196) (24,550) 313,284 293,910 607,194 Adjustments to noncontrolling interest — — — — — (10,604) (10,604) Adjustments to net loss — — 2,061 — 2,061 — 2,061 Total other activity as previously reported 1,456 (3,899) (45,432) — (64,564) 64,863 299 Balance, March 31, 2020 (As Restated) 30,535,249 229,207 (140,567) (24,550) 250,781 348,169 598,950 Adjustments to noncontrolling interest — — — — — (33,282) (33,282) Adjustments to net loss — — (6,118) — (6,118) — (6,118) Total other activity as previously reported 2,232 (3,670) (14,422) — (27,348) (33,006) (60,354) Balance, June 30, 2020 (As Restated) 30,537,481 225,537 (161,107) (24,550) 217,315 281,881 499,196 Adjustments to noncontrolling interest — — — — — 33,926 33,926 Adjustments to net loss — — 19,251 — 19,251 — 19,251 Deemed capital contribution from related party — 46,770 — — 46,770 — 46,770 Recognition of shares in treasury (9,837,264) — — (42,856) (42,856) — (42,856) Adjustment for change in ownership — 8,039 — — 8,039 (8,039) — Reduction to noncontrolling interest for Beneficient treasury — — — — — (3,444) (3,444) Total other activity as previously reported 57,183 (2,992) (64,580) — (77,861) 19,674 (58,187) Balance, September 30, 2020 (As Restated) 20,757,400 $ 277,354 $ (206,436) $ (67,406) $ 170,658 $ 323,998 $ 494,656

Subsequent Events and Other Mat

Subsequent Events and Other Matters	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events and Other Matters	Subsequent Events and Other Matters Amendment of Beneficient Credit Agreements On March 10, 2021, Beneficient Capital Company II, L.L.C. (formerly known as Beneficient Capital Company, L.L.C.) and Beneficient Company Holdings, L.P. (the “New Borrower”), both of which are subsidiaries of Ben LP, entered into Amendment No. 1 to the Second Amended and Restated Credit Agreement (the “First Lien Amendment”) and Amendment No. 1 to the Second Amended and Restated Second Lien Credit Agreement (the “Second Lien Amendment” and, together with the First Lien Amendment, the “Amendments”) with HCLP Nominees, L.L.C. (the “Lender”). The Second Amended and Restated Credit Agreement is referred to herein as the “First Lien Credit Agreement” and the Second Amended and Restated Second Lien Credit Agreement is referred to herein as the “Second Lien Credit Agreement” and, together with the First Lien Credit Agreement, the “Ben Credit Agreements.” As of March 10, 2021, the principal amount outstanding under the First Lien Credit Agreement was $2.3 million and the principal amount outstanding under the Second Lien Credit Agreement was $72.0 million. The Amendments extend the scheduled maturity date under the Ben Credit Agreements from April 10, 2021 to May 30, 2022. The Amendments also provide that the New Borrower shall repay $5.0 million of the outstanding principal amount under the Ben Credit Agreements on each of September 10, 2021, December 10, 2021 and March 10, 2022. The Amendments also provide for the payment by the New Borrower to the Lender of an extension fee equal to 1.5% of the outstanding principal amounts under the Ben Credit Agreements, which was added to the outstanding amount under the Ben Credit Agreements as provided for in the amendments. On June 28, 2021, the New Borrower and the Lender entered into Amendment No. 2 to the Ben Credit Agreements. The amendments eliminate the obligation of DLP V to assume the Ben Credit Agreements as provided for in the Second Amendments and waive the daily fee payable upon the Trigger as defined and provided for in the Amendment No. 1 to the Ben Credit Agreements. The eliminated provisions are discussed in further detail in Note 10. Effective July 15, 2021, Beneficient executed Consent and Amendment No. 3 to the Second Amended and Restated Credit Agreement and Amendment No. 2 to the Second Amended and Restated Subordinate Credit Agreement with its lender, which (i) deferred the payment of all accrued and unpaid interest until December 10, 2021, and (ii) deferred the installment payment of $5.0 million due on September 10, 2021, to December 10, 2021. Beneficient agreed to pay an amendment fee to the lender in an amount equal to 3% of the then outstanding principal and interest on December 10, 2021. Third Amended and Restated Senior Credit Facility with LNV Corporation On June 28, 2021, DLP IV entered into the Third Amended and Restated Credit Facility with LNV Corporation, as lender, and CLMG Corp., as the administrative agent on behalf of the lenders under the agreement (the "Third Amended Facility"), which replaced the LNV Credit Facility described in Note 10 to the consolidated financial statements. The Third Amended Facility resulted in an additional advance of $52.5 million from LNV Corporation. In conjunction with entering into the Third Amended Facility, DLP V transferred life insurance policies having an aggregate face value of approximately $440.6 million to DLP IV, which were pledged as additional collateral to the Third Amended Facility, and DLP IV received proceeds of approximately $51.2 million (net of certain fees and expenses incurred in connection with the negotiation and entry into the Third Amended Facility). The Third Amended Facility sets forth interest and other terms and covenants similar those included in the previous LNV Credit Facility. Beneficient’s Conditional Kansas Charter In April 2021, the Kansas Legislature adopted, and the governor of Kansas signed into law, a bill that would allow for the chartering and creation of Kansas trust companies, known as TEFFIs, that provide fiduciary financing (e.g., lending to ExAlt Trusts), custodian and trustee services, in all capacities pursuant to statutory fiduciary powers, to investors and other participants in the alternative assets market, as well as the establishment of alternative asset trusts. The legislation became effective on July 1, 2021 and designates BFF as the pilot trust company under the TEFFI legislation. A conditional trust charter was issued by the Kansas Bank Commissioner to a subsidiary of Ben LP on July 1, 2021. Under the pilot program, BFF will not be authorized to exercise its fiduciary powers as a TEFFI until the earlier of the date the Kansas Bank Commissioner promulgates applicable rules and regulations or December 31, 2021 or. The bill also permits the Kansas Bank Commissioner to request a six-month extension of the pilot program period, which could delay Beneficient’s permission to exercise of fiduciary powers under the charter until July 1, 2022. National Founders LP Credit Agreement On August 11, 2021, GWG DLP Funding VI, LLC, a Delaware limited liability company (“DLP VI”), entered into a Credit Agreement (the “NF Credit Agreement”) with each lender from time to time party thereto and National Founders LP, a Delaware limited partnership, as the administrative agent (the credit facility evidenced by such NF Credit Agreement, the “NF Credit Facility”). DLP VI is a wholly owned subsidiary of GWG DLP Funding Holdings VI, LLC, a Delaware limited liability company (the “DLP Holdings VI”). DLP Holdings VI is a wholly owned subsidiary of GWG Life. On August 11, 2021, a one-time advance of approximately $107.6 million was made to the DLP VI under the NF Credit Facility with a scheduled maturity date of August 11, 2031. Amounts borrowed under the NF Credit Facility bear interest on each day on the outstanding principal amount on such day at a per annum rate, determined on a daily basis, generally equal to 5.5% up to 65% of the loan to value percent as calculated in accordance with the NF Credit Agreement, and 7.0% on anything above that loan to value percent. In particular, amounts borrowed under the NF Credit Facility bear interest on each day on the outstanding principal amount on such day at a per annum rate equal to the Interest Rate as of such day, or the Default Rate as of such day if an event of default has occurred and is continuing. The “Interest Rate” as of such day is equal to the sum of: (a) the percentage equal to (i) the Non-Higher Rate Factor as of such date of determination multiplied by (ii) 5.50%; and (b) the percentage equal to (i) the Higher Rate Factor as of such date of determination multiplied by (ii) 7.00%. “Non-Higher Rate Factor” means, as of any date of determination, the percentage equal to (i) 100% minus (ii) the Higher Rate Factor as of such date of determination, and “Higher Rate Factor” means, as of any date of determination, the percentage equal to (i) the greater of (a) the amount equal to (1) the LTV Percentage (as defined in the NF Credit Agreement) as of such date of determination minus (2) 65% and (b) zero percent divided by (ii) the LTV Percentage as of such date of determination. The “Default Rate” as of such day is equal to the sum of: (a) the Interest Rate as of such day and (b) 2.00%. Interest payments are made on a monthly basis. Under the NF Credit Facility, each of DLP VI and DLP Holdings VI has granted the administrative agent, for the benefit of the lenders under the agreement, a security interest in substantially all of GWG Holdings’ remaining life insurance policy assets not pledged by DLP IV under its LNV Credit Facility. In addition, amounts owing under the NF Credit Facility have been guaranteed by GWG Holdings upon the occurrence of a Guarantee Trigger Event (as defined in the guarantee), including certain bankruptcy events related to the DLP VI or DLP Holdings VI or a Change in Control (as defined in the NF Credit Agreement). A portion of the proceeds from the funding under the NF Credit Facility was used to purchase life insurance policies that were owned by DLP IV, which used the funds to repay the most recent advance of $52.5 million plus interest and penalties under the LNV Credit Facility described above. At August 11, 2021, the aggregate face value of life insurance policies owned by DLP VI, was approximately $433.1 million. As of such date, the aggregate face value of life insurance policies owned by DLP IV was approximately $1.42 billion. With the exception of assets pledged by DLP IV under the LNV Credit Facility, and the assets pledged under the NF Credit Facility, GWG Holdings secures L Bonds with a pledge of collateral security in its ownership interests in GWG Life and GWG Holdings’ other direct subsidiaries; GWG Life’s ownership in its direct subsidiaries that own directly or indirectly a large actuarially diverse portfolio of life insurance policies of highly rated insurance companies; and investments in Beneficient. Furthermore, L Bonds are secured by a pledge of approximately 4.0 million shares of GWG Holdings’ common stock. GWG Holdings’ most significant assets are cash and its investments in subsidiaries. These assets were not pledged under the NF Credit Facility. The NF Credit Facility has certain financial and nonfinancial covenants, and we were in compliance with these covenants as of the date of this filing. In addition, the NF Credit Facility has certain reporting obligations that require DLP VI to deliver audited annual consolidated financial statements of DLP Holdings VI no later than 150 days after the end of each fiscal year (beginning with the fiscal year ending December 31, 2021) and unaudited quarterly consolidated financial statements of DLP Holdings VI no later than 90 days after the end of each of DLP VI’s first three fiscal quarters (beginning with the fiscal quarter ending September 30, 2021). The NF Credit Facility also has customary events of default for a facility of this type. DLP VI may voluntarily prepay amounts owing under the NF Credit Facility upon payment of all accrued and unpaid interest on such prepaid amounts and payment of the applicable Prepayment Premium (as defined in the NF Credit Agreement). The NF Credit Facility permits DLP VI to pay dividends and distributions from the proceeds of the one-time advance. As a result, the funding under the NF Credit Facility, less amounts used to purchase the life insurance policies from DLP IV, will be available to GWG Holdings and will improve GWG Holdings’ cash position while it works to complete this 2020 Form 10-K, and its Current Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, which GWG Holdings expects will permit it to resume the issuance of its L Bonds. Non-Binding Term Sheet with Beneficient On August 13, 2021, GWG Holdings, Ben LP, and BCH entered into a non-binding term sheet (the “Term Sheet”) that contemplates a series of transactions which, if completed, will result in, among other things, (i) GWG Holdings receiving certain proposed enhancements to its investments in Beneficient; (ii) GWG Holdings no longer having the right to appoint directors of the board of directors of Beneficient Management; and (iii) Beneficient no longer being a consolidated subsidiary of GWG Holdings. The Term Sheet and related negotiations are a part of ongoing efforts by management and the Board of Directors of GWG Holdings to maximize the value of GWG Holdings’ and GWG Life’s investment in Beneficient. The Company believes that returning control of Beneficient is a necessary step for Ben LP to establish one of its operating subsidiaries as a TEFFI under the Kansas Technology-Enabled Fiduciary Financial Institutions Act (the “TEFFI Act”), which is important to Beneficient’s long-term business objective of providing liquidity and other services to holders of alternative assets. Until the definitive documentation is finalized and executed, each of these provisions is non-binding and is subject to change in all respects, including as a result of additional diligence, the further discharge of fiduciary duties, and the negotiation of definitive documentation. The Company has begun working on definitive documentation to implement the Term Sheet with Ben LP and is working to complete such definitive documentation within the fourth quarter of 2021, although there can be no assurance definitive documentation will be completed by then, or at all. If Ben LP becomes an independent company pursuant to the terms of the Term Sheet, the Company expects that Ben LP would reduce its reliance on GWG Holdings to fund its operations and would raise future capital from other sources. Beneficient’s capital raising efforts may include the issuance of equity or debt of Ben LP or one of its subsidiaries, and the newly issued securities may be dilutive to GWG Holdings’ and GWG Life’s investment in Ben LP and BCH and may include preferential terms relative to GWG Holdings’ and GWG Life’s investments in Ben LP and BCH. GWG Holdings and GWG Life would still retain a substantial investment in Beneficient. Fourth Amended and Restated Senior Credit Facility with LNV Corporation On September 7, 2021, DLP IV entered into a Fourth Amended and Restated Loan and Security Agreement with LNV Corporation, as lender, and CLMG Corp., as the administrative agent on behalf of the lenders under the agreement (the “Fourth Amended Facility”). The Fourth Amended Facility replaced the Third Amended Facility, that previously governed the Company’s senior credit facility. The Fourth Amended Facility resulted in an additional advance of $30.3 million from LNV Corporation, paid on September 7, 2021. Under the Fourth Amended Facility, all advances bear interest at a rate of the Benchmark Rate plus the Applicable Margin, or the Default Rate if an event of default has occurred and is continuing. For purposes of the Fourth Amended Facility, (i) the Benchmark Rate is the greater of (a) the sum of (i) the Federal Funds Rate plus (ii) one-half of one percent (0.50%) and (b) one and one half of one percent (1.50%); (ii) the Applicable Margin is seven and one half percent (7.50%); and (iii) the Default Rate is the Benchmark Rate plus nine and one half percent (9.50%). COVID-19 In December 2019, a novel strain of coronavirus and the associated respiratory disease (“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 continuing developments, including the duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. Although a substantial majority of our employees continue to work remotely, we have maintained our operations at or near normal levels. We have not experienced any significant disruptions due to operational issues, loss of communication capabilities, technology failure or cyber-attacks. The Company continues to raise capital, receive distributions from alternative assets and insurance policy benefits, pay interest and dividends and otherwise meet its ongoing obligations. However, depending on the extent of the ongoing economic crisis resulting from the pandemic and its impact on the Company’s business, the pandemic could have a material adverse effect on our results of operations, financial condition and cash flows. Policy Benefits and L Bonds Subsequent to December 31, 2020 through October 15, 2021, policy benefits on 81 policies covering 74 individuals have been realized. The face value of insurance benefits of these policies was $106.2 million. Subsequent to December 31, 2020 through April 16, 2021, the date we temporarily suspended GWG Holdings’ L Bond offering, GWG Holdings issued approximately $191.6 million of L Bonds. No L Bonds have been sold since April 16, 2021. Beneficient’s Liquidity Transactions Subsequent to December 31, 2020 through the date of this filing, we executed 10 transactions pursuant to which customers sold interests in private equity funds with an aggregate net asset value of $5.6 million to certain of the ExAlt Trusts in exchange for agreed upon consideration.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Restatement and Other Corrections	Restatement — The Company is restating its previously issued (i) consolidated balance sheet as of December 31, 2019, (ii) the consolidated statement of operations, (iii) the consolidated statement of changes in stockholders’ equity, and (iv) the consolidated statement of cash flows for the year ended December 31, 2019, included in its Annual Report on Form 10-K for the year ended December 31, 2019, (the “Restatement”). The Restatement also impacted each of the quarters for the periods beginning with GWG Holdings, Inc.’s consolidation with The Beneficient Company Group, L.P. (“Ben LP,” including all of the subsidiaries it may have from time to time — “Beneficient”) as of December 31, 2019 through the quarter ended September 30, 2020. The impact of the Restatement is included in this 2020 Form 10-K, and is more specifically described in Notes 21 and 22. Additionally, the impacts of the Restatement have been reflected throughout the financial statements, including the applicable footnotes. Other Corrections — In addition to the Restatement items, the Company has corrected other items, which had been previously identified and determined to be immaterial pursuant to Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections and Staff Accounting Bulletin (“SAB”) No. 99, Materiality . While these other adjustments are both quantitatively and qualitatively immaterial, individually and in the aggregate, because we are correcting for the Restatement items, we have decided to correct these other adjustments as well.
Basis Of Presentation	Basis of Presentation — The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Principles of Consolidation	Principles of Consolidation — The consolidated financial statements include the accounts of GWG Holdings, Inc. and its subsidiaries. All material intercompany balances and transactions have been eliminated upon consolidation. Noncontrolling interests have been recorded for minority ownership in entities that are not wholly owned and are presented in compliance with the provisions of the Noncontrolling Interest in Subsidiary subsections of the Accounting Standards Codification (“ASC”). The Company has interests in various entities including, but not limited to, 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. 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. The entities for which the ExAlt Plan Trusts hold an ownership interest are investment companies (i.e., funds) under ASC 946. Thus, the investments in non-investment companies made by these funds are accounted for in accordance with ASC 946 and are not subject to consolidation or the disclosure requirements of ASC 810. Moreover, further consolidation provisions of ASC 946 are not applicable to Beneficient since these investment companies do not have an investment in an operating entity that provides services to the investment company or to Beneficient. Related party transactions between the Company and its equity method investees have not been eliminated.
Use of Estimates	Use of Estimates — The preparation of our consolidated financial statements in conformity with GAAP requires management to make significant estimates and assumptions affecting the reported amounts of assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue during the reporting period. Management regularly evaluates estimates and assumptions, which are based on current facts, historical experience, management’s judgment, and various other factors that we believe to be reasonable under the circumstances. Our actual results may differ materially and adversely from our estimates. Material estimates that are particularly susceptible to change, in the near term, relate to: (1) determining the assumptions used in estimating the fair value of our investments in life insurance policies, (2) determining the grant date fair value for equity-based compensation awards, (3) determination of the allowance for loan losses as an input to the allocation of income (loss) to Beneficient’s equity holders, and (4) evaluation of potential impairment of goodwill and other intangibles. Periodically, we make significant estimates in assessing the fair value of assets acquired and consideration given in return for those assets, which are used to establish the initial recorded values of such assets in accordance with ASC 805, Business Combinations. Under ASC 805, the consideration paid in an asset acquisition is allocated among the assets acquired based on their relative fair values at acquisition date. In relation to the Investment and Exchange Agreements, relative fair values obtained from a third-party valuation firm were used to calculate the amounts recorded for the assets acquired and liabilities assumed at their acquisition dates as more fully described in Note 4.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider cash in demand deposit accounts and temporary investments purchased with an original maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents with highly rated financial institutions. The balances in our bank accounts may exceed Federal Deposit Insurance Corporation limits. We periodically evaluate the risk of exceeding insured levels and may transfer funds as we deem appropriate.
Investment in Life Insurance Policies, at Fair Value	Investment in Life Insurance Policies, at Fair Value — ASC 325-30, Investments in Insurance Contracts , permits a reporting entity to account for its investments in life insurance policies using either the investment method or the fair value method. We elected to use the fair value method to account for our life insurance policies. We initially record our purchase of life insurance policies at the purchase price, which is the amount paid for the policy, inclusive of all direct external fees and costs associated with the purchase. At each subsequent reporting period, we re-measure the investment at fair value in its entirety and recognize the change in fair value as unrealized gain or loss in the current period, net of premiums paid, within gain (loss) on life insurance policies, net in our consolidated statements of operations. 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 — Our policy benefit receivables represent amounts due from insurance carriers for claims submitted on matured life insurance policies. Policy benefit receivables are recorded at the policy benefit amounts less reserves for estimated uncollectible amounts. Uncollectible policy benefits can result from challenges by the insurance carrier to the legal validity of the policy, typically related to the concept of insurable interest, or from liquidity or solvency problems at the insurance carrier (although policy benefits are senior to any other obligations of a carrier). 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, 2020 and 2019, there was no allowance for uncollectible life insurance policy benefits receivable.
Other Assets	Other Assets — Other assets consist of investment in put options, fixed assets, intangible assets, prepaid expenses, operating lease right-of-use assets, and other receivables.
Investments in Alternative Assets, at Net Asset Value	Investment in Alternative Assets, at Fair Value — Investments in alternative assets represent the ownership interests in alternative assets, predominately private equity funds, held by certain of the ExAlt Trusts, either through direct ownership or a beneficial interest. ASC Topic 820, Fair Value Measurement, permits, as a practical expedient, to estimate the fair value of these types of investments based on the net asset value (“NAV”) per share, or its equivalent, if the NAV of such investments is calculated in a manner consistent with the measurement principles of ASC 946, Financial Services – Investment Companies . The Company has elected to use NAV as a practical expedient to measure the fair value of these investments. These investments are valued based on the most recent available information, which typically has a delay due to the timing of financial information received from the individual investments. Accordingly, in determining the value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances in which management is aware of material events that affect the value of the investments during the intervening period. Changes in NAV are recorded within investment income (loss) on our consolidated statements of operations.
Equity Method Investments	Equity Method Investments — Other than the investments in alternative assets, which use NAV as a practical expedient, the Company accounts for investments in common stock or in-substance common stock in which we have the ability to exercise significant influence, but do not own a controlling financial interest, under the equity method of accounting. Investments within the scope of the equity method of accounting are initially measured at cost, including the cost of the investment itself and direct transaction costs incurred to acquire the investment. After the initial recognition of the investment at cost, we recognize income and losses from our investment by adjusting upward or downward the balance of our equity method investment on our consolidated balance sheet with such adjustments, if any, flowing through earnings (loss) from equity method investment on our consolidated statement of operations, in all cases adjusted to reflect amortization of basis differences, if any, and the elimination of intercompany gains and losses, if any. Cash distributions received from equity method investees are recorded as reductions to the investment balance and classified in the statement of cash flows using the cumulative earnings approach. 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.
Leases	Leases — The Company adopted ASC 842, Leases , on January 1, 2019. The Company leases certain real estate for its office premises that are classified as operating leases. We assess whether an arrangement is a lease at inception. Leases with an initial term of twelve months or less are not recorded in the balance sheet. We have elected the practical expedient to not separate lease and non-lease components for all assets. Operating lease assets and operating lease liabilities are calculated based on the present value of the future minimum lease payments over the lease term at the lease start date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease start date in determining the present value of future payments. The operating lease asset is increased by any lease payments made at or before the lease start date and reduced by lease incentives and initial direct costs incurred. The lease term includes options to renew or terminate the lease when it is reasonably certain that we will exercise that option. The exercise of lease renewal options is at our sole discretion. The depreciable life of lease assets and leasehold improvements are limited by the lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease expense for operating leases is recognized on a straight-line basis over the lease term.
Equity-based Compensation	Equity-based Compensation — The Company measures and recognizes compensation expense for all equity-based payments at fair value on the grant date over the requisite service period. New shares of common are issued for stock option exercises. GWG Holdings uses the Black-Scholes option pricing model to determine the fair value of stock options and stock appreciation rights. For restricted stock grants (including restricted stock units), fair value is determined as of the closing price of GWG Holdings’ common stock on the date of grant. The determination of fair value of equity-based payment awards on the date of grant is affected by our stock price and a number of subjective variables. These variables include, but are not limited to, the expected stock price volatility over the term of the awards, the expected duration of the awards, the results of a probability-weighted discounted cash flow analysis and observable transactions. We account for the effects of forfeitures as they occur. 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. As it is not publicly traded, Beneficient uses various methods to determine the grant date fair value of its equity-based compensation awards, as more fully described in Note 12.
Deferred Financing and Issuance Costs	Deferred Financing and Issuance Costs — Loans advanced to us under the second amended and restated senior credit facility with LNV Corporation (as amended from time to time, “LNV Credit Facility”), as described in Note 10, are reported net of financing costs, including issuance costs, sales commissions and other direct expenses, which are amortized using the straight-line method over the term of the facility. The L Bonds, as described in Note 10, are reported net of financing costs, which are amortized using the effective interest method over the term of those borrowings. Beneficient’s first and second lien credit agreements, as described in Note 10, are reported net of financing costs, which are amortized using the effective interest method over the term of those borrowings. Selling and issuance costs of Redeemable Preferred Stock (“RPS”) and Series 2 Redeemable Preferred Stock (“RPS 2”), described in Note 11, are netted against additional paid-in capital, until depleted, and then against the outstanding balance of the preferred stock. The offerings of GWG Holdings’ RPS and RPS 2 closed in March 2017 and April 2018, respectively. There were no issuance costs associated with the August 2018 issuance of the Series B Convertible Preferred Stock.
Business Combinations	Business Combinations — The Company includes the results of operations of the businesses that it acquires from the acquisition date. In allocating the purchase price of a business combination, in accordance with ASC 805, Business Combinations , the Company records all assets acquired and liabilities assumed at fair value, and the fair value of any noncontrolling interests, with the excess of the purchase price over the aggregate fair values recorded as goodwill. ASC Topic 820, Fair Value Measurements , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred.
Goodwill and Other Intangibles	Goodwill and Other Intangibles — Goodwill of $2.4 billion and intangible assets of $3.4 million were recognized as a result of the business combination related to the Investment and Exchange Agreements on December 31, 2019 (see Note 4). Intangible assets are included in other assets in the Company’s consolidated balance sheets. The Company accounts for goodwill and intangible assets in accordance with ASC Topic 350, Intangibles – Goodwill and Other . The amount of goodwill recorded is based on the fair value of the acquired entity at the time of acquisition. Management performs goodwill and intangible asset impairment testing annually, as of October 1, or when events occur, or circumstances change that would more likely than not indicate impairment has occurred. Goodwill impairment exists when the carrying value of goodwill exceeds its implied fair value. For 2020, the annual goodwill impairment analysis did not result in any impairment charges. Our impairment evaluation included a qualitative assessment, which considered whether there were indicators of potential impairment following the recent completion of the business combination accounting. In addition, our evaluation included a quantitative analysis, which included multiple assumptions, including estimated discounted cash flows and other estimates that may change over time. For example, a key assumption in determining the fair value of our reporting units is forecasting free cash flow generated by our business over the next five years and includes assumptions regarding expected growth of new service offerings and products. While our assumption reflects management’s best estimates of future performance, the estimates assume Beneficient capturing a significant market share of liquidity transactions during the next five years leading to a substantial rate of growth of new service offerings and products, revenues and assets over the next five years ending December 31, 2025. These estimations are uncertain to occur, and to the extent the Company falls short of achieving our expected growth in revenues and assets over the next four years, material impairments of our goodwill may occur in the near term. For example, a 15% decline in our annual projected volume of liquidity transactions reflected in the Company’s forecasts would require impairments to begin to be recorded assuming all other assumptions on which the forecasts are built remain constant. Because the Company’s forecasts are predicated on estimating future volume for new service offerings and products, the Company’s actual future volume of liquidity transactions reflected in the Company’s forecasts may fall short of management’s forecasts by 15% or greater and may result in a partial or full write down of our goodwill balance, which totaled $2.4 billion at December 31, 2020. In light of Beneficient’s significant recurring losses from operations, negative cash flows from operations, and delays in executing its business plans, there could be potential triggering events identified and resulting impairment of goodwill recorded during the annual impairment test during the fourth quarter of 2021. While management can and has implemented strategies to address these events, changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that would trigger future impairment charges of the reporting unit's goodwill balance. Intangible assets include an insurance license and a non-compete agreement. Finite-lived intangibles are stated at cost less accumulated amortization. Amortization is recorded using the straight-line method, which approximates the expected pattern of economic benefit, over the estimated lives of the assets. The insurance license intangible has an indefinite life and is evaluated for impairment annually. The non-compete agreement is amortized over its estimated useful life of two years and is evaluated for impairment when indicators of impairment are present as outlined in the subsequent paragraph.
Repurchase Option	Repurchase Option — Beneficient determined that a provision of the Exchange Trust agreements, of which such trust is not among the consolidated trusts of Ben LP, executed as part of its initial capitalization whereby the holder of the beneficial interest can repurchase the senior beneficial interest in a certain ExAlt Trust from its holder, at any time up to 3 years from the initial transaction date, represents an equity contract liability that it has elected to account for utilizing the fair value option in accordance with accounting standards applicable to financial instruments. The repurchase options were provided to each Exchange Trust for no consideration. As of the date of establishment of these ExAlt Trusts in 2017 and 2018, Beneficient measured the fair value of the repurchase options and recorded the amount of repurchase options in the consolidated balance sheets with the recognition of transaction expense of a corresponding amount. The repurchase options are recorded at fair value with changes in fair value recorded in net income (loss) in the consolidated statements of operations. Adjustments to the fair value of the repurchase options are recognized within investment income in the consolidated statements of operations. ExAlt Plan TM transactions, other than those executed in the initial capitalization, do not include a repurchase provision. The primary reasons that management elected to record the repurchase options at fair value included reflecting the economic events in earnings on a timely basis and mitigating volatility in earnings from using different measurement attributes. Refer to Note 7 for additional information.
Income Taxes	Income Taxes — GWG Holdings is a corporation for tax purposes. Certain of GWG Holdings’ subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes. In addition, certain of the wholly-owned subsidiaries of GWG Holdings will be subject to federal, state, and local corporate income taxes at the entity level and the related tax provision attributable to the Company’s share of this income tax is reflected in the consolidated financial statements. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities, if any, are recorded within accounts payable and accrued expenses and other liabilities in the consolidated balance sheets. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. The Company records uncertain tax positions on the basis of a two-step process: (a) determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and (b) those tax positions that meet the more likely than not threshold are recognized as the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense (benefit) within the consolidated statements of operations.
Noncontrolling Interests — Redeemable and Non-redeemable	Noncontrolling Interests – Redeemable and Non-redeemable — Noncontrolling interests represent the portion of certain consolidated subsidiaries’ limited partnership interests or the ExAlt Trusts 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 (i) holders of Class S Ordinary Units issued by BCH, which consist of Ben Founder Affiliates (as defined below), an entity affiliated with a related party, and third parties, and (ii) holders, which consists of unrelated charity organizations, of residual beneficial interests issued by the ExAlt Trusts. “Ben Founder Affiliates” are defined as certain trusts and those entities held by such trusts that are controlled by Ben Founder or in which Ben Founder and his family members are also among classes of economic beneficiaries whether or not our founder is entitled to economic distributions from such trusts . Ben Founder is also the former Chairman of the board of directors of GWG Holdings, serving is such capacity from April 26, 2019 to June 14, 2021. Redeemable noncontrolling interests are held by holders, which consist of a Ben Founder Affiliate, entities affiliated with a related party, and certain former directors, of Preferred Series A Subclass 1 Unit Accounts issued by BCH. Beneficient’s Income Allocation Net income (loss) attributable to noncontrolling interest holders is subject to Beneficient’s income allocation in accordance with the governing limited partnership agreement of BCH as more fully described in Note 11 . The consolidated financial statements of Beneficient reflect the assets, liabilities, revenues, expenses, investment income and cash flows of Beneficient, including, after December 31, 2019, all of the trusts in the ExAlt Plan TM on a gross basis, and a portion of the economic interests of certain of the ExAlt Trusts, held by the residual beneficiaries, are attributed to noncontrolling interests in the accompanying consolidated financial statements. Interest income earned by Beneficient from the ExAlt Trusts is eliminated in its consolidation. However, because the eliminated amounts are earned from, and funded by, its noncontrolling interests, Beneficient’s attributable share of the net income from the ExAlt Trusts is increased by the amounts eliminated. Accordingly, the elimination in consolidation of interest income and, for periods after December 31, 2019, certain fee revenue has no effect on net income (loss) attributable to Beneficient or to holders of Common Units. For purposes of income allocation to Beneficient’s equity holders, interest income is generally comprised of contractual interest, which is computed at a variable rate compounding monthly, interest recognized on certain of the ExAlt Loans through the effective yield method, and an amortized discount that is recognized ratably over the life of the ExAlt Loan. As a result of the change-of-control event discussed in Note 9 on December 31, 2019 and the resulting valuation performed under ASC 805, the existing loan portfolio between Ben and the ExAlt Trusts was evaluated as of December 31, 2019, for credit deterioration based on the intentions of all parties that the income allocations provisions of Ben operate under US GAAP as if the ExAlt Trusts were not consolidated for financial reporting purposes. Further, as required under ASC 805, each ExAlt Loan between Beneficient and the ExAlt Trusts was evaluated and classified as either purchased credit impaired (“PCI”) or non purchased credit impaired (“non-PCI”). For PCI loans, expected cash flows as of the date of valuation in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows is reasonably estimable. Subsequently, increases in cash flows over those expected at the acquisition date are recognized prospectively as interest income. Decreases in expected cash flows due to credit deterioration are recognized by recording an allowance for loan loss. For non-PCI loans, the difference between the fair value and unpaid principal balance of the loan as of the date of valuation is amortized or accreted to interest income over the contractual life of the loans using the effective interest method. In the event of prepayment, the remaining unamortized amount is recognized in interest income, which is eliminated upon the consolidation of the ExAlt Trusts for financial reporting purposes. Allowance for Loan Losses The allowance for loan losses is an input to Beneficient’s allocation of income. 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. Currently, management individually reviews all ExAlt Loans due to the low volume and non-homogenous nature of the current portfolio. Management relies heavily on statistical analysis, current NAV and distribution performance of the underlying alternative asset interests 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. The cash flows from the underlying alternative assets interests are the sole source of repayment for the loans and related interest. Beneficient recognizes any charge-off in the period in which it is confirmed. Therefore, impaired ExAlt Loans are written down to their estimated net present value. Interest income, for purposes of determining income allocations to Beneficient’s equity holders, is adjusted for any allowance for loan losses, which was approximately $5.4 million for the year ended December 31, 2020.
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share — Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the reported period. Diluted earnings (loss) per share in net income periods is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding adjusted to include the number of additional common shares that would have been outstanding if the potential dilutive common shares resulting from GWG Holdings’ RPS, RPS 2, restricted stock units, warrants (if applicable) and stock options were issued. The Company uses the treasury stock method to calculate if potentially dilutive common shares were issued in the case of restricted stock units, warrants and options, and the if-converted method in the case of RPS and RPS 2. During 2020 and 2019, RPS, RPS2, restricted stock units and stock options were the potentially dilutive non-participating instruments issued by GWG Holdings. Additionally, pursuant to the Exchange Agreement, as discussed in Note 1, holders of Common Units have the right to exchange their Common Units for common stock of GWG. The Company uses the if-converted method for these potentially dilutive instruments issued by Ben LP that are ultimately exchangeable into GWG Holdings’ common stock. Diluted earnings (loss) per share does not reflect an adjustment for potentially dilutive shares in periods in which a net loss attributable to common shareholders exists.
Newly Adopted Accounting Pronouncements and Accounting Pronouncements Issued But Not Yet Adopted	Newly Adopted Accounting Pronouncements — On January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2017-04, Goodwill , (Topic 350). This standard simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the new guidance, goodwill impairment loss will be measured on the basis of the fair value of the reporting unit relative to the reporting unit’s carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The adoption of this standard did not have a material impact on the consolidated financial statements and related disclosures. On January 1, 2020, we adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The adoption did not have a material impact on the consolidated financial statements and related disclosures. In March 2020, the SEC amended Regulation S-X to create Rules 13-01 and 13-02. These new rules reduce and simplify financial disclosure requirements for issuers and guarantors of registered debt offerings. Previously, with limited exceptions, a parent entity was required to provide detailed disclosures with regard to guarantors of registered debt offerings within the footnotes to the consolidated financial statements. Under the new regulations, disclosure exceptions have been expanded and required disclosures may be provided within Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations rather than in the notes to the financial statements. Further, summarized financial information covering guarantor balance sheets and income statements are permitted, replacing the previously required condensed consolidating financial statements. Summarized financial information only needs be disclosed for the current fiscal year rather than all years presented in the financial statements as was previously required. The amendments were subsequently included in the FASB codification through the issuance of ASU No. 2020-09, Debt, (Topic 470) in October 2020. The guidance will become effective for filings on or after January 4, 2021, with early adoption permitted. The Company elected to early adopt the new regulations during the second quarter of 2020. Our summarized guarantor financial information is now presented in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Accounting Pronouncements Issued But Not Yet Adopted — In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans. There have been numerous codification improvements and technical corrections issued through subsequent ASUs since the issuance of ASU No. 2016-13. The standard requires entities to use a new, forward-looking “expected loss” model that is expected to generally result in the earlier recognition of allowances for losses. The guidance is effective for annual periods beginning after December 15, 2022, including interim periods within those years, for smaller reporting companies, as defined by the SEC, but early adoption is permitted. The Company is evaluating the potential impact of this guidance on our consolidated financial statements. ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes, (Topic 740) was issued in December 2019. The amendments in Topic 740 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. Topic 740 also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, for public business entities. Early adoption is permitted, including adoption in any interim period. The adoption of this standard is not expected to have a material impact on the consolidated financial statements and disclosures. ASU 2020-04, Reference Rate Reform, (Topic 848) was issued in March 2020. The amendments in Topic 848 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. Topic 848 can be applied by all entities as of the beginning of the interim period that includes March 12, 2020, or any date thereafter, and entities may elect to apply the amendments prospectively through December 31, 2022. The Company did not utilize the optional expedients and exceptions provided by this standard during the year ended December 31, 2020. The Company is evaluating the impact of this standard on its consolidated financial statements and disclosures. ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06) was issued in August 2020. The amendments in ASU 2020-06 simplify the accounting for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives scope exception for contracts in an entity’s own equity, and simplify the related diluted net income per share calculation for both Subtopics. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, for smaller reporting companies, as defined by the SEC. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures.

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Fair Value Measurement of Assets Acquired and Liabilities Assumed	The following table summarizes the fair value measurement of the assets acquired and liabilities assumed as of December 31, 2019 (in thousands): As Restated Fair Value at Acquisition Date ASSETS Investments in alternative assets, at net asset value $ 342,012 Investment in public equity securities 24,550 Other assets 15,077 Intangible assets (1) 3,449 Total identifiable assets acquired 385,088 LIABILITIES Debt due to related parties 153,086 Promissory note with related party 60,390 Commercial loan agreement from parent 168,420 Other liabilities and option agreement 64,421 Repurchase option 61,664 Accounts payable and accrued expenses 13,770 Total liabilities assumed 521,751 Net liabilities assumed (136,663) NONCONTROLLING INTERESTS Common Units not owned by GWG Holdings (2) 181,383 Class S Ordinary Units 85,448 Class S Preferred Units 17 Trusts’ Deficit 27,062 Preferred Series A Subclass 1 Unit Accounts 1,269,654 Total noncontrolling interests 1,563,564 ACQUISITION CONSIDERATION Cash, less cash acquired 45,020 Fair value of preexisting investment in Common Units (3) 622,503 Fair value of noncontrolling interest 1,563,564 Total estimated consideration 2,231,087 Less: Net liabilities assumed (136,663) Resulting goodwill $ 2,367,750 __________________________________ (1) Includes an insurance license valued at $3.1 million and a non-compete agreement valued at $0.3 million. (2) Calculated as 1,974,677 Common Units not owned by GWG Holdings at December 31, 2019, multiplied by the $15 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 . (3) Calculated as 41,505,279 Common Units owned by GWG Holdings prior to the change in control multiplied by the $15 per unit derived from the enterprise valuation of Beneficient, with a nominal rounding adjustment.
Pro Forma Financial Information	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, 2019: (in thousands, except shares and per share data) (As Restated) December 31, 2019 Total Revenue Pro forma $ 62,636 As reported $ 92,276 Net Income (Loss) Attributable to Common Shareholders Pro forma $ (220,726) As reported $ 70,471 Net Earnings (Loss) per Diluted Common Share Pro forma $ (6.21) As reported $ 2.06

Investment in Life Insurance _2

Investment in Life Insurance Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Schedule of Life Insurance Portfolio	Our portfolio of life insurance policies, owned by GWG Holdings’ subsidiaries as of December 31, 2020 is summarized below: Life Insurance Portfolio Summary Total life insurance portfolio face value of policy benefits (in thousands) $ 1,900,715 Average face value per insured life (in thousands) $ 1,943 Average life expectancy estimate (years)* 6.9 Total number of policies 1,058 Number of unique lives 978 Demographics 74% Male; 26% Female Number of smokers 40 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 3.8 % __________________________________ (*) Averages presented in the table are weighted averages by face amount of policy benefits.
Summary of Policies Organized by Estimated Life Expectancy Rates	A summary of our policies organized according to their estimated life expectancy dates, grouped by year, as of the reporting date, is as follows (dollars in thousands): As of December 31, 2020 As of December 31, 2019 Years Ending December 31, Number of Policies Estimated Fair Value Face Value Number of Policies Estimated Fair Value Face Value 2020 — $ — $ — 8 $ 5,869 $ 6,342 2021 15 19,429 22,298 55 62,061 79,879 2022 62 66,657 88,698 90 89,074 138,723 2023 106 113,926 178,983 128 123,352 222,369 2024 119 130,280 229,815 109 103,111 217,053 2025 111 85,842 187,042 113 74,223 171,961 2026 115 100,280 237,632 123 92,337 250,239 Thereafter 530 275,497 956,247 525 246,012 934,407 Totals 1,058 $ 791,911 $ 1,900,715 1,151 $ 796,039 $ 2,020,973
Schedule of Reconciliation of Gain (Loss) on Life Insurance Policies	A reconciliation of gain (loss) on life insurance policies is as follows (in thousands): Year Ended December 31, 2020 2019 Change in estimated probabilistic cash flows (1) $ 63,463 $ 67,186 Unrealized gain on acquisitions (2) — 6,921 Premiums and other annual fees (71,439) (65,577) Change in life expectancy evaluation (3) — (2,332) Face value of matured policies 125,109 125,148 Fair value of matured policies (67,535) (56,026) Gain on life insurance policies, net $ 49,598 $ 75,320 __________________________________ (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 change in fair value due to updating life expectancy estimates on certain life insurance policies in our portfolio.
Schedule of Estimated Premium Payments and Servicing Fees Required to Maintain our Current Portfolio of Life Insurance Policies	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, are as follows (in thousands): Years Ending December 31, Premiums Servicing Total 2021 $ 72,445 $ 1,655 $ 74,100 2022 89,436 1,655 91,091 2023 100,953 1,655 102,608 2024 110,044 1,655 111,699 2025 122,438 1,655 124,093 $ 495,316 $ 8,275 $ 503,591

Investments in Alternative As_2

Investments in Alternative Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Alternative Investments	Our portfolio of alternative investments, held by certain of the ExAlt Trust subsidiaries by asset class of each fund as of December 31, 2020 and 2019, is summarized below: Alternative Investments Portfolio Summary (1) December 31, 2020 December 31, 2019 Asset Class Value Unfunded Commitments Value Unfunded Commitments Venture Capital $ 123,021 $ 1,659 $ 267,662 $ 8,915 Private Equity 92,316 33,387 34,614 22,187 Private Real Estate 2,118 269 27,151 3,584 Other (2) 4,439 294 12,585 260 Total $ 221,894 $ 35,609 $ 342,012 $ 34,946 (1) Amounts presented in the table exclude the collateral resulting from the Collateral Swap, including GWG Holdings’ common stock valued at $84.6 million, 543,874 shares of Ben Common Units valued at $6.8 million, and GWG L Bonds due 2023 in the aggregate principal amount of $94.8 million, all of which are eliminated in consolidation

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis	The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on December 31, 2020 and December 31, 2019 are presented below (in thousands). As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Investments in put options $ 7,017 $ — $ — $ 7,017 Investments in life insurance policies — — 791,911 791,911 As of December 31, 2019 (As Restated) Level 1 Level 2 Level 3 Total Assets: Investments in life insurance policies $ — $ — $ 796,039 $ 796,039 Liabilities: Repurchase options $ — $ — $ 61,664 $ 61,664
Reconciliation of Level 3 Investments	The following table reconciles the beginning and ending fair value of our Level 3 repurchase options (in thousands). The year ended December 31, 2019, is not presented as the consolidation of Beneficient occurred on December 31, 2019. Year Ended December 31, 2020 Beginning balance $ 61,664 Total gain in earnings (1) (61,664) Purchases — Settlements — Other — Ending balance $ — (1) Net change in fair value. The following table reconciles the beginning and ending fair value of our Level 3 investments in our portfolio of life insurance policies (in thousands): Year Ended December 31, 2020 2019 Beginning balance $ 796,039 $ 747,922 Total gain in earnings (1) 34,114 49,015 Purchases — 32,367 Settlements (2) (38,185) (33,265) Lapsed policy (3) (57) — Ending balance $ 791,911 $ 796,039 _________________________________________ (1) Net change in fair value (2) Policy maturities at initial cost basis (3) Represents the cost basis of one policy with a face value of $0.5 million.
Quantitative Information About the Significant Unobservable Inputs	The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Level 3 repurchase options as of December 31, 2019 (dollars in thousands): Valuation Date Fair Value Valuation Methodology Unobservable Inputs Range of Targets December 31, 2019 $ 61,664 Option Pricing Model Alternative asset market discount rate 0.085 Dividend yield .22 - .56 Net asset value growth rates 0.085 Net asset value volatilities 0.24 - 0.45 Restricted exercise period 1 year The following table summarizes the inputs utilized in estimating the fair value of our portfolio of life insurance policies: As of December 31, 2020 As of December 31, 2019 Weighted-average age of insured, years* 83.1 82.4 Age of insured range, years 63-100 62-101 Weighted-average life expectancy, months* 83.0 86.2 Life expectancy range, months 0-240 0-240 Average face amount per policy (in thousands) $ 1,797 $ 1,756 Discount rate 8.25 % 8.25 % __________________________________ (*) Weighted-average by face amount of policy benefits
Concentration of Risk - Change in Life Expectancy Estimates	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 (in thousands): Change in Life Expectancy Estimates Minus Minus Plus Plus December 31, 2020 $ 97,837 $ 45,536 $ (61,713) $ (114,099) December 31, 2019 $ 113,812 $ 57,753 $ (55,905) $ (111,340) Change in Discount Rate Minus 2% Minus 1% Plus 1% Plus 2% December 31, 2020 $ 82,983 $ 39,560 $ (36,151) $ (69,284) December 31, 2019 $ 91,890 $ 43,713 $ (39,790) $ (76,118)
Schedule of Carrying Amounts and Estimated Fair Values of the Company's Financial Instruments	The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value were as noted in the tables below (in thousands). As of December 31, 2020 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash, cash equivalents and restricted cash 1 $ 124,160 $ 124,160 Life insurance policy benefits receivable, net 1 14,334 14,334 Financial liabilities: Senior credit facility 2 $ 193,730 $ 202,611 L Bonds and Seller Trust L bonds 1 1,519,006 1,519,006 Debt due to related parties 2 76,260 78,081 Other liabilities 1 50,585 50,585 As of December 31, 2019 (As Restated) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash, cash equivalents and restricted cash 1 $ 115,790 $ 115,790 Life insurance policy benefits receivable, net 1 23,031 23,031 Financial liabilities: Senior credit facility with LNV Corporation 2 $ 174,390 $ 184,587 L Bonds and Seller Trust L Bonds 1 1,293,530 1,293,530 Debt due to related parties 2 153,086 153,086 Other liabilities 1 44,408 44,408

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Rollforward of Equity Method Investment	The following table includes a rollforward of the equity method investment in FOXO (in thousands): Year Ended Year Ended Beginning balance $ 1,761 $ — Contributions 14,436 3,378 Loss on equity method investment (7,319) (1,617) Other (296) — Ending balance $ 8,582 $ 1,761
Schedule of Financial Information	Preconsolidation financial information after the elimination of any intercompany transactions pertaining to Beneficient is summarized in the table below (in thousands): Twelve months ended September 30, 2019 (unaudited) Total revenues $ 93,921 Net loss (32,133) Net loss attributable to holders of Common Units (13,754) GWG Holdings’ portion of net loss (1) (2,460) __________________________________ (1) GWG Holdings portion of Beneficient’s net loss for October 1, 2018 to September 31, 2019. This amount was recognized during the year ended December 31, 2019, prior to the consolidation of Beneficient.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	The consolidated balance sheets include the following amounts from these consolidated VIEs as of the dates presented (in thousands): December 31, 2020 December 31, 2019 Assets: Cash and cash equivalents $ 5,965 $ 3,211 Restricted cash 5,386 13,248 Investments in alternative assets, at NAV 221,894 342,012 Other assets 1,273 1,335 Total Assets of VIE $ 234,518 $ 359,806 Liabilities: Repurchase obligation $ — $ 61,664 Accounts payable and accrued expense 2,029 17 Total Liabilities of VIE $ 2,029 $ 61,681 Equity: Noncontrolling interest $ 7,208 $ 27,062 Total Equity of VIE $ 7,208 $ 27,062 The consolidated statement of operations for the year ended December 31, 2020 includes the following amounts from these consolidated VIEs (in thousands). The results of operations for year ended December 31, 2019 are not inclusive of these consolidated VIEs as Beneficient was not a consolidated subsidiary of GWG Holdings until December 31, 2019. Year Ended REVENUE Investment income, net $ 44,106 Interest income 21 TOTAL REVENUE 44,127 EXPENSES Other expenses 501 TOTAL EXPENSES 501 NET INCOME 43,626 Net loss attributable to noncontrolling interests 25,094 NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 68,720 The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIE (in thousands): December 31, 2020 December 31, 2019 Carrying Value Maximum Exposure to Loss Carrying Value Maximum Exposure to Loss Total equity method investment $ 8,582 $ 12,332 $ 1,761 $ 19,661

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	Future contractual maturities of L Bonds, including Liquidity Bonds discussed below, but excluding Seller Trust L Bonds, and future amortization of their deferred financing costs, at December 31, 2020 (in thousands) are as follows: Years Ending December 31, Contractual Maturities Unamortized Deferred Financing Costs 2021 $ 191,582 $ 2,116 2022 293,038 8,522 2023 191,446 7,616 2024 121,105 5,220 2025 167,433 8,251 Thereafter 313,277 17,232 $ 1,277,881 $ 48,957
Other Borrowings	As of December 31, 2020 and December 31, 2019, Beneficient had borrowings that consisted of the following (in thousands): December 31, 2020 December 31, 2019 First Lien Credit Agreement $ 2,288 $ 77,477 Second Lien Credit Agreement 72,260 72,184 Other borrowings 2,628 2,538 Unamortized debt premiums (discounts) (916) 887 Total debt due to related parties $ 76,260 $ 153,086
Future Contractual Maturities	Future contractual maturities of Beneficient’s debt due to related parties as of December 31, 2020 are as follows (in thousands): Years Ending December 31, 2021 $ 74,548 2022 — 2023 750 2024 1,856 2025 — Thereafter — $ 77,154

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Outstanding Options and SARs	The following summarizes information concerning outstanding options and SARs issued under the 2013 Stock Incentive Plan: Outstanding Weighted Average Exercise Price Stock Options SARs Stock Options SARs December 31, 2019 905,381 375,625 $ 9.05 $ 9.25 Granted — 192,925 — 7.82 Exercised (20,136) (1,284) 8.27 7.24 Forfeited and expired (190,128) (31,609) 9.23 9.05 December 31, 2020 695,117 535,657 9.03 8.75 The following table provides information regarding outstanding stock options and SARs which were fully vested and exercisable: December 31, 2020 December 31, 2019 Stock Options SARs Stock Options SARs Number outstanding and exercisable 629,530 293,455 673,341 200,745 Weighted-Average Remaining Life (years) 5.88 4.17 6.83 4.49 Weighted Average Exercise Price $ 8.91 $ 8.93 $ 8.88 $ 8.81
Summary of Award Activity	The following table summarizes the award activity, in number of units, during the year ended December 31, 2020: Balance at December 31, 2019 Granted Vested Exercised Forfeited Recovery of Vested Awards Balance at December 31, 2020 Vested RSU — — 57,183 (57,183) — — — BMP Equity Units 7,980,037 4,580,888 578,678 — (31,618) (1,963,969) 11,144,016 REUs 2,164,742 3,033,956 401,598 — (14,000) (507,500) 5,078,796 Unvested RSU 244,083 — (57,183) — (57,183) — 129,717 BMP Equity Units 180,000 3,008,800 (578,678) — (380,025) — 2,230,097 REUs 246,500 2,727,072 (401,598) — (303,400) — 2,268,574 Total RSU 244,083 — — (57,183) (57,183) — 129,717 BMP Equity Units 8,160,037 7,589,688 — — (411,643) (1,963,969) 13,374,113 REUs 2,411,242 5,761,028 — — (317,400) (507,500) 7,347,370
Components of Equity-based Compensation Expense	The following table presents the components of equity-based compensation expense recognized in the consolidated statement of operations (in thousands): Year Ended 2020 2019 Stock options $ 180 $ 408 Stock appreciation rights (40) 338 Restricted stock units (38) 986 BMP equity units 53,523 — REUs 45,772 — Preferred equity 11,443 — Total equity-based compensation $ 110,840 $ 1,732
Schedule of Equity-based Compensation Expense Vesting of Award Outstanding	The following table presents the equity-based compensation expense expected to be recognized over the next five years based on scheduled vesting of awards outstanding, excluding the award subject to the performance condition discussed above, as of December 31, 2020 (in thousands): Stock Options SAR REU BMP Equity Units Total 2021 $ 107 $ 287 $ 7,805 $ 7,965 $ 16,164 2022 19 192 5,754 5,834 11,799 2023 — 91 2,993 2,555 5,639 2024 — — 674 518 1,192 2025 — — — — — Total $ 126 $ 570 $ 17,226 $ 16,872 $ 34,794 Weighted-average period over which to be recognized 0.57 years 1.12 years 2.52 years 1.61 years

Other Expenses (Tables)

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Other Expenses [Abstract]
Schedule of Other Expenses	The components of other expenses in our consolidated statements of operations are as follows (in thousands): Year Ended December 31, 2020 2019 Insurance and regulatory $ 4,459 $ 5,032 Information technology 3,596 2,024 Servicing and facility fees 2,423 1,833 Marketing 1,251 1,612 Premises and equipment 1,215 692 Depreciation and amortization 1,170 436 Contract labor 906 1,820 Travel and entertainment 2,004 1,218 General and administrative 1,203 1,076 Bad debt expense — 153 Total other expenses $ 18,227 $ 15,896

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The current and deferred 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): Year Ended December 31, 2020 2019 (As Restated) Current income tax expense $ 537 $ 10 Deferred income tax expense (benefit) (16,927) 71,855 Total income tax expense (benefit) $ (16,390) $ 71,865
Reconciliation of Income Tax Expense (Benefit)	Year Ended December 31, 2020 2019 (As Restated) Statutory federal income tax (benefit) $ (43,339) $ 33,449 State income taxes (benefit), net of federal benefit (2,995) 12,962 Change in valuation allowance 20,688 25,547 Noncontrolling interest 7,718 — Other permanent differences, net 1,538 (93) Total income tax expense (benefit) $ (16,390) $ 71,865
Schedule of Deferred Tax Assets and Liabilities	The effects of temporary differences that give rise to deferred income taxes were as follows (in thousands): December 31 2020 2019 (As Restated) Deferred tax assets: Investment in life insurance policies $ 42,836 $ 37,649 Net operating loss and business interest carryforwards 43,188 18,935 Other assets 4,940 9,348 Subtotal 90,964 65,932 Valuation allowance (88,157) (65,932) Deferred tax assets 2,807 — Deferred tax liabilities: Investment in partnership (54,077) (71,855) Other liabilities (199) — Net deferred tax liability $ (51,469) $ (71,855)

Earnings (Loss) per Common Sh_2

Earnings (Loss) per Common Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Income (Loss) per Share	The computations of basic and diluted income (loss) attributable to common shareholders per share for 2020 and 2019 are as follows (in thousands, except share data and per share data): Year Ended December 31, 2020 2019 Numerator: (As Restated) Basic – Net income (loss) attributable to common shareholders $ (168,545) $ 70,471 Add: Preferred dividends upon conversion — 2,020 Diluted – Net income (loss) attributable to common shareholders (168,545) 72,491 Denominator: Basic – weighted average common shares outstanding 28,063,268 33,016,007 Effect of dilutive securities — 2,203,435 Diluted – weighted average common shares outstanding 28,063,268 35,219,442 Basic earnings (loss) per common share $ (6.01) $ 2.13 Diluted earnings (loss) per common share $ (6.01) $ 2.06

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment EBT represents net income (loss) excluding income taxes and includes earnings (loss) from equity method investments and for the year ended December 31, 2019, the gain on consolidation of equity method investment. Information on reportable segments is as follows (in thousands): Year Ended December 31, Revenue: 2020 2019 Secondary Life Insurance $ 51,359 $ 78,002 Beneficient 72,950 13,738 Corporate & Other 62 536 Total $ 124,371 $ 92,276 Year Ended December 31, Interest Expense: 2020 2019 Secondary Life Insurance $ 97,279 $ 83,055 Beneficient 57,337 31,789 Corporate & Other — — Total $ 154,616 $ 114,844 Year Ended December 31, Segment EBT: 2020 2019 (As Restated) Secondary Life Insurance $ (59,684) $ (27,694) Beneficient (139,575) 222,443 Corporate & Other (32,970) (35,470) Total Segment EBT (232,229) 159,279 Income tax expense (benefit) (16,390) 71,865 Net income (loss) $ (215,839) $ 87,414 December 31, Total Assets: 2020 2019 (As Restated) Secondary Life Insurance $ 886,739 $ 904,363 Beneficient 2,662,630 2,762,121 Corporate & Other 15,588 9,297 Total $ 3,564,957 $ 3,675,781

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease Assets and Liabilities	The lease assets and liabilities are as follows (in thousands): Leases Classification December 31, 2020 Operating lease right-of-use assets Other assets $ 1,126 Operating lease liabilities Accounts payable and accrued expenses $ 1,672
Lease Costs	Total lease costs recognized for the years ended December 31, 2020 and 2019 were as follows (in thousands): Year Ended 2020 2019 Operating lease costs $ 910 $ 233 Variable lease costs 332 225 Short-term lease costs 87 60 Total lease costs $ 1,329 $ 518
Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of December 31, 2020 are as follows (in thousands): 2021 $ 716 2022 302 2023 311 2024 320 2025 273 Thereafter — Total lease payments 1,922 Less: imputed interest (250) Present value of lease liabilities $ 1,672

Concentration (Tables)

Concentration (Tables)	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The following summarizes the face value of insurance policies with specific life insurance companies exceeding 10% of the total face value of our portfolio. Life Insurance Company December 31, December 31, John Hancock 14.72 % 14.23 % Lincoln National 11.20 % 11.55 % Equitable Financial 10.57 % 10.63 %
Schedule of the Number of Insurance Contracts	The following summarizes the number of insurance policies held in specific states exceeding 10% of the total face value held by us: State of Residence December 31, December 31, California 18.05 % 17.46 % Florida 14.93 % 14.86 %

Restatement (Tables)

Restatement (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Balance Sheet as of December 31, 2019 (dollars in thousands). December 31, 2019 As Previously Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 79,073 $ 3,211 $ 82,284 Restricted cash 20,258 13,248 33,506 Investment in alternative assets, at net asset value — 342,012 342,012 Loan receivables, net of discount 232,344 (232,344) — Fees receivable 29,168 (29,168) — Financing receivables from affiliates 67,153 (67,153) — Other assets 28,374 1,024 29,398 Goodwill 2,358,005 9,745 2,367,750 TOTAL ASSETS 3,635,206 40,575 3,675,781 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Deferred revenue 41,444 (41,444) — Repurchase option — 61,664 61,664 Accounts payable and accrued expenses 27,836 56 27,892 Deferred tax liability, net (1) 57,923 13,932 71,855 TOTAL LIABILITIES 1,764,725 34,208 1,798,933 STOCKHOLDERS’ EQUITY Accumulated deficit (76,501) (20,695) (97,196) TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY 333,979 (20,695) 313,284 Noncontrolling interests 266,848 27,062 293,910 TOTAL STOCKHOLDERS’ EQUITY 600,827 6,367 607,194 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $ 3,635,206 $ 40,575 $ 3,675,781 (1) Adjustment specifically reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Statement of Operations for the year ended December 31, 2019 (dollars in thousands). As Previously Reported Adjustments As Restated INCOME TAX EXPENSE (1) $ 57,933 $ 13,932 $ 71,865 LOSS BEFORE EARNINGS FROM EQUITY METHOD INVESTMENTS (137,530) (13,932) (151,462) Gain on consolidation of equity method investment (see Note 4) (2) 249,716 (6,763) 242,953 NET INCOME (LOSS) 108,109 (20,695) 87,414 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS 91,166 (20,695) 70,471 NET INCOME (LOSS) PER COMMON SHARE Basic $ 2.76 $ (0.63) $ 2.13 Diluted $ 2.65 $ (0.59) $ 2.06 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) Adjustment is due to the fair value adjustment of the Promissory Note, which was required as of December 31, 2019 upon consolidation of the ExAlt Trusts. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Statement of Cash Flows for the year ended December 31, 2019 (dollars in thousands). As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) (1) (2) $ 108,109 $ (20,695) $ 87,414 Gain on consolidation of equity method investment (249,716) 6,763 (242,953) Deferred income taxes (1) 57,923 13,932 71,855 NET CASH FLOWS USED IN OPERATING ACTIVITIES (142,830) — (142,830) CASH FLOWS FROM INVESTING ACTIVITIES Business combination consideration, net of cash and restricted cash acquired (61,479) 16,459 (45,020) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (137,969) 16,459 (121,510) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (26,105) 16,459 (9,646) CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD 99,331 16,459 115,790 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) Adjustment is due to the fair value adjustment of the Promissory Note, which was required as of December 31, 2019 upon consolidation of the ExAlt Trusts. The following table sets forth the effects of the Restatement on the affected line items and classes of stockholders’ equity within the Company’s previously reported Consolidated Statement of Changes in Stockholder’s Equity as of December 31, 2019 (dollars in thousands). Accumulated Deficit Total GWG Holdings Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2019 (As Previously Reported) $ (76,501) $ 333,979 $ 266,848 $ 600,827 Adjustment to recognition of noncontrolling interest — — 27,062 27,062 Adjustments to net income (20,695) (20,695) — (20,695) Balance, December 31, 2019 (As Restated) $ (97,196) $ 313,284 $ 293,910 $ 607,194 The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Balance Sheets as of September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). September 30, 2020 June 30, 2020 March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 93,766 $ 588 $ 94,354 $ 149,233 $ 454 $ 149,687 $ 116,432 $ 776 $ 117,208 Restricted cash 15,990 5,324 21,314 19,059 6,686 25,745 26,446 7,613 34,059 Investment in alternative assets, at net asset value — 221,245 221,245 — 315,713 315,713 — 335,487 335,487 Loan receivables, net of discount 229,961 (229,961) — 218,448 (218,448) — 219,296 (219,296) — Allowance for loan losses (2,914) 2,914 — (7,900) 7,900 — (700) 700 — Loans receivable, net 227,047 (227,047) — 210,548 (210,548) — 218,596 (218,596) — Fees receivable 31,571 (31,571) — 31,611 (31,611) — 30,453 (30,453) — Financing receivables from affiliates — — — 69,428 (69,428) — 68,290 (68,290) — Other assets 53,501 838 54,339 40,142 1,399 41,541 33,906 1,035 34,941 Goodwill 2,384,121 (16,371) 2,367,750 2,384,121 (16,371) 2,367,750 2,372,595 (4,845) 2,367,750 TOTAL ASSETS 3,629,674 (46,994) 3,582,680 3,718,637 (3,706) 3,714,931 3,684,229 22,727 3,706,956 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Seller Trust L Bonds (1) $ 366,892 $ (94,788) $ 272,104 $ 366,892 $ — $ 366,892 $ 366,892 $ — $ 366,892 Deferred revenue 35,848 (35,848) — 37,858 (37,858) — 39,651 (39,651) — Repurchase option — 730 730 — 56,660 56,660 — 52,052 52,052 Accounts payable and accrued expenses 33,235 277 33,512 23,457 242 23,699 21,139 208 21,347 Deferred tax liability, net (2) 52,500 — 52,500 33,674 18,826 52,500 40,206 12,294 52,500 TOTAL LIABILITIES 1,970,900 (129,629) 1,841,271 1,913,834 37,870 1,951,704 1,841,462 24,903 1,866,365 STOCKHOLDERS’ EQUITY Common stock in treasury, at cost, 12,337,264 shares December 31, 2020 and 2,500,000 shares as of December 31, 2019 (1) (24,550) (42,856) (67,406) (24,550) — (24,550) (24,550) — (24,550) Additional paid-in capital (1) 178,969 98,385 277,354 225,537 — 225,537 229,207 — 229,207 Accumulated deficit (2) (200,935) (5,501) (206,436) (136,355) (24,752) (161,107) (121,933) (18,634) (140,567) TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY 120,630 50,028 170,658 242,067 (24,752) 217,315 269,415 (18,634) 250,781 Noncontrolling interests (1) 291,391 32,607 323,998 298,705 (16,824) 281,881 331,711 16,458 348,169 TOTAL STOCKHOLDERS’ EQUITY 412,021 82,635 494,656 540,772 (41,576) 499,196 601,126 (2,176) 598,950 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY 3,629,674 (46,994) 3,582,680 3,718,637 (3,706) 3,714,931 3,684,229 22,727 3,706,956 (1) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. (2) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Operations for the quarterly periods ended September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). Three Months Ended September 30, 2020 Three Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated REVENUE Investment income (loss), net $ — $ 56,705 $ 56,705 $ — $ (22,671) $ (22,671) $ — $ 7,556 $ 7,556 Interest income 12,928 (12,650) 278 12,671 (12,371) 300 13,989 (13,274) 715 Trust services revenues 4,556 (4,556) — 4,829 (4,829) — 5,027 (5,027) — TOTAL REVENUE 28,513 39,499 68,012 68,789 (39,871) 28,918 33,557 (10,745) 22,812 EXPENSES Provision for loan losses (4,986) 4,986 — 7,200 (7,200) — 700 (700) — Other expenses 4,550 162 4,712 4,895 168 5,063 3,612 — 3,612 TOTAL EXPENSES 81,963 5,148 87,111 68,720 (7,032) 61,688 124,050 (700) 123,350 LOSS BEFORE INCOME TAXES (53,450) 34,351 (19,099) 69 (32,839) (32,770) (90,493) (10,045) (100,538) INCOME TAX EXPENSE (BENEFIT) (1) 22,444 (18,826) 3,618 (8,550) 6,532 (2,018) (14,507) (1,638) (16,145) LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS (75,894) 53,177 (22,717) 8,619 (39,371) (30,752) (75,986) (8,407) (84,393) NET INCOME (LOSS) (77,325) 53,177 (24,148) 7,301 (39,371) (32,070) (77,516) (8,407) (85,923) Net (income) loss attributable to noncontrolling interests 12,745 (33,926) (21,181) (21,723) 33,253 11,530 32,084 10,468 42,552 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (68,149) $ 19,251 $ (48,898) $ (18,136) $ (6,118) $ (24,254) $ (49,384) $ 2,061 $ (47,323) NET INCOME (LOSS) PER COMMON SHARE Basic $ (2.23) $ 0.63 $ (1.60) $ (0.59) $ (0.20) $ (0.79) $ (1.62) $ 0.07 $ (1.55) Diluted $ (2.23) $ 0.63 $ (1.60) $ (0.59) $ (0.20) $ (0.79) $ (1.62) $ 0.07 $ (1.55) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (2) Basic 30,584,719 (106,927) 30,477,792 30,536,830 — 30,536,830 30,534,977 — 30,534,977 Diluted 30,584,719 (106,927) 30,477,792 30,536,830 — 30,536,830 30,534,977 — 30,534,977 (1) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Operations for the year-to-date periods ended September 30, 2020 and June 30, 2020 (dollars in thousands). Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated REVENUE Investment income (loss), net $ — $ 41,590 $ 41,590 $ — $ (15,115) $ (15,115) Interest income 39,588 (38,295) 1,293 26,660 (25,645) 1,015 Trust services revenues 14,412 (14,412) — 9,856 (9,856) — TOTAL REVENUE 130,859 (11,117) 119,742 102,346 (50,616) 51,730 EXPENSES Provision for loan losses 2,914 (2,914) — 7,900 (7,900) — Other expenses 13,057 330 13,387 8,507 168 8,675 TOTAL EXPENSES 274,733 (2,584) 272,149 192,770 (7,732) 185,038 LOSS BEFORE INCOME TAXES (143,874) (8,533) (152,407) (90,424) (42,884) (133,308) INCOME TAX EXPENSE (BENEFIT) (1) (613) (13,932) (14,545) (23,057) 4,894 (18,163) LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS (143,261) 5,399 (137,862) (67,367) (47,778) (115,145) NET INCOME (LOSS) (147,540) 5,399 (142,141) (70,215) (47,778) (117,993) Net loss attributable to noncontrolling interests 23,106 9,795 32,901 10,361 43,721 54,082 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (135,669) $ 15,194 $ (120,475) $ (67,520) $ (4,057) $ (71,577) NET INCOME (LOSS) PER COMMON SHARE Basic $ (4.44) $ 0.49 $ (3.95) $ (2.21) $ (0.13) $ (2.34) Diluted $ (4.44) $ 0.49 $ (3.95) $ (2.21) $ (0.13) $ (2.34) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (2) Basic 30,552,233 (35,902) 30,516,331 30,535,811 — 30,535,811 Diluted 30,552,233 (35,902) 30,516,331 30,535,811 — 30,535,811 (1) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Cash Flows for the year-to-date periods ended September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (147,540) $ 5,399 $ (142,141) $ (70,215) $ (47,778) $ (117,993) $ (77,516) $ (8,407) $ (85,923) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Investment income (loss), net — (41,590) (41,590) — 15,115 15,115 — (7,556) (7,556) Amortization of upfront fees (5,356) 5,356 — (3,586) 3,586 — (1,793) 1,793 — Return on investments in alternative assets — 1,577 1,577 — 1,180 1,180 — 374 374 Non-cash interest income, including interest paid-in-kind and accretion of purchase discount (38,530) 38,315 (215) (25,811) 25,665 (146) (13,374) 13,295 (79) Provision for loan losses 2,914 (2,914) — 7,900 (7,900) — 700 (700) — Deferred income taxes (1) (4,621) (13,932) (18,553) (24,250) 4,894 (19,356) (17,717) (1,638) (19,355) Change in operating assets and liabilities: Fees receivable (2,643) 2,643 — (2,443) 2,443 — (1,285) 1,285 — Other assets (2,634) 184 (2,450) (2,869) (377) (3,246) 368 (12) 356 Accounts payable and accrued expenses 8,306 58 8,364 2,592 21 2,613 (1,103) 15 (1,088) NET CASH FLOWS USED IN OPERATING ACTIVITIES (142,905) (4,904) (147,809) (83,669) (3,151) (86,820) (40,632) (1,551) (42,183) CASH FLOWS FROM INVESTING ACTIVITIES Net change in loans receivable 11,169 (11,169) — 11,169 (11,169) — 10,614 (10,614) — Investments in alternative assets — (226) (226) — (169) (169) — (78) (78) Return of investments in alternative assets — 5,752 5,752 — 5,169 5,169 — 4,173 4,173 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES 16,007 (5,643) 10,364 19,049 (6,169) 12,880 10,751 (6,519) 4,232 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,425 (10,547) (122) 68,962 (9,320) 59,642 43,547 (8,070) 35,477 CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD 99,331 16,459 115,790 99,331 16,459 115,790 99,331 16,459 115,790 END OF PERIOD $ 109,756 $ 5,912 $ 115,668 $ 168,293 $ 7,139 $ 175,432 $ 142,878 $ 8,389 $ 151,267 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated NON-CASH INVESTING AND FINANCING ACTIVITIES Conversion of Promissory Note 70,565 (70,565) — — — — — — — Collateral Swap (see Note 1): Exchange of alternative assets for Seller Trust L Bonds (1) — 94,788 94,788 — — — — — — Exchange of alternative assets for common stock (1) — 42,856 42,856 — — — — — — Deemed capital contribution from related party (1) — 46,770 46,770 — — — — — — Adjustment to noncontrolling interest as a result of Collateral Swap (1) — 3,444 3,444 — — — — — — Distribution payable to noncontrolling interest — 165 165 — 165 165 — 136 136 Business combination measurement period adjustments: Reduction in loans receivable 26,116 (26,116) — 26,116 (26,116) — 14,590 (14,590) — (1) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following table sets forth the effects of the Restatement on the affected line items and classes of stockholders’ equity within the Company’s previously reported Condensed Consolidated Statements of Changes in Stockholder’s Equity for the quarters ended March 31, 2020 through September 30, 2020 (dollars in thousands). There was no impact to the redeemable noncontrolling interest. Common Shares Additional Paid-in Capital Accumulated Deficit Treasury Stock Total GWG Holdings Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2019 (As Previously Reported) 30,533,793 $ 233,106 $ (76,501) $ (24,550) $ 333,979 $ 266,848 $ 600,827 Adjustments to recognition of noncontrolling interest — — — — — 27,062 27,062 Adjustments to net income — — (20,695) — (20,695) — (20,695) Balance, December 31, 2019 (As Restated) 30,533,793 233,106 (97,196) (24,550) 313,284 293,910 607,194 Adjustments to noncontrolling interest — — — — — (10,604) (10,604) Adjustments to net loss — — 2,061 — 2,061 — 2,061 Total other activity as previously reported 1,456 (3,899) (45,432) — (64,564) 64,863 299 Balance, March 31, 2020 (As Restated) 30,535,249 229,207 (140,567) (24,550) 250,781 348,169 598,950 Adjustments to noncontrolling interest — — — — — (33,282) (33,282) Adjustments to net loss — — (6,118) — (6,118) — (6,118) Total other activity as previously reported 2,232 (3,670) (14,422) — (27,348) (33,006) (60,354) Balance, June 30, 2020 (As Restated) 30,537,481 225,537 (161,107) (24,550) 217,315 281,881 499,196 Adjustments to noncontrolling interest — — — — — 33,926 33,926 Adjustments to net loss — — 19,251 — 19,251 — 19,251 Deemed capital contribution from related party — 46,770 — — 46,770 — 46,770 Recognition of shares in treasury (9,837,264) — — (42,856) (42,856) — (42,856) Adjustment for change in ownership — 8,039 — — 8,039 (8,039) — Reduction to noncontrolling interest for Beneficient treasury — — — — — (3,444) (3,444) Total other activity as previously reported 57,183 (2,992) (64,580) — (77,861) 19,674 (58,187) Balance, September 30, 2020 (As Restated) 20,757,400 $ 277,354 $ (206,436) $ (67,406) $ 170,658 $ 323,998 $ 494,656

Effects of the Restatement - _2

Effects of the Restatement - Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Balance Sheet as of December 31, 2019 (dollars in thousands). December 31, 2019 As Previously Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 79,073 $ 3,211 $ 82,284 Restricted cash 20,258 13,248 33,506 Investment in alternative assets, at net asset value — 342,012 342,012 Loan receivables, net of discount 232,344 (232,344) — Fees receivable 29,168 (29,168) — Financing receivables from affiliates 67,153 (67,153) — Other assets 28,374 1,024 29,398 Goodwill 2,358,005 9,745 2,367,750 TOTAL ASSETS 3,635,206 40,575 3,675,781 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Deferred revenue 41,444 (41,444) — Repurchase option — 61,664 61,664 Accounts payable and accrued expenses 27,836 56 27,892 Deferred tax liability, net (1) 57,923 13,932 71,855 TOTAL LIABILITIES 1,764,725 34,208 1,798,933 STOCKHOLDERS’ EQUITY Accumulated deficit (76,501) (20,695) (97,196) TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY 333,979 (20,695) 313,284 Noncontrolling interests 266,848 27,062 293,910 TOTAL STOCKHOLDERS’ EQUITY 600,827 6,367 607,194 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $ 3,635,206 $ 40,575 $ 3,675,781 (1) Adjustment specifically reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Statement of Operations for the year ended December 31, 2019 (dollars in thousands). As Previously Reported Adjustments As Restated INCOME TAX EXPENSE (1) $ 57,933 $ 13,932 $ 71,865 LOSS BEFORE EARNINGS FROM EQUITY METHOD INVESTMENTS (137,530) (13,932) (151,462) Gain on consolidation of equity method investment (see Note 4) (2) 249,716 (6,763) 242,953 NET INCOME (LOSS) 108,109 (20,695) 87,414 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS 91,166 (20,695) 70,471 NET INCOME (LOSS) PER COMMON SHARE Basic $ 2.76 $ (0.63) $ 2.13 Diluted $ 2.65 $ (0.59) $ 2.06 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) Adjustment is due to the fair value adjustment of the Promissory Note, which was required as of December 31, 2019 upon consolidation of the ExAlt Trusts. The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Consolidated Statement of Cash Flows for the year ended December 31, 2019 (dollars in thousands). As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) (1) (2) $ 108,109 $ (20,695) $ 87,414 Gain on consolidation of equity method investment (249,716) 6,763 (242,953) Deferred income taxes (1) 57,923 13,932 71,855 NET CASH FLOWS USED IN OPERATING ACTIVITIES (142,830) — (142,830) CASH FLOWS FROM INVESTING ACTIVITIES Business combination consideration, net of cash and restricted cash acquired (61,479) 16,459 (45,020) NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES (137,969) 16,459 (121,510) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (26,105) 16,459 (9,646) CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD 99,331 16,459 115,790 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) Adjustment is due to the fair value adjustment of the Promissory Note, which was required as of December 31, 2019 upon consolidation of the ExAlt Trusts. The following table sets forth the effects of the Restatement on the affected line items and classes of stockholders’ equity within the Company’s previously reported Consolidated Statement of Changes in Stockholder’s Equity as of December 31, 2019 (dollars in thousands). Accumulated Deficit Total GWG Holdings Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2019 (As Previously Reported) $ (76,501) $ 333,979 $ 266,848 $ 600,827 Adjustment to recognition of noncontrolling interest — — 27,062 27,062 Adjustments to net income (20,695) (20,695) — (20,695) Balance, December 31, 2019 (As Restated) $ (97,196) $ 313,284 $ 293,910 $ 607,194 The following table sets forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Balance Sheets as of September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). September 30, 2020 June 30, 2020 March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 93,766 $ 588 $ 94,354 $ 149,233 $ 454 $ 149,687 $ 116,432 $ 776 $ 117,208 Restricted cash 15,990 5,324 21,314 19,059 6,686 25,745 26,446 7,613 34,059 Investment in alternative assets, at net asset value — 221,245 221,245 — 315,713 315,713 — 335,487 335,487 Loan receivables, net of discount 229,961 (229,961) — 218,448 (218,448) — 219,296 (219,296) — Allowance for loan losses (2,914) 2,914 — (7,900) 7,900 — (700) 700 — Loans receivable, net 227,047 (227,047) — 210,548 (210,548) — 218,596 (218,596) — Fees receivable 31,571 (31,571) — 31,611 (31,611) — 30,453 (30,453) — Financing receivables from affiliates — — — 69,428 (69,428) — 68,290 (68,290) — Other assets 53,501 838 54,339 40,142 1,399 41,541 33,906 1,035 34,941 Goodwill 2,384,121 (16,371) 2,367,750 2,384,121 (16,371) 2,367,750 2,372,595 (4,845) 2,367,750 TOTAL ASSETS 3,629,674 (46,994) 3,582,680 3,718,637 (3,706) 3,714,931 3,684,229 22,727 3,706,956 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Seller Trust L Bonds (1) $ 366,892 $ (94,788) $ 272,104 $ 366,892 $ — $ 366,892 $ 366,892 $ — $ 366,892 Deferred revenue 35,848 (35,848) — 37,858 (37,858) — 39,651 (39,651) — Repurchase option — 730 730 — 56,660 56,660 — 52,052 52,052 Accounts payable and accrued expenses 33,235 277 33,512 23,457 242 23,699 21,139 208 21,347 Deferred tax liability, net (2) 52,500 — 52,500 33,674 18,826 52,500 40,206 12,294 52,500 TOTAL LIABILITIES 1,970,900 (129,629) 1,841,271 1,913,834 37,870 1,951,704 1,841,462 24,903 1,866,365 STOCKHOLDERS’ EQUITY Common stock in treasury, at cost, 12,337,264 shares December 31, 2020 and 2,500,000 shares as of December 31, 2019 (1) (24,550) (42,856) (67,406) (24,550) — (24,550) (24,550) — (24,550) Additional paid-in capital (1) 178,969 98,385 277,354 225,537 — 225,537 229,207 — 229,207 Accumulated deficit (2) (200,935) (5,501) (206,436) (136,355) (24,752) (161,107) (121,933) (18,634) (140,567) TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY 120,630 50,028 170,658 242,067 (24,752) 217,315 269,415 (18,634) 250,781 Noncontrolling interests (1) 291,391 32,607 323,998 298,705 (16,824) 281,881 331,711 16,458 348,169 TOTAL STOCKHOLDERS’ EQUITY 412,021 82,635 494,656 540,772 (41,576) 499,196 601,126 (2,176) 598,950 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY 3,629,674 (46,994) 3,582,680 3,718,637 (3,706) 3,714,931 3,684,229 22,727 3,706,956 (1) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. (2) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Operations for the quarterly periods ended September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). Three Months Ended September 30, 2020 Three Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated REVENUE Investment income (loss), net $ — $ 56,705 $ 56,705 $ — $ (22,671) $ (22,671) $ — $ 7,556 $ 7,556 Interest income 12,928 (12,650) 278 12,671 (12,371) 300 13,989 (13,274) 715 Trust services revenues 4,556 (4,556) — 4,829 (4,829) — 5,027 (5,027) — TOTAL REVENUE 28,513 39,499 68,012 68,789 (39,871) 28,918 33,557 (10,745) 22,812 EXPENSES Provision for loan losses (4,986) 4,986 — 7,200 (7,200) — 700 (700) — Other expenses 4,550 162 4,712 4,895 168 5,063 3,612 — 3,612 TOTAL EXPENSES 81,963 5,148 87,111 68,720 (7,032) 61,688 124,050 (700) 123,350 LOSS BEFORE INCOME TAXES (53,450) 34,351 (19,099) 69 (32,839) (32,770) (90,493) (10,045) (100,538) INCOME TAX EXPENSE (BENEFIT) (1) 22,444 (18,826) 3,618 (8,550) 6,532 (2,018) (14,507) (1,638) (16,145) LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS (75,894) 53,177 (22,717) 8,619 (39,371) (30,752) (75,986) (8,407) (84,393) NET INCOME (LOSS) (77,325) 53,177 (24,148) 7,301 (39,371) (32,070) (77,516) (8,407) (85,923) Net (income) loss attributable to noncontrolling interests 12,745 (33,926) (21,181) (21,723) 33,253 11,530 32,084 10,468 42,552 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (68,149) $ 19,251 $ (48,898) $ (18,136) $ (6,118) $ (24,254) $ (49,384) $ 2,061 $ (47,323) NET INCOME (LOSS) PER COMMON SHARE Basic $ (2.23) $ 0.63 $ (1.60) $ (0.59) $ (0.20) $ (0.79) $ (1.62) $ 0.07 $ (1.55) Diluted $ (2.23) $ 0.63 $ (1.60) $ (0.59) $ (0.20) $ (0.79) $ (1.62) $ 0.07 $ (1.55) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (2) Basic 30,584,719 (106,927) 30,477,792 30,536,830 — 30,536,830 30,534,977 — 30,534,977 Diluted 30,584,719 (106,927) 30,477,792 30,536,830 — 30,536,830 30,534,977 — 30,534,977 (1) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Operations for the year-to-date periods ended September 30, 2020 and June 30, 2020 (dollars in thousands). Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated REVENUE Investment income (loss), net $ — $ 41,590 $ 41,590 $ — $ (15,115) $ (15,115) Interest income 39,588 (38,295) 1,293 26,660 (25,645) 1,015 Trust services revenues 14,412 (14,412) — 9,856 (9,856) — TOTAL REVENUE 130,859 (11,117) 119,742 102,346 (50,616) 51,730 EXPENSES Provision for loan losses 2,914 (2,914) — 7,900 (7,900) — Other expenses 13,057 330 13,387 8,507 168 8,675 TOTAL EXPENSES 274,733 (2,584) 272,149 192,770 (7,732) 185,038 LOSS BEFORE INCOME TAXES (143,874) (8,533) (152,407) (90,424) (42,884) (133,308) INCOME TAX EXPENSE (BENEFIT) (1) (613) (13,932) (14,545) (23,057) 4,894 (18,163) LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS (143,261) 5,399 (137,862) (67,367) (47,778) (115,145) NET INCOME (LOSS) (147,540) 5,399 (142,141) (70,215) (47,778) (117,993) Net loss attributable to noncontrolling interests 23,106 9,795 32,901 10,361 43,721 54,082 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (135,669) $ 15,194 $ (120,475) $ (67,520) $ (4,057) $ (71,577) NET INCOME (LOSS) PER COMMON SHARE Basic $ (4.44) $ 0.49 $ (3.95) $ (2.21) $ (0.13) $ (2.34) Diluted $ (4.44) $ 0.49 $ (3.95) $ (2.21) $ (0.13) $ (2.34) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (2) Basic 30,552,233 (35,902) 30,516,331 30,535,811 — 30,535,811 Diluted 30,552,233 (35,902) 30,516,331 30,535,811 — 30,535,811 (1) Adjustments reflect the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. (2) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following tables set forth the effects of the Restatement on the affected line items within the Company’s previously reported Condensed Consolidated Statements of Cash Flows for the year-to-date periods ended September 30, 2020, June 30, 2020, and March 31, 2020 (dollars in thousands). Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (147,540) $ 5,399 $ (142,141) $ (70,215) $ (47,778) $ (117,993) $ (77,516) $ (8,407) $ (85,923) Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Investment income (loss), net — (41,590) (41,590) — 15,115 15,115 — (7,556) (7,556) Amortization of upfront fees (5,356) 5,356 — (3,586) 3,586 — (1,793) 1,793 — Return on investments in alternative assets — 1,577 1,577 — 1,180 1,180 — 374 374 Non-cash interest income, including interest paid-in-kind and accretion of purchase discount (38,530) 38,315 (215) (25,811) 25,665 (146) (13,374) 13,295 (79) Provision for loan losses 2,914 (2,914) — 7,900 (7,900) — 700 (700) — Deferred income taxes (1) (4,621) (13,932) (18,553) (24,250) 4,894 (19,356) (17,717) (1,638) (19,355) Change in operating assets and liabilities: Fees receivable (2,643) 2,643 — (2,443) 2,443 — (1,285) 1,285 — Other assets (2,634) 184 (2,450) (2,869) (377) (3,246) 368 (12) 356 Accounts payable and accrued expenses 8,306 58 8,364 2,592 21 2,613 (1,103) 15 (1,088) NET CASH FLOWS USED IN OPERATING ACTIVITIES (142,905) (4,904) (147,809) (83,669) (3,151) (86,820) (40,632) (1,551) (42,183) CASH FLOWS FROM INVESTING ACTIVITIES Net change in loans receivable 11,169 (11,169) — 11,169 (11,169) — 10,614 (10,614) — Investments in alternative assets — (226) (226) — (169) (169) — (78) (78) Return of investments in alternative assets — 5,752 5,752 — 5,169 5,169 — 4,173 4,173 NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES 16,007 (5,643) 10,364 19,049 (6,169) 12,880 10,751 (6,519) 4,232 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,425 (10,547) (122) 68,962 (9,320) 59,642 43,547 (8,070) 35,477 CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD 99,331 16,459 115,790 99,331 16,459 115,790 99,331 16,459 115,790 END OF PERIOD $ 109,756 $ 5,912 $ 115,668 $ 168,293 $ 7,139 $ 175,432 $ 142,878 $ 8,389 $ 151,267 (1) Adjustment reflects the impact of an immaterial out-of-period adjustment to correct the valuation allowance against the Company’s deferred tax assets. See Note 2 to the consolidated financial statements for more details. Nine Months Ended September 30, 2020 Six Months Ended June 30, 2020 Three Months Ended March 31, 2020 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated NON-CASH INVESTING AND FINANCING ACTIVITIES Conversion of Promissory Note 70,565 (70,565) — — — — — — — Collateral Swap (see Note 1): Exchange of alternative assets for Seller Trust L Bonds (1) — 94,788 94,788 — — — — — — Exchange of alternative assets for common stock (1) — 42,856 42,856 — — — — — — Deemed capital contribution from related party (1) — 46,770 46,770 — — — — — — Adjustment to noncontrolling interest as a result of Collateral Swap (1) — 3,444 3,444 — — — — — — Distribution payable to noncontrolling interest — 165 165 — 165 165 — 136 136 Business combination measurement period adjustments: Reduction in loans receivable 26,116 (26,116) — 26,116 (26,116) — 14,590 (14,590) — (1) For September 30, 2020, adjustments reflect the impact of the Collateral Swap discussed in Note 1. The following table sets forth the effects of the Restatement on the affected line items and classes of stockholders’ equity within the Company’s previously reported Condensed Consolidated Statements of Changes in Stockholder’s Equity for the quarters ended March 31, 2020 through September 30, 2020 (dollars in thousands). There was no impact to the redeemable noncontrolling interest. Common Shares Additional Paid-in Capital Accumulated Deficit Treasury Stock Total GWG Holdings Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2019 (As Previously Reported) 30,533,793 $ 233,106 $ (76,501) $ (24,550) $ 333,979 $ 266,848 $ 600,827 Adjustments to recognition of noncontrolling interest — — — — — 27,062 27,062 Adjustments to net income — — (20,695) — (20,695) — (20,695) Balance, December 31, 2019 (As Restated) 30,533,793 233,106 (97,196) (24,550) 313,284 293,910 607,194 Adjustments to noncontrolling interest — — — — — (10,604) (10,604) Adjustments to net loss — — 2,061 — 2,061 — 2,061 Total other activity as previously reported 1,456 (3,899) (45,432) — (64,564) 64,863 299 Balance, March 31, 2020 (As Restated) 30,535,249 229,207 (140,567) (24,550) 250,781 348,169 598,950 Adjustments to noncontrolling interest — — — — — (33,282) (33,282) Adjustments to net loss — — (6,118) — (6,118) — (6,118) Total other activity as previously reported 2,232 (3,670) (14,422) — (27,348) (33,006) (60,354) Balance, June 30, 2020 (As Restated) 30,537,481 225,537 (161,107) (24,550) 217,315 281,881 499,196 Adjustments to noncontrolling interest — — — — — 33,926 33,926 Adjustments to net loss — — 19,251 — 19,251 — 19,251 Deemed capital contribution from related party — 46,770 — — 46,770 — 46,770 Recognition of shares in treasury (9,837,264) — — (42,856) (42,856) — (42,856) Adjustment for change in ownership — 8,039 — — 8,039 (8,039) — Reduction to noncontrolling interest for Beneficient treasury — — — — — (3,444) (3,444) Total other activity as previously reported 57,183 (2,992) (64,580) — (77,861) 19,674 (58,187) Balance, September 30, 2020 (As Restated) 20,757,400 $ 277,354 $ (206,436) $ (67,406) $ 170,658 $ 323,998 $ 494,656

Nature of Business (Details)

Nature of Business (Details)	Sep. 07, 2021USD ($)	Aug. 11, 2021USD ($)	Jun. 28, 2021USD ($)	Jan. 01, 2021$ / shares	Sep. 30, 2020USD ($)shares	Jul. 15, 2020USD ($)day$ / shares	Dec. 31, 2019USD ($)shares	Jun. 12, 2019USD ($)shares	Apr. 15, 2019shares	Dec. 28, 2018USD ($)extensionOptionshares	Sep. 30, 2014shares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Nov. 05, 2021USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2020USD ($)	Oct. 15, 2021USD ($)	Aug. 11, 2020USD ($)$ / shares	May 31, 2019USD ($)	Aug. 10, 2018
Debt Instrument [Line Items]
Portion allocated to lender (in dollars per share) | $ / shares																		$ 0.95
Portion allocated to noncontrolling interest holders (in dollars per share) | $ / shares																		$ 0.05
Average closing price (in usd per share) | $ / shares																							$ 12.50
Shares acquired (in shares) | shares							666,667
GWG common shares transferred (in shares) | shares									3,952,155
Loan amount					$ 0		$ 0					$ 0	$ 0	$ 0	$ 0	$ 0			$ 0
Change of control event, ownership threshold						25.00%	25.00%												25.00%
Convertible units, automatic exchange, number of trading days | day						20
Convertible unites, automatic exchange, unit price (in usd per share) | $ / shares						$ 12.75
Common stock in treasury																		$ 42,856,000	$ 24,550,000
Investment in alternative assets, at fair value					221,245,000		$ 342,012,000					221,245,000	315,713,000	335,487,000	315,713,000	221,245,000		221,894,000	342,012,000		$ 221,894,000
Treasury stock recognized					42,900,000
(Increase) decrease in noncontrolling interest					(3,400,000)
Deemed capital contribution from related party					(46,800,000)													46,770,000
Cash, cash equivalents, restricted cash					115,668,000		$ 115,790,000					115,668,000	175,432,000	151,267,000	175,432,000	115,668,000		124,160,000	115,790,000	$ 125,436,000	124,160,000
LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS												(22,717,000)	$ (30,752,000)	$ (84,393,000)	$ (115,145,000)	(137,862,000)		(208,520,000)	(151,462,000)
Contributions																		14,140,000	$ 12,388,000
Commitment to contribute to FOXO
Debt Instrument [Line Items]
Commitment to fund investment																		3,800,000			3,800,000
Ben LP
Debt Instrument [Line Items]
Shares acquired (in shares) | shares							666,667
Consideration transferred							$ 79,000,000
LNV Corporation
Debt Instrument [Line Items]
Borrowing base capacity																		$ 97,400,000			97,400,000
Subsequent Event
Debt Instrument [Line Items]
Portion allocated to lender (in dollars per share) | $ / shares				$ 0.975
Portion allocated to noncontrolling interest holders (in dollars per share) | $ / shares				$ 0.025
Cash, cash equivalents, restricted cash																						$ 54,300,000
Obligated debt payments																	$ 74,500,000
Subsequent Event | NF Credit Agreement
Debt Instrument [Line Items]
One-time advance paid		$ 107,600,000
Subsequent Event | LNV Corporation
Debt Instrument [Line Items]
Proceeds received	$ 30,300,000		$ 51,200,000
Repayment of advance received, including interest and penalties		$ 56,700,000
L Bonds
Debt Instrument [Line Items]
Debt, weighted average interest rate																									7.50%
Debt eliminated					94,800,000
Ben LP
Debt Instrument [Line Items]
Investment in alternative assets, at fair value					$ 94,300,000							94,300,000				94,300,000
Common Shares
Debt Instrument [Line Items]
Issuance of common stock (in shares) | shares										27,013,516	800,000							60,871	58,382
Common stock in treasury (in shares) | shares					9,837,264													9,837,264	2,500,000
Common stock in treasury					$ 84,600,000
Ben Common Units
Debt Instrument [Line Items]
Common stock in treasury (in shares) | shares					543,874
Common stock in treasury					$ 6,800,000
Noncontrolling Interests
Debt Instrument [Line Items]
(Increase) decrease in noncontrolling interest																		$ 8,064,000
Ben LP
Debt Instrument [Line Items]
Investment (in shares) | shares										40,505,279
Investment owned							319,000,000												$ 319,000,000				$ 57,500,000
Shares acquired (in shares) | shares								1,000,000												40,505,279
Ownership percentage																				89.90%
Contributions								$ 10,000,000
FOXO
Debt Instrument [Line Items]
Contributions																					16,200,000
FOXO | Commitment to contribute to FOXO
Debt Instrument [Line Items]
Commitment to fund investment																		3,800,000			3,800,000
Pen
Debt Instrument [Line Items]
Loans contributed																		$ 129,200,000			$ 129,200,000
Series A Preferred Stock | Ben LP
Debt Instrument [Line Items]
Member capital							$ 1,600,000,000												$ 1,600,000,000
Preferred Series C Unit Accounts
Debt Instrument [Line Items]
Convertible units, automatic exchange, minimum required capital account if all units not converted						$ 10,000,000
L Bonds
Debt Instrument [Line Items]
Principal amount										$ 366,900,000
Debt, weighted average interest rate																									7.50%
Affiliated Entity
Debt Instrument [Line Items]
Ownership interest																		50.50%			50.50%
Affiliated Entity | Ben LP | Commercial Loan
Debt Instrument [Line Items]
Notes and interest receivable										$ 192,500,000
Commercial loan, number of extensions | extensionOption										2
Commercial loan, term										5 years
Commercial loan, interest rate										5.00%
Commercial loan, interest rate, due and payable monthly										0.025
Commercial loan, interest rate, due at maturity										0.025
Affiliated Entity | LiquidTrust Borrowers
Debt Instrument [Line Items]
Commercial loan, interest rate																		7.00%			7.00%
Loan amount					65,100,000							65,100,000				65,100,000								$ 65,000,000
Affiliated Entity | LiquidTrust Borrowers | Beneficient Company Holdings Preferred C Investment
Debt Instrument [Line Items]
Conversion of note receivable to capital					75,000,000
Conversion of note receivable, additional potential capital interests					$ 5,000,000							$ 5,000,000				$ 5,000,000
Seller Trusts and Beneficient
Debt Instrument [Line Items]
Shares acquired (in shares) | shares																		40,505,279
Ownership percentage																		89.90%			89.90%
BCH
Debt Instrument [Line Items]
Ownership interest																		100.00%			100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Oct. 01, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Cash and cash equivalents	$ 85,249		$ 94,354	$ 149,687	$ 117,208	$ 82,284
Restricted cash	38,911		21,314	25,745	34,059	33,506
Goodwill	2,367,750		2,367,750	2,367,750	2,367,750	2,367,750
Impairment charge threshold, decline in annual projected volume of liquidity transactions, percent		15.00%
Allowance for loan losses	$ 5,400		$ 0	$ 0	$ 0
Noncompete Agreements
Goodwill [Line Items]
Estimated useful life	2 years
Ben LP
Goodwill [Line Items]
Goodwill						2,367,750
Intangible assets						$ 3,449

Restrictions on Cash (Details)

Restrictions on Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 38,911	$ 21,314	$ 25,745	$ 34,059	$ 33,506
LNV Corporation
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	33,500				20,300
Capital Call And Administrative Reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 5,400				$ 13,200

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 30, 2019
Business Acquisition [Line Items]
Additional of common units issued (in shares)	666,667
Ben LP
Business Acquisition [Line Items]
Common units held prior to acquisition (in shares)				41,505,279
Ownership percentage prior to acquisition				90.20%
Consideration transferred	$ 79,000
Additional of common units issued (in shares)	666,667
Ownership percentage after acquisition	95.50%	95.50%	95.50%
Carrying value of investment prior to acquisition	$ 368,600	$ 368,600	$ 368,600
Fair value investment	622,503
Remeasurement gain		$ 253,900
Remeasurement loss	10,900
Remeasurement gain, net	$ 243,000		$ 243,000

Business Combination - Fair Val

Business Combination - Fair Value Measurement of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 30, 2019
ACQUISITION CONSIDERATION
Cash, less cash acquired		$ 0	$ 45,020
Resulting goodwill	$ 2,367,750	2,367,750	2,367,750	$ 2,367,750	$ 2,367,750	$ 2,367,750
Equity-based payment awards		110,840	1,732
Ben LP
ASSETS
Investments in alternative assets, at net asset value	342,012		342,012
Investment in public equity securities	24,550		24,550
Other assets	15,077		15,077
Intangible assets	3,449		3,449
Total identifiable assets acquired	385,088		385,088
LIABILITIES
Debt due to related parties	153,086		153,086
Promissory note with related party	60,390		60,390
Commercial loan agreement from parent	168,420		168,420
Other liabilities and option agreement	64,421		64,421
Repurchase option	61,664		61,664
Accounts payable and accrued expenses	13,770		13,770
Total liabilities assumed	521,751		521,751
Net liabilities assumed	(136,663)		(136,663)
NONCONTROLLING INTERESTS
Common Units not owned by GWG Holdings	181,383		181,383
Class S Ordinary Units	85,448		85,448
Class S Preferred Units	17		17
Trusts’ Deficit	27,062		27,062
Preferred Series A Subclass 1 Unit Accounts	1,269,654		1,269,654
Total noncontrolling interests	1,563,564		1,563,564
ACQUISITION CONSIDERATION
Cash, less cash acquired	45,020
Fair value of preexisting investment in Common Units	622,503
Fair value of noncontrolling interest	1,563,564		1,563,564
Total estimated consideration	2,231,087
Less: Net liabilities assumed	(136,663)		(136,663)
Resulting goodwill	$ 2,367,750		2,367,750
Insurance license acquired		3,100
Non-compete agreement acquired		$ 300
Common units not owned by GWG Holdings (in shares)							1,974,677
Enterprise valuation (in usd per share)							$ 15
Equity-based payment awards			$ 151,800
Common units owned by GWG Holdings (in shares)	41,505,279		41,505,279

Business Combination - Pro Form

Business Combination - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Total Revenue
As reported	$ 68,012	$ 28,918	$ 22,812	$ 51,730	$ 119,742	$ 124,371	$ 92,276
Net Income (Loss) Attributable to Common Shareholders
Basic – Net income (loss) attributable to common shareholders	$ (48,898)	$ (24,254)	$ (47,323)	$ (71,577)	$ (120,475)	$ (168,545)	$ 70,471
Net Earnings (Loss) per Diluted Common Share
As reported (in usd per share)	$ (1.60)	$ (0.79)	$ (1.55)	$ (2.34)	$ (3.95)	$ (6.01)	$ 2.06
Pro Forma
Total Revenue
Pro forma							$ 62,636
As reported							92,276
Net Income (Loss) Attributable to Common Shareholders
Pro forma							(220,726)
Basic – Net income (loss) attributable to common shareholders							$ 70,471
Net Earnings (Loss) per Diluted Common Share
Pro forma (in dollars per share)							$ (6.21)
As reported (in usd per share)							$ 2.06

Investment in Life Insurance _3

Investment in Life Insurance Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Face value benefits, maximum	$ 1
Benefits recognized from insurance policies	125.1	$ 125.1
Carrying value of life insurance policies	38.2	33.2
Realized gains from life insurance policies	$ 86.9	$ 91.9
Alternative asset market discount rate | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate applied to portfolio	8.25%	8.25%

Investment in Life Insurance _4

Investment in Life Insurance Policies - Portfolio Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)lifesmokerpolicy	Dec. 31, 2019USD ($)policy
Investments, All Other Investments [Abstract]
Total life insurance portfolio face value of policy benefits	$ 1,900,715	$ 2,020,973
Average face value per insured life	$ 1,943
Average life expectancy estimate (years)	6 years 10 months 24 days
Total number of policies | policy	1,058	1,151
Number of unique lives | life	978
Demographics, percent male	74.00%
Demographics, percent female	26.00%
Number of smokers | smoker	40
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	3.80%

Investment in Life Insurance _5

Investment in Life Insurance Policies - Summary of Policies by Estimated Life Expectancy (Details) $ in Thousands	Dec. 31, 2020USD ($)policy	Dec. 31, 2019USD ($)policy
Number of Policies
Year one | policy	15	8
Year two | policy	62	55
Year three | policy	106	90
Year four | policy	119	128
Year five | policy	111	109
Year six | policy	115	113
Thereafter | policy	530	123
Thereafter | policy		525
Totals | policy	1,058	1,151
Estimated Fair Value
Year one	$ 19,429	$ 5,869
Year two	66,657	62,061
Year three	113,926	89,074
Year four	130,280	123,352
Year five	85,842	103,111
Year six	100,280	74,223
Thereafter	275,497	92,337
Thereafter		246,012
Totals	791,911	796,039
Face Value
Year one	22,298	6,342
Year two	88,698	79,879
Year three	178,983	138,723
Year four	229,815	222,369
Year five	187,042	217,053
Year six	237,632	171,961
Thereafter	956,247	250,239
Thereafter		934,407
Totals	$ 1,900,715	$ 2,020,973

Investment in Life Insurance _6

Investment in Life Insurance Policies - Reconciliation of Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Life Settlement Contracts, Fair Value Method, Gain (Loss) [Abstract]
Change in estimated probabilistic cash flows	$ 63,463	$ 67,186
Unrealized gain on acquisitions	0	6,921
Premiums and other annual fees	(71,439)	(65,577)
Change in life expectancy evaluation	0	(2,332)
Face value of matured policies	125,109	125,148
Fair value of matured policies	(67,535)	(56,026)
Gain (loss) on life insurance policies, net	$ 49,598	$ 75,320

Investment in Life Insurance _7

Investment in Life Insurance Policies - Estimated Future Premium Payments and Servicing Fees (Details) $ in Thousands	Dec. 31, 2020USD ($)
Premiums
Investment Holdings [Line Items]
2021	$ 72,445
2022	89,436
2023	100,953
2024	110,044
2025	122,438
Total	495,316
Servicing
Investment Holdings [Line Items]
2021	1,655
2022	1,655
2023	1,655
2024	1,655
2025	1,655
Total	8,275
Total
Investment Holdings [Line Items]
2021	74,100
2022	91,091
2023	102,608
2024	111,699
2025	124,093
Total	$ 503,591

Investments in Alternative As_3

Investments in Alternative Assets (Details) $ in Thousands	Sep. 30, 2020USD ($)shares	Dec. 31, 2020USD ($)underlyingInvestmentinvestmentFundshares	Dec. 31, 2019USD ($)shares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Schedule of Investments [Line Items]
Value	$ 221,245	$ 221,894	$ 342,012	$ 315,713	$ 335,487
Unfunded Commitments		35,609	34,946
Common stock in treasury		$ 42,856	$ 24,550
Alternative investments funds | investmentFund		117
Underlying investments | underlyingInvestment		327
Percent of underlying investments in private companies		91.00%
L Bonds
Schedule of Investments [Line Items]
Debt eliminated	94,800
Common Shares
Schedule of Investments [Line Items]
Common stock in treasury	$ 84,600
Common stock in treasury (in shares) | shares	9,837,264	9,837,264	2,500,000
Ben Common Units
Schedule of Investments [Line Items]
Common stock in treasury	$ 6,800
Common stock in treasury (in shares) | shares	543,874
Venture Capital
Schedule of Investments [Line Items]
Value		$ 123,021	$ 267,662
Unfunded Commitments		1,659	8,915
Private Equity
Schedule of Investments [Line Items]
Value		92,316	34,614
Unfunded Commitments		33,387	22,187
Private Real Estate
Schedule of Investments [Line Items]
Value		2,118	27,151
Unfunded Commitments		269	3,584
Other
Schedule of Investments [Line Items]
Value		4,439	12,585
Unfunded Commitments		$ 294	$ 260

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Jul. 17, 2020	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in alternative assets, at fair value		$ 221,894	$ 342,012	$ 221,245	$ 315,713	$ 335,487
Loss on alternative investment		17,600
Aggregate payments to purchase put options		$ 14,775	$ 0
Investments in put options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate payments to purchase put options	$ 14,800
Notional amount of put options	$ 300,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets:
Assets	$ 221,894	$ 221,245	$ 315,713	$ 335,487	$ 342,012
Investments in put options
Assets:
Assets	7,017
Investments in life insurance policies
Assets:
Assets	791,911				796,039
Repurchase options
Liabilities:
Liabilities					61,664
Level 1 | Investments in put options
Assets:
Assets	7,017
Level 1 | Investments in life insurance policies
Assets:
Assets	0				0
Level 1 | Repurchase options
Liabilities:
Liabilities					0
Level 2 | Investments in put options
Assets:
Assets	0
Level 2 | Investments in life insurance policies
Assets:
Assets	0				0
Level 2 | Repurchase options
Liabilities:
Liabilities					0
Level 3 | Investments in put options
Assets:
Assets	0
Level 3 | Investments in life insurance policies
Assets:
Assets	$ 791,911				796,039
Level 3 | Repurchase options
Liabilities:
Liabilities					$ 61,664

Fair Value Measurements - Repur

Fair Value Measurements - Repurchase Obligation (Details) - Repurchase options $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 61,664
Total gain in earnings	(61,664)
Purchases	0
Settlements	0
Other	0
Ending balance	$ 0

Fair Value Measurements - Signi

Fair Value Measurements - Significant Unobservable Inputs (Details) - Repurchase options $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 0	$ 61,664
Alternative asset market discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		0.085
Net asset value growth rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		0.085
Restricted exercise period
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		1
Minimum | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		0.22
Minimum | Net asset value volatilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		0.24
Maximum | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		0.56
Maximum | Net asset value volatilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		0.45

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Level 3 Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of reconciliation of investments in life insurance policies
Beginning balance	$ 796,039	$ 747,922
Total gain in earnings	34,114	49,015
Purchases	0	32,367
Settlements	(38,185)	(33,265)
Lapsed Policy	(57)	0
Ending balance	791,911	$ 796,039
Policy face value	$ 500

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Unobservable Inputs (Details) - Life Insurance Policies - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair value of our portfolio of life insurance policies
Weighted-average age of insured, years	83 years 1 month 6 days	82 years 4 months 24 days
Weighted-average life expectancy, months	83 months 1 day	86 months 6 days
Average face amount per policy	$ 1,797	$ 1,756
Discount rate	8.25%	8.25%
Minimum
Fair value of our portfolio of life insurance policies
Age of insured range, years	63 years	62 years
Life expectancy range, months	0 months	0 months
Maximum
Fair value of our portfolio of life insurance policies
Age of insured range, years	100 years	101 years
Life expectancy range, months	240 months	240 months

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Changes of Estimates on Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Change in Life Expectancy Estimates | Minus 8 Months
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	$ 97,837	$ 113,812
Change in Life Expectancy Estimates | Minus 4 Months
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	45,536	57,753
Change in Life Expectancy Estimates | Plus 4 Months
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	(61,713)	(55,905)
Change in Life Expectancy Estimates | Plus 8 Months
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	(114,099)	(111,340)
Change in Discount Rate | Minus 2%
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	82,983	91,890
Change in Discount Rate | Minus 1%
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	39,560	43,713
Change in Discount Rate | Plus 1%
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	(36,151)	(39,790)
Change in Discount Rate | Plus 2%
Summary of change in fair value of the investment in life insurance policies
Change in fair value of the investment in life insurance policies	$ (69,284)	$ (76,118)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount
Financial assets:
Cash, cash equivalents and restricted cash	$ 124,160	$ 115,790
Life insurance policy benefits receivable, net	14,334	23,031
Financial liabilities:
Senior credit facility	193,730	174,390
L Bonds and Seller Trust L bonds	1,519,006	1,293,530
Debt due to related parties	76,260	153,086
Other liabilities	50,585	44,408
Estimated Fair Value
Financial assets:
Cash, cash equivalents and restricted cash	124,160	115,790
Life insurance policy benefits receivable, net	14,334	23,031
Financial liabilities:
Senior credit facility	202,611	184,587
L Bonds and Seller Trust L bonds	1,519,006	1,293,530
Debt due to related parties	78,081	153,086
Other liabilities	$ 50,585	$ 44,408

Equity Method Investments - Add

Equity Method Investments - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 12, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Nov. 11, 2019
Schedule of Equity Method Investments [Line Items]
Shares acquired (in shares)	666,667
Contributions			$ 14,140	$ 12,388
Commitment to contribute to FOXO
Schedule of Equity Method Investments [Line Items]
Commitment to fund investment			3,800			$ 3,800
FOXO
Schedule of Equity Method Investments [Line Items]
Equity method investment, underlying equity in net assets							$ 3,400
Contributions						16,200
FOXO | Commitment to contribute to FOXO
Schedule of Equity Method Investments [Line Items]
Commitment to fund investment			$ 3,800			$ 3,800
Ben LP
Schedule of Equity Method Investments [Line Items]
Shares acquired (in shares)		1,000,000			40,505,279
Ownership interest					89.90%
Contributions		$ 10,000

Equity Method Investments - Rol

Equity Method Investments - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) In Equity Method Investments [Roll Forward]
Beginning balance	$ 1,761
Contributions	14,140	$ 12,388
Loss on equity method investment	(7,319)	(4,077)
Ending balance	8,582	1,761
FOXO
Increase (Decrease) In Equity Method Investments [Roll Forward]
Beginning balance	1,761	0
Contributions	14,436	3,378
Loss on equity method investment	(7,319)	(1,617)
Other	(296)	0
Ending balance	$ 8,582	$ 1,761

Equity Method Investments - Fin

Equity Method Investments - Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 68,012	$ 28,918	$ 22,812	$ 51,730	$ 119,742	$ 124,371	$ 92,276
Net loss	(24,148)	(32,070)	(85,923)	(117,993)	(142,141)	(215,839)	87,414
Net loss attributable to holders of Common Units	$ (48,898)	$ (24,254)	$ (47,323)	$ (71,577)	$ (120,475)	(168,545)	70,471
GWG Holdings portion of net loss						$ (7,319)	$ (4,077)
Ben LP
Schedule of Equity Method Investments [Line Items]
GWG Holdings portion of net loss								$ (2,460)
Ben LP
Schedule of Equity Method Investments [Line Items]
Total revenues								93,921
Net loss								(32,133)
Net loss attributable to holders of Common Units								$ (13,754)

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
TOTAL ASSETS		$ 3,564,957	$ 3,582,680	$ 3,714,931	$ 3,706,956	$ 3,675,781
CT Risk Management, LLC
Variable Interest Entity [Line Items]
Capital contribution	$ 14,800
CT Risk Management, LLC | VIE
Variable Interest Entity [Line Items]
TOTAL ASSETS		7,000
Loss on investment		$ 7,800

Variable Interest Entities - VI

Variable Interest Entities - VIE Financials (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 94,354	$ 149,687	$ 117,208	$ 149,687	$ 94,354	$ 85,249	$ 82,284
Restricted cash	21,314	25,745	34,059	25,745	21,314	38,911	33,506
Investment in alternative assets, at fair value	221,245	315,713	335,487	315,713	221,245	221,894	342,012
Other assets	54,339	41,541	34,941	41,541	54,339	36,326	29,398
TOTAL ASSETS	3,582,680	3,714,931	3,706,956	3,714,931	3,582,680	3,564,957	3,675,781
LIABILITIES
Repurchase option	730	56,660	52,052	56,660	730	0	61,664
Accounts payable and accrued expenses	33,512	23,699	21,347	23,699	33,512	26,505	27,892
TOTAL LIABILITIES	1,841,271	1,951,704	1,866,365	1,951,704	1,841,271	1,891,050	1,798,933
EQUITY
Noncontrolling interests	323,998	281,881	348,169	281,881	323,998	328,442	293,910
TOTAL STOCKHOLDERS’ EQUITY	494,656	499,196	598,950	499,196	494,656	440,814	607,194	$ 281,058
REVENUE
Investment income, net	56,705	(22,671)	7,556	(15,115)	41,590	44,106	0
Interest income	278	300	715	1,015	1,293	1,594	15,646
Total revenues	68,012	28,918	22,812	51,730	119,742	124,371	92,276
EXPENSES
Other expenses	4,712	5,063	3,612	8,675	13,387	18,227	15,896
TOTAL EXPENSES	87,111	61,688	123,350	185,038	272,149	349,281	171,873
Net income (loss)	(24,148)	(32,070)	(85,923)	(117,993)	(142,141)	(215,839)	87,414
Net loss attributable to noncontrolling interests	(21,181)	11,530	42,552	54,082	32,901	61,924	0
Basic – Net income (loss) attributable to common shareholders	$ (48,898)	$ (24,254)	$ (47,323)	$ (71,577)	$ (120,475)	(168,545)	70,471
VIE | ExAlt Trusts
ASSETS
Cash and cash equivalents						5,965	3,211
Restricted cash						5,386	13,248
Investment in alternative assets, at fair value						221,894	342,012
Other assets						1,273	1,335
TOTAL ASSETS						234,518	359,806
LIABILITIES
Repurchase option						0	61,664
Accounts payable and accrued expenses						2,029	17
TOTAL LIABILITIES						2,029	61,681
EQUITY
Noncontrolling interests						7,208	27,062
TOTAL STOCKHOLDERS’ EQUITY						7,208	$ 27,062
REVENUE
Investment income, net						44,106
Interest income						21
Total revenues						44,127
EXPENSES
Other expenses						501
TOTAL EXPENSES						501
Net income (loss)						43,626
Net loss attributable to noncontrolling interests						25,094
Basic – Net income (loss) attributable to common shareholders						$ 68,720

Variable Interest Entities - Cl

Variable Interest Entities - Classification, Carrying Value and Maximum Exposure to Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Total equity method investment	$ 8,582	$ 1,761
Carrying Value
Variable Interest Entity [Line Items]
Total equity method investment	8,582	1,761
Maximum Exposure to Loss
Variable Interest Entity [Line Items]
Total equity method investment	$ 12,332	$ 19,661

Debt - Senior Credit Facility w

Debt - Senior Credit Facility with LNV Corporation (Details) - USD ($)	Nov. 01, 2019	Dec. 31, 2020	Dec. 31, 2019
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		8.00%
LNV Corporation
Debt Instrument [Line Items]
Senior credit facility	$ 300,000,000
LIBOR floor		1.50%
Effective interest rate		9.00%
Additional collateral pledged	298,300,000
Advance received	$ 37,100,000
Portfolio pledged, percentage		77.10%
Line of credit facility, maximum month-end outstanding amount		$ 202,600,000	$ 184,600,000
Unamortized deferred financing costs		$ 8,900,000	$ 10,200,000
LNV Corporation | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		7.50%

Debt - L Bonds (Details)

Debt - L Bonds (Details) - L Bonds - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 03, 2020	Dec. 01, 2017
Debt Instrument [Line Items]
Debt offering, additional principal amount				$ 1,000,000,000
Debt offering, maximum principal amount			$ 2,000,000,000
Debt, weighted average interest rate	7.21%	7.15%
Long-term debt, gross	$ 1,300,000,000	$ 900,000,000
Subscriptions in process	18,000,000	15,800,000
Amortization	17,000,000	$ 12,700,000
Debt issuance costs, gross	$ 49,000,000
Amortization period of deferred financing cost	7 years

Debt - Future Contractual Matur

Debt - Future Contractual Maturities of Debt (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt due to related parties
Contractual Maturities
2021	$ 74,548
2022	0
2023	750
2024	1,856
2025	0
Thereafter	0
Total	77,154
L Bonds
Contractual Maturities
2021	191,582
2022	293,038
2023	191,446
2024	121,105
2025	167,433
Thereafter	313,277
Total	1,277,881
Unamortized Deferred Financing Costs
2021	2,116
2022	8,522
2023	7,616
2024	5,220
2025	8,251
Thereafter	17,232
Total	$ 48,957

Debt - Seller Trust L Bonds (De

Debt - Seller Trust L Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Aug. 10, 2018
Debt Instrument [Line Items]
Seller Trust L Bonds	$ 272,104	$ 272,104	$ 366,892	$ 366,892	$ 366,892
Seller Trust L Bonds, Due 2023
Debt Instrument [Line Items]
Seller Trust L Bonds		$ 272,100			$ 366,900	$ 366,900
Debt, weighted average interest rate						7.50%
Debt eliminated	$ 94,800

Debt - Liquidity Bonds (Details

Debt - Liquidity Bonds (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
L Bonds	$ 1,246,902,000	$ 926,638,000
Liquidity Bonds
Debt Instrument [Line Items]
Debt offering, maximum principal amount	$ 1,000,000,000
Maturity from issuance	4 years
Cash participation payment, percent of principal amount	0.015
Principal amount	$ 500,000
Unamortized financing costs	200,000
L Bonds	$ 300,000

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized debt premiums (discounts)	$ (916)	$ 887
Total debt due to related parties	76,260	153,086
First Lien Credit Agreement
Debt Instrument [Line Items]
Other borrowings, gross	2,288	77,477
Second Lien Credit Agreement
Debt Instrument [Line Items]
Other borrowings, gross	72,260	72,184
Debt due to related parties
Debt Instrument [Line Items]
Other borrowings, gross	$ 2,628	$ 2,538

Debt - Debt Due to Related Part

Debt - Debt Due to Related Parties (Details)	Sep. 10, 2021USD ($)	Mar. 10, 2021USD ($)installment	Jul. 15, 2020USD ($)	May 15, 2020USD ($)installment	Dec. 31, 2020USD ($)	Dec. 10, 2021
Debt Instrument [Line Items]
Repayment of principal				$ 25,000,000
Extension fee percentage				0.025
Repayment of principal, interest, and extension fee			$ 28,600,000
Basis spread on variable rate, maximum					9.50%
Number of Installments | installment				3
Installment amounts					$ 25,000,000
Outstanding balance					110.00%
Amendment fee					2.00%
Permitted maximum capital contributions in exchange					$ 152,000,000
Time after assumption of loans					2 years
Percentage of outstanding units					5.00%
Tax liability from grant					$ 30,000,000
Additional debt or borrowings threshold					$ 10,000,000
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					8.00%
Amendment Number One | Subsequent Event
Debt Instrument [Line Items]
Extension fee percentage		0.015
Number of Installments | installment		3
Installment amounts		$ 5,000,000
Amendment Number Three | Forecast
Debt Instrument [Line Items]
Amendment fee						3.00%
Amendment Number Three | Subsequent Event
Debt Instrument [Line Items]
Installment amounts	$ 5,000,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	Jul. 15, 2020day	Apr. 15, 2019shares	Dec. 28, 2018shares	Feb. 14, 2017day$ / sharesshares	Nov. 30, 2015$ / sharesshares	Apr. 30, 2018USD ($)shares	Mar. 31, 2017USD ($)shares	Nov. 30, 2015day$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Mar. 31, 2019$ / sharesshares	Dec. 31, 2020USD ($)day$ / sharesshares	Dec. 31, 2019USD ($)shares	Nov. 15, 2018USD ($)
Stockholders' Equity (Textual)
Market price of common stock (in dollars per share) | $ / shares											$ 6.99
Common stock transactions between shareholders (in shares) | shares		3,952,155
Maximum aggregate purchase price													$ 1,500,000
Shares repurchased (in shares) | shares										42,750
Average per share price (in usd per share) | $ / shares										$ 8.43
Payment of employee taxes on stock awards											$ 633,000	$ 0
Common stock, outstanding (in shares) | shares											33,094,664	33,033,793
Convertible units, automatic exchange, number of trading days | day	20
Percent of distributions entitled to residual beneficiary, payments on amounts due											5.00%
Percent of distributions entitled to residual beneficiary, amount of excess cash collateral											10.00%
Noncash issuance of noncontrolling interest											$ 5,978,000
Preferred Series C Unit Accounts
Stockholders' Equity (Textual)
Preferred return prior to initial public offering, numerator, basis spread over CPI											0.50%
Preferred return after initial public offering, numerator, basis spread over CPI											0.75%
Preferred return, numerator, basis spread over effective income tax rate											1.00%
Eliminations | Preferred Series C Unit Accounts
Stockholders' Equity (Textual)
Investment in preferred units of subsidiaries											$ 195,600,000
Ben LP | Eliminations
Stockholders' Equity (Textual)
Investment (in shares) | shares											46,887,915	42,171,946
Common Shares
Stockholders' Equity (Textual)
Issuance of common stock (in shares) | shares			27,013,516						800,000		60,871	58,382
Market price of common stock (in dollars per share) | $ / shares									$ 12.50
Net proceeds									$ 8,600,000
Shares repurchased (in shares) | shares												42,750
Ben LP
Stockholders' Equity (Textual)
Common stock, outstanding (in shares) | shares											48,205,756	44,146,623
Capital contributions permitted (in usd per share) | $ / shares											$ 10
BCH
Stockholders' Equity (Textual)
Sub-capital accounts, percentage											20.00%
Limit on indebtedness, capital percent of NAV threshold											55.00%
Limit on indebtedness, debt percent of NAV threshold											40.00%
Common Shares
Stockholders' Equity (Textual)
Issuance of common stock (in shares) | shares			27,013,516
Common Shares | BCC
Stockholders' Equity (Textual)
Common stock transactions between shareholders (in shares) | shares			2,500,000
Common Shares | AltiVerse
Stockholders' Equity (Textual)
Common stock transactions between shareholders (in shares) | shares			1,452,155
Redeemable Preferred Stock
Stockholders' Equity (Textual)
Preferred stock, authorized (in shares) | shares					100,000			100,000
Preferred stock, par value (in usd per share) | $ / shares					$ 1,000			$ 1,000
Preferred stock dividend rate percent					7.00%
Preferred stock, liquidation per share (in usd per share) | $ / shares					$ 1,000			$ 1,000
Trading days prior to date of conversion | day								20
Conversion price (in dollars per share) | $ / shares					$ 15			$ 15
Preferred stock redemption, percentage								15.00%
Shares sold (in shares) | shares							99,127
Consideration for shares sold							$ 99,100,000
Payment of employee taxes on stock awards							$ 7,000,000
Series 2 Redeemable Preferred Stock
Stockholders' Equity (Textual)
Preferred stock, authorized (in shares) | shares				150,000
Preferred stock, liquidation per share (in usd per share) | $ / shares				$ 1,000
Trading days prior to date of conversion | day				20
Conversion price (in dollars per share) | $ / shares				$ 12.75
Preferred stock redemption, percentage				10.00%
Shares sold (in shares) | shares						149,979
Payment of employee taxes on stock awards						$ 10,300,000
Preferred stock redemption price											107.00%
Aggregate gross consideration						$ 150,000,000
Class A and S units | BCH
Stockholders' Equity (Textual)
Income allocation percentage											50.00%
Class S Ordinary | BCH
Stockholders' Equity (Textual)
Preferred units issued (in shares) | shares											5,800,000	5,700,000
Preferred units outstanding (in shares) | shares											5,800,000	5,700,000
Common stock exchange ratio											1
Class S Preferred Units
Stockholders' Equity (Textual)
Preferred return, numerator, basis spread over effective income tax rate											1.00%
Common stock exchange ratio											1.2
Preferred return, annualized revenue threshold											$ 140,000,000
Preferred return, numerator, basis spread over CPI											0.75%
Preferred Series A Subclass 1 Unit Accounts | BCH
Stockholders' Equity (Textual)
Income allocation percentage											50.00%
Annualized return required											1.00%
Quarterly preferred return cap, percent, threshold one											0.25%
Quarterly preferred return cap, percent, threshold two											0.50%
Quarterly preferred return cap, percent, threshold three											0.75%
Quarterly preferred return cap, percent, threshold four											1.00%
Quarterly preferred return cap, percent, threshold five											1.25%
Quarterly preferred return cap, revenue, threshold one											$ 80,000,000
Quarterly preferred return cap, revenue, threshold two, minimum											80,000,000
Quarterly preferred return cap, revenue, threshold three, minimum											105,000,000
Quarterly preferred return cap, revenue, threshold four, minimum											125,000,000
Quarterly preferred return cap, revenue, threshold five, minimum											135,000,000
Quarterly preferred return cap, revenue, threshold two, maximum											105,000,000
Quarterly preferred return cap, revenue, threshold three, maximum											125,000,000
Quarterly preferred return cap, revenue, threshold four, maximum											135,000,000
Quarterly preferred return cap, revenue, threshold five, maximum											140,000,000
Quarterly preferred return cap, revenue, threshold six											$ 140,000,000
Preferred return prior to initial public offering, numerator, basis spread over CPI											2.00%
Preferred return after initial public offering, numerator, basis spread over CPI											3.00%
Preferred return, numerator, basis spread over effective income tax rate											1.00%
Preferred Series A Subclass 0 Unit Accounts | Ben LP
Stockholders' Equity (Textual)
Convertible units, automatic exchange, number of trading days | day											20

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details)	Jun. 18, 2020shares	Jun. 18, 2019shares	May 31, 2019shares	Apr. 25, 2019USD ($)director	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2020shares	Jun. 30, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Sep. 30, 2019USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Sep. 30, 2018shares
Equity-Based Compensation (Textual)
Outstanding common stock options (in shares)					695,117			905,381		695,117	905,381
Granted (in shares)										0
Fair value at grant date (in dollars per share) | $ / shares										$ 0
Market price of common stock (in dollars per share) | $ / shares					$ 6.99					$ 6.99
Equity-based compensation clawback income | $										$ 36,267,000	$ 0
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $					$ 34,794,000					$ 34,794,000
Number of directors | director				3
Ben Equity Incentive Plan
Equity-Based Compensation (Textual)
Common stock options authorized (in shares)												12,811,258
Weighted average grant date fair (in dollars per share) | $ / shares										$ 12.50
Fair value of vested shares | $										$ 42,900,000
Shares reserved for issuance, as a percentage of fully diluted common units outstanding					15.00%					15.00%
Change of control, unit settlement term										60 days
Percentage of common units										15.00%
Equity-based compensation clawback income | $							$ 36,300,000
Ben Equity Incentive Plan | Unvested
Equity-Based Compensation (Textual)
Weighted average grant date fair (in dollars per share) | $ / shares										$ 12.50
Stock Options
Equity-Based Compensation (Textual)
Award vesting period (in years)										3 years
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $					$ 126,000					$ 126,000
Stock Options | 2013 Stock Incentive Plan
Equity-Based Compensation (Textual)
Option award expiration period										10 years
Common stock options authorized (in shares)					6,000,000					6,000,000
Common stock options reserved for future issuance (in shares)					2,507,924					2,507,924
Common stock options available for future grants (in shares)					3,492,076					3,492,076
Outstanding common stock options (in shares)					695,117					695,117
Exercise price range, lower range limit (in dollars per share) | $ / shares										$ 4.83
Exercise price range, upper range limit (in dollars per share) | $ / shares										$ 11.56
Granted (in shares)										0
Fair value at grant date (in dollars per share) | $ / shares										$ 2.73
Total intrinsic value for options exercised in period | $										$ 31,600	$ 300,000
Intrinsic value of options outstanding | $					$ 41,700					41,700
Intrinsic value of exercisable options | $					$ 40,100					$ 40,100
Number of options vested (in shares)										97,996	197,859
Stock options vested, fair value | $										$ 300,000	$ 500,000
Stock Options | 2013 Stock Incentive Plan | Employee
Equity-Based Compensation (Textual)
Shares issued before forfeiture (in shares)										3,688
Stock Appreciation Rights (SARs) | 2013 Stock Incentive Plan
Equity-Based Compensation (Textual)
Award vesting period (in years)										3 years
SARs outstanding (in shares)					535,657					535,657
Weighted average grant date fair (in dollars per share) | $ / shares										$ 2.51	$ 2.66
Awards vested (in shares)										98,536	102,102
Fair value of vested shares | $										$ 200,000	$ 200,000
Other accrued liabilities | $					$ 500,000			$ 600,000		$ 500,000	$ 600,000
Stock Appreciation Rights (SARs) | 2013 Stock Incentive Plan | Minimum
Equity-Based Compensation (Textual)
SARs strike price (in dollars per share) | $ / shares					$ 6.75					$ 6.75
Stock Appreciation Rights (SARs) | 2013 Stock Incentive Plan | Maximum
Equity-Based Compensation (Textual)
SARs strike price (in dollars per share) | $ / shares					$ 11.55					$ 11.55
Restricted stock units
Equity-Based Compensation (Textual)
SARs outstanding (in shares)					129,717			244,083		129,717	244,083
Vested (in shares)										57,183
Restricted stock units | Unvested
Equity-Based Compensation (Textual)
SARs outstanding (in shares)					129,717			244,083		129,717	244,083
Vested (in shares)										0
Restricted stock units | 2013 Stock Incentive Plan
Equity-Based Compensation (Textual)
Weighted average grant date fair (in dollars per share) | $ / shares										$ 9.18	$ 10.15
Awards vested (in shares)									375,000	57,183
Fair value of vested shares | $										$ 500,000
Cash payments made | $									$ 4,500,000
Vested (in shares)											53,403
Stock issued to employees (in shares)											26,701
Restricted stock units | 2013 Stock Incentive Plan | Directors
Equity-Based Compensation (Textual)
Awards vested (in shares)	114,366
Awards granted (in shares)		114,366
Restricted stock units | 2013 Stock Incentive Plan | Chief Executive Officer
Equity-Based Compensation (Textual)
Target award grant (in shares)			129,717
Maximum award grant (in shares)			259,434
Restricted stock units | Ben Equity Incentive Plan | Directors
Equity-Based Compensation (Textual)
Awards granted (in shares)						515,000
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $					$ 6,400,000					$ 6,400,000
Restricted stock units | Ben Equity Incentive Plan | Directors | Nonemployee
Equity-Based Compensation (Textual)
Recovery of vested awards (in shares)							507,500
BMP Equity Units
Equity-Based Compensation (Textual)
SARs outstanding (in shares)					13,374,113			8,160,037		13,374,113	8,160,037
Vested (in shares)										0
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $					$ 16,872,000					$ 16,872,000
BMP Equity Units | Unvested
Equity-Based Compensation (Textual)
SARs outstanding (in shares)					2,230,097			180,000		2,230,097	180,000
Vested (in shares)										0
BMP Equity Units | BMP Equity Incentive Plan
Equity-Based Compensation (Textual)
Common stock options authorized (in shares)					19,000,000			19,000,000		19,000,000	19,000,000
Award vesting period (in years)										4 years
Weighted average grant date fair (in dollars per share) | $ / shares										$ 9.61
Fair value of vested shares | $										$ 49,600,000
Minimum required retained ownership of unit equivalents, percentage					0.25					0.25
Recovery of vested awards (in shares)							1,963,969
BMP Equity Units | BMP Equity Incentive Plan | Unvested
Equity-Based Compensation (Textual)
Weighted average grant date fair (in dollars per share) | $ / shares										$ 9.61
Preferred equity
Equity-Based Compensation (Textual)
Fair value of awards at grant date | $				$ 12,000,000
Director capital account balance | $								$ 4,000,000
Expense recognized | $					$ 11,400,000
Preferred equity | Director One
Equity-Based Compensation (Textual)
Director Capital Account Balance | $				4,000,000
Preferred equity | Director Two
Equity-Based Compensation (Textual)
Director Capital Account Balance | $				4,000,000
Preferred equity | Director Three
Equity-Based Compensation (Textual)
Director Capital Account Balance | $				$ 4,000,000

Equity-Based Compensation - Out

Equity-Based Compensation - Outstanding Options and SARs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Outstanding, Stock Options
Beginning Balance (in shares)	905,381
Granted (in shares)	0
Options exercised (in shares)	(20,136)
Forfeited and expired (in shares)	(190,128)
Ending Balance (in shares)	695,117	905,381
Weighted Average Exercise Price, Stock Options
Beginning Balance (in dollars per share)	$ 9.05
Granted (in dollars per share)	0
Exercised (in dollars per share)	8.27
Forfeited and expired (in dollars per share)	9.23
Ending Balance (in dollars per share)	$ 9.03	$ 9.05
SARs
Outstanding, SARs
Beginning Balance (in shares)	375,625
Granted (in shares)	192,925
Exercised (in shares)	(1,284)
Forfeited and expired (in shares)	(31,609)
Ending Balance (in shares)	535,657	375,625
Weighted Average Exercise Price, SARs
Beginning Balance (in dollars per share)	$ 9.25
Granted (in dollars per share)	7.82
Exercised (in dollars per share)	7.24
Forfeited and expired (in dollars per share)	9.05
Ending Balance (in dollars per share)	$ 8.75	$ 9.25
Number outstanding and exercisable (in shares)	293,455	200,745
Weighted-Average Remaining Life	4 years 2 months 1 day	4 years 5 months 26 days
Weighted Average Exercise Price (in dollars per share)	$ 8.93	$ 8.81
Stock Options
Weighted Average Exercise Price, SARs
Number outstanding and exercisable (in shares)	629,530	673,341
Weighted-Average Remaining Life	5 years 10 months 17 days	6 years 9 months 29 days
Weighted Average Exercise Price (in dollars per share)	$ 8.91	$ 8.88

Equity-Based Compensation - Awa

Equity-Based Compensation - Award Activity (Details)	12 Months Ended
	Dec. 31, 2020shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	244,083
Granted (in shares)	0
Vested (in shares)	0
Exercised (in shares)	(57,183)
Forfeited (in shares)	(57,183)
Recovery of vested awards (in shares)	0
Ending Balance (in shares)	129,717
BMP Equity Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	8,160,037
Granted (in shares)	7,589,688
Vested (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(411,643)
Recovery of vested awards (in shares)	(1,963,969)
Ending Balance (in shares)	13,374,113
REUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	2,411,242
Granted (in shares)	5,761,028
Vested (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(317,400)
Recovery of vested awards (in shares)	(507,500)
Ending Balance (in shares)	7,347,370
Vested | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	0
Granted (in shares)	0
Vested (in shares)	(57,183)
Exercised (in shares)	(57,183)
Forfeited (in shares)	0
Recovery of vested awards (in shares)	0
Ending Balance (in shares)	0
Vested | BMP Equity Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	7,980,037
Granted (in shares)	4,580,888
Vested (in shares)	(578,678)
Exercised (in shares)	0
Forfeited (in shares)	(31,618)
Recovery of vested awards (in shares)	(1,963,969)
Ending Balance (in shares)	11,144,016
Vested | REUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	2,164,742
Granted (in shares)	3,033,956
Vested (in shares)	(401,598)
Exercised (in shares)	0
Forfeited (in shares)	(14,000)
Recovery of vested awards (in shares)	(507,500)
Ending Balance (in shares)	5,078,796
Unvested | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	244,083
Granted (in shares)	0
Vested (in shares)	(57,183)
Exercised (in shares)	0
Forfeited (in shares)	(57,183)
Recovery of vested awards (in shares)	0
Ending Balance (in shares)	129,717
Unvested | BMP Equity Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	180,000
Granted (in shares)	3,008,800
Vested (in shares)	(578,678)
Exercised (in shares)	0
Forfeited (in shares)	(380,025)
Recovery of vested awards (in shares)	0
Ending Balance (in shares)	2,230,097
Unvested | REUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	246,500
Granted (in shares)	2,727,072
Vested (in shares)	(401,598)
Exercised (in shares)	0
Forfeited (in shares)	(303,400)
Recovery of vested awards (in shares)	0
Ending Balance (in shares)	2,268,574

Equity-Based Compensation - Equ

Equity-Based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 110,840	$ 1,732
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	180	408
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	(40)	338
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	(38)	986
BMP equity units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	53,523	0
REUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	45,772	0
Preferred equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 11,443	$ 0

Equity-Based Compensation - Fut

Equity-Based Compensation - Future Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2021	$ 16,164
2022	11,799
2023	5,639
2024	1,192
2025	0
Total	34,794
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2021	107
2022	19
2023	0
2024	0
2025	0
Total	$ 126
Weighted-average period over which to be recognized	6 months 25 days
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2021	$ 287
2022	192
2023	91
2024	0
2025	0
Total	$ 570
Weighted-average period over which to be recognized	1 year 1 month 13 days
REUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2021	$ 7,805
2022	5,754
2023	2,993
2024	674
2025	0
Total	$ 17,226
Weighted-average period over which to be recognized	2 years 6 months 7 days
BMP Equity Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2021	$ 7,965
2022	5,834
2023	2,555
2024	518
2025	0
Total	$ 16,872
Weighted-average period over which to be recognized	1 year 7 months 9 days

Other Expenses (Details)

Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Other Expenses [Abstract]
Insurance and regulatory						$ 4,459	$ 5,032
Information technology						3,596	2,024
Servicing and facility fees						2,423	1,833
Marketing						1,251	1,612
Premises and equipment						1,215	692
Depreciation and amortization						1,170	436
Contract labor						906	1,820
Travel and entertainment						2,004	1,218
General and administrative						1,203	1,076
Bad debt expense						0	153
Total other expenses	$ 4,712	$ 5,063	$ 3,612	$ 8,675	$ 13,387	$ 18,227	$ 15,896

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory federal income tax (benefit)						$ (43,339)	$ 33,449
State income taxes (benefit), net of federal benefit						(2,995)	12,962
Change in valuation allowance						20,688	25,547
Noncontrolling interest						7,718	0
Other permanent differences, net						1,538	(93)
Total income tax expense (benefit)	$ 3,618	$ (2,018)	$ (16,145)	$ (18,163)	$ (14,545)	$ (16,390)	$ 71,865

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current Income Tax Expense (Benefit)						$ 537	$ 10
Deferred Income Tax Expense (Benefit)			$ (19,355)	$ (19,356)	$ (18,553)	(16,927)	71,855
Total income tax expense (benefit)	$ 3,618	$ (2,018)	$ (16,145)	$ (18,163)	$ (14,545)	$ (16,390)	$ 71,865

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Investment in life insurance policies	$ 42,836	$ 37,649
Net operating loss and business interest carryforwards	43,188	18,935
Other assets	4,940	9,348
Subtotal	90,964	65,932
Valuation allowance	(88,157)	(65,932)
Deferred tax assets	2,807	0
Deferred tax liabilities:
Investment in partnership	(54,077)	(71,855)
Other liabilities	(199)	0
Net deferred tax liability	$ (51,469)	$ (71,855)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments, Owned, Federal Income Tax Note [Line Items]
Effective tax rate	7.90%	45.10%
Deferred tax asset related to NOL carryforward, federal	$ 12,200	$ 6,200
Deferred tax asset related to NOL carryforward, state	1,900	2,300
Current income tax liability	537	10
Valuation allowance	88,157	65,932
Capital Loss Carryforward
Investments, Owned, Federal Income Tax Note [Line Items]
Capital loss carryforward	14,200
Domestic Tax Authority
Investments, Owned, Federal Income Tax Note [Line Items]
Operating loss carryforwards	58,000	29,700
State and Local Jurisdiction
Investments, Owned, Federal Income Tax Note [Line Items]
Operating loss carryforwards	$ 24,300	$ 29,600

Loss per Common Share - Schedul

Loss per Common Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Basic – Net income (loss) attributable to common shareholders	$ (48,898)	$ (24,254)	$ (47,323)	$ (71,577)	$ (120,475)	$ (168,545)	$ 70,471
Add: Preferred dividends upon conversion						0	2,020
Diluted – Net income (loss) attributable to common shareholders						$ (168,545)	$ 72,491
Denominator:
Basic — weighted average common shares outstanding (in shares)	30,477,792	30,536,830	30,534,977	30,535,811	30,516,331	28,063,268	33,016,007
Effect of dilutive securities (in shares)						0	2,203,435
Diluted - weighted average common shares outstanding (in shares)	30,477,792	30,536,830	30,534,977	30,535,811	30,516,331	28,063,268	35,219,442
Basic (in usd per share)	$ (1.60)	$ (0.79)	$ (1.55)	$ (2.34)	$ (3.95)	$ (6.01)	$ 2.13
Diluted (in usd per share)	$ (1.60)	$ (0.79)	$ (1.55)	$ (2.34)	$ (3.95)	$ (6.01)	$ 2.06

Loss per Common Share - Additio

Loss per Common Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from calculation of diluted earnings per share (in shares)	2,313,748	437,266

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Segment	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment	2
Goodwill | $	$ 2,367,750	$ 2,367,750	$ 2,367,750	$ 2,367,750	$ 2,367,750

Segment Reporting - Segment Rec

Segment Reporting - Segment Reconciliations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 68,012	$ 28,918	$ 22,812	$ 51,730	$ 119,742	$ 124,371	$ 92,276
Interest expense						154,616	114,844
Net income (loss) before income tax benefit						(232,229)	159,279
Income tax expense (benefit)	3,618	(2,018)	(16,145)	(18,163)	(14,545)	(16,390)	71,865
Net income (loss)	(24,148)	(32,070)	(85,923)	(117,993)	(142,141)	(215,839)	87,414
Assets	$ 3,582,680	$ 3,714,931	$ 3,706,956	$ 3,714,931	$ 3,582,680	3,564,957	3,675,781
Operating Segments | Secondary Life Insurance
Segment Reporting Information [Line Items]
Total revenues						51,359	78,002
Interest expense						97,279	83,055
Net income (loss) before income tax benefit						(59,684)	(27,694)
Assets						886,739	904,363
Operating Segments | Beneficient
Segment Reporting Information [Line Items]
Total revenues						72,950	13,738
Interest expense						57,337	31,789
Net income (loss) before income tax benefit						(139,575)	222,443
Assets						2,662,630	2,762,121
Corporate & Other
Segment Reporting Information [Line Items]
Total revenues						62	536
Interest expense						0	0
Net income (loss) before income tax benefit						(32,970)	(35,470)
Assets						$ 15,588	$ 9,297

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Operating lease right-of-use assets	$ 1,126
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and accrued expenses
Operating lease liabilities	$ 1,672

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease costs	$ 910	$ 233
Variable lease costs	332	225
Short-term lease costs	87	60
Total lease costs	$ 1,329	$ 518

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Maturity [Abstract]
2021	$ 716
2022	302
2023	311
2024	320
2025	273
Thereafter	0
Total lease payments	1,922
Less: imputed interest	(250)
Operating lease liabilities	$ 1,672

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term	3 years 10 months 24 days	4 years 2 months 12 days
Weighted-average discount rate	6.80%	6.60%
Operating lease payments	$ 1	$ 0.3

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Dec. 31, 2020USD ($)
Other Commitments [Line Items]
Minimum balance required for capital funding commitment	$ 0.1
Unfunded Loan Commitment
Other Commitments [Line Items]
Unfunded loan commitments	1.1
Commitment to contribute to FOXO
Other Commitments [Line Items]
Commitment to fund investment	$ 3.8

Concentration - By Company (Det

Concentration - By Company (Details)	Dec. 31, 2020	Dec. 31, 2019
John Hancock
Concentration Risk [Line Items]
Face value percentage of insurance policies with specific life insurance companies	14.72%	14.23%
Lincoln National
Concentration Risk [Line Items]
Face value percentage of insurance policies with specific life insurance companies	11.20%	11.55%
Equitable Financial
Concentration Risk [Line Items]
Face value percentage of insurance policies with specific life insurance companies	10.57%	10.63%

Concentration - By State (Detai

Concentration - By State (Details)	Dec. 31, 2020	Dec. 31, 2019
California
Concentration Risk [Line Items]
Percentage of insurance policies held in specific states	18.05%	17.46%
Florida
Concentration Risk [Line Items]
Percentage of insurance policies held in specific states	14.93%	14.86%

Related Parties (Details)

Related Parties (Details) - USD ($)	Nov. 27, 2019	Jun. 03, 2019	May 31, 2019	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Mar. 23, 2018
Related Party Transaction [Line Items]
Payments on debt					$ 85,505,000	$ 23,756,000
Financing receivables from affiliates						0	$ 0	$ 0	$ 0
Beneficient
Related Party Transaction [Line Items]
Cash invested into equity investments					130,200,000	79,000,000
First Lien Credit Agreement
Related Party Transaction [Line Items]
Payments on debt					144,600,000	144,600,000
Beneficient Holding Inc.
Related Party Transaction [Line Items]
Related party costs					30,000
HERO and NPT
Related Party Transaction [Line Items]
Expenses related to agreement					0
Outstanding payables					2,600,000	2,500,000
Hicks Holdings LLC | Series A Preferred Stock
Related Party Transaction [Line Items]
Due to other related parties, noncurrent					$ 78,200,000					$ 60,400,000
Affiliated Entity
Related Party Transaction [Line Items]
Ownership interest					50.50%
Affiliated Entity | LiquidTrust Borrowers
Related Party Transaction [Line Items]
Financing receivables from affiliates			$ 65,000,000	$ 65,000,000			$ 65,100,000
Promissory note			$ 65,000,000
Advance, principal amount	$ 15,000,000	$ 50,000,000
Outstanding principal balance						65,000,000
Accrued interest						2,200,000
Directors
Related Party Transaction [Line Items]
Ownership interest					49.50%
MHT
Related Party Transaction [Line Items]
Financing receivables from affiliates					$ 4,200,000	3,900,000
MHT | President And Chief Executive Officer
Related Party Transaction [Line Items]
Ownership interest					30.00%
MHT | Series A Preferred Stock
Related Party Transaction [Line Items]
Due to other related parties, noncurrent					$ 23,900,000	$ 24,500,000
HCLP Nominees, LLC | Minimum
Related Party Transaction [Line Items]
Loans and investments outstanding balance					0
HCLP Nominees, LLC | Maximum
Related Party Transaction [Line Items]
Loans and investments outstanding balance					104,000,000
Bradley Capital Agreement
Related Party Transaction [Line Items]
Amount of transaction					400,000
Current supplemental fee					200,000
Other labor-related expenses					200,000
Postemployment benefits, period expense					200,000
Termination provisions					10,000,000
Expenses related to agreement					$ 3,800,000
BHI Services Agreement
Related Party Transaction [Line Items]
Transaction date					Jul. 1, 2017
Administrative Services Agreement | Constitution Private Capital Company, LLC
Related Party Transaction [Line Items]
Monthly fee					0.01%
Preferred Liquidity Provider Agreement | Constitution Private Capital Company, LLC
Related Party Transaction [Line Items]
Advance rate, percentage				82.00%

Restatement (Details)

Restatement (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 82,284	$ 94,354	$ 149,687	$ 117,208	$ 149,687	$ 94,354	$ 85,249	$ 82,284
Restricted cash	33,506	21,314	25,745	34,059	25,745	21,314	38,911	33,506
Investment in alternative assets, at fair value	342,012	221,245	315,713	335,487	315,713	221,245	221,894	342,012
Loans receivable, net	0	0	0	0	0	0		0
Fees receivable	0	0	0	0	0	0		0
Financing receivables from affiliates	0	0	0	0	0	0		0
Other assets	29,398	54,339	41,541	34,941	41,541	54,339	36,326	29,398
Goodwill	2,367,750	2,367,750	2,367,750	2,367,750	2,367,750	2,367,750	2,367,750	2,367,750
TOTAL ASSETS	3,675,781	3,582,680	3,714,931	3,706,956	3,714,931	3,582,680	3,564,957	3,675,781
LIABILITIES
Deferred revenue	0	0	0	0	0	0		0
Repurchase option	61,664	730	56,660	52,052	56,660	730	0	61,664
Accounts payable and accrued expenses	27,892	33,512	23,699	21,347	23,699	33,512	26,505	27,892
Deferred tax liability, net	71,855	52,500	52,500	52,500	52,500	52,500	51,469	71,855
TOTAL LIABILITIES	1,798,933	1,841,271	1,951,704	1,866,365	1,951,704	1,841,271	1,891,050	1,798,933
STOCKHOLDERS’ EQUITY
Accumulated deficit	(97,196)	(206,436)	(161,107)	(140,567)	(161,107)	(206,436)	(251,111)	(97,196)
TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY	313,284	170,658	217,315	250,781	217,315	170,658	112,372	313,284
Noncontrolling interests	293,910	323,998	281,881	348,169	281,881	323,998	328,442	293,910
TOTAL STOCKHOLDERS’ EQUITY	607,194	494,656	499,196	598,950	499,196	494,656	440,814	607,194
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	3,675,781	3,582,680	3,714,931	3,706,956	3,714,931	3,582,680	3,564,957	3,675,781
Income Statement [Abstract]
INCOME TAX EXPENSE (BENEFIT)		3,618	(2,018)	(16,145)	(18,163)	(14,545)	(16,390)	71,865
LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS		(22,717)	(30,752)	(84,393)	(115,145)	(137,862)	(208,520)	(151,462)
Gain on consolidation of equity method investment							0	242,953
Net income (loss)		(24,148)	(32,070)	(85,923)	(117,993)	(142,141)	(215,839)	87,414
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		$ (48,898)	$ (24,254)	$ (47,323)	$ (71,577)	$ (120,475)	$ (168,545)	$ 70,471
Basic (in usd per share)		$ (1.60)	$ (0.79)	$ (1.55)	$ (2.34)	$ (3.95)	$ (6.01)	$ 2.13
Diluted (in usd per share)		$ (1.60)	$ (0.79)	$ (1.55)	$ (2.34)	$ (3.95)	$ (6.01)	$ 2.06
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$ (24,148)	$ (32,070)	$ (85,923)	$ (117,993)	$ (142,141)	$ (215,839)	$ 87,414
Gain on consolidation of equity method investment							0	(242,953)
Deferred income taxes				(19,355)	(19,356)	(18,553)	(16,927)	71,855
NET CASH FLOWS USED IN OPERATING ACTIVITIES				(42,183)	(86,820)	(147,809)	(182,400)	(142,830)
CASH FLOWS FROM INVESTING ACTIVITIES
Business combination consideration, net of cash and restricted cash acquired							0	(45,020)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES				4,232	12,880	10,364	18,006	(121,510)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH				35,477	59,642	(122)	8,370	(9,646)
END OF PERIOD	115,790	115,668	175,432	151,267	175,432	115,668	124,160	115,790
Statement of Stockholders' Equity [Abstract]
Beginning balance		499,196	598,950	607,194	607,194	607,194	607,194	281,058
Recognition of noncontrolling interests (As Restated)								293,910
Net income (loss)							(184,870)	87,414
Ending balance	607,194	494,656	499,196	598,950	499,196	494,656	440,814	607,194
Accumulated Deficit
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	(97,196)	(206,436)	(161,107)	(140,567)	(161,107)	(206,436)	(251,111)	(97,196)
Statement of Stockholders' Equity [Abstract]
Beginning balance		(161,107)	(140,567)	(97,196)	(97,196)	(97,196)	(97,196)	(184,610)
Net income (loss)							(153,915)	87,414
Ending balance	(97,196)	(206,436)	(161,107)	(140,567)	(161,107)	(206,436)	(251,111)	(97,196)
Total GWG Holdings Stockholders’ Equity
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	313,284	170,658	217,315	250,781	217,315	170,658	112,372	313,284
Statement of Stockholders' Equity [Abstract]
Beginning balance		217,315	250,781	313,284	313,284	313,284	313,284	281,058
Net income (loss)							(153,915)	87,414
Ending balance	313,284	170,658	217,315	250,781	217,315	170,658	112,372	313,284
Noncontrolling Interests
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	293,910	323,998	281,881	348,169	281,881	323,998	328,442	293,910
Statement of Stockholders' Equity [Abstract]
Beginning balance		281,881	348,169	293,910	293,910	293,910	293,910	0
Recognition of noncontrolling interests (As Restated)								293,910
Net income (loss)							(30,955)
Ending balance	293,910	323,998	281,881	348,169	281,881	323,998	328,442	293,910
As Previously Reported
ASSETS
Cash and cash equivalents	79,073	93,766	149,233	116,432	149,233	93,766		79,073
Restricted cash	20,258	15,990	19,059	26,446	19,059	15,990		20,258
Investment in alternative assets, at fair value	0	0	0	0	0	0		0
Loans receivable, net	232,344	227,047	210,548	218,596	210,548	227,047		232,344
Fees receivable	29,168	31,571	31,611	30,453	31,611	31,571		29,168
Financing receivables from affiliates	67,153	0	69,428	68,290	69,428	0		67,153
Other assets	28,374	53,501	40,142	33,906	40,142	53,501		28,374
Goodwill	2,358,005	2,384,121	2,384,121	2,372,595	2,384,121	2,384,121		2,358,005
TOTAL ASSETS	3,635,206	3,629,674	3,718,637	3,684,229	3,718,637	3,629,674		3,635,206
LIABILITIES
Deferred revenue	41,444	35,848	37,858	39,651	37,858	35,848		41,444
Repurchase option	0	0	0	0	0	0		0
Accounts payable and accrued expenses	27,836	33,235	23,457	21,139	23,457	33,235		27,836
Deferred tax liability, net	57,923	52,500	33,674	40,206	33,674	52,500		57,923
TOTAL LIABILITIES	1,764,725	1,970,900	1,913,834	1,841,462	1,913,834	1,970,900		1,764,725
STOCKHOLDERS’ EQUITY
Accumulated deficit	(76,501)	(200,935)	(136,355)	(121,933)	(136,355)	(200,935)		(76,501)
TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY	333,979	120,630	242,067	269,415	242,067	120,630		333,979
Noncontrolling interests	266,848	291,391	298,705	331,711	298,705	291,391		266,848
TOTAL STOCKHOLDERS’ EQUITY	600,827	412,021	540,772	601,126	540,772	412,021		600,827
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	3,635,206	3,629,674	3,718,637	3,684,229	3,718,637	3,629,674		3,635,206
Income Statement [Abstract]
INCOME TAX EXPENSE (BENEFIT)		22,444	(8,550)	(14,507)	(23,057)	(613)		57,933
LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS		(75,894)	8,619	(75,986)	(67,367)	(143,261)		(137,530)
Gain on consolidation of equity method investment								249,716
Net income (loss)		(77,325)	7,301	(77,516)	(70,215)	(147,540)		108,109
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		$ (68,149)	$ (18,136)	$ (49,384)	$ (67,520)	$ (135,669)		$ 91,166
Basic (in usd per share)		$ (2.23)	$ (0.59)	$ (1.62)	$ (2.21)	$ (4.44)		$ 2.76
Diluted (in usd per share)		$ (2.23)	$ (0.59)	$ (1.62)	$ (2.21)	$ (4.44)		$ 2.65
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$ (77,325)	$ 7,301	$ (77,516)	$ (70,215)	$ (147,540)		$ 108,109
Gain on consolidation of equity method investment								(249,716)
Deferred income taxes				(17,717)	(24,250)	(4,621)		57,923
NET CASH FLOWS USED IN OPERATING ACTIVITIES				(40,632)	(83,669)	(142,905)		(142,830)
CASH FLOWS FROM INVESTING ACTIVITIES
Business combination consideration, net of cash and restricted cash acquired								(61,479)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES				10,751	19,049	16,007		(137,969)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH				43,547	68,962	10,425		(26,105)
END OF PERIOD	99,331	109,756	168,293	142,878	168,293	109,756		99,331
Statement of Stockholders' Equity [Abstract]
Beginning balance		540,772	601,126	600,827	600,827	600,827	600,827
Ending balance	600,827	412,021	540,772	601,126	540,772	412,021		600,827
As Previously Reported | Accumulated Deficit
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	(76,501)							(76,501)
Statement of Stockholders' Equity [Abstract]
Beginning balance				(76,501)	(76,501)	(76,501)	(76,501)
Ending balance	(76,501)							(76,501)
As Previously Reported | Total GWG Holdings Stockholders’ Equity
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	333,979							333,979
Statement of Stockholders' Equity [Abstract]
Beginning balance				333,979	333,979	333,979	333,979
Ending balance	333,979							333,979
As Previously Reported | Noncontrolling Interests
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	266,848							266,848
Statement of Stockholders' Equity [Abstract]
Beginning balance				266,848	266,848	266,848	266,848
Ending balance	266,848							266,848
Adjustments
ASSETS
Cash and cash equivalents	3,211	588	454	776	454	588		3,211
Restricted cash	13,248	5,324	6,686	7,613	6,686	5,324		13,248
Investment in alternative assets, at fair value	342,012	221,245	315,713	335,487	315,713	221,245		342,012
Loans receivable, net	(232,344)	(227,047)	(210,548)	(218,596)	(210,548)	(227,047)		(232,344)
Fees receivable	(29,168)	(31,571)	(31,611)	(30,453)	(31,611)	(31,571)		(29,168)
Financing receivables from affiliates	(67,153)	0	(69,428)	(68,290)	(69,428)	0		(67,153)
Other assets	1,024	838	1,399	1,035	1,399	838		1,024
Goodwill	9,745	(16,371)	(16,371)	(4,845)	(16,371)	(16,371)		9,745
TOTAL ASSETS	40,575	(46,994)	(3,706)	22,727	(3,706)	(46,994)		40,575
LIABILITIES
Deferred revenue	(41,444)	(35,848)	(37,858)	(39,651)	(37,858)	(35,848)		(41,444)
Repurchase option	61,664	730	56,660	52,052	56,660	730		61,664
Accounts payable and accrued expenses	56	277	242	208	242	277		56
Deferred tax liability, net	13,932	0	18,826	12,294	18,826	0		13,932
TOTAL LIABILITIES	34,208	(129,629)	37,870	24,903	37,870	(129,629)		34,208
STOCKHOLDERS’ EQUITY
Accumulated deficit	(20,695)	(5,501)	(24,752)	(18,634)	(24,752)	(5,501)		(20,695)
TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY	(20,695)	50,028	(24,752)	(18,634)	(24,752)	50,028		(20,695)
Noncontrolling interests	27,062	32,607	(16,824)	16,458	(16,824)	32,607		27,062
TOTAL STOCKHOLDERS’ EQUITY	6,367	82,635	(41,576)	(2,176)	(41,576)	82,635		6,367
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	40,575	(46,994)	(3,706)	22,727	(3,706)	(46,994)		40,575
Income Statement [Abstract]
INCOME TAX EXPENSE (BENEFIT)		(18,826)	6,532	(1,638)	4,894	(13,932)		13,932
LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS		53,177	(39,371)	(8,407)	(47,778)	5,399		(13,932)
Gain on consolidation of equity method investment								(6,763)
Net income (loss)		53,177	(39,371)	(8,407)	(47,778)	5,399		(20,695)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		$ 19,251	$ (6,118)	$ 2,061	$ (4,057)	$ 15,194		$ (20,695)
Basic (in usd per share)		$ 0.63	$ (0.20)	$ 0.07	$ (0.13)	$ 0.49		$ (0.63)
Diluted (in usd per share)		$ 0.63	$ (0.20)	$ 0.07	$ (0.13)	$ 0.49		$ (0.59)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$ 53,177	$ (39,371)	$ (8,407)	$ (47,778)	$ 5,399		$ (20,695)
Gain on consolidation of equity method investment								6,763
Deferred income taxes				(1,638)	4,894	(13,932)		13,932
NET CASH FLOWS USED IN OPERATING ACTIVITIES				(1,551)	(3,151)	(4,904)		0
CASH FLOWS FROM INVESTING ACTIVITIES
Business combination consideration, net of cash and restricted cash acquired								16,459
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES				(6,519)	(6,169)	(5,643)		16,459
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH				(8,070)	(9,320)	(10,547)		16,459
END OF PERIOD	16,459	5,912	7,139	8,389	7,139	5,912		16,459
Statement of Stockholders' Equity [Abstract]
Beginning balance		(41,576)	(2,176)	6,367	6,367	6,367	$ 6,367
Recognition of noncontrolling interests (As Restated)	27,062
Net income (loss)	(20,695)	19,251	(6,118)	2,061
Ending balance	6,367	82,635	(41,576)	(2,176)	$ (41,576)	$ 82,635		$ 6,367
Adjustments | Accumulated Deficit
Statement of Stockholders' Equity [Abstract]
Recognition of noncontrolling interests (As Restated)	0
Net income (loss)	(20,695)	19,251	(6,118)	2,061
Adjustments | Total GWG Holdings Stockholders’ Equity
Statement of Stockholders' Equity [Abstract]
Recognition of noncontrolling interests (As Restated)	0
Net income (loss)	(20,695)	$ 19,251	$ (6,118)	$ 2,061
Adjustments | Noncontrolling Interests
Statement of Stockholders' Equity [Abstract]
Recognition of noncontrolling interests (As Restated)	27,062
Net income (loss)	$ 0

Effects of the Restatement - _3

Effects of the Restatement - Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 94,354	$ 82,284	$ 94,354	$ 149,687	$ 117,208	$ 149,687	$ 94,354	$ 85,249	$ 82,284
Restricted cash	21,314	33,506	21,314	25,745	34,059	25,745	21,314	38,911	33,506
Investment in alternative assets, at fair value	221,245	342,012	221,245	315,713	335,487	315,713	221,245	221,894	342,012
Loan receivables, net of discount	0		0	0	0	0	0
Allowance for loan losses	0		0	0	0	0	0	(5,400)
Loans receivable, net	0	0	0	0	0	0	0		0
Fees receivable	0	0	0	0	0	0	0		0
Financing receivables from affiliates	0	0	0	0	0	0	0		0
Other assets	54,339	29,398	54,339	41,541	34,941	41,541	54,339	36,326	29,398
Goodwill	2,367,750	2,367,750	2,367,750	2,367,750	2,367,750	2,367,750	2,367,750	2,367,750	2,367,750
TOTAL ASSETS	3,582,680	3,675,781	3,582,680	3,714,931	3,706,956	3,714,931	3,582,680	3,564,957	3,675,781
LIABILITIES
Seller Trust L Bonds	272,104	366,892	272,104	366,892	366,892	366,892	272,104	272,104	366,892
Deferred revenue	0	0	0	0	0	0	0		0
Repurchase option	730	61,664	730	56,660	52,052	56,660	730	0	61,664
Accounts payable and accrued expenses	33,512	27,892	33,512	23,699	21,347	23,699	33,512	26,505	27,892
Deferred tax liability, net	52,500	71,855	52,500	52,500	52,500	52,500	52,500	51,469	71,855
TOTAL LIABILITIES	1,841,271	1,798,933	1,841,271	1,951,704	1,866,365	1,951,704	1,841,271	1,891,050	1,798,933
STOCKHOLDERS’ EQUITY
Common stock in treasury, at cost, 12,337,264 shares December 31, 2020 and 2,500,000 shares as of December 31, 2019 (1)	(67,406)	(24,550)	(67,406)	(24,550)	(24,550)	(24,550)	(67,406)	(67,406)	(24,550)
Additional paid-in capital	277,354	233,106	277,354	225,537	229,207	225,537	277,354	274,023	233,106
Accumulated deficit	(206,436)	(97,196)	(206,436)	(161,107)	(140,567)	(161,107)	(206,436)	(251,111)	(97,196)
TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY	170,658	313,284	170,658	217,315	250,781	217,315	170,658	112,372	313,284
Noncontrolling interests	323,998	293,910	323,998	281,881	348,169	281,881	323,998	328,442	293,910
TOTAL STOCKHOLDERS’ EQUITY	494,656	607,194	494,656	499,196	598,950	499,196	494,656	440,814	607,194
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	3,582,680	$ 3,675,781	3,582,680	3,714,931	3,706,956	3,714,931	3,582,680	$ 3,564,957	$ 3,675,781
Treasury stock (in shares)		2,500,000						12,337,264	2,500,000
REVENUE
Investment income, net			56,705	(22,671)	7,556	(15,115)	41,590	$ 44,106	$ 0
Interest income			278	300	715	1,015	1,293	1,594	15,646
Trust Services Revenue			0	0	0	0	0
Total revenues			68,012	28,918	22,812	51,730	119,742	124,371	92,276
EXPENSES
Provision for loan losses			0	0	0	0	0
Other expenses			4,712	5,063	3,612	8,675	13,387	18,227	15,896
TOTAL EXPENSES			87,111	61,688	123,350	185,038	272,149	349,281	171,873
LOSS BEFORE INCOME TAXES			(19,099)	(32,770)	(100,538)	(133,308)	(152,407)	(224,910)	(79,597)
INCOME TAX EXPENSE (BENEFIT)			3,618	(2,018)	(16,145)	(18,163)	(14,545)	(16,390)	71,865
LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS			(22,717)	(30,752)	(84,393)	(115,145)	(137,862)	(208,520)	(151,462)
Net income (loss)			(24,148)	(32,070)	(85,923)	(117,993)	(142,141)	(215,839)	87,414
Net loss attributable to noncontrolling interests			(21,181)	11,530	42,552	54,082	32,901	61,924	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS			$ (48,898)	$ (24,254)	$ (47,323)	$ (71,577)	$ (120,475)	$ (168,545)	$ 70,471
Basic (in usd per share)			$ (1.60)	$ (0.79)	$ (1.55)	$ (2.34)	$ (3.95)	$ (6.01)	$ 2.13
Diluted (in usd per share)			$ (1.60)	$ (0.79)	$ (1.55)	$ (2.34)	$ (3.95)	$ (6.01)	$ 2.06
Basic — weighted average common shares outstanding (in shares)			30,477,792	30,536,830	30,534,977	30,535,811	30,516,331	28,063,268	33,016,007
Diluted - weighted average common shares outstanding (in shares)			30,477,792	30,536,830	30,534,977	30,535,811	30,516,331	28,063,268	35,219,442
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			$ (24,148)	$ (32,070)	$ (85,923)	$ (117,993)	$ (142,141)	$ (215,839)	$ 87,414
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Investment income, net			56,705	(22,671)	7,556	(15,115)	41,590	44,106	0
Amortization Of Upfront Fees					0	0	0
Return on investments in alternative assets					374	1,180	1,577	3,683	0
Non-cash interest income, including interest paid-in-kind and accretion of purchase discount					(79)	(146)	(215)	(283)	0
Provision for loan losses					0	0	0
Deferred income taxes					(19,355)	(19,356)	(18,553)	(16,927)	71,855
Change in operating assets and liabilities:
Fees receivable					0	0	0
Other assets					356	(3,246)	(2,450)	(599)	(5,056)
Accounts payable and accrued expenses					(1,088)	2,613	8,364	3,123	(8,297)
NET CASH FLOWS USED IN OPERATING ACTIVITIES					(42,183)	(86,820)	(147,809)	(182,400)	(142,830)
CASH FLOWS FROM INVESTING ACTIVITIES
Net change in loans receivable					0	0	0
Investments in alternative assets					(78)	(169)	(226)	(8,378)	0
Return of investments in alternative assets					4,173	5,169	5,752	20,394	0
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES					4,232	12,880	10,364	18,006	(121,510)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH					35,477	59,642	(122)	8,370	(9,646)
BEGINNING OF PERIOD			175,432	151,267	115,790	115,790	115,790	115,790	125,436
END OF PERIOD	115,668	$ 115,790	115,668	175,432	151,267	175,432	115,668	124,160	115,790
NON-CASH INVESTING AND FINANCING ACTIVITIES
Conversion of Promissory Note					0	0	0
Deemed capital contribution from related party					0	0	46,770	46,770	0
Adjustment to noncontrolling interest					0	0	3,444	3,444	0
Distribution payable to noncontrolling interest					136	165	165	738	0
Reduction in loans receivable					0	0	0
Statement of Stockholders' Equity [Abstract]
Beginning balance			499,196	598,950	607,194	607,194	607,194	607,194	281,058
Recognition of noncontrolling interests (As Restated)									293,910
Net income (loss)								(184,870)	87,414
Deemed capital contribution from related party	(46,800)							46,770
(Increase) decrease in noncontrolling interest	3,400
Reduction to noncontrolling interest for Beneficient treasury (Note 1)								3,444
Ending balance	$ 494,656	607,194	$ 494,656	$ 499,196	598,950	499,196	494,656	440,814	607,194
L Bonds
NON-CASH INVESTING AND FINANCING ACTIVITIES
Consideration given					$ 0	$ 0	$ 94,788	94,788	0
Common Shares
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY		$ 33						$ 33	$ 33
Statement of Stockholders' Equity [Abstract]
Beginning balance (in shares)			30,537,481	30,535,249	30,533,793	30,533,793	30,533,793	30,533,793	33,018,161
Beginning balance					$ 33	$ 33	$ 33	$ 33	$ 33
Ending balance (in shares)	20,757,400	30,533,793	20,757,400	30,537,481	30,535,249	30,537,481	20,757,400	20,757,400	30,533,793
Ending balance		$ 33						$ 33	$ 33
Additional Paid-in Capital
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	$ 277,354	233,106	$ 277,354	$ 225,537	$ 229,207	$ 225,537	$ 277,354	274,023	233,106
Statement of Stockholders' Equity [Abstract]
Beginning balance			225,537	229,207	233,106	233,106	233,106	233,106	249,662
Deemed capital contribution from related party								46,770
(Increase) decrease in noncontrolling interest								8,064
Ending balance	277,354	233,106	277,354	225,537	229,207	225,537	277,354	274,023	233,106
Accumulated Deficit
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	(206,436)	(97,196)	(206,436)	(161,107)	(140,567)	(161,107)	(206,436)	(251,111)	(97,196)
Statement of Stockholders' Equity [Abstract]
Beginning balance			(161,107)	(140,567)	(97,196)	(97,196)	(97,196)	(97,196)	(184,610)
Net income (loss)								(153,915)	87,414
Ending balance	(206,436)	(97,196)	(206,436)	(161,107)	(140,567)	(161,107)	(206,436)	(251,111)	(97,196)
Treasury Stock
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	(67,406)	(24,550)	(67,406)	(24,550)	(24,550)	(24,550)	(67,406)	(67,406)	(24,550)
NON-CASH INVESTING AND FINANCING ACTIVITIES
Consideration given					0	0	42,856	42,856	0
Statement of Stockholders' Equity [Abstract]
Beginning balance			(24,550)	(24,550)	(24,550)	(24,550)	(24,550)	(24,550)	0
Ending balance	(67,406)	(24,550)	(67,406)	(24,550)	(24,550)	(24,550)	(67,406)	(67,406)	(24,550)
Total GWG Holdings Stockholders’ Equity
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	170,658	313,284	170,658	217,315	250,781	217,315	170,658	112,372	313,284
Statement of Stockholders' Equity [Abstract]
Beginning balance			217,315	250,781	313,284	313,284	313,284	313,284	281,058
Net income (loss)								(153,915)	87,414
Deemed capital contribution from related party								46,770
(Increase) decrease in noncontrolling interest								8,064
Ending balance	170,658	313,284	170,658	217,315	250,781	217,315	170,658	112,372	313,284
Noncontrolling Interests
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	323,998	293,910	323,998	281,881	348,169	281,881	323,998	328,442	293,910
Statement of Stockholders' Equity [Abstract]
Beginning balance			281,881	348,169	293,910	293,910	293,910	293,910	0
Recognition of noncontrolling interests (As Restated)									293,910
Net income (loss)								(30,955)
(Increase) decrease in noncontrolling interest								(8,064)
Reduction to noncontrolling interest for Beneficient treasury (Note 1)								3,444
Ending balance	323,998	293,910	323,998	281,881	348,169	281,881	323,998	328,442	293,910
As Previously Reported
ASSETS
Cash and cash equivalents	93,766	79,073	93,766	149,233	116,432	149,233	93,766		79,073
Restricted cash	15,990	20,258	15,990	19,059	26,446	19,059	15,990		20,258
Investment in alternative assets, at fair value	0	0	0	0	0	0	0		0
Loan receivables, net of discount	229,961		229,961	218,448	219,296	218,448	229,961
Allowance for loan losses	(2,914)		(2,914)	(7,900)	(700)	(7,900)	(2,914)
Loans receivable, net	227,047	232,344	227,047	210,548	218,596	210,548	227,047		232,344
Fees receivable	31,571	29,168	31,571	31,611	30,453	31,611	31,571		29,168
Financing receivables from affiliates	0	67,153	0	69,428	68,290	69,428	0		67,153
Other assets	53,501	28,374	53,501	40,142	33,906	40,142	53,501		28,374
Goodwill	2,384,121	2,358,005	2,384,121	2,384,121	2,372,595	2,384,121	2,384,121		2,358,005
TOTAL ASSETS	3,629,674	3,635,206	3,629,674	3,718,637	3,684,229	3,718,637	3,629,674		3,635,206
LIABILITIES
Seller Trust L Bonds	366,892		366,892	366,892	366,892	366,892	366,892
Deferred revenue	35,848	41,444	35,848	37,858	39,651	37,858	35,848		41,444
Repurchase option	0	0	0	0	0	0	0		0
Accounts payable and accrued expenses	33,235	27,836	33,235	23,457	21,139	23,457	33,235		27,836
Deferred tax liability, net	52,500	57,923	52,500	33,674	40,206	33,674	52,500		57,923
TOTAL LIABILITIES	1,970,900	1,764,725	1,970,900	1,913,834	1,841,462	1,913,834	1,970,900		1,764,725
STOCKHOLDERS’ EQUITY
Common stock in treasury, at cost, 12,337,264 shares December 31, 2020 and 2,500,000 shares as of December 31, 2019 (1)	(24,550)		(24,550)	(24,550)	(24,550)	(24,550)	(24,550)
Additional paid-in capital	178,969		178,969	225,537	229,207	225,537	178,969
Accumulated deficit	(200,935)	(76,501)	(200,935)	(136,355)	(121,933)	(136,355)	(200,935)		(76,501)
TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY	120,630	333,979	120,630	242,067	269,415	242,067	120,630		333,979
Noncontrolling interests	291,391	266,848	291,391	298,705	331,711	298,705	291,391		266,848
TOTAL STOCKHOLDERS’ EQUITY	412,021	600,827	412,021	540,772	601,126	540,772	412,021		600,827
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	3,629,674	3,635,206	3,629,674	3,718,637	3,684,229	3,718,637	3,629,674		3,635,206
REVENUE
Investment income, net			0	0	0	0	0
Interest income			12,928	12,671	13,989	26,660	39,588
Trust Services Revenue			4,556	4,829	5,027	9,856	14,412
Total revenues			28,513	68,789	33,557	102,346	130,859
EXPENSES
Provision for loan losses			(4,986)	7,200	700	7,900	2,914
Other expenses			4,550	4,895	3,612	8,507	13,057
TOTAL EXPENSES			81,963	68,720	124,050	192,770	274,733
LOSS BEFORE INCOME TAXES			(53,450)	69	(90,493)	(90,424)	(143,874)
INCOME TAX EXPENSE (BENEFIT)			22,444	(8,550)	(14,507)	(23,057)	(613)		57,933
LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS			(75,894)	8,619	(75,986)	(67,367)	(143,261)		(137,530)
Net income (loss)			(77,325)	7,301	(77,516)	(70,215)	(147,540)		108,109
Net loss attributable to noncontrolling interests			12,745	(21,723)	32,084	10,361	23,106
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS			$ (68,149)	$ (18,136)	$ (49,384)	$ (67,520)	$ (135,669)		$ 91,166
Basic (in usd per share)			$ (2.23)	$ (0.59)	$ (1.62)	$ (2.21)	$ (4.44)		$ 2.76
Diluted (in usd per share)			$ (2.23)	$ (0.59)	$ (1.62)	$ (2.21)	$ (4.44)		$ 2.65
Basic — weighted average common shares outstanding (in shares)			30,584,719	30,536,830	30,534,977	30,535,811	30,552,233
Diluted - weighted average common shares outstanding (in shares)			30,584,719	30,536,830	30,534,977	30,535,811	30,552,233
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			$ (77,325)	$ 7,301	$ (77,516)	$ (70,215)	$ (147,540)		$ 108,109
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Investment income, net			0	0	0	0	0
Amortization Of Upfront Fees					(1,793)	(3,586)	(5,356)
Return on investments in alternative assets					0	0	0
Non-cash interest income, including interest paid-in-kind and accretion of purchase discount					(13,374)	(25,811)	(38,530)
Provision for loan losses					700	7,900	2,914
Deferred income taxes					(17,717)	(24,250)	(4,621)		57,923
Change in operating assets and liabilities:
Fees receivable					(1,285)	(2,443)	(2,643)
Other assets					368	(2,869)	(2,634)
Accounts payable and accrued expenses					(1,103)	2,592	8,306
NET CASH FLOWS USED IN OPERATING ACTIVITIES					(40,632)	(83,669)	(142,905)		(142,830)
CASH FLOWS FROM INVESTING ACTIVITIES
Net change in loans receivable					10,614	11,169	11,169
Investments in alternative assets					0	0	0
Return of investments in alternative assets					0	0	0
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES					10,751	19,049	16,007		(137,969)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH					43,547	68,962	10,425		(26,105)
BEGINNING OF PERIOD			168,293	142,878	99,331	99,331	99,331	99,331
END OF PERIOD	109,756	99,331	109,756	168,293	142,878	168,293	109,756		99,331
NON-CASH INVESTING AND FINANCING ACTIVITIES
Conversion of Promissory Note					0	0	70,565
Deemed capital contribution from related party					0	0	0
Adjustment to noncontrolling interest					0	0	0
Distribution payable to noncontrolling interest					0	0	0
Reduction in loans receivable					14,590	26,116	26,116
Statement of Stockholders' Equity [Abstract]
Beginning balance			540,772	601,126	600,827	600,827	600,827	$ 600,827
Total other activity as previously reported			(58,187)	(60,354)	299
Ending balance	412,021	$ 600,827	$ 412,021	$ 540,772	601,126	540,772	412,021		$ 600,827
As Previously Reported | L Bonds
NON-CASH INVESTING AND FINANCING ACTIVITIES
Consideration given					$ 0	$ 0	$ 0
As Previously Reported | Common Shares
Statement of Stockholders' Equity [Abstract]
Beginning balance (in shares)					30,533,793	30,533,793	30,533,793	30,533,793
Total other activity as previously reported (in shares)			57,183	2,232	1,456
Ending balance (in shares)		30,533,793							30,533,793
As Previously Reported | Additional Paid-in Capital
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY		$ 233,106							$ 233,106
Statement of Stockholders' Equity [Abstract]
Beginning balance					$ 233,106	$ 233,106	$ 233,106	$ 233,106
Total other activity as previously reported			$ (2,992)	$ (3,670)	(3,899)
Ending balance		233,106							233,106
As Previously Reported | Accumulated Deficit
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY		(76,501)							(76,501)
Statement of Stockholders' Equity [Abstract]
Beginning balance					(76,501)	(76,501)	(76,501)	(76,501)
Total other activity as previously reported			(64,580)	(14,422)	(45,432)
Ending balance		(76,501)							(76,501)
As Previously Reported | Treasury Stock
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY		(24,550)							(24,550)
NON-CASH INVESTING AND FINANCING ACTIVITIES
Consideration given					0	0	0
Statement of Stockholders' Equity [Abstract]
Beginning balance					(24,550)	(24,550)	(24,550)	(24,550)
Ending balance		(24,550)							(24,550)
As Previously Reported | Total GWG Holdings Stockholders’ Equity
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY		333,979							333,979
Statement of Stockholders' Equity [Abstract]
Beginning balance					333,979	333,979	333,979	333,979
Total other activity as previously reported			(77,861)	(27,348)	(64,564)
Ending balance		333,979							333,979
As Previously Reported | Noncontrolling Interests
STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY		266,848							266,848
Statement of Stockholders' Equity [Abstract]
Beginning balance					266,848	266,848	266,848	266,848
Total other activity as previously reported			19,674	(33,006)	64,863
Ending balance		266,848							266,848
Adjustments
ASSETS
Cash and cash equivalents	588	3,211	588	454	776	454	588		3,211
Restricted cash	5,324	13,248	5,324	6,686	7,613	6,686	5,324		13,248
Investment in alternative assets, at fair value	221,245	342,012	221,245	315,713	335,487	315,713	221,245		342,012
Loan receivables, net of discount	(229,961)		(229,961)	(218,448)	(219,296)	(218,448)	(229,961)
Allowance for loan losses	2,914		2,914	7,900	700	7,900	2,914
Loans receivable, net	(227,047)	(232,344)	(227,047)	(210,548)	(218,596)	(210,548)	(227,047)		(232,344)
Fees receivable	(31,571)	(29,168)	(31,571)	(31,611)	(30,453)	(31,611)	(31,571)		(29,168)
Financing receivables from affiliates	0	(67,153)	0	(69,428)	(68,290)	(69,428)	0		(67,153)
Other assets	838	1,024	838	1,399	1,035	1,399	838		1,024
Goodwill	(16,371)	9,745	(16,371)	(16,371)	(4,845)	(16,371)	(16,371)		9,745
TOTAL ASSETS	(46,994)	40,575	(46,994)	(3,706)	22,727	(3,706)	(46,994)		40,575
LIABILITIES
Seller Trust L Bonds	(94,788)		(94,788)	0	0	0	(94,788)
Deferred revenue	(35,848)	(41,444)	(35,848)	(37,858)	(39,651)	(37,858)	(35,848)		(41,444)
Repurchase option	730	61,664	730	56,660	52,052	56,660	730		61,664
Accounts payable and accrued expenses	277	56	277	242	208	242	277		56
Deferred tax liability, net	0	13,932	0	18,826	12,294	18,826	0		13,932
TOTAL LIABILITIES	(129,629)	34,208	(129,629)	37,870	24,903	37,870	(129,629)		34,208
STOCKHOLDERS’ EQUITY
Common stock in treasury, at cost, 12,337,264 shares December 31, 2020 and 2,500,000 shares as of December 31, 2019 (1)	(42,856)		(42,856)	0	0	0	(42,856)
Additional paid-in capital	98,385		98,385	0	0	0	98,385
Accumulated deficit	(5,501)	(20,695)	(5,501)	(24,752)	(18,634)	(24,752)	(5,501)		(20,695)
TOTAL GWG HOLDINGS STOCKHOLDERS’ EQUITY	50,028	(20,695)	50,028	(24,752)	(18,634)	(24,752)	50,028		(20,695)
Noncontrolling interests	32,607	27,062	32,607	(16,824)	16,458	(16,824)	32,607		27,062
TOTAL STOCKHOLDERS’ EQUITY	82,635	6,367	82,635	(41,576)	(2,176)	(41,576)	82,635		6,367
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	(46,994)	40,575	(46,994)	(3,706)	22,727	(3,706)	(46,994)		40,575
REVENUE
Investment income, net			56,705	(22,671)	7,556	(15,115)	41,590
Interest income			(12,650)	(12,371)	(13,274)	(25,645)	(38,295)
Trust Services Revenue			(4,556)	(4,829)	(5,027)	(9,856)	(14,412)
Total revenues			39,499	(39,871)	(10,745)	(50,616)	(11,117)
EXPENSES
Provision for loan losses			4,986	(7,200)	(700)	(7,900)	(2,914)
Other expenses			162	168	0	168	330
TOTAL EXPENSES			5,148	(7,032)	(700)	(7,732)	(2,584)
LOSS BEFORE INCOME TAXES			34,351	(32,839)	(10,045)	(42,884)	(8,533)
INCOME TAX EXPENSE (BENEFIT)			(18,826)	6,532	(1,638)	4,894	(13,932)		13,932
LOSS BEFORE LOSS FROM EQUITY METHOD INVESTMENTS			53,177	(39,371)	(8,407)	(47,778)	5,399		(13,932)
Net income (loss)			53,177	(39,371)	(8,407)	(47,778)	5,399		(20,695)
Net loss attributable to noncontrolling interests			(33,926)	33,253	10,468	43,721	9,795
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS			$ 19,251	$ (6,118)	$ 2,061	$ (4,057)	$ 15,194		$ (20,695)
Basic (in usd per share)			$ 0.63	$ (0.20)	$ 0.07	$ (0.13)	$ 0.49		$ (0.63)
Diluted (in usd per share)			$ 0.63	$ (0.20)	$ 0.07	$ (0.13)	$ 0.49		$ (0.59)
Basic — weighted average common shares outstanding (in shares)			(106,927)	0	0	0	(35,902)
Diluted - weighted average common shares outstanding (in shares)			(106,927)	0	0	0	(35,902)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			$ 53,177	$ (39,371)	$ (8,407)	$ (47,778)	$ 5,399		$ (20,695)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Investment income, net			56,705	(22,671)	7,556	(15,115)	41,590
Amortization Of Upfront Fees					1,793	3,586	5,356
Return on investments in alternative assets					374	1,180	1,577
Non-cash interest income, including interest paid-in-kind and accretion of purchase discount					13,295	25,665	38,315
Provision for loan losses					(700)	(7,900)	(2,914)
Deferred income taxes					(1,638)	4,894	(13,932)		13,932
Change in operating assets and liabilities:
Fees receivable					1,285	2,443	2,643
Other assets					(12)	(377)	184
Accounts payable and accrued expenses					15	21	58
NET CASH FLOWS USED IN OPERATING ACTIVITIES					(1,551)	(3,151)	(4,904)		0
CASH FLOWS FROM INVESTING ACTIVITIES
Net change in loans receivable					(10,614)	(11,169)	(11,169)
Investments in alternative assets					(78)	(169)	(226)
Return of investments in alternative assets					4,173	5,169	5,752
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES					(6,519)	(6,169)	(5,643)		16,459
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH					(8,070)	(9,320)	(10,547)		16,459
BEGINNING OF PERIOD			7,139	8,389	16,459	16,459	16,459	16,459
END OF PERIOD	5,912	16,459	5,912	7,139	8,389	7,139	5,912		16,459
NON-CASH INVESTING AND FINANCING ACTIVITIES
Conversion of Promissory Note					0	0	(70,565)
Deemed capital contribution from related party					0	0	46,770
Adjustment to noncontrolling interest					0	0	3,444
Distribution payable to noncontrolling interest					136	165	165
Reduction in loans receivable					(14,590)	(26,116)	(26,116)
Statement of Stockholders' Equity [Abstract]
Beginning balance			(41,576)	(2,176)	6,367	6,367	6,367	$ 6,367
Recognition of noncontrolling interests (As Restated)		27,062
Net income (loss)		(20,695)	19,251	(6,118)	2,061
Deemed capital contribution from related party			46,770
(Increase) decrease in noncontrolling interest			33,926	(33,282)	(10,604)
Common stock in treasury (Note 1)			(42,856)
Adjustment for change in ownership			0
Reduction to noncontrolling interest for Beneficient treasury (Note 1)			(3,444)
Ending balance	$ 82,635	6,367	$ 82,635	(41,576)	(2,176)	(41,576)	82,635		$ 6,367
Adjustments | L Bonds
NON-CASH INVESTING AND FINANCING ACTIVITIES
Consideration given					0	0	94,788
Adjustments | Common Shares
Statement of Stockholders' Equity [Abstract]
Common stock in treasury (in shares)			(9,837,264)
Adjustments | Additional Paid-in Capital
Statement of Stockholders' Equity [Abstract]
Deemed capital contribution from related party			$ 46,770
Adjustment for change in ownership			8,039
Adjustments | Accumulated Deficit
Statement of Stockholders' Equity [Abstract]
Recognition of noncontrolling interests (As Restated)		0
Net income (loss)		(20,695)	19,251	(6,118)	2,061
Adjustments | Treasury Stock
NON-CASH INVESTING AND FINANCING ACTIVITIES
Consideration given					0	$ 0	$ 42,856
Statement of Stockholders' Equity [Abstract]
Common stock in treasury (Note 1)			(42,856)
Adjustments | Total GWG Holdings Stockholders’ Equity
Statement of Stockholders' Equity [Abstract]
Recognition of noncontrolling interests (As Restated)		0
Net income (loss)		(20,695)	19,251	(6,118)	2,061
Deemed capital contribution from related party			46,770
Common stock in treasury (Note 1)			(42,856)
Adjustment for change in ownership			8,039
Adjustments | Noncontrolling Interests
Statement of Stockholders' Equity [Abstract]
Recognition of noncontrolling interests (As Restated)		27,062
Net income (loss)		$ 0
(Increase) decrease in noncontrolling interest			33,926	$ (33,282)	$ (10,604)
Adjustment for change in ownership			(8,039)
Reduction to noncontrolling interest for Beneficient treasury (Note 1)			$ (3,444)

Subsequent Events and Other M_2

Subsequent Events and Other Matters (Details) shares in Millions

Sep. 10, 2021USD ($)

Sep. 07, 2021USD ($)

Aug. 11, 2021USD ($)shares

Jun. 28, 2021USD ($)

Mar. 10, 2021USD ($)

May 15, 2020

Nov. 01, 2019USD ($)

Apr. 16, 2021USD ($)

Oct. 15, 2021USD ($)individualpolicy

Nov. 05, 2021USD ($)transaction

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 10, 2021

Subsequent Event [Line Items]

Installment amounts

$ 25,000,000

Extension fee percentage

0.025

Amendment fee

2.00%

Aggregate face value

$ 1,900,715,000

$ 2,020,973,000

L Bonds issued

$ 440,195,000

403,397,000

LNV Corporation

Subsequent Event [Line Items]

Advance received

$ 37,100,000

Additional collateral pledged

$ 298,300,000

Effective interest rate

9.00%

First Lien Credit Agreement

Subsequent Event [Line Items]

Principal amount outstanding, other borrowings

$ 2,288,000

77,477,000

Second Lien Credit Agreement

Subsequent Event [Line Items]

Principal amount outstanding, other borrowings

$ 72,260,000

$ 72,184,000

Amendment Number Three | Forecast

Subsequent Event [Line Items]

Amendment fee

3.00%

Subsequent Event

Subsequent Event [Line Items]

Common stock pledged (in shares) | shares

4

Number of contracts realized | policy

81

Number of individuals covered from contracts realized | individual

74

Face value of insurance benefits

$ 106,200,000

L Bonds issued

$ 191,600,000

Number of transactions executed | transaction

10

Subsequent Event | Private Equity

Subsequent Event [Line Items]

Net asset value

$ 5,600,000

Subsequent Event | DLP VI

Subsequent Event [Line Items]

Aggregate face value

$ 433,100,000

Subsequent Event | DLP IV

Subsequent Event [Line Items]

Aggregate face value

1,420,000,000

Subsequent Event | NF Credit Agreement

Subsequent Event [Line Items]

One-time advance paid

$ 107,600,000

Basis spread on variable rate

7.00%

Non-higher interest rate factor

5.50%

Higher interest rate factor

7.00%

Percent subtracted from LTV Percentage for Higher Rate Factor

65.00%

Percent divided by LTV Percentage for Higher Rate Factor

0.00%

Percent added to Interest Rate for Default Rate

2.00%

Subsequent Event | LNV Corporation

Subsequent Event [Line Items]

Advance received

$ 52,500,000

Additional collateral pledged

440,600,000

Proceeds received

$ 30,300,000

$ 51,200,000

Repayment of advance received

$ 52,500,000

Percent added to Federal Funds Rate

0.50%

Benchmark rate maximum percent

1.50%

Applicable margin

7.50%

Percent added to Benchmark Rate

9.50%

Subsequent Event | Minimum | NF Credit Agreement

Subsequent Event [Line Items]

Effective interest rate

5.50%

Subsequent Event | Maximum | NF Credit Agreement

Subsequent Event [Line Items]

Effective interest rate

65.00%

Subsequent Event | First Lien Credit Agreement

Subsequent Event [Line Items]

Principal amount outstanding, other borrowings

$ 2,300,000

Subsequent Event | Second Lien Credit Agreement

Subsequent Event [Line Items]

Principal amount outstanding, other borrowings

72,000,000

Subsequent Event | Amendment Number One

Subsequent Event [Line Items]

Installment amounts

$ 5,000,000

Extension fee percentage

0.015

Subsequent Event | Amendment Number Three

Subsequent Event [Line Items]

Installment amounts

$ 5,000,000