Life Partners Position Holder Trust 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document and Entity Information [Abstract]
Entity Registrant Name	Life Partners Position Holder Trust
Entity Central Index Key	1,692,144
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018

BALANCE SHEETS (UNAUDITED)

BALANCE SHEETS (UNAUDITED) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash	$ 523,550	$ 1,800,047
Maturities receivable	22,124,537	19,438,534
Prepaids and other assets	306,265	81,703
Restricted cash and cash equivalents	71,342,810	76,304,593
Life insurance policies	257,560,021	272,140,787
Total assets	351,857,183	369,765,664
Liabilities
Notes payable	64,105,423	74,086,192
Assumed tax liability	1,967,382	2,243,302
Premium liability	30,013,580	30,225,729
Maturity liability	24,983,283	23,643,936
Accounts payable	665,521	34,507
Assumed liabilities	0	18,293
Accrued expenses	1,538,756	572,317
Commitments and Contingencies (Note 2)
Total liabilities	123,273,945	130,824,276
Net assets	228,583,238	238,941,388
Life Partners IRA Holder Partnership, LLC [Member]
Assets
Investment in Life Partners Position Holder Trust	139,569,717	150,752,520
Total assets	139,569,717	150,752,520
Liabilities
Due to the Life Partners Position Holder Trust	114,984	35,526
Total liabilities	114,984	35,526
Net assets	$ 139,454,733	$ 150,716,994

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income
Change in fair value of life insurance policies	$ (7,888,733)	$ 10,392,095
Other income	67,997	11,563
Total (loss) income	(7,820,736)	10,403,658
Expenses
Interest expense	1,119,853	1,816,056
Legal fees	672,550	1,243,374
Professional fees	649,238	1,055,604
Other general and administrative	95,773	122,674
Total expenses	2,537,414	4,237,708
Net (decrease) increase in net assets resulting from operations	(10,358,150)	6,165,950
Life Partners IRA Holder Partnership, LLC [Member]
Income
Equity income (loss) from Life Partners Position Holder Trust	(11,182,803)	3,369,450
Expenses
Professional fees	79,458	0
Net (decrease) increase in net assets resulting from operations	$ (11,262,261)	$ 3,369,450

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net assets, beginning of period	$ 238,941,388	$ 203,749,554
Net (decrease) increase in net assets resulting from operations	(10,358,150)	6,165,950
Net assets, end of period	$ 228,583,238	$ 209,915,504
Net asset value per unit:
Number of units (in shares)	1,202,532,887	1,012,364,792
Net assets per unit (in dollars per share)	$ 0.19	$ 0.21
Life Partners IRA Holder Partnership, LLC [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net assets, beginning of period	$ 150,716,994	$ 139,451,651
Net (decrease) increase in net assets resulting from operations	(11,262,261)	3,369,450
Net assets, end of period	$ 139,454,733	$ 142,821,101
Net asset value per unit:
Number of units (in shares)	734,249,706	689,030,859
Net assets per unit (in dollars per share)	$ 0.19	$ 0.21

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net (decrease) increase in net assets resulting from operations	$ (10,358,150)	$ 6,165,950
Adjustments to reconcile net (decrease) increase in net assets to net cash used in operations:
Change in fair value of life insurance policies	7,888,733	(10,392,095)
Change in assets and liabilities:
Premiums receivable, net	0	6,345
Prepaids and other assets	(224,562)	(96,061)
Assumed tax liability	(275,920)	0
Creditor trust funding	0	(5,000,000)
Premium liability	(212,149)	20,078,219
Maturity liability	1,339,347	(15,772,311)
Accounts payable	631,014	3,750,001
Assumed liabilities	(18,293)	(5,405,124)
Accrued expenses	985,670	295,627
Net cash flows used in operating activities	(244,310)	(6,369,449)
Cash flows from investing activities:
Premiums paid on life settlements	(10,282,164)	(7,263,898)
Proceeds from maturities of life settlements, net	14,288,194	(1,924,483)
Net cash flows provided by (used in) investing activities	4,006,030	(9,188,381)
Cash flows from financing activities:
Payments on notes payable	(10,000,000)	0
Net cash flows used in financing activities	(10,000,000)	0
Net decrease in cash	(6,238,280)	(15,557,830)
Cash, beginning of period	78,104,640	110,331,921
Cash, end of period	71,866,360	94,774,091
Supplemental cash flow information:
Cash	523,550	5,059,002
Restricted cash	71,342,810	89,715,089
Cash paid for interest	819,787	1,917,699
Life Partners IRA Holder Partnership, LLC [Member]
Cash flows from operating activities:
Net (decrease) increase in net assets resulting from operations	(11,262,261)	3,369,450
Adjustments to reconcile net (decrease) increase in net assets to net cash used in operations:
Investment in Life Partners Position Holder Trust	11,182,803	(3,369,450)
Change in assets and liabilities:
Due to the Life Partners Position Holder Trust	79,458	0
Net cash flows used in operating activities	0	0
Cash flows from financing activities:
Net decrease in cash	0	0
Cash, beginning of period	0	0
Cash, end of period	$ 0	$ 0

Operations and Significant Acco

Operations and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Operations and Significant Accounting Policies [Abstract]
Operations and Significant Accounting Policies	Note 1 - Operations and Significant Accounting Policies Operations Life Partners Position Holder Trust (the “Trust”) was created on December 9, 2016, pursuant to the Revised Third Amended Joint Plan of Reorganization of Life Partners Holdings, Inc., et al. In connection with its formation and the inception of its activities on December 9, 2016, the Trust issued a total of 1,012,355,948 units of beneficial interest (the “Units”) to the fractional interest holders having claims in the Debtors bankruptcy pursuant to the Plan. Each fractional interest holder received a Unit for each dollar of expected death benefit such holder contributed to the Trust. As of March 31, 2018 and December 31, 2017, there were 10,415 and 10,187 holders of the 1,202,532,887 and 1,162,059,511 Units outstanding, respectively. The Trust owns a portfolio of life insurance policies; a portion of the policies is encumbered by the beneficial interest of continuing fractional interest holders. The Trust’s portion of the portfolio consists of 3,108 and 3,140 life insurance policies, with fair values of $257.6 million and $272.1 million and an aggregate face value of approximately $1.3 billion and $1.3 billion at March 31, 2018 and December 31, 2017, respectively. The fair value of the interests in the life insurance policies owned by continuing fractional interest holders are not reflected in the financial statements of the Trust. Description of Securities Units represent beneficial interests in the Trust, and all holders of Units are entitled to receive cash distributions from the Trust in accordance with their respective Pro Rata Shares. A Trust beneficiary’s respective “Pro Rata Share” means the ratio, expressed as a percentage, of (i) the number of Units which such Trust beneficiary is the registered owner, to (ii) the total number of Units outstanding as of the measurement date, subject to modification for purposes of distributing any recovered assets. Under the Plan, the Trustee will distribute at least annually to the Unit holders all of the distributable cash (as defined in the Position Holder Trust Agreement) generated during each calendar year, subject to any reserve established by the Trustee reasonably necessary to maintain the value of the Registrant’s assets or to meet claims and contingent liabilities. The Trustee may not make a distribution until the Trust repays a $55.0 million loan with Vida Capital (“Exit Loan Facility”) in full. All distributions by the Trust will be made in accordance with such holder’s Pro Rata Share of the outstanding Units. Summary of Significant Accounting Policies Basis of Presentation In the opinion of management, the financial statements of the Trust as of March 31, 2018 and for the three months ended March 31, 2018 and 2017 include all adjustments and accruals, consisting only of normal, recurring accrual adjustments, which are necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed in or omitted from this report pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These financial statements should be read together with the consolidated financial statements and notes thereto included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2017. Certain reclassifications have been made to the 2017 financial statement and footnote amounts in order to conform to the 2018 presentation. The Trust’s primary purpose is the liquidation of the Trust’s assets and the distribution of proceeds to its beneficial interest holders. The Trust expects that fulfilling its purpose requires a significant amount of time, and that the Trust will have significant ongoing operations during that period due to the nature of its assets and its plan to maximize the proceeds to its beneficiaries by maintaining the majority of its life insurance policies until maturity. As a result, the Trust has concluded that its liquidation is not imminent, in accordance with the definitions under accounting principles generally accepted in the United States of America and has not applied the liquidation basis of accounting in presenting its financial statements. The Trust will continue to evaluate its operations to determine when its liquidation becomes imminent and the liquidation basis of accounting is required. Adoption of New Accounting Standard In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 ("ASC 606") "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in ASC 605 “Revenue Recognition” ("ASC 605"), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Trust adopted ASC 606 as of January 1, 2018 using the retrospective transition method. There is no impact to the Trust's recognition of revenue associated with the adoption of ASC 606. Investments in Life Insurance Policies The Trust accounts for its interests in life insurance policies at fair value in accordance with ASC 325-30, Investments in Insurance Contracts Fair Value of Life Insurance Policies The Trust follows ASC 820, Fair Value Measurements and Disclosures As a basis for considering such assumptions, the guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Trust’s investments in life insurance policies are considered to be Level 3 as there is currently no active market where the Trust is able to observe quoted prices for identical assets and the Trust’s valuation model incorporates significant inputs that are not observable. The Trust’s valuation of life insurance policies is a critical estimate within the financial statements. The Trust currently uses a probabilistic method of valuing life insurance policies, which the Trust believes to be the preferred valuation method in its industry. The Trust calculates the assets’ fair value using a present value technique to estimate the fair value of the projected future cash flows. The most significant assumptions in estimating the fair value are the Trust’s estimate of the insureds’ life expectancy and the discount rate. See Note 6, “Fair Value Measurements.” Income Recognition The Trust’s investments in life insurance policies are its primary source of income. Gain or loss is recognized from ongoing changes in the portfolio’s estimated fair value, including any gains or losses at maturity. Gains or losses from maturities are recognized at receipt of a death notice or verified obituary for an insured party, and determined based on the difference between the death benefit and the estimated fair value of the policy at maturity. Premiums Receivable The Trust assumed the Debtors’ receivables related to life insurance policy premiums and service fees that were paid by the Debtors on behalf of fractional interest holders prior to the Trust’s effective date. After December 9, 2016, the policy premiums allocable to continuing fractional interest holders are those persons' obligations and not the Trust. If a continuing fractional interest holder defaults on future premium obligations, such position is deemed contributed to the Trust in exchange for the number of Units provided by the Plan. The Trust maintains an allowance for doubtful accounts for estimated losses resulting from the inability to collect premiums and service fees receivable. Such estimates are based on the position holder’s payment history and other indications of potential uncollectability. After all attempts to collect a receivable have failed, receivables are written off against the allowance. At March 31, 2018 and December 31, 2017, the allowance for doubtful accounts was $5.0 million, all of which was for receivables assumed from the Debtors on the effective date. Outstanding receivable balances may be recoverable pursuant to the Trustee’s set-off rights under the Plan. Maturities Receivable Maturities receivable consist of the Trust’s portion of life insurance policy maturities that occurred but payment was not received as of the end of the reporting period. Income Taxes No provision for state or Federal income taxes has been made as the liability for such taxes is attributable to the Unit holders rather than the Trust. The Trust is a grantor trust with taxable income or loss passing through to the Unit holders. In certain instances, however, the Trust may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to Unit holders. Such payments on behalf of the Unit holders are deemed distributions to them. The FASB has provided guidance for how uncertain tax positions should be recognized, measured, disclosed, and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. The Trust has no material uncertain income tax positions as of March 31, 2018 or December 31, 2017. The Trust also assumed income tax liabilities of the Debtors at its inception which total approximately $2.0 million and $2.0 million as of March 31, 2018 and December 31, 2017, respectively, related to taxes, penalties, and interest from the Debtors’ 2008, 2009 and 2010 income tax returns. These obligations bear interest at 4% annually and are due in full by January 2020. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses primarily include professional services, legal fees, and expected litigation settlements, some of which are obligations assumed by the Trust that were incurred prior to the effective date of the Trust. The Trust also accrues liabilities for state taxes payable and other miscellaneous accruals. The Trust accrues liabilities when costs are incurred and such costs can be reasonably estimated. Premium Liability As of March 31, 2018 and December 31, 2017, the Trust has $30.0 million and $30.2 million, respectively, in liabilities for future payment of premium obligations. To the extent advanced premiums received from continuing fractional holders are not used for premium payments, they are refunded to the respective continuing fractional holder. Maturity Liabilities As of March 31, 2018, and December 31, 2017, the Trust holds $25.0 million and $23.6 million, respectively, of maturities collected on behalf of continuing fractional holders pending payment. Use of Estimates The preparation of these financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. The estimates related to the valuation of the life insurance policies represent significant estimates made by the Trust. Risks and Uncertainties The Trust encounters economic, legal, and longevity risk. The two main components of economic risk potentially impacting the Trust are market risk and concentration of credit risk. The Trust’s market risks include interest rate risk and the risk of declines in valuation of the Trust’s life insurance policies, including declines caused by the selection of increased discount rates associated with the Trust’s fair value model. It is reasonably possible that future changes to estimates involved in valuing life insurance policies could change and result in material effects to the future financial statements. Concentration of credit risk is the risk that an insurance carrier who has issued life insurance policies held by the Trust does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. Another credit risk potentially impacting the Trust is the risk continuing fractional holders may default on their future premium obligations, increasing the Trust’s premium liability. The main components of legal risk are (i) the risk that an insurer could successfully challenge its obligation to pay policy benefits upon the death of an insured and (ii) that an insured’s family could successfully challenge the Trust’s entitlement to the benefits of an insurance policy. In the event that either an insurer or an insured’s family was successful in challenging the Trust’s right to payment, there is also risk that the Trust would not be able to recover the premiums it paid towards the insurance policy. Longevity risk refers to the reasonable possibility that actual mortalities of insureds in the Trust’s portfolio extend over longer periods than are anticipated, resulting in the Trust paying more for premiums. The Trust maintains the majority of its cash in several accounts with a commercial bank. Balances on deposit are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, from time to time the Trust's balances may exceed the FDIC insurable amount at its banks.

Operations

Operations	3 Months Ended
	Mar. 31, 2018
Life Partners IRA Holder Partnership, LLC [Member]
Operations [Line Items]
Operations	Note 1 - Operations The Life Partners IRA Holder Partnership, LLC (the “Partnership”) was created on December 9, 2016, pursuant to the Revised Third Amended Joint Plan of Reorganization of Life Partners Holdings, Inc., et al. In connection with its formation and the inception of its activities on December 9, 2016, the Partnership issued limited liability company interests (“Member Interests”) in satisfaction of claims against the Debtors. The only assets of the Partnership are beneficial interest units of the Trust. The Partnership held 734,249,706 and 733,164,743 units as of March 31, 2018 and December 31, 2017, respectively, of the Trust’s outstanding units totaling 1,202,532,887 and 1,162,059,511 as of March 31, 2018 and December 31, 2017, respectively. The sole purpose of the Partnership is to hold Trust interests to permit holders of partnership interests to participate in distributions of the proceeds of the liquidation of the Trust. The Partnership was created to allow IRA holders to hold an interest in an entity classified as a partnership for federal tax purposes, rather than the assets of a grantor trust, such as the Trust. The Partnership’s sole asset is its investment in the Trust and it engages in no other business activity.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Life Partners IRA Holder Partnership, LLC [Member]
Significant Accounting Policies [Line Items]
Significant Accounting Policies	Note 2 - Significant Accounting Policies Equity Method Accounting The Partnership accounts for its investment in the Trust using the equity method of accounting in accordance with Accounting Standards Codification (ASC) 323, Investments – Equity Method and Joint Ventures. The Partnership and the Trust are closely connected, with a common trustee and common management. As a result of this common oversight and control, as well as the Partnership’s position as the majority holder of the Trust’s beneficial interest units, the Partnership is considered to have significant influence under the provisions of ASC 323, resulting in the application by the Partnership of the equity method of accounting. The following table presents the financial data resulting from Trust transactions: Balance Sheet Data March 31, 2018 December 31, 2017 (Unaudited) (Audited) Investment in life insurance policies $ 257,560,021 $ 272,140,787 All other assets 94,297,162 97,624,877 Total assets $ 351,857,183 $ 369,765,664 Total liabilities $ 123,273,945 $ 130,824,276 Net assets $ 228,583,238 $ 238,941,388 Income Statement Data Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (Unaudited) (Unaudited) Change in the fair value of life insurance policies $ (7,888,733 ) $ 10,392,095 Other income 67,997 11,563 Total income $ (7,820,736 ) $ 10,403,658 Total expenses $ 2,537,414 $ 4,237,708 Net (decrease) increase in net assets resulting from operations $ (10,358,150 ) $ 6,165,950 Income Taxes No provision for state or Federal income taxes has been made as the liability for such taxes is attributable to the members rather than the Partnership. In certain instances, however, the Partnership may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to members prior to any distributions. Such payments on behalf of the members are deemed distributions to them. The Financial Accounting Standards Board (the “FASB”) has provided guidance for how uncertain tax positions should be recognized, measured, disclosed, and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. The Partnership has no material uncertain income tax positions as of March 31, 2018 nor December 31, 2017. Use of Estimates The preparation of these financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material Risks and Uncertainties The Partnership, due to the nature of its assets and operations, is subject to significant risks and uncertainties affecting the Trust which encounters economic risk. The two main components of economic risk potentially impacting the Partnership’s interest in the Trust are market risk and concentration of credit risk. The market risks include interest rate risk and the risk of declines in valuation of the Trust’s life insurance policies, including declines caused by the selection of increased discount rates associated with the Trust’s fair value model. Concentration of credit risk is the risk that an insurance carrier who has issued life insurance policies held by the Trust, does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. It is reasonably possible that future changes to estimates involved in valuing life insurance policies could result in material effects to the Partnership’s financial position and results of operations.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 2 - Commitments and Contingencies Litigation In accordance with applicable accounting guidance, the Trust establishes an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Trust does not establish an accrued liability. As a litigation or regulatory matter develops, the Trust, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. If, at the time of evaluation, the loss contingency related to a litigation or regulatory matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. When a loss contingency related to a litigation or regulatory matter is deemed to be both probable and estimable, the Trust will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Trust will then continue to monitor the matter for further developments that could affect the amount of any such accrued liability. There have been no material changes to any litigation matters during the three months ended March 31, 2018. Indemnification of Certain Persons Under certain circumstances, the Trust may be required to indemnify certain persons performing services on behalf of the Trust for liability they may incur arising out of the indemnified persons' activities conducted on behalf of the Trust. There is no limitation on the maximum potential payments under these indemnification obligations and, due to the number and variety of events and circumstances under which these indemnification obligations could arise, the Trust is not able to estimate such maximum potential payments. The Trust has not made any payments under such indemnification obligations and no amount has been accrued in the accompanying financial statements for these indemnification obligations of the Trust.

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2018
Restricted Cash [Abstract]
Restricted Cash	Note 3 - Restricted Cash The Plan imposes restrictions on the Trust to maintain certain funds in segregated accounts. As of March 31, 2018 and December 31, 2017, the Trust has $71.3 million and $76.3 million, respectively, in restricted cash. The restricted cash accounts are for monies distributable to the fractional interest holders in policies that matured prior to the Plan becoming effective, premium reserves, premium obligations, and collateral deposits.

Life Insurance Policies

Life Insurance Policies	3 Months Ended
	Mar. 31, 2018
Life Insurance Policies [Abstract]
Life Insurance Policies	Note 4 - Life Insurance Policies As of March 31, 2018, the Trust owns an interest in 3,108 policies of which 585 are life settlement policies and 2,523 are viaticals (the “PHT Portfolio”). The PHT Portfolio’s aggregate face value is approximately $1.3 billion as of March 31, 2018 of which $1.1 billion is attributable to life settlements and $192.0 million is attributable to viaticals. The PHT Portfolio’s aggregate fair value is $257.6 million as of March 31, 2018 of which $256.2 million is attributable to life settlements and $1.4 million is attributable to viaticals. As of December 31, 2017, the Trust owned an interest in 3,140 policies of which 600 are life settlement policies and 2,540 are viaticals. The PHT Portfolio’s aggregate face value is approximately $1.3 billion as of December 31, 2017 of which $1.1 billion is attributable to life settlements and $179.1 million is attributable to viaticals. The PHT Portfolio’s aggregate fair value is $272.1 million as of December 31, 2017 of which $270.6 million is attributable to life settlements and $1.5 million is attributable to viaticals. Life expectancy reflects the probable number of years remaining in the life of a class of persons determined statistically, affected by such factors as heredity, physical condition, nutrition, and occupation. It is not an estimate or an indication of the actual expected maturity date or indication of the timing of expected cash flows from death benefits. The following tables summarizes the Trust's life insurance policies grouped by remaining life expectancy as of March 31, 2018 and December 31, 2017: As of March 31, 2018: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 13 $ 26,953,412 $ 21,799,806 1-2 25 46,530,624 27,959,567 2-3 51 72,112,549 33,229,395 3-4 70 102,719,754 34,525,137 4-5 124 235,202,937 53,607,023 Thereafter 2,825 797,944,169 86,439,093 3,108 $ 1,281,463,445 $ 257,560,021 As of December 31, 2017: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 21 $ 45,189,634 $ 36,855,871 1-2 33 61,077,238 36,814,730 2-3 60 65,934,777 30,372,137 3-4 57 94,187,235 31,657,796 4-5 130 211,916,460 50,004,422 Thereafter 2,839 784,622,390 86,435,831 3,140 $ 1,262,927,734 $ 272,140,787 Estimated premiums to be paid by the Trust for its portfolio during each of the five succeeding fiscal years and thereafter as of March 31, 2018, are as follows: 2018 $ 36,197,385 2019 55,283,243 2020 56,855,662 2021 52,725,217 2022 46,253,255 Thereafter 185,441,065 Total $ 432,755,827 The Trust is required to pay premiums to keep its portion of life insurance policies in force. The estimated total future premium payments could increase or decrease significantly to the extent that insurance carriers increase the cost of insurance on their issued policies or that actual mortalities of insureds differ from the estimated life expectancies. Additionally, if the continuing fractional holders default on their future premium obligations, the Trust’s premium liability may increase. The Trust’s estimated total future premium payable are $432.8 million as of March 31, 2018. This is an increase of $24.4 million from the total estimated future premiums of $408.4 million as of December 31, 2017. The increase in estimated premiums payable is primarily due to actual mortalities being longer than estimated life expectancies. The Trust anticipates funding the estimated premium payments from maturities of life insurance policies. It also maintains premium reserves and access to lines of credit.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2018
Notes Payable [Abstract]
Notes Payable	Note 5 - Notes Payable On December 9, 2016, the Trust obtained a term loan from Vida Opportunity Fund, LP, an affiliate of Vida Capital, Inc., for $55.0 million. Interest accrues at 11% of outstanding balance per annum and is paid quarterly. Principal is due in full on December 9, 2018, but is not subject to a prepayment penalty. Substantially all of the Trust’s assets collateralize the loan. As of March 31, 2018 and December 31, 2017, the outstanding balances were $25.0 million and $35.0 million, respectively. On December 9, 2016, the Trust entered into a revolving line of credit with Vida Longevity Fund, LP, an affiliate of Vida Capital, Inc., for $25.0 million. Interest accrues at 11% of outstanding balance and is paid quarterly. The line of credit matures on December 9, 2018, at which point any amount outstanding is due in full. As of March 31, 2018 and December 31, 2017, no amounts have been drawn on the line of credit. In accordance with the Plan, the Trust issued notes totaling approximately $36.5 million in exchange for claims against the Debtor’s estate and the incidental interests in life insurance policies. Those policies collateralize the Trust’s obligations under the notes. Interest accrues at 3% of outstanding balance and is paid annually in December. Principal is due in full on December 9, 2031. In accordance with the note, beginning in December 2017, the Trust is required to make annual payments to a sinking fund to pay future interest and principal. Such fund is included in restricted cash on the accompanying balance sheets. As of March 31, 2018 and December 31, 2017, the outstanding balance of the notes was $36.5 million. On March 28, 2017, the Trust, was ordered to pay the Chapter 11 trustee’s fees totaling $5.5 million. The first payment of $2.8 million was paid in 2017. The remaining balance is in the form of a note payable in the amount of $2.8 million and is due in three equal annual payments on January 1 beginning in 2019. The note does not bear interest as ordered by the Court, thus the note has been discounted by $0.2 million, based on an implied interest rate of 3% as of December 31, 2017. As of March 31, 2018 and December 31, 2017, the outstanding balance was $2.6 million. Future scheduled principal payments on the above notes payable and required sinking fund contributions are as follows as of March 31, 2018: Sinking Fund Notes Payable 2018 $ 2,432,886 $ 25,000,000 2019 2,432,886 916,667 2020 2,432,886 916,667 2021 2,432,886 916,666 2022 2,432,886 - Thereafter 21,887,452 36,493,298 Total $ 34,051,882 $ 64,243,298

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 6 - Fair Value Measurements The Trust carries its life insurance policies at fair value. Fair value is defined as an exit price, representing the amount 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. Fair value measurements are classified based on the following fair value hierarchy: Level 1 - Valuation is based on unadjusted quoted prices in active markets for identical assets and liabilities that are accessible at the reporting date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 - Valuation is determined from pricing inputs that are other than quoted prices in active markets that are either directly or indirectly observable as of the reporting date. Observable inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and interest rates and yield curves that are observable at commonly quoted intervals. Level 3 - Valuation is based on inputs that are both significant to the fair value measurement and unobservable. Level 3 inputs include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value generally require significant management judgment or estimation. The balances of the Trust's assets measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017, are as follows: As of March 31, 2018: Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life insurance policies $ - $ - $ 257,560,021 $ 257,560,021 $ - $ - $ 257,560,021 $ 257,560,021 As of December 31, 2017: Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life insurance policies $ - $ - $ 272,140,787 $ 272,140,787 $ - $ - $ 272,140,787 $ 272,140,787 Quantitative Information about Level 3 Fair Value Measurements Fair Value at 3/31/2018 Face Value at 3/31/2018 Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Life insurance policies $ 257,560,021 $ 1,281,463,446 Discounted cash flow Discount rate 25.8%-31.8 % Fair Value at 12/31/2017 Face Value at 12/31/2017 Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Life insurance policies $ 272,140,787 $ 1,262,927,734 Discounted cash flow Discount rate 25.4%-31.8 % Following is a description of the methodologies used to estimate the assets’ fair value measured on a recurring basis and within the above fair value hierarchy. In assessing and determining the PHT Portfolio’s valuation, the Position Holder Trust retained Lewis & Ellis, Inc. as its principal actuaries. The PHT Portfolio’s value was estimated using an actuarially based approach incorporating net cash flows and life expectancies. This approach applies a monthly mortality scale as generated by the specific life expectancy (“LE”) and/or a default mortality multiplier of each insured which is used to project the PHT Portfolio’s present value of net cash flows (death benefits less premium payments and Servicing Company compensation). The mortality scale is actuarially rolled forward from the LE underwriting date to the valuation date. The Trust will not obtain current medical information for each insured which would be necessary to update the LE’s due to the significant time and financial burden that would be required. Accordingly, as LE’s become aged, less weight will be applied to them and more weight will be placed with the default mortality multiplier. A 25% discount will be applied quarterly starting 21 months past the underwriting date until the aged LE date is fully discounted and replaced by the default mortality multiplier. An LE that is 24 to 26 months old will have a 50% discount, an LE that is 27 to 29 months old will have a 75% discount, and an LE greater than or equal to 30 months will solely use the default mortality multiplier, as described below. If a policy did not have a LE, or the LE became aged, a default mortality multiplier, based on the mortality tables developed by the U.S. Society of Actuaries was applied. Currently, the mortality multipliers used are 100% for the life settlements and 350% for the viaticals, regardless of gender. On a quarterly basis, we will compare actual mortalities to expected mortalities and refine the mortality multipliers as appropriate. The Servicing Company is paid 2.65% of each maturity as compensation. The estimated cash flows of the Policies are net of such compensation. The monthly net cash flows with interest and survivorship were discounted to arrive at the PHT Portfolio’s estimated value as of March 31, 2018 and December 31, 2017. Future changes in the life expectancies and estimated cash flows could have a material effect on the PHT Portfolio’s fair value, and the Trust’s financial condition and results of operations. Life expectancy sensitivity analysis The table below reflects the effect on the PHT Portfolio’s fair value if the actual life expectancy experienced is 5% less or 5% more than is currently estimated. If the life expectancy estimate increases by 5% or decreases by 5%, the change in estimated fair value of the life insurance policies as of March 31, 2018 and December 31, 2017 would be as follows: As of March 31, 2018 Life Expectancy Months Adjustment Average Life Expectancy Value Change in Value -5% $ 272,762,555 $ 15,202,534 No change 3.8 years $ 257,560,021 $ - + 5% $ 241,792,499 $ (15,767,522 ) As of December 31, 2017 Life Expectancy Months Adjustment Average Life Expectancy Value Change in Value -5% $ 286,717,730 $ 14,576,943 No change 3.6 years $ 272,140,787 $ - + 5% $ 257,057,325 $ (15,083,462 ) Discount rate The discount rate is another significant input in the fair value determination. The Trust’s estimate incorporates market factors, the size of the portfolio, and various policy specific quantitative and qualitative factors including known information about the underlying insurance policy, its economics, the insured and the insurer. The effect of changes in the weighted average discount rate on the death benefit and premiums used to estimate the PHT Portfolio’s fair value has been analyzed. If the weighted average discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of March 31, 2018 and December 31, 2017 would be as follows: As of March 31, 2018 Rate Adjustment Value Change in Value + 2% $ 245,330,489 $ (12,229,532 ) No change $ 257,560,021 $ - - 2% $ 271,092,809 $ 13,532,788 As of December 31, 2017 Rate Adjustment Value Change in Value +2% $ 259,806,309 $ (12,334,478 ) No change $ 272,140,787 $ - - 2% $ 285,785,223 $ 13,644,436 Future changes in the discount rates used by the Trust to value life insurance policies could have a material effect on the Trust's yield on life settlement transactions, which could have a material adverse effect on the Trust’s financial condition and results of operations. The Trust re-evaluates its discount rates at the end of every reporting period in order to estimate the discount rates that could reasonably be used by market participants in a transaction involving the Trust's life insurance policies. In doing so, the Trust engages third party consultants to corroborate its assessment, engages in discussions with other market participants and extrapolates the discount rate underlying actual sales of insurance policies. Credit Exposure to Insurance Companies The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit or 10% of total fair value of the Trust's life insurance policies as of March 31, 2018: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating The Lincoln National Life Insurance 10.6 % 13.5 % A + Transamerica Financial Life Insurance 9.5 % 12.2 % A + John Hancock Life Insurance (USA) 7.5 % 12.4 % A + The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit or 10% of total fair value of the Trust's life insurance policies as of December 31, 2017: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating The Lincoln National Life Insurance 11.5 % 13.6 % A + Transamerica Financial Life Insurance 9.4 % 11.5 % A + John Hancock Life Insurance (USA) 7.9 % 12.4 % A + Changes in Fair Value The following table provides a roll-forward in the changes in fair value for the Trust’s life insurance policies: Balance at December 31, 2017 $ 272,140,787 Realized gain on matured policies 11,064,379 Unrealized loss on assets held (18,953,112 ) Change in fair value (7,888,733 ) Matured policies, net of fees (16,974,197 ) Premiums paid 10,282,164 Balance at March 31, 2018 $ 257,560,021 Balance at December 31, 2016 $ 263,579,040 Realized gain on matured policies 11,372,839 Unrealized loss on assets held (980,744 ) Change in fair value 10,392,095 Matured policies, net of fees (12,255,875 ) Premiums paid 7,263,898 Balance at March 31, 2017 $ 268,979,158 Other Fair Value Considerations - All assets and liabilities except for the life insurance policies, which includes cash, maturities and premium receivable, notes payable and premium and maturity liability, are accounted for at their carrying value which approximates fair value.

Operations and Significant Ac14

Operations and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Operations and Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the financial statements of the Trust as of March 31, 2018 and for the three months ended March 31, 2018 and 2017 include all adjustments and accruals, consisting only of normal, recurring accrual adjustments, which are necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") have been condensed in or omitted from this report pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These financial statements should be read together with the consolidated financial statements and notes thereto included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2017. Certain reclassifications have been made to the 2017 financial statement and footnote amounts in order to conform to the 2018 presentation. The Trust’s primary purpose is the liquidation of the Trust’s assets and the distribution of proceeds to its beneficial interest holders. The Trust expects that fulfilling its purpose requires a significant amount of time, and that the Trust will have significant ongoing operations during that period due to the nature of its assets and its plan to maximize the proceeds to its beneficiaries by maintaining the majority of its life insurance policies until maturity. As a result, the Trust has concluded that its liquidation is not imminent, in accordance with the definitions under accounting principles generally accepted in the United States of America and has not applied the liquidation basis of accounting in presenting its financial statements. The Trust will continue to evaluate its operations to determine when its liquidation becomes imminent and the liquidation basis of accounting is required.
Adoption of New Accounting Standard	Adoption of New Accounting Standard In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 ("ASC 606") "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in ASC 605 “Revenue Recognition” ("ASC 605"), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Trust adopted ASC 606 as of January 1, 2018 using the retrospective transition method. There is no impact to the Trust's recognition of revenue associated with the adoption of ASC 606.
Investments in Life Insurance Policies	Investments in Life Insurance Policies The Trust accounts for its interests in life insurance policies at fair value in accordance with ASC 325-30, Investments in Insurance Contracts
Fair Value of Life Insurance Policies	Fair Value of Life Insurance Policies The Trust follows ASC 820, Fair Value Measurements and Disclosures As a basis for considering such assumptions, the guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Trust’s investments in life insurance policies are considered to be Level 3 as there is currently no active market where the Trust is able to observe quoted prices for identical assets and the Trust’s valuation model incorporates significant inputs that are not observable. The Trust’s valuation of life insurance policies is a critical estimate within the financial statements. The Trust currently uses a probabilistic method of valuing life insurance policies, which the Trust believes to be the preferred valuation method in its industry. The Trust calculates the assets’ fair value using a present value technique to estimate the fair value of the projected future cash flows. The most significant assumptions in estimating the fair value are the Trust’s estimate of the insureds’ life expectancy and the discount rate. See Note 6, “Fair Value Measurements.”
Income Recognition	Income Recognition The Trust’s investments in life insurance policies are its primary source of income. Gain or loss is recognized from ongoing changes in the portfolio’s estimated fair value, including any gains or losses at maturity. Gains or losses from maturities are recognized at receipt of a death notice or verified obituary for an insured party, and determined based on the difference between the death benefit and the estimated fair value of the policy at maturity.
Premiums Receivable	Premiums Receivable The Trust assumed the Debtors’ receivables related to life insurance policy premiums and service fees that were paid by the Debtors on behalf of fractional interest holders prior to the Trust’s effective date. After December 9, 2016, the policy premiums allocable to continuing fractional interest holders are those persons' obligations and not the Trust. If a continuing fractional interest holder defaults on future premium obligations, such position is deemed contributed to the Trust in exchange for the number of Units provided by the Plan. The Trust maintains an allowance for doubtful accounts for estimated losses resulting from the inability to collect premiums and service fees receivable. Such estimates are based on the position holder’s payment history and other indications of potential uncollectability. After all attempts to collect a receivable have failed, receivables are written off against the allowance. At March 31, 2018 and December 31, 2017, the allowance for doubtful accounts was $5.0 million, all of which was for receivables assumed from the Debtors on the effective date. Outstanding receivable balances may be recoverable pursuant to the Trustee’s set-off rights under the Plan.
Maturities Receivable	Maturities Receivable Maturities receivable consist of the Trust’s portion of life insurance policy maturities that occurred but payment was not received as of the end of the reporting period.
Income Taxes	Income Taxes No provision for state or Federal income taxes has been made as the liability for such taxes is attributable to the Unit holders rather than the Trust. The Trust is a grantor trust with taxable income or loss passing through to the Unit holders. In certain instances, however, the Trust may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to Unit holders. Such payments on behalf of the Unit holders are deemed distributions to them. The FASB has provided guidance for how uncertain tax positions should be recognized, measured, disclosed, and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. The Trust has no material uncertain income tax positions as of March 31, 2018 or December 31, 2017. The Trust also assumed income tax liabilities of the Debtors at its inception which total approximately $2.0 million and $2.0 million as of March 31, 2018 and December 31, 2017, respectively, related to taxes, penalties, and interest from the Debtors’ 2008, 2009 and 2010 income tax returns. These obligations bear interest at 4% annually and are due in full by January 2020.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses primarily include professional services, legal fees, and expected litigation settlements, some of which are obligations assumed by the Trust that were incurred prior to the effective date of the Trust. The Trust also accrues liabilities for state taxes payable and other miscellaneous accruals. The Trust accrues liabilities when costs are incurred and such costs can be reasonably estimated.
Premium Liability	Premium Liability As of March 31, 2018 and December 31, 2017, the Trust has $30.0 million and $30.2 million, respectively, in liabilities for future payment of premium obligations. To the extent advanced premiums received from continuing fractional holders are not used for premium payments, they are refunded to the respective continuing fractional holder.
Maturity Liabilities	Maturity Liabilities As of March 31, 2018, and December 31, 2017, the Trust holds $25.0 million and $23.6 million, respectively, of maturities collected on behalf of continuing fractional holders pending payment.
Use of Estimates	Use of Estimates The preparation of these financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. The estimates related to the valuation of the life insurance policies represent significant estimates made by the Trust.
Risks and Uncertainties	Risks and Uncertainties The Trust encounters economic, legal, and longevity risk. The two main components of economic risk potentially impacting the Trust are market risk and concentration of credit risk. The Trust’s market risks include interest rate risk and the risk of declines in valuation of the Trust’s life insurance policies, including declines caused by the selection of increased discount rates associated with the Trust’s fair value model. It is reasonably possible that future changes to estimates involved in valuing life insurance policies could change and result in material effects to the future financial statements. Concentration of credit risk is the risk that an insurance carrier who has issued life insurance policies held by the Trust does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. Another credit risk potentially impacting the Trust is the risk continuing fractional holders may default on their future premium obligations, increasing the Trust’s premium liability. The main components of legal risk are (i) the risk that an insurer could successfully challenge its obligation to pay policy benefits upon the death of an insured and (ii) that an insured’s family could successfully challenge the Trust’s entitlement to the benefits of an insurance policy. In the event that either an insurer or an insured’s family was successful in challenging the Trust’s right to payment, there is also risk that the Trust would not be able to recover the premiums it paid towards the insurance policy. Longevity risk refers to the reasonable possibility that actual mortalities of insureds in the Trust’s portfolio extend over longer periods than are anticipated, resulting in the Trust paying more for premiums. The Trust maintains the majority of its cash in several accounts with a commercial bank. Balances on deposit are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, from time to time the Trust's balances may exceed the FDIC insurable amount at its banks.

Significant Accounting Polici15

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Significant Accounting Policies [Line Items]
Income Taxes	Income Taxes No provision for state or Federal income taxes has been made as the liability for such taxes is attributable to the Unit holders rather than the Trust. The Trust is a grantor trust with taxable income or loss passing through to the Unit holders. In certain instances, however, the Trust may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to Unit holders. Such payments on behalf of the Unit holders are deemed distributions to them. The FASB has provided guidance for how uncertain tax positions should be recognized, measured, disclosed, and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. The Trust has no material uncertain income tax positions as of March 31, 2018 or December 31, 2017. The Trust also assumed income tax liabilities of the Debtors at its inception which total approximately $2.0 million and $2.0 million as of March 31, 2018 and December 31, 2017, respectively, related to taxes, penalties, and interest from the Debtors’ 2008, 2009 and 2010 income tax returns. These obligations bear interest at 4% annually and are due in full by January 2020.
Use of Estimates	Use of Estimates The preparation of these financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. The estimates related to the valuation of the life insurance policies represent significant estimates made by the Trust.
Risks and Uncertainties	Risks and Uncertainties The Trust encounters economic, legal, and longevity risk. The two main components of economic risk potentially impacting the Trust are market risk and concentration of credit risk. The Trust’s market risks include interest rate risk and the risk of declines in valuation of the Trust’s life insurance policies, including declines caused by the selection of increased discount rates associated with the Trust’s fair value model. It is reasonably possible that future changes to estimates involved in valuing life insurance policies could change and result in material effects to the future financial statements. Concentration of credit risk is the risk that an insurance carrier who has issued life insurance policies held by the Trust does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. Another credit risk potentially impacting the Trust is the risk continuing fractional holders may default on their future premium obligations, increasing the Trust’s premium liability. The main components of legal risk are (i) the risk that an insurer could successfully challenge its obligation to pay policy benefits upon the death of an insured and (ii) that an insured’s family could successfully challenge the Trust’s entitlement to the benefits of an insurance policy. In the event that either an insurer or an insured’s family was successful in challenging the Trust’s right to payment, there is also risk that the Trust would not be able to recover the premiums it paid towards the insurance policy. Longevity risk refers to the reasonable possibility that actual mortalities of insureds in the Trust’s portfolio extend over longer periods than are anticipated, resulting in the Trust paying more for premiums. The Trust maintains the majority of its cash in several accounts with a commercial bank. Balances on deposit are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, from time to time the Trust's balances may exceed the FDIC insurable amount at its banks.
Life Partners IRA Holder Partnership, LLC [Member]
Significant Accounting Policies [Line Items]
Equity Method Accounting	Equity Method Accounting The Partnership accounts for its investment in the Trust using the equity method of accounting in accordance with Accounting Standards Codification (ASC) 323, Investments – Equity Method and Joint Ventures. The Partnership and the Trust are closely connected, with a common trustee and common management. As a result of this common oversight and control, as well as the Partnership’s position as the majority holder of the Trust’s beneficial interest units, the Partnership is considered to have significant influence under the provisions of ASC 323, resulting in the application by the Partnership of the equity method of accounting. The following table presents the financial data resulting from Trust transactions: Balance Sheet Data March 31, 2018 December 31, 2017 (Unaudited) (Audited) Investment in life insurance policies $ 257,560,021 $ 272,140,787 All other assets 94,297,162 97,624,877 Total assets $ 351,857,183 $ 369,765,664 Total liabilities $ 123,273,945 $ 130,824,276 Net assets $ 228,583,238 $ 238,941,388 Income Statement Data Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (Unaudited) (Unaudited) Change in the fair value of life insurance policies $ (7,888,733 ) $ 10,392,095 Other income 67,997 11,563 Total income $ (7,820,736 ) $ 10,403,658 Total expenses $ 2,537,414 $ 4,237,708 Net (decrease) increase in net assets resulting from operations $ (10,358,150 ) $ 6,165,950
Income Taxes	Income Taxes No provision for state or Federal income taxes has been made as the liability for such taxes is attributable to the members rather than the Partnership. In certain instances, however, the Partnership may be required under applicable state laws to remit directly to state tax authorities amounts otherwise due to members prior to any distributions. Such payments on behalf of the members are deemed distributions to them. The Financial Accounting Standards Board (the “FASB”) has provided guidance for how uncertain tax positions should be recognized, measured, disclosed, and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable taxing authority. The Partnership has no material uncertain income tax positions as of March 31, 2018 nor December 31, 2017.
Use of Estimates	Use of Estimates The preparation of these financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material
Risks and Uncertainties	Risks and Uncertainties The Partnership, due to the nature of its assets and operations, is subject to significant risks and uncertainties affecting the Trust which encounters economic risk. The two main components of economic risk potentially impacting the Partnership’s interest in the Trust are market risk and concentration of credit risk. The market risks include interest rate risk and the risk of declines in valuation of the Trust’s life insurance policies, including declines caused by the selection of increased discount rates associated with the Trust’s fair value model. Concentration of credit risk is the risk that an insurance carrier who has issued life insurance policies held by the Trust, does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. It is reasonably possible that future changes to estimates involved in valuing life insurance policies could result in material effects to the Partnership’s financial position and results of operations.

Significant Accounting Polici16

Significant Accounting Policies (Tables) - Life Partners IRA Holder Partnership, LLC [Member]	3 Months Ended
	Mar. 31, 2018
Significant Accounting Policies [Line Items]
Summarized Balance Sheet Data	Balance Sheet Data March 31, 2018 December 31, 2017 (Unaudited) (Audited) Investment in life insurance policies $ 257,560,021 $ 272,140,787 All other assets 94,297,162 97,624,877 Total assets $ 351,857,183 $ 369,765,664 Total liabilities $ 123,273,945 $ 130,824,276 Net assets $ 228,583,238 $ 238,941,388
Summarized Income Statement Data	Income Statement Data Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (Unaudited) (Unaudited) Change in the fair value of life insurance policies $ (7,888,733 ) $ 10,392,095 Other income 67,997 11,563 Total income $ (7,820,736 ) $ 10,403,658 Total expenses $ 2,537,414 $ 4,237,708 Net (decrease) increase in net assets resulting from operations $ (10,358,150 ) $ 6,165,950

Life Insurance Policies (Tables

Life Insurance Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Life Insurance Policies [Abstract]
Trust's Life Insurance Policies Grouped by Remaining Life Expectancy	The following tables summarizes the Trust's life insurance policies grouped by remaining life expectancy as of March 31, 2018 and December 31, 2017: As of March 31, 2018: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 13 $ 26,953,412 $ 21,799,806 1-2 25 46,530,624 27,959,567 2-3 51 72,112,549 33,229,395 3-4 70 102,719,754 34,525,137 4-5 124 235,202,937 53,607,023 Thereafter 2,825 797,944,169 86,439,093 3,108 $ 1,281,463,445 $ 257,560,021 As of December 31, 2017: Remaining Life Expectancy (Years) Number of Life Insurance Policies Face Value Fair Value 0-1 21 $ 45,189,634 $ 36,855,871 1-2 33 61,077,238 36,814,730 2-3 60 65,934,777 30,372,137 3-4 57 94,187,235 31,657,796 4-5 130 211,916,460 50,004,422 Thereafter 2,839 784,622,390 86,435,831 3,140 $ 1,262,927,734 $ 272,140,787
Estimated Premiums to be Paid by the Trust for its Portfolio	Estimated premiums to be paid by the Trust for its portfolio during each of the five succeeding fiscal years and thereafter as of March 31, 2018, are as follows: 2018 $ 36,197,385 2019 55,283,243 2020 56,855,662 2021 52,725,217 2022 46,253,255 Thereafter 185,441,065 Total $ 432,755,827

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Payable [Abstract]
Future Scheduled Principal Payments of Notes Payable and Sinking Fund Contributions	Future scheduled principal payments on the above notes payable and required sinking fund contributions are as follows as of March 31, 2018: Sinking Fund Notes Payable 2018 $ 2,432,886 $ 25,000,000 2019 2,432,886 916,667 2020 2,432,886 916,667 2021 2,432,886 916,666 2022 2,432,886 - Thereafter 21,887,452 36,493,298 Total $ 34,051,882 $ 64,243,298

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Measurements [Abstract]
Assets Measured at Fair Value on Recurring Basis	The balances of the Trust's assets measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017, are as follows: As of March 31, 2018: Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life insurance policies $ - $ - $ 257,560,021 $ 257,560,021 $ - $ - $ 257,560,021 $ 257,560,021 As of December 31, 2017: Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life insurance policies $ - $ - $ 272,140,787 $ 272,140,787 $ - $ - $ 272,140,787 $ 272,140,787
Quantitative Information about Level 3 Fair Value Measurements	Quantitative Information about Level 3 Fair Value Measurements Fair Value at 3/31/2018 Face Value at 3/31/2018 Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Life insurance policies $ 257,560,021 $ 1,281,463,446 Discounted cash flow Discount rate 25.8%-31.8 % Fair Value at 12/31/2017 Face Value at 12/31/2017 Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Life insurance policies $ 272,140,787 $ 1,262,927,734 Discounted cash flow Discount rate 25.4%-31.8 %
Change in Estimated Fair Value	The table below reflects the effect on the PHT Portfolio’s fair value if the actual life expectancy experienced is 5% less or 5% more than is currently estimated. If the life expectancy estimate increases by 5% or decreases by 5%, the change in estimated fair value of the life insurance policies as of March 31, 2018 and December 31, 2017 would be as follows: As of March 31, 2018 Life Expectancy Months Adjustment Average Life Expectancy Value Change in Value -5% $ 272,762,555 $ 15,202,534 No change 3.8 years $ 257,560,021 $ - + 5% $ 241,792,499 $ (15,767,522 ) As of December 31, 2017 Life Expectancy Months Adjustment Average Life Expectancy Value Change in Value -5% $ 286,717,730 $ 14,576,943 No change 3.6 years $ 272,140,787 $ - + 5% $ 257,057,325 $ (15,083,462 ) The effect of changes in the weighted average discount rate on the death benefit and premiums used to estimate the PHT Portfolio’s fair value has been analyzed. If the weighted average discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of March 31, 2018 and December 31, 2017 would be as follows: As of March 31, 2018 Rate Adjustment Value Change in Value + 2% $ 245,330,489 $ (12,229,532 ) No change $ 257,560,021 $ - - 2% $ 271,092,809 $ 13,532,788 As of December 31, 2017 Rate Adjustment Value Change in Value +2% $ 259,806,309 $ (12,334,478 ) No change $ 272,140,787 $ - - 2% $ 285,785,223 $ 13,644,436
Credit Exposure to Insurance Companies	The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit or 10% of total fair value of the Trust's life insurance policies as of March 31, 2018: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating The Lincoln National Life Insurance 10.6 % 13.5 % A + Transamerica Financial Life Insurance 9.5 % 12.2 % A + John Hancock Life Insurance (USA) 7.5 % 12.4 % A + The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit or 10% of total fair value of the Trust's life insurance policies as of December 31, 2017: Carrier Percentage of Face Value Percentage of Fair Value Carrier Rating The Lincoln National Life Insurance 11.5 % 13.6 % A + Transamerica Financial Life Insurance 9.4 % 11.5 % A + John Hancock Life Insurance (USA) 7.9 % 12.4 % A +
Changes in Fair Value for Trusts Life Insurance Policies	The following table provides a roll-forward in the changes in fair value for the Trust’s life insurance policies: Balance at December 31, 2017 $ 272,140,787 Realized gain on matured policies 11,064,379 Unrealized loss on assets held (18,953,112 ) Change in fair value (7,888,733 ) Matured policies, net of fees (16,974,197 ) Premiums paid 10,282,164 Balance at March 31, 2018 $ 257,560,021 Balance at December 31, 2016 $ 263,579,040 Realized gain on matured policies 11,372,839 Unrealized loss on assets held (980,744 ) Change in fair value 10,392,095 Matured policies, net of fees (12,255,875 ) Premiums paid 7,263,898 Balance at March 31, 2017 $ 268,979,158

Operations and Significant Ac20

Operations and Significant Accounting Policies (Details)	Mar. 31, 2018USD ($)ShareholderPolicyshares	Dec. 31, 2017USD ($)ShareholderPolicyshares	Mar. 31, 2017shares	Dec. 31, 2016USD ($)	Dec. 09, 2016shares
Operations and Significant Accounting Policies [Abstract]
Number of units of beneficial interest issued to fractional interest holders (in shares) | shares					1,012,355,948
Number of unit holders | Shareholder	10,415	10,187
Number of units outstanding (in shares) | shares	1,202,532,887	1,162,059,511	1,012,364,792
Number of life insurance policies | Policy	3,108	3,140
Fair value of life insurance policies | $	$ 257,560,021	$ 272,140,787
Aggregate face value of life insurance policies | $	$ 1,300,000,000	$ 1,300,000,000		$ 2,200,000,000

Operations and Significant Ac21

Operations and Significant Accounting Policies, Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2018USD ($)Component	Dec. 31, 2017USD ($)
Description of Securities [Abstract]
Amount of debt to be repaid by Trust before Trustee may make distribution	$ 55,000,000
Premiums Receivable [Abstract]
Allowance for doubtful accounts	5,000,000	$ 5,000,000
Income Taxes [Abstract]
Income tax liabilities of Debtors assumed	$ 2,000,000	2,000,000
Interest on income tax obligations	4.00%
Premium Liability [Abstract]
Liabilities for future payment of premium obligations	$ 30,013,580	30,225,729
Maturity Liabilities [Abstract]
Maturity liability	$ 24,983,283	$ 23,643,936
Risks and Uncertainties [Abstract]
Number of main components of economic risk | Component	2

Operations (Details)

Operations (Details) - shares	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 09, 2016
Operations [Line Items]
Number of units of beneficial interest issued to fractional interest holders (in shares)				1,012,355,948
Number of units outstanding (in shares)	1,202,532,887	1,162,059,511	1,012,364,792
Life Partners IRA Holder Partnership, LLC [Member]
Operations [Line Items]
Number of units of beneficial interest issued to fractional interest holders (in shares)	734,249,706	733,164,743
Number of units outstanding (in shares)	734,249,706		689,030,859

Significant Accounting Polici23

Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2018USD ($)Component	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Risks and Uncertainties [Abstract]
Number of main components of economic risk | Component	2
Life Partners IRA Holder Partnership, LLC [Member]
Assets [Abstract]
Investment in life insurance policies	$ 257,560,021		$ 272,140,787
All other assets	94,297,162		97,624,877
Total assets	351,857,183		369,765,664
Total liabilities	123,273,945		130,824,276
Net assets	228,583,238		$ 238,941,388
Income Statement Data [Abstract]
Change in the fair value of life insurance policies	(7,888,733)	$ 10,392,095
Other income	67,997	11,563
Total income	(7,820,736)	10,403,658
Total expenses	2,537,414	4,237,708
Net (decrease) increase in net assets resulting from operations	$ (10,358,150)	$ 6,165,950
Risks and Uncertainties [Abstract]
Number of main components of economic risk | Component	2

Restricted Cash (Details)

Restricted Cash (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Restricted Cash [Abstract]
Restricted cash	$ 71,342,810	$ 76,304,593	$ 89,715,089

Life Insurance Policies (Detail

Life Insurance Policies (Details)	3 Months Ended
	Mar. 31, 2018USD ($)Policy	Dec. 31, 2017USD ($)Policy
Number of life insurance policies [Abstract]
0-1 | Policy	13	21
1-2 | Policy	25	33
2-3 | Policy	51	60
3-4 | Policy	70	57
4-5 | Policy	124	130
Thereafter | Policy	2,825	2,839
Total | Policy	3,108	3,140
Face value [Abstract]
0-1	$ 26,953,412	$ 45,189,634
1-2	46,530,624	61,077,238
2-3	72,112,549	65,934,777
3-4	102,719,754	94,187,235
4-5	235,202,937	211,916,460
Thereafter	797,944,169	784,622,390
Total	1,281,463,445	1,262,927,734
Fair value [Abstract]
0-1	21,799,806	36,855,871
1-2	27,959,567	36,814,730
2-3	33,229,395	30,372,137
3-4	34,525,137	31,657,796
4-5	53,607,023	50,004,422
Thereafter	86,439,093	86,435,831
Total	257,560,021	272,140,787
Estimated premiums to be paid [Abstract]
2,018	36,197,385
2,019	55,283,243
2,020	56,855,662
2,021	52,725,217
2,022	46,253,255
Thereafter	185,441,065
Total	432,755,827	$ 408,400,000
Increase in estimated future premiums	$ 24,400,000
Life Settlement Policies [Member]
Number of life insurance policies [Abstract]
Total | Policy	585	600
Face value [Abstract]
Total	$ 1,100,000,000	$ 1,100,000,000
Fair value [Abstract]
Total	$ 256,200,000	$ 270,600,000
Viaticals [Member]
Number of life insurance policies [Abstract]
Total | Policy	2,523	2,540
Face value [Abstract]
Total	$ 192,000,000	$ 179,100,000
Fair value [Abstract]
Total	$ 1,400,000	$ 1,500,000

Notes Payable (Details)

Notes Payable (Details) $ in Millions	Mar. 28, 2017USD ($)	Mar. 31, 2018USD ($)Payment	Dec. 31, 2017USD ($)	Dec. 09, 2016USD ($)
Revolving Line of Credit [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate				11.00%
Line of credit, maximum borrowing capacity				$ 25
Line of credit, maturity date		Dec. 9, 2018
Line of credit, outstanding amount		$ 0	$ 0
Notes Payable [Member]
Debt Instrument [Line Items]
Debt instrument face amount		$ 36.5
Debt instrument, interest rate		3.00%
Debt instrument, maturity date		Dec. 9, 2031
Debt instrument, outstanding		$ 36.5	36.5
Notes Payable [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument face amount				$ 55
Debt instrument, interest rate				11.00%
Debt instrument, maturity date		Dec. 9, 2018
Debt instrument, outstanding		$ 25	35
Notes Payable [Member] | Notes Payable for Chapter 11 Trustee's Fees [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding		2.6	2.6
Trustee fees	$ 5.5
Trustee fee due amount			$ 2.8
Long term debt, gross		$ 2.8
Number of annual payments | Payment		3
Note payable discount amount	$ 0.2
Implied interest rate			3.00%

Notes Payable, Future Scheduled

Notes Payable, Future Scheduled Principal Payments of Notes Payable and Sinking Fund Contributions (Details)	Mar. 31, 2018USD ($)
Sinking Fund [Member]
Future scheduled principal payments [Abstract]
2,018	$ 2,432,886
2,019	2,432,886
2,020	2,432,886
2,021	2,432,886
2,022	2,432,886
Thereafter	21,887,452
Long-term debt	34,051,882
Notes Payable [Member]
Future scheduled principal payments [Abstract]
2,018	25,000,000
2,019	916,667
2,020	916,667
2,021	916,666
2,022	0
Thereafter	36,493,298
Long-term debt	$ 64,243,298

Fair Value Measurements, Assets

Fair Value Measurements, Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Assets [Abstract]
Fair value of life insurance policies	$ 257,560,021	$ 272,140,787
Recurring [Member]
Assets [Abstract]
Fair value of life insurance policies	257,560,021	272,140,787
Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Fair value of life insurance policies	0	0
Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Fair value of life insurance policies	0	0
Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Fair value of life insurance policies	$ 257,560,021	$ 272,140,787

Fair Value Measurements, Quanti

Fair Value Measurements, Quantitative Information about Level 3 Fair Value Measurements (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value of life insurance policies	$ 257,560,021	$ 272,140,787
Face value	$ 1,281,463,445	1,262,927,734
Discount rate for life expectancy starting 21 months past the underwriting date	25.00%
Discount rate for life expectancy between 24 to 26 months	50.00%
Discount rate for life expectancy between 27 to 29 months	75.00%
Mortality multipliers rate for life settlement	100.00%
Mortality multipliers rate for viaticals regardless of gender	350.00%
Servicing fee payable percentage	2.65%
Discounted Cash Flow [Member] | Level 3 [Member] | Life Settlement Policies [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value of life insurance policies	$ 257,560,021	272,140,787
Face value	$ 1,281,463,446	$ 1,262,927,734
Unobservable inputs	Discount rate	Discount rate
Discounted Cash Flow [Member] | Level 3 [Member] | Life Settlement Policies [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	25.80%	25.40%
Discounted Cash Flow [Member] | Level 3 [Member] | Life Settlement Policies [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	31.80%	31.80%

Fair Value Measurements, Change

Fair Value Measurements, Change in Estimated Fair Value (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Life expectancy sensitivity analysis [Abstract]
Average life expectancy	3 years 9 months 18 days	3 years 7 months 6 days
Impact of -5% in life expectancy, value	$ 272,762,555	$ 286,717,730
No change, value	257,560,021	272,140,787
Impact of +5% in life expectancy, value	241,792,499	257,057,325
Impact of -5% change in life expectancy, change in value	15,202,534	14,576,943
Impact of +5% change in life expectancy, change in value	(15,767,522)	(15,083,462)
Discount rate [Abstract]
Impact of +2% in discount rate, value	245,330,489	259,806,309
No change, value	257,560,021	272,140,787
Impact of -2% in discount rate, value	271,092,809	285,785,223
Impact of +2% change in discount rate, change in value	(12,229,532)	(12,334,478)
Impact of -2% change in discount rate, change in value	$ 13,532,788	$ 13,644,436

Fair Value Measurements, Life I

Fair Value Measurements, Life Insurance Issuer Concentrations (Details) - Credit Concentration Risk [Member] - Carrier A+ Rating [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Face Value of Life Insurance Policies [Member] | The Lincoln National Life Insurance [Member]
Concentration Risk [Line Items]
Concentrations risk percentage	10.60%	11.50%
Face Value of Life Insurance Policies [Member] | Transamerica Financial Life Insurance [Member]
Concentration Risk [Line Items]
Concentrations risk percentage	9.50%	9.40%
Face Value of Life Insurance Policies [Member] | John Hancock Life Insurance (USA) [Member]
Concentration Risk [Line Items]
Concentrations risk percentage	7.50%	7.90%
Fair Value of Life Insurance Policies [Member] | The Lincoln National Life Insurance [Member]
Concentration Risk [Line Items]
Concentrations risk percentage	13.50%	13.60%
Fair Value of Life Insurance Policies [Member] | Transamerica Financial Life Insurance [Member]
Concentration Risk [Line Items]
Concentrations risk percentage	12.20%	11.50%
Fair Value of Life Insurance Policies [Member] | John Hancock Life Insurance (USA) [Member]
Concentration Risk [Line Items]
Concentrations risk percentage	12.40%	12.40%

Fair Value Measurements, Chan32

Fair Value Measurements, Changes in Fair Value (Details) - Life Insurance Policies [Member] - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Changes in Fair Value [Roll Forward]
Beginning balance	$ 272,140,787	$ 263,579,040
Realized gain on matured policies	11,064,379	11,372,839
Unrealized loss on assets held	(18,953,112)	(980,744)
Change in fair value	(7,888,733)	10,392,095
Matured policies, net of fees	(16,974,197)	(12,255,875)
Premiums paid	10,282,164	7,263,898
Ending balance	$ 257,560,021	$ 268,979,158