$ 2021 Q4 10-Q

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Entity Central Index Key EntityCentralIndexKey	0001522690
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2021
	dei	Entity Address Address Line1 EntityAddressAddressLine1	325 North St. Paul Street, Suite 2650
	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2021-09-30
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-36615
	dei	Entity Registrant Name EntityRegistrantName	GWG HOLDINGS, INC.
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	26-2222607
	dei	Entity Address City Or Town EntityAddressCityOrTown	Dallas
	dei	Entity Address State Or Province EntityAddressStateOrProvince	TX
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	75201
	dei	City Area Code CityAreaCode	612
	dei	Local Phone Number LocalPhoneNumber	746-1944
	dei	Security12b Title Security12bTitle	Common Stock
	dei	Trading Symbol TradingSymbol	GWGH
	dei	Security Exchange Name SecurityExchangeName	NASDAQ
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
	dei	Entity Shell Company EntityShellCompany	false
CY2021Q4	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	33098631	shares
CY2021Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	42207000	USD
CY2020Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	85249000	USD
CY2021Q3	us-gaap	Restricted Cash RestrictedCash	25516000	USD
CY2020Q4	us-gaap	Restricted Cash RestrictedCash	38911000	USD
CY2021Q3	us-gaap	Other Investments OtherInvestments	761560000	USD
CY2020Q4	us-gaap	Other Investments OtherInvestments	791911000	USD
CY2021Q3	us-gaap	Policy Loans Receivable PolicyLoansReceivable	33105000	USD
CY2020Q4	us-gaap	Policy Loans Receivable PolicyLoansReceivable	14334000	USD
CY2021Q3	us-gaap	Alternative Investment AlternativeInvestment	226138000	USD
CY2020Q4	us-gaap	Alternative Investment AlternativeInvestment	221894000	USD
CY2021Q3	us-gaap	Equity Method Investments EquityMethodInvestments	664000	USD
CY2020Q4	us-gaap	Equity Method Investments EquityMethodInvestments	8582000	USD
CY2021Q3	us-gaap	Other Assets OtherAssets	33256000	USD
CY2020Q4	us-gaap	Other Assets OtherAssets	36326000	USD
CY2021Q3	us-gaap	Goodwill Goodwill	2367750000	USD
CY2020Q4	us-gaap	Goodwill Goodwill	2367750000	USD
CY2021Q3	us-gaap	Assets Assets	3490196000	USD
CY2020Q4	us-gaap	Assets Assets	3564957000	USD
CY2021Q3	us-gaap	Lines Of Credit Current LinesOfCreditCurrent	327702000	USD
CY2020Q4	us-gaap	Lines Of Credit Current LinesOfCreditCurrent	193730000	USD
CY2021Q3	us-gaap	Secured Debt SecuredDebt	1279808000	USD
CY2020Q4	us-gaap	Secured Debt SecuredDebt	1246902000	USD
CY2021Q3	us-gaap	Senior Notes SeniorNotes	272104000	USD
CY2020Q4	us-gaap	Senior Notes SeniorNotes	272104000	USD
CY2021Q3	us-gaap	Due To Related Parties Current And Noncurrent DueToRelatedPartiesCurrentAndNoncurrent	77362000	USD
CY2020Q4	us-gaap	Due To Related Parties Current And Noncurrent DueToRelatedPartiesCurrentAndNoncurrent	76260000	USD
CY2021Q3	us-gaap	Interest And Dividends Payable Current And Noncurrent InterestAndDividendsPayableCurrentAndNoncurrent	24440000	USD
CY2020Q4	us-gaap	Interest And Dividends Payable Current And Noncurrent InterestAndDividendsPayableCurrentAndNoncurrent	24080000	USD
CY2021Q3	us-gaap	Accounts Payable And Accrued Liabilities Current And Noncurrent AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	30448000	USD
CY2020Q4	us-gaap	Accounts Payable And Accrued Liabilities Current And Noncurrent AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	26505000	USD
CY2021Q3	us-gaap	Deferred Income Tax Liabilities Net DeferredIncomeTaxLiabilitiesNet	51328000	USD
CY2020Q4	us-gaap	Deferred Income Tax Liabilities Net DeferredIncomeTaxLiabilitiesNet	51469000	USD
CY2021Q3	us-gaap	Liabilities Liabilities	2063192000	USD
CY2020Q4	us-gaap	Liabilities Liabilities	1891050000	USD
CY2021Q3	us-gaap	Redeemable Noncontrolling Interest Equity Carrying Amount RedeemableNoncontrollingInterestEquityCarryingAmount	1226020000	USD
CY2020Q4	us-gaap	Redeemable Noncontrolling Interest Equity Carrying Amount RedeemableNoncontrollingInterestEquityCarryingAmount	1233093000	USD
CY2021Q3	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2020Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2021Q3	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	210000000	shares
CY2020Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	210000000	shares
CY2021Q3	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	33097118	shares
CY2021Q3	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	33097118	shares
CY2020Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	33094664	shares
CY2020Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	33094664	shares
CY2021Q3	us-gaap	Common Stock Value CommonStockValue	33000	USD
CY2020Q4	us-gaap	Common Stock Value CommonStockValue	33000	USD
CY2021Q3	us-gaap	Treasury Stock Common Shares TreasuryStockCommonShares	12337264	shares
CY2020Q4	us-gaap	Treasury Stock Common Shares TreasuryStockCommonShares	12337264	shares
CY2021Q3	us-gaap	Treasury Stock Common Value TreasuryStockCommonValue	67406000	USD
CY2020Q4	us-gaap	Treasury Stock Common Value TreasuryStockCommonValue	67406000	USD
CY2021Q3	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	265812000	USD
CY2020Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	274023000	USD
CY2021Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-412621000	USD
CY2020Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-251111000	USD
	us-gaap	Investment Income Net InvestmentIncomeNet	21417000	USD
CY2020Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	440814000	USD
CY2021Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	3490196000	USD
	us-gaap	Investment Income Net InvestmentIncomeNet	41590000	USD
CY2021Q3	us-gaap	Stockholders Equity StockholdersEquity	-115703000	USD
CY2020Q4	us-gaap	Stockholders Equity StockholdersEquity	112372000	USD
CY2021Q3	us-gaap	Minority Interest MinorityInterest	316687000	USD
CY2020Q4	us-gaap	Minority Interest MinorityInterest	328442000	USD
CY2021Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	200984000	USD
CY2020Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	3564957000	USD
CY2021Q3	gwgh	Gain On Life Insurance Policies Net GainOnLifeInsurancePoliciesNet	15484000	USD
CY2020Q3	gwgh	Gain On Life Insurance Policies Net GainOnLifeInsurancePoliciesNet	14122000	USD
	gwgh	Gain On Life Insurance Policies Net GainOnLifeInsurancePoliciesNet	17923000	USD
	gwgh	Gain On Life Insurance Policies Net GainOnLifeInsurancePoliciesNet	43355000	USD
CY2021Q3	us-gaap	Investment Income Net InvestmentIncomeNet	17554000	USD
CY2020Q3	us-gaap	Investment Income Net InvestmentIncomeNet	56705000	USD
CY2020Q3	us-gaap	Interest Expense InterestExpense	40792000	USD
CY2021Q3	us-gaap	Interest Income Operating InterestIncomeOperating	213000	USD
CY2020Q3	us-gaap	Interest Income Operating InterestIncomeOperating	278000	USD
	us-gaap	Interest Income Operating InterestIncomeOperating	835000	USD
	us-gaap	Interest Income Operating InterestIncomeOperating	1293000	USD
CY2021Q3	us-gaap	Other Income OtherIncome	535000	USD
CY2020Q3	us-gaap	Other Income OtherIncome	-3093000	USD
	us-gaap	Other Income OtherIncome	-2916000	USD
	us-gaap	Other Income OtherIncome	33504000	USD
CY2021Q3	us-gaap	Revenues Revenues	33786000	USD
CY2020Q3	us-gaap	Revenues Revenues	68012000	USD
	us-gaap	Revenues Revenues	37259000	USD
	us-gaap	Revenues Revenues	119742000	USD
CY2021Q3	us-gaap	Interest Expense InterestExpense	45096000	USD
	us-gaap	Interest Expense InterestExpense	128605000	USD
	us-gaap	Interest Expense InterestExpense	113805000	USD
CY2021Q3	us-gaap	Employee Benefits And Share Based Compensation EmployeeBenefitsAndShareBasedCompensation	14871000	USD
CY2020Q3	us-gaap	Employee Benefits And Share Based Compensation EmployeeBenefitsAndShareBasedCompensation	33777000	USD
	us-gaap	Employee Benefits And Share Based Compensation EmployeeBenefitsAndShareBasedCompensation	43977000	USD
	us-gaap	Employee Benefits And Share Based Compensation EmployeeBenefitsAndShareBasedCompensation	123321000	USD
CY2021Q3	us-gaap	Professional Fees ProfessionalFees	6650000	USD
CY2020Q3	us-gaap	Professional Fees ProfessionalFees	7830000	USD
	us-gaap	Professional Fees ProfessionalFees	20832000	USD
	us-gaap	Professional Fees ProfessionalFees	21636000	USD
CY2021Q3	us-gaap	Other Expenses OtherExpenses	9652000	USD
CY2020Q3	us-gaap	Other Expenses OtherExpenses	4712000	USD
	us-gaap	Other Expenses OtherExpenses	23050000	USD
	us-gaap	Other Expenses OtherExpenses	13387000	USD
CY2021Q3	us-gaap	Costs And Expenses CostsAndExpenses	76269000	USD
CY2020Q3	us-gaap	Costs And Expenses CostsAndExpenses	87111000	USD
	us-gaap	Costs And Expenses CostsAndExpenses	216464000	USD
	us-gaap	Costs And Expenses CostsAndExpenses	272149000	USD
CY2021Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments	-42483000	USD
CY2020Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments	-19099000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments	-179205000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments	-152407000	USD
CY2021Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	655000	USD
CY2020Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	3618000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	173000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-14545000	USD
CY2021Q3	gwgh	Income Loss From Continuing Operations Before Earnings From Equity Method Investments IncomeLossFromContinuingOperationsBeforeEarningsFromEquityMethodInvestments	-43138000	USD
CY2020Q3	gwgh	Income Loss From Continuing Operations Before Earnings From Equity Method Investments IncomeLossFromContinuingOperationsBeforeEarningsFromEquityMethodInvestments	-22717000	USD
	gwgh	Income Loss From Continuing Operations Before Earnings From Equity Method Investments IncomeLossFromContinuingOperationsBeforeEarningsFromEquityMethodInvestments	-179378000	USD
	gwgh	Income Loss From Continuing Operations Before Earnings From Equity Method Investments IncomeLossFromContinuingOperationsBeforeEarningsFromEquityMethodInvestments	-137862000	USD
CY2021Q3	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-4949000	USD
CY2020Q3	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-1431000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-11898000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-4279000	USD
CY2021Q3	us-gaap	Profit Loss ProfitLoss	-48087000	USD
CY2020Q3	us-gaap	Profit Loss ProfitLoss	-24148000	USD
	us-gaap	Profit Loss ProfitLoss	-191276000	USD
	us-gaap	Profit Loss ProfitLoss	-142141000	USD
CY2021Q3	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	87000	USD
CY2020Q3	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	21181000	USD
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	-29766000	USD
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	-32901000	USD
CY2021Q3	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	2404000	USD
CY2020Q3	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	3569000	USD
	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	8371000	USD
	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	11235000	USD
CY2021Q3	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-50578000	USD
CY2020Q3	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-48898000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-169881000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-120475000	USD
	us-gaap	Net Income Loss NetIncomeLoss	-191276000	USD
	us-gaap	Net Income Loss NetIncomeLoss	-142141000	USD
CY2021Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-2.44
CY2020Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-1.60
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-8.18
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-3.95
CY2021Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-2.44
CY2020Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-1.60
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-8.18
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-3.95
CY2021Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	20759854	shares
CY2020Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	30477792	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	20758910	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	30516331	shares
CY2021Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	20759854	shares
CY2020Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	30477792	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	20758910	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	30516331	shares
	gwgh	Unrealized Gain Loss On Investment In Put Options UnrealizedGainLossOnInvestmentInPutOptions	-3191000	USD
	us-gaap	Unrealized Gain Loss On Investments UnrealizedGainLossOnInvestments	623000	USD
	us-gaap	Other Depreciation And Amortization OtherDepreciationAndAmortization	827000	USD
	us-gaap	Unrealized Gain Loss On Investments UnrealizedGainLossOnInvestments	23476000	USD
	us-gaap	Investment Income Net InvestmentIncomeNet	21417000	USD
	us-gaap	Investment Income Net InvestmentIncomeNet	41590000	USD
	us-gaap	Other Amortization Of Deferred Charges OtherAmortizationOfDeferredCharges	19594000	USD
	us-gaap	Other Amortization Of Deferred Charges OtherAmortizationOfDeferredCharges	13619000	USD
	us-gaap	Other Depreciation And Amortization OtherDepreciationAndAmortization	1552000	USD
	us-gaap	Equity Method Investment Dividends Or Distributions EquityMethodInvestmentDividendsOrDistributions	3043000	USD
	us-gaap	Equity Method Investment Dividends Or Distributions EquityMethodInvestmentDividendsOrDistributions	1577000	USD
	gwgh	Paid In Kind Interest Income PaidInKindInterestIncome	214000	USD
	gwgh	Paid In Kind Interest Income PaidInKindInterestIncome	215000	USD
	us-gaap	Paid In Kind Interest PaidInKindInterest	3149000	USD
	us-gaap	Paid In Kind Interest PaidInKindInterest	1795000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-11898000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-4279000	USD
	gwgh	Unrealized Gain Loss On Investment In Put Options UnrealizedGainLossOnInvestmentInPutOptions	-4022000	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	96618000	USD
	gwgh	Share Based Compensation Clawback ShareBasedCompensationClawback	0	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-176286000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-147809000	USD
	us-gaap	Proceeds From Life Insurance Policies ProceedsFromLifeInsurancePolicies	30974000	USD
	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	-141000	USD
	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	-18553000	USD
	gwgh	Write Off Of Other Equity Investment WriteOffOfOtherEquityInvestment	2037000	USD
	gwgh	Write Off Of Other Equity Investment WriteOffOfOtherEquityInvestment	0	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	14252000	USD
	gwgh	Share Based Compensation Clawback ShareBasedCompensationClawback	36267000	USD
	gwgh	Increase Decrease In Policy Benefits Receivable IncreaseDecreaseInPolicyBenefitsReceivable	18771000	USD
	gwgh	Increase Decrease In Policy Benefits Receivable IncreaseDecreaseInPolicyBenefitsReceivable	13387000	USD
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	1369000	USD
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	2450000	USD
	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-2022000	USD
	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	8364000	USD
	us-gaap	Proceeds From Life Insurance Policies ProceedsFromLifeInsurancePolicies	32255000	USD
	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	2477000	USD
	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	2498000	USD
	us-gaap	Payments To Acquire Equity Method Investments PaymentsToAcquireEquityMethodInvestments	3750000	USD
	us-gaap	Payments To Acquire Equity Method Investments PaymentsToAcquireEquityMethodInvestments	10144000	USD
	us-gaap	Payments To Acquire Longterm Investments PaymentsToAcquireLongtermInvestments	4470000	USD
	us-gaap	Payments To Acquire Longterm Investments PaymentsToAcquireLongtermInvestments	226000	USD
	us-gaap	Proceeds From Sale Of Longterm Investments ProceedsFromSaleOfLongtermInvestments	19692000	USD
	us-gaap	Proceeds From Sale Of Longterm Investments ProceedsFromSaleOfLongtermInvestments	5752000	USD
	us-gaap	Payments To Acquire Other Investments PaymentsToAcquireOtherInvestments	0	USD
	us-gaap	Payments To Acquire Other Investments PaymentsToAcquireOtherInvestments	14775000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	39969000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	10364000	USD
	us-gaap	Proceeds From Issuance Of Senior Long Term Debt ProceedsFromIssuanceOfSeniorLongTermDebt	215959000	USD
	us-gaap	Proceeds From Issuance Of Senior Long Term Debt ProceedsFromIssuanceOfSeniorLongTermDebt	28530000	USD
	us-gaap	Payments To Minority Shareholders PaymentsToMinorityShareholders	0	USD
	us-gaap	Payments To Minority Shareholders PaymentsToMinorityShareholders	1195000	USD
	us-gaap	Proceeds From Issuance Of Secured Debt ProceedsFromIssuanceOfSecuredDebt	155170000	USD
	us-gaap	Proceeds From Issuance Of Secured Debt ProceedsFromIssuanceOfSecuredDebt	317302000	USD
	us-gaap	Repayments Of Secured Debt RepaymentsOfSecuredDebt	127961000	USD
	us-gaap	Repayments Of Secured Debt RepaymentsOfSecuredDebt	82206000	USD
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	0	USD
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	8000	USD
	us-gaap	Payments For Repurchase Of Redeemable Convertible Preferred Stock PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock	58354000	USD
	us-gaap	Payments For Repurchase Of Redeemable Convertible Preferred Stock PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock	34779000	USD
	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	778000	USD
	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	0	USD
	us-gaap	Payments Of Dividends Preferred Stock And Preference Stock PaymentsOfDividendsPreferredStockAndPreferenceStock	8371000	USD
	us-gaap	Payments Of Dividends Preferred Stock And Preference Stock PaymentsOfDividendsPreferredStockAndPreferenceStock	11235000	USD
	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	1388000	USD
	us-gaap	Payments Related To Tax Withholding For Share Based Compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation	0	USD
	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	0	USD
	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	5592000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	79880000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	137323000	USD
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-56437000	USD
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-122000	USD
CY2020Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	124160000	USD
CY2019Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	115790000	USD
CY2021Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	67723000	USD
CY2020Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	115668000	USD
	us-gaap	Interest Paid Net InterestPaidNet	105464000	USD
	us-gaap	Interest Paid Net InterestPaidNet	97098000	USD
	gwgh	Premiums Paid PremiumsPaid	54885000	USD
	gwgh	Premiums Paid PremiumsPaid	52136000	USD
	gwgh	Conversion Of Accrued Interest And Commissions Payable To Debt Principal ConversionOfAccruedInterestAndCommissionsPayableToDebtPrincipal	436000	USD
	gwgh	Conversion Of Accrued Interest And Commissions Payable To Debt Principal ConversionOfAccruedInterestAndCommissionsPayableToDebtPrincipal	1296000	USD
	us-gaap	Notes Issued1 NotesIssued1	246000	USD
	us-gaap	Notes Issued1 NotesIssued1	0	USD
	gwgh	Accrued Tax Withholding Share Based Payment Arrangement AccruedTaxWithholdingShareBasedPaymentArrangement	0	USD
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	us-gaap	Nature Of Operations NatureOfOperations	Nature of Business<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Organizational Structure</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">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”). </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 (as 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 17, 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, once completed, is expected to 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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 September 30, 2021, 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). Effective March 31, 2021, BCH amended its limited partnership agreement by executing that certain 6th Amended and Restated LPA of BCH to allow for the issuance of Preferred Series C Subclass 0 Unit Accounts (“Preferred C.0”), which are wholly owned by GWG Holdings.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Nature of Business</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 9. Beginning in 2018, GWG Holdings consummated a series of transactions with Beneficient as part of a </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 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.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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”)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, 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</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">”). </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ExAlt 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. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, upon 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., </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 condensed consolidated financial statements </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">but are recognized for purposes of the allocation of income (loss) to Beneficient’s equity holders</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 on 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. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Beneficient’s Regulatory Developments</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. 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.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, 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 </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Exchange Transaction</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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”).</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of the Assets Exchanged</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Seller Trust L Bonds</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 9 for additional discussion of the outstanding debt of GWG Holdings. Payments under the Seller Trust L Bonds are guaranteed by GWG Life (see Item 2. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Management’s Discussion and Analysis of Financial Condition and Results of Operations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Commercial Loan</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Commercial Loan and its related interest are eliminated upon consolidation.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Option Agreement</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 condensed consolidated financial statements as it is eliminated in consolidation.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Common Units of Ben LP</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Purchase and Contribution Agreement</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Promissory Note - ExAlt Trusts</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other than the required rebalancing of equity driven from the change in GWG Holding’s ownership percentage, any impacts of the Promissory Note conversion are eliminated upon consolidation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Investment and Exchange Agreements</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. For more details on the accounting for the consolidation, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on November 5, 2021 (“2020 Form 10-K”). 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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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).</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on December 31, 2019, GWG Holdings, Ben LP and the holders of Common Units entered into an Exchange Agreement (the “Exchange Agreement”) pursuant to which the holders of Common Units from time to time have the right, on a quarterly basis, to exchange their Common Units for common stock of 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 GWG Holdings’ common stock based on the volume weighted average price of GWG Holdings’ common stock for the five consecutive trading days prior to the quarterly exchange date. The Exchange Agreement is intended to facilitate the marketing of Ben LP’s products to holders of alternative assets.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Preferred Series C Unit Purchase Agreement</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 15, 2020, GWG Holdings entered into a Preferred Series C Unit Purchase Agreement (“UPA”) with Ben LP and BCH. The UPA was reviewed and approved by the then constituted independent Special Committee of the Board of Directors of GWG Holdings.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the UPA, and provided it has adequate liquidity, GWG Holdings has agreed to make capital contributions from time to time to BCH in exchange for Preferred Series C Unit Accounts of BCH during a purchasing period commencing on the date of the UPA and continuing until the earlier of (i) the occurrence of a Change of Control Event (as defined below) and (ii) the mutual agreement of the parties (the “Purchasing Period”). A “Change of Control Event” shall mean (A) the occurrence of an event that results in GWG Holdings’ ownership of the fully diluted equity of Ben LP is less than 25%, the Continuing Directors (as defined below) of GWG Holdings cease to constitute a majority of the board of directors of GWG Holdings, or certain bankruptcy events occur with respect to GWG Holdings, and (B) the listing of Common Units on a national securities exchange (a “Public Listing”). 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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If, on or prior to the end of the Purchasing Period, a Public Listing occurs, the BCH Purchased Units shall be automatically exchanged for Common Units, or another unit of Ben LP, as the parties may mutually agree (the “Beneficient Units”), at the lower of (i) the volume-weighted average of the Beneficient Units for the 20 trading days following the Public Listing, and (ii) $12.75.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, at any time following the Effective Date, all or some of the Preferred Series C Unit Accounts purchased under the UPA may be exchanged for Beneficient Units at the option of GWG Holdings (exercised by a special committee of the Board of Directors or, if such committee is no longer in place, the appropriate governing body of GWG Holdings); provided that, if GWG Holdings exchanges less than all of the Preferred Series C Unit Accounts purchased under the UPA, then, immediately after giving effect to such exchange, GWG Holdings shall be required to continue to hold Preferred Series C Unit Accounts with a capital account that is at least $10.0 million. The exchange price for such Beneficient Units shall be determined by third-party valuation agents selected by GWG Holdings and Beneficient.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contribution and Exchange Agreement</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 30, 2020, certain of the ExAlt Trusts (collectively, the “Participating ExAlt Trusts”) at the sole direction of John A. Stahl, independent trustee of each such trust, with the intention of protecting the value of certain assets of the Participating ExAlt Trusts underlying part of the Collateral portfolio, the Participating ExAlt Trusts entered into that certain Contribution and </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exchange Agreement with certain of the Seller Trusts, (collectively, the “Participating Exchange Trusts”), each of which entered into such agreement at the direction of its applicable trust advisor and by and through its applicable corporate trustee (the “Contribution and Exchange Agreement). Under the Contribution and Exchange Agreement, the Participating Exchange Trusts agreed to exchange 9,837,264 shares of GWG Holdings’ common stock valued at $84.6 million, 543,874 shares of Common Units valued at $6.8 million, and GWG Holdings’ L Bonds due 2023 in the aggregate principal amount of $94.8 million to the Participating ExAlt Trusts for $94.3 million in net asset value of the alternative asset investments held by the Participating ExAlt Trusts. This transaction (the “Collateral Swap”) resulted in GWG Holdings, after the effects of eliminations upon consolidation, recognizing an additional $42.9 million of treasury stock, $3.4 million of additional noncontrolling interest, and $46.8 million of a capital contribution from a related party.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Exchange Transaction, the Purchase and Contribution Transaction, the Promissory Note, the Investment and Exchange Agreements, the UPA, and the Collateral Swap, are referred to collectively as the “Beneficient Transactions.”</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Going Concern</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To meet the Company’s future capital needs, the Company may need to raise additional debt or equity financing. While the Company has historically been able to raise additional capital through issuance of debt and/or equity, the Company cannot guarantee that it will be able to secure additional financing or will otherwise be able to meet is ongoing obligations. These factors, in combination with the potential NASDAQ delisting and our current inability to sell L Bonds as discussed below under the heading “Liquidity and Capital Resources”, our significant recurring losses from operations, negative cash flows from operations, delays in executing our business plans, and any potential negative outcome from the ongoing SEC investigation discussed in Note 15 to these condensed consolidated financial statements, raise substantial doubt about the Company’s ability to continue as a going concern within one year after these financial statements are issued.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liquidity and Capital Resources</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2021, we had cash, cash equivalents and restricted cash of $67.7 million. We generated net losses attributable to common shareholders of $169.9 million and $120.5 million for the nine months ended September 30, 2021 and 2020, respectively. As of November 10, 2021, we had cash, cash equivalents, and restricted cash of approximately $29.8 million. Besides funding operating expenditures, we are obligated to pay other items such as interest payments and debt maturities, and preferred stock dividends and redemptions. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have historically financed our businesses primarily through a combination of L Bond sales, preferred stock sales, the LNV Credit Facility, and the NF Credit Facility. We have also financed our business through proceeds from life insurance policy benefit receipts, cash distributions from the ExAlt Trusts’ alternative asset portfolio, dividends and interest on investments, and Beneficient’s debt due to related parties. We have traditionally used proceeds from these sources for policy acquisition, policy premiums and servicing costs, working capital and financing expenditures including paying principal, interest and dividends. We have also used proceeds to allocate capital to Beneficient; however, if Ben LP becomes an independent company per the Term Sheet discussed above and in Note 17,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. Ben LP’s capital raising efforts and participation in liquidity transactions 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 investments in Ben LP and BCH and may include preferential terms relative to GWG Holdings’ and GWG Life’s investments in Ben LP and BCH, as applicable.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We currently fund our business primarily with debt that generally has a shorter duration than the duration of our long-term assets. The resulting asset/liability mismatch can result in a liquidity shortfall if we are unable to renew maturing short term debt or secure suitable additional financing. In such a situation, we could be forced to sell assets at less than optimal (distressed) prices. Substantially all of our life insurance policies are pledged as collateral under the LNV Credit Facility and the NF Credit Facility and we would not be able to dispose of them without compliance with the terms of those credit facilities. We heavily rely on GWG Holdings’ L Bond offering to fund our business operations, including, among other things, interest and principal payments on the existing L Bonds and capital allocations to Beneficient. We temporarily suspended the offering of GWG </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Holdings’ L Bonds, commencing April 16, 2021, as a result of our delay in filing certain periodic reports with the SEC, and were required to seek alternative sources of capital. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a result of the suspension of GWG Holdings’ L Bond offering, on June 28, 2021, we pledged additional life insurance policies as collateral and received an additional advance of $51.2 million under the Third LNV Credit Facility (as defined below). Subsequently, on August 11, 2021, we received a one-time advance of $107.6 million under the NF Credit Facility as described above. Approximately $56.7 million of such advanced amount was used to pay off the remaining amount due, including interest and penalties, under the Third LNV Credit Facility and the pledged life insurance policies used as collateral for the Third LNV Credit Facility were released and pledged under the NF Credit Facility. Further, on September 7, 2021, DLP IV entered into the Fourth LNV Credit Facility (as defined below), that replaced the aforementioned Third LNV Credit Facility. The Fourth LNV Credit Facility resulted in an additional advance of $30.3 million from LNV Corporation, with no additional pledged collateral. All of the aforementioned transactions are described in more detail in Note 9. Finally, as more fully described in Note 17, on November 15, 2021, DLP IV modified the terms the Fourth LNV Credit Facility and entered into a letter agreement which released $17.0 million from a collection account used to collect policy benefits from pledged policies. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Primarily due to the current suspension of GWG Holdings’ L Bond offering, the Company may require additional capital to continue its operations over the next twelve months if our ability to sell L Bonds dissipates, or if we are forced to suspend the L Bond offering. However, the Company may not be able to obtain additional borrowings under existing debt facilities or new borrowings with other third-party lenders. To the extent that GWG Holdings or its subsidiaries raise additional capital through the future issuance of debt, the terms of those debt securities may include terms that adversely affect the rights of our existing debt and/or equity holders or involve negative covenants that restrict GWG Holdings’ ability to take specific actions, such as incurring additional debt or making additional investments in growing the operations of the Company. If GWG Holdings is unable to fund its operations and other obligations, or defaults on its debt, then the Company will be required to either i) sell assets to provide sufficient funding, ii) exercise our right to decline requests for early L Bond redemptions or redemptions of preferred stock, or iii) to raise additional capital through the sale of equity and the ownership interest of our equity holders may be diluted. Substantially all of our life insurance policies are pledged as collateral under the LNV Credit Facility and the NF Credit Facility and we would not be able to dispose of them without compliance with the terms of those credit facilities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We anticipate recommencing the offering of GWG Holdings’ L Bonds once we become current with our filing obligations and satisfy applicable NASDAQ listing requirements. Once we become current with our filing obligations with respect to the L Bonds, we may be limited in the origination channels in which we sell our L Bonds in the event that we are unable to meet the applicable NASDAQ listing requirements in a timely manner, which could result in the L Bonds no longer being “covered securities” for federal securities law purposes which would subject the offer and sale of L Bonds to potentially extensive state “blue sky” securities law requirements. If for any reason we are forced to suspend GWG Holdings’ L Bond offering, are limited in our origination channels in which we sell our L Bonds, or demand for GWG Holdings’ L bonds dissipates, our business would be adversely impacted and our ability to service and repay our debt obligations, much of which is short term, would be compromised, thereby negatively affecting our business prospects and viability.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beneficient is obligated to make debt payments totaling $77.1 million on certain outstanding borrowings through May 30, 2022 under the terms of the Amendment No. 1 to the Second Amended and Restated Credit Agreements as discussed in more detail in Note 9. Primarily due to both the forthcoming debt payments under the Credit Agreement and Second Lien Credit Agreement and the anticipated deconsolidation of Beneficient from GWG Holdings as discussed above and in Note 17, which is expected to result in reduced reliance by Beneficient on GWG Holdings to fund its operations, Beneficient will require additional liquidity to continue its operations over the next twelve months. We expect Beneficient to satisfy these obligations and fund its operations through anticipated operating cash flows, proceeds from distributions on the alternative assets portfolio, additional investments into Beneficient by GWG Holdings and/or other parties and, potentially refinancing with other third-party lenders some or all of the existing borrowings due prior to their maturity. Beneficient is currently in the process of raising additional equity, which is anticipated to close during the fourth quarter of 2021 and/or the first quarter of 2022. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beneficient may not be able to refinance or obtain additional financing on terms favorable to the Company, or at all. To the extent that Beneficient raises additional capital through the future sale of equity or debt, the ownership interest of its existing equity holders may be diluted. The terms of these future equity or debt securities may include liquidation or other preferences that adversely affect the rights of its existing equity unitholders or involve negative covenants that restrict Beneficient’s ability to take specific actions, such as incurring additional debt or making additional investments in growing its operations. If Beneficient defaults on these borrowings, then it will be required to either i) sell assets to repay these loans or ii) to raise additional capital through the sale of equity and the ownership interest of our equity holders may be diluted. Moreover, if Beneficient were to sell assets to avoid a default of these borrowings, then the price at which Beneficient sold such assets may </span></div>not reflect the carrying value of those assets as reflected in our condensed consolidated financial statements, especially in the event of a bulk or distressed sale.
CY2020	gwgh	Loan Repayment Portion Allocated To Lender LoanRepaymentPortionAllocatedToLender	0.95
CY2020	gwgh	Loan Repayment Portion Allocated To Noncontrolling Interest Holders LoanRepaymentPortionAllocatedToNoncontrollingInterestHolders	0.05
CY2021Q1	gwgh	Loan Repayment Portion Allocated To Noncontrolling Interest Holders LoanRepaymentPortionAllocatedToNoncontrollingInterestHolders	0.025
CY2021Q1	gwgh	Loan Repayment Portion Allocated To Lender LoanRepaymentPortionAllocatedToLender	0.975
CY2020Q3	us-gaap	Share Price SharePrice	12.50
CY2019Q2	gwgh	Common Shares Transferred CommonSharesTransferred	3952155	shares
CY2021Q3	gwgh	Change Of Control Event Ownership Threshold ChangeOfControlEventOwnershipThreshold	0.25
CY2020Q3	gwgh	Change Of Control Event Ownership Threshold ChangeOfControlEventOwnershipThreshold	0.25
CY2020Q3	gwgh	Convertible Units Automatic Exchange Trading Days ConvertibleUnitsAutomaticExchangeTradingDays	20	day
CY2020Q3	gwgh	Convertible Units Automatic Exchange Unit Price ConvertibleUnitsAutomaticExchangeUnitPrice	12.75
CY2020Q3	us-gaap	Treasury Stock Retired Cost Method Amount TreasuryStockRetiredCostMethodAmount	42900000	USD
CY2020Q3	gwgh	Noncontrolling Interest Other Increase Decrease NoncontrollingInterestOtherIncreaseDecrease	-3400000	USD
CY2021Q3	gwgh	Small Face Amount Policies Face Value Benefits Maximum SmallFaceAmountPoliciesFaceValueBenefitsMaximum	1000000	USD
CY2021Q2	gwgh	Life Settlement Contracts Fair Value Method Increase Decrease Adjustment LifeSettlementContractsFairValueMethodIncreaseDecreaseAdjustment	16400000	USD
CY2020Q3	us-gaap	Adjustments To Additional Paid In Capital Other AdjustmentsToAdditionalPaidInCapitalOther	-46800000	USD
CY2021Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	67700000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-169900000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-120500000	USD
	us-gaap	Use Of Estimates UseOfEstimates	<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> — The preparation of our condensed 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 condensed 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) determining the allocation of income (loss) to Beneficient’s equity holders, and (4) evaluation of potential impairment of goodwill and other intangibles.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As it relates to the goodwill intangible asset, in light of Beneficient’s significant recurring losses from operations, negative cash flows from operations, and delays in executing its business plans, management plans to engage a third-party valuation firm to assist in performing a quantitative goodwill impairment test in the fourth quarter of 2021. The valuation work related to the goodwill intangible is not complete, and we expect the work to be completed before the filing of our 2021 annual financial statements. While management has implemented strategies to execute its business plans, a failure to execute our business plans or adverse market changes in the future could result in changes in management’s forecasts, which could result in a decline in estimated fair value of the Beneficient reporting unit and would result in an impairment of our goodwill intangible. Key assumptions in our quantitative goodwill impairment test include assumptions regarding Ben LP’s ability to raise substantial amounts of capital as disclosed in the 2020 Form 10-K. Beneficient is actively engaged in capital raising efforts that may include the issuance of equity or debt of Ben LP or one of its subsidiaries and has received non-binding indications of interest from potential investors. The outcome of Ben LP’s capital raising efforts will have a direct impact on management’s forecasts and consequently, have a direct impact on the magnitude of future goodwill intangible impairment losses, if any. The outcome of Ben LP’s capital raising efforts is uncertain, and it is not certain that the potential investors that have submitted non-binding indications of interest ultimately will invest in Ben LP, or the amount of any such investments. As a result, our quantitative goodwill intangible impairment analysis, once complete, could result in material goodwill intangible impairment in the near future.</span></div>
	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassification</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> — Certain prior year amounts have been reclassified for consistency with the current year presentation. Specifically, amortization of debt discounts and premiums were previously presented separately. This is now combined with amortization of deferred financing and issuance costs. This change had no effect on the reported net cash flows used by operating activities.</span>
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CY2021Q3	gwgh	Average Face Value Per Insured Life AverageFaceValuePerInsuredLife	1984000	USD
	gwgh	Average Life Expectancy Estimate AverageLifeExpectancyEstimate	P6Y4M24D
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CY2021Q3	gwgh	Number Of Unique Lives NumberOfUniqueLives	908	life
CY2021Q3	gwgh	Demographics Percent Male DemographicsPercentMale	0.74
CY2021Q3	gwgh	Demographics Percent Female DemographicsPercentFemale	0.26
CY2021Q3	gwgh	Number Of Smokers NumberOfSmokers	36	smoker
CY2021Q3	gwgh	Largest Policy As Of Total Portfolio Face Value LargestPolicyAsOfTotalPortfolioFaceValue	0.007
CY2021Q3	gwgh	Average Policy As Of Total Portfolio AveragePolicyAsOfTotalPortfolio	0.001
CY2021Q3	gwgh	Average Annual Premium As Of Face Value AverageAnnualPremiumAsOfFaceValue	0.041
CY2021Q3	us-gaap	Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Remainder Of Fiscal Year LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInRemainderOfFiscalYear	2	policy
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CY2021Q3	us-gaap	Life Settlement Contracts Fair Value Maturing In Year Three LifeSettlementContractsFairValueMaturingInYearThree	127746000	USD
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CY2020Q4	us-gaap	Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Three LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearThree	119	policy
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CY2021Q3	us-gaap	Life Settlement Contracts Fair Value Maturing In Year Five LifeSettlementContractsFairValueMaturingInYearFive	80135000	USD
CY2021Q3	us-gaap	Life Settlement Contracts Fair Value Method Face Value Maturing In Year Five LifeSettlementContractsFairValueMethodFaceValueMaturingInYearFive	171025000	USD
CY2020Q4	us-gaap	Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Five LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearFive	115	policy
CY2020Q4	us-gaap	Life Settlement Contracts Fair Value Maturing In Year Five LifeSettlementContractsFairValueMaturingInYearFive	100280000	USD
CY2020Q4	us-gaap	Life Settlement Contracts Fair Value Method Face Value Maturing In Year Five LifeSettlementContractsFairValueMethodFaceValueMaturingInYearFive	237632000	USD
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CY2021Q3	us-gaap	Life Settlement Contracts Fair Value Maturing After Year Five LifeSettlementContractsFairValueMaturingAfterYearFive	316409000	USD
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CY2020Q4	us-gaap	Life Settlement Contracts Fair Value Method Carrying Amount LifeSettlementContractsFairValueMethodCarryingAmount	791911000	USD
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CY2020Q3	gwgh	Realized Gainon Matured Life Insurance Policies RealizedGainonMaturedLifeInsurancePolicies	26300000	USD
CY2020Q3	gwgh	Change In Estimated Probabilistic Cash Flows ChangeInEstimatedProbabilisticCashFlows	14723000	USD
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CY2021Q3	gwgh	Facevalueof Matured Life Insurance Policies FacevalueofMaturedLifeInsurancePolicies	43200000	USD
CY2020Q3	gwgh	Facevalueof Matured Life Insurance Policies FacevalueofMaturedLifeInsurancePolicies	39800000	USD
CY2021Q3	gwgh	Carrying Valueof Matured Life Insurance Policies CarryingValueofMaturedLifeInsurancePolicies	12300000	USD
CY2020Q3	gwgh	Carrying Valueof Matured Life Insurance Policies CarryingValueofMaturedLifeInsurancePolicies	13500000	USD
CY2021Q3	gwgh	Realized Gainon Matured Life Insurance Policies RealizedGainonMaturedLifeInsurancePolicies	30900000	USD
	gwgh	Facevalueof Matured Life Insurance Policies FacevalueofMaturedLifeInsurancePolicies	104700000	USD
	gwgh	Facevalueof Matured Life Insurance Policies FacevalueofMaturedLifeInsurancePolicies	105200000	USD
	gwgh	Carrying Valueof Matured Life Insurance Policies CarryingValueofMaturedLifeInsurancePolicies	31000000	USD
	gwgh	Carrying Valueof Matured Life Insurance Policies CarryingValueofMaturedLifeInsurancePolicies	32300000	USD
	gwgh	Realized Gainon Matured Life Insurance Policies RealizedGainonMaturedLifeInsurancePolicies	73700000	USD
	gwgh	Realized Gainon Matured Life Insurance Policies RealizedGainonMaturedLifeInsurancePolicies	72900000	USD
	gwgh	Change In Estimated Probabilistic Cash Flows ChangeInEstimatedProbabilisticCashFlows	40230000	USD
	gwgh	Change In Estimated Probabilistic Cash Flows ChangeInEstimatedProbabilisticCashFlows	47923000	USD
CY2021Q3	gwgh	Realized Face Value On Life Settlement Maturities RealizedFaceValueOnLifeSettlementMaturities	43217000	USD
CY2021Q3	gwgh	Life Insurance Settlements Premiums And Other Annual Fees LifeInsuranceSettlementsPremiumsAndOtherAnnualFees	19267000	USD
CY2020Q3	gwgh	Life Insurance Settlements Premiums And Other Annual Fees LifeInsuranceSettlementsPremiumsAndOtherAnnualFees	18235000	USD
	gwgh	Life Insurance Settlements Premiums And Other Annual Fees LifeInsuranceSettlementsPremiumsAndOtherAnnualFees	56388000	USD
	gwgh	Life Insurance Settlements Premiums And Other Annual Fees LifeInsuranceSettlementsPremiumsAndOtherAnnualFees	53060000	USD
CY2021Q3	gwgh	Change In Life Expectancy Evaluation ChangeInLifeExpectancyEvaluation	0	USD
CY2020Q3	gwgh	Change In Life Expectancy Evaluation ChangeInLifeExpectancyEvaluation	0	USD
	gwgh	Change In Life Expectancy Evaluation ChangeInLifeExpectancyEvaluation	-2337000	USD
	gwgh	Change In Life Expectancy Evaluation ChangeInLifeExpectancyEvaluation	0	USD
CY2021Q3	gwgh	Change In Pmm ChangeInPMM	0	USD
CY2020Q3	gwgh	Change In Pmm ChangeInPMM	0	USD
	gwgh	Change In Pmm ChangeInPMM	16386000	USD
	gwgh	Change In Pmm ChangeInPMM	0	USD
CY2020Q3	gwgh	Realized Face Value On Life Settlement Maturities RealizedFaceValueOnLifeSettlementMaturities	39803000	USD
	gwgh	Realized Face Value On Life Settlement Maturities RealizedFaceValueOnLifeSettlementMaturities	104662000	USD
	gwgh	Realized Face Value On Life Settlement Maturities RealizedFaceValueOnLifeSettlementMaturities	105194000	USD
CY2020Q3	us-gaap	Noncontrolling Interest Increase From Subsidiary Equity Issuance NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	0	USD
CY2021Q3	gwgh	Gain Loss Fair Value Of Matured Policies GainLossFairValueOfMaturedPolicies	-21586000	USD
CY2020Q3	gwgh	Gain Loss Fair Value Of Matured Policies GainLossFairValueOfMaturedPolicies	-22169000	USD
	gwgh	Gain Loss Fair Value Of Matured Policies GainLossFairValueOfMaturedPolicies	-56532000	USD
	gwgh	Gain Loss Fair Value Of Matured Policies GainLossFairValueOfMaturedPolicies	-56702000	USD
CY2021Q3	us-gaap	Life Settlement Contracts Fair Value Method Gain Loss LifeSettlementContractsFairValueMethodGainLoss	15484000	USD
CY2020Q3	us-gaap	Life Settlement Contracts Fair Value Method Gain Loss LifeSettlementContractsFairValueMethodGainLoss	14122000	USD
	us-gaap	Life Settlement Contracts Fair Value Method Gain Loss LifeSettlementContractsFairValueMethodGainLoss	17923000	USD
	us-gaap	Life Settlement Contracts Fair Value Method Gain Loss LifeSettlementContractsFairValueMethodGainLoss	43355000	USD
CY2021Q3	us-gaap	Alternative Investment AlternativeInvestment	226138000	USD
CY2021Q3	us-gaap	Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments	35463000	USD
CY2020Q4	us-gaap	Alternative Investment AlternativeInvestment	221894000	USD
	us-gaap	Noncontrolling Interest Increase From Subsidiary Equity Issuance NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	0	USD
CY2020Q3	gwgh	Gain Loss On Alternative Investment GainLossOnAlternativeInvestment	800000	USD
CY2020Q4	us-gaap	Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments	35609000	USD
CY2021Q3	gwgh	Alternative Investments Number Of Funds AlternativeInvestmentsNumberOfFunds	111	investmentFund
CY2021Q3	gwgh	Alternative Investments Number Of Underlying Investments AlternativeInvestmentsNumberOfUnderlyingInvestments	301	underlyingInvestment
CY2021Q3	gwgh	Alternative Investments Percent Of Underlying Investments In Private Companies AlternativeInvestmentsPercentOfUnderlyingInvestmentsInPrivateCompanies	0.99
CY2021Q3	us-gaap	Alternative Investment AlternativeInvestment	226100000	USD
CY2020Q4	us-gaap	Alternative Investment AlternativeInvestment	221900000	USD
CY2021Q3	gwgh	Gain Loss On Alternative Investment GainLossOnAlternativeInvestment	17600000	USD
	gwgh	Gain Loss On Alternative Investment GainLossOnAlternativeInvestment	21400000	USD
CY2020Q3	gwgh	Gain Loss On Alternative Investment GainLossOnAlternativeInvestment	800000	USD
	gwgh	Gain Loss On Alternative Investment GainLossOnAlternativeInvestment	-19300000	USD
	gwgh	Gain Loss On Alternative Investment GainLossOnAlternativeInvestment	-19300000	USD
CY2021Q2	gwgh	Life Settlement Contracts Fair Value Method Increase Decrease Adjustment LifeSettlementContractsFairValueMethodIncreaseDecreaseAdjustment	16400000	USD
CY2021Q2	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue	770026000	USD
CY2020Q2	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue	794706000	USD
CY2020Q4	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue	791911000	USD
CY2019Q4	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue	796039000	USD
CY2021Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1 FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1	3860000	USD
CY2020Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1 FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1	6021000	USD
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CY2021Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements	12326000	USD
CY2020Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements	13467000	USD
	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements	30974000	USD
	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements	32255000	USD
CY2021Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue	761560000	USD
CY2020Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue	787260000	USD
CY2021Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue	761560000	USD
CY2020Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue	787260000	USD
CY2021Q3	gwgh	Common Stock Used As Collateral CommonStockUsedAsCollateral	4000000	shares
CY2021Q3	us-gaap	Debt Instrument Unamortized Discount Premium Net DebtInstrumentUnamortizedDiscountPremiumNet	2441000	USD
CY2020Q4	us-gaap	Debt Instrument Unamortized Discount Premium Net DebtInstrumentUnamortizedDiscountPremiumNet	916000	USD
CY2021Q3	us-gaap	Due To Related Parties Current And Noncurrent DueToRelatedPartiesCurrentAndNoncurrent	77362000	USD
CY2020Q4	us-gaap	Due To Related Parties Current And Noncurrent DueToRelatedPartiesCurrentAndNoncurrent	76260000	USD
CY2020Q3	gwgh	Debt Instrument Variable Rate Maximum DebtInstrumentVariableRateMaximum	0.095
CY2021Q3	gwgh	Debt Instrument Permitted Capital Contributions For Exchange DebtInstrumentPermittedCapitalContributionsForExchange	152000000	USD
	gwgh	Time After Assumption Of Loans TimeAfterAssumptionOfLoans	P2Y
CY2021Q3	gwgh	Percentage Of Bh Is Preferred Series A Sub Class1 PercentageOfBHIsPreferredSeriesASubClass1	0.05
CY2021Q3	gwgh	Tax Liability From Grant TaxLiabilityFromGrant	30000000	USD

dei

Entity Central Index Key

EntityCentralIndexKey

0001522690

dei

Document Fiscal Year Focus

DocumentFiscalYearFocus

2021

dei

Entity Address Address Line1

EntityAddressAddressLine1

325 North St. Paul Street, Suite 2650

dei

Amendment Flag

AmendmentFlag

false

dei

Current Fiscal Year End Date

CurrentFiscalYearEndDate

--12-31

dei

Document Fiscal Period Focus

DocumentFiscalPeriodFocus

Q3

dei

Document Type

DocumentType

10-Q

dei

Document Quarterly Report

DocumentQuarterlyReport

true

dei

Document Period End Date

DocumentPeriodEndDate

2021-09-30

dei

Document Transition Report

DocumentTransitionReport

false

dei

Entity File Number

EntityFileNumber

001-36615

dei

Entity Registrant Name

EntityRegistrantName

GWG HOLDINGS, INC.

dei

Entity Incorporation State Country Code

EntityIncorporationStateCountryCode

DE

dei

Entity Tax Identification Number

EntityTaxIdentificationNumber

26-2222607

dei

Entity Address City Or Town

EntityAddressCityOrTown

Dallas

dei

Entity Address State Or Province

EntityAddressStateOrProvince

TX

dei

Entity Address Postal Zip Code

EntityAddressPostalZipCode

75201

dei

City Area Code

CityAreaCode

612

dei

Local Phone Number

LocalPhoneNumber

746-1944

dei

Security12b Title

Security12bTitle

Common Stock

dei

Trading Symbol

TradingSymbol

GWGH

dei

Security Exchange Name

SecurityExchangeName

NASDAQ

dei

Entity Current Reporting Status

EntityCurrentReportingStatus

Yes

dei

Entity Interactive Data Current

EntityInteractiveDataCurrent

Yes

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Entity Filer Category

EntityFilerCategory

Non-accelerated Filer

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Entity Small Business

EntitySmallBusiness

true

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Entity Emerging Growth Company

EntityEmergingGrowthCompany

false

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Entity Shell Company

EntityShellCompany

false

CY2021Q4

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Entity Common Stock Shares Outstanding

EntityCommonStockSharesOutstanding

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shares

CY2021Q3

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Cash And Cash Equivalents At Carrying Value

CashAndCashEquivalentsAtCarryingValue

42207000

USD

CY2020Q4

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Cash And Cash Equivalents At Carrying Value

CashAndCashEquivalentsAtCarryingValue

85249000

USD

CY2021Q3

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Restricted Cash

RestrictedCash

25516000

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CY2020Q4

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Restricted Cash

RestrictedCash

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CY2021Q3

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Other Investments

OtherInvestments

761560000

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CY2020Q4

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Other Investments

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791911000

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CY2021Q3

us-gaap

Policy Loans Receivable

PolicyLoansReceivable

33105000

USD

CY2020Q4

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Policy Loans Receivable

PolicyLoansReceivable

14334000

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CY2021Q3

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Alternative Investment

AlternativeInvestment

226138000

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CY2020Q4

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Alternative Investment

AlternativeInvestment

221894000

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CY2021Q3

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Equity Method Investments

EquityMethodInvestments

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CY2020Q4

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Equity Method Investments

EquityMethodInvestments

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CY2021Q3

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33256000

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CY2020Q4

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Other Assets

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36326000

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CY2021Q3

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Goodwill

2367750000

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CY2020Q4

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Goodwill

2367750000

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CY2021Q3

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Assets

3490196000

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CY2020Q4

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Assets

3564957000

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CY2021Q3

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Lines Of Credit Current

LinesOfCreditCurrent

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CY2020Q4

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Lines Of Credit Current

LinesOfCreditCurrent

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CY2021Q3

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Secured Debt

SecuredDebt

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CY2020Q4

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Secured Debt

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CY2021Q3

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272104000

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CY2020Q4

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Senior Notes

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Due To Related Parties Current And Noncurrent

DueToRelatedPartiesCurrentAndNoncurrent

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CY2020Q4

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Due To Related Parties Current And Noncurrent

DueToRelatedPartiesCurrentAndNoncurrent

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CY2021Q3

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Interest And Dividends Payable Current And Noncurrent

InterestAndDividendsPayableCurrentAndNoncurrent

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CY2020Q4

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Interest And Dividends Payable Current And Noncurrent

InterestAndDividendsPayableCurrentAndNoncurrent

24080000

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CY2021Q3

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Accounts Payable And Accrued Liabilities Current And Noncurrent

AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

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CY2020Q4

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Accounts Payable And Accrued Liabilities Current And Noncurrent

AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

26505000

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CY2021Q3

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Deferred Income Tax Liabilities Net

DeferredIncomeTaxLiabilitiesNet

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CY2020Q4

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Deferred Income Tax Liabilities Net

DeferredIncomeTaxLiabilitiesNet

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CY2021Q3

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Liabilities

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CY2020Q4

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Liabilities

1891050000

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CY2021Q3

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Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

1226020000

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CY2020Q4

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Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

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CY2021Q3

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Common Stock Par Or Stated Value Per Share

CommonStockParOrStatedValuePerShare

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Common Stock Par Or Stated Value Per Share

CommonStockParOrStatedValuePerShare

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CY2021Q3

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Common Stock Shares Authorized

CommonStockSharesAuthorized

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Common Stock Shares Authorized

CommonStockSharesAuthorized

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Common Stock Shares Outstanding

CommonStockSharesOutstanding

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Common Stock Shares Issued

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Common Stock Shares Issued

CommonStockSharesIssued

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Common Stock Shares Outstanding

CommonStockSharesOutstanding

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Common Stock Value

CommonStockValue

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Common Stock Value

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Treasury Stock Common Shares

TreasuryStockCommonShares

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Treasury Stock Common Shares

TreasuryStockCommonShares

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Treasury Stock Common Value

TreasuryStockCommonValue

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Treasury Stock Common Value

TreasuryStockCommonValue

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Additional Paid In Capital

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CY2020Q4

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Additional Paid In Capital

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CY2021Q3

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Retained Earnings Accumulated Deficit

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Retained Earnings Accumulated Deficit

RetainedEarningsAccumulatedDeficit

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Investment Income Net

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Stockholders Equity Including Portion Attributable To Noncontrolling Interest

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Liabilities And Stockholders Equity

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Investment Income Net

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Stockholders Equity

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Stockholders Equity

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Minority Interest

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Minority Interest

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Stockholders Equity Including Portion Attributable To Noncontrolling Interest

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Liabilities And Stockholders Equity

LiabilitiesAndStockholdersEquity

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Gain On Life Insurance Policies Net

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Gain On Life Insurance Policies Net

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Gain On Life Insurance Policies Net

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Investment Income Net

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Interest Expense

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Interest Income Operating

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Interest Income Operating

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Interest Income Operating

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Interest Income Operating

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Other Income

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33504000

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Revenues

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Revenues

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Revenues

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Interest Expense

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Interest Expense

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Employee Benefits And Share Based Compensation

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Employee Benefits And Share Based Compensation

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Employee Benefits And Share Based Compensation

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Professional Fees

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Professional Fees

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Professional Fees

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Other Expenses

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Other Expenses

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CY2021Q3

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Costs And Expenses

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Costs And Expenses

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Costs And Expenses

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-19099000

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Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments

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Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments

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Income Tax Expense Benefit

IncomeTaxExpenseBenefit

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Income Tax Expense Benefit

IncomeTaxExpenseBenefit

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Income Tax Expense Benefit

IncomeTaxExpenseBenefit

173000

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Income Tax Expense Benefit

IncomeTaxExpenseBenefit

-14545000

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CY2021Q3

gwgh

Income Loss From Continuing Operations Before Earnings From Equity Method Investments

IncomeLossFromContinuingOperationsBeforeEarningsFromEquityMethodInvestments

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CY2020Q3

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Income Loss From Continuing Operations Before Earnings From Equity Method Investments

IncomeLossFromContinuingOperationsBeforeEarningsFromEquityMethodInvestments

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gwgh

Income Loss From Continuing Operations Before Earnings From Equity Method Investments

IncomeLossFromContinuingOperationsBeforeEarningsFromEquityMethodInvestments

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gwgh

Income Loss From Continuing Operations Before Earnings From Equity Method Investments

IncomeLossFromContinuingOperationsBeforeEarningsFromEquityMethodInvestments

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CY2021Q3

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Income Loss From Equity Method Investments

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CY2020Q3

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Income Loss From Equity Method Investments

IncomeLossFromEquityMethodInvestments

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Income Loss From Equity Method Investments

IncomeLossFromEquityMethodInvestments

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Income Loss From Equity Method Investments

IncomeLossFromEquityMethodInvestments

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CY2021Q3

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Profit Loss

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CY2020Q3

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Profit Loss

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Profit Loss

ProfitLoss

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Profit Loss

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CY2021Q3

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Net Income Loss Attributable To Noncontrolling Interest

NetIncomeLossAttributableToNoncontrollingInterest

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CY2020Q3

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Net Income Loss Attributable To Noncontrolling Interest

NetIncomeLossAttributableToNoncontrollingInterest

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Net Income Loss Attributable To Noncontrolling Interest

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Net Income Loss Attributable To Noncontrolling Interest

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CY2021Q3

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Preferred Stock Dividends Income Statement Impact

PreferredStockDividendsIncomeStatementImpact

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CY2020Q3

us-gaap

Preferred Stock Dividends Income Statement Impact

PreferredStockDividendsIncomeStatementImpact

3569000

USD

us-gaap

Preferred Stock Dividends Income Statement Impact

PreferredStockDividendsIncomeStatementImpact

8371000

USD

us-gaap

Preferred Stock Dividends Income Statement Impact

PreferredStockDividendsIncomeStatementImpact

11235000

USD

CY2021Q3

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-50578000

USD

CY2020Q3

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-48898000

USD

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-169881000

USD

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-120475000

USD

us-gaap

Net Income Loss

NetIncomeLoss

-191276000

USD

us-gaap

Net Income Loss

NetIncomeLoss

-142141000

USD

CY2021Q3

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

-2.44

CY2020Q3

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

-1.60

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

-8.18

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

-3.95

CY2021Q3

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

-2.44

CY2020Q3

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

-1.60

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

-8.18

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

-3.95

CY2021Q3

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

20759854

shares

CY2020Q3

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

30477792

shares

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

20758910

shares

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

30516331

shares

CY2021Q3

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

20759854

shares

CY2020Q3

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

30477792

shares

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

20758910

shares

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

30516331

shares

gwgh

Unrealized Gain Loss On Investment In Put Options

UnrealizedGainLossOnInvestmentInPutOptions

-3191000

USD

us-gaap

Unrealized Gain Loss On Investments

UnrealizedGainLossOnInvestments

623000

USD

us-gaap

Other Depreciation And Amortization

OtherDepreciationAndAmortization

827000

USD

us-gaap

Unrealized Gain Loss On Investments

UnrealizedGainLossOnInvestments

23476000

USD

us-gaap

Investment Income Net

InvestmentIncomeNet

21417000

USD

us-gaap

Investment Income Net

InvestmentIncomeNet

41590000

USD

us-gaap

Other Amortization Of Deferred Charges

OtherAmortizationOfDeferredCharges

19594000

USD

us-gaap

Other Amortization Of Deferred Charges

OtherAmortizationOfDeferredCharges

13619000

USD

us-gaap

Other Depreciation And Amortization

OtherDepreciationAndAmortization

1552000

USD

us-gaap

Equity Method Investment Dividends Or Distributions

EquityMethodInvestmentDividendsOrDistributions

3043000

USD

us-gaap

Equity Method Investment Dividends Or Distributions

EquityMethodInvestmentDividendsOrDistributions

1577000

USD

gwgh

Paid In Kind Interest Income

PaidInKindInterestIncome

214000

USD

gwgh

Paid In Kind Interest Income

PaidInKindInterestIncome

215000

USD

us-gaap

Paid In Kind Interest

PaidInKindInterest

3149000

USD

us-gaap

Paid In Kind Interest

PaidInKindInterest

1795000

USD

us-gaap

Income Loss From Equity Method Investments

IncomeLossFromEquityMethodInvestments

-11898000

USD

us-gaap

Income Loss From Equity Method Investments

IncomeLossFromEquityMethodInvestments

-4279000

USD

gwgh

Unrealized Gain Loss On Investment In Put Options

UnrealizedGainLossOnInvestmentInPutOptions

-4022000

USD

us-gaap

Share Based Compensation

ShareBasedCompensation

96618000

USD

gwgh

Share Based Compensation Clawback

ShareBasedCompensationClawback

0

USD

us-gaap

Net Cash Provided By Used In Operating Activities

NetCashProvidedByUsedInOperatingActivities

-176286000

USD

us-gaap

Net Cash Provided By Used In Operating Activities

NetCashProvidedByUsedInOperatingActivities

-147809000

USD

us-gaap

Proceeds From Life Insurance Policies

ProceedsFromLifeInsurancePolicies

30974000

USD

us-gaap

Deferred Income Tax Expense Benefit

DeferredIncomeTaxExpenseBenefit

-141000

USD

us-gaap

Deferred Income Tax Expense Benefit

DeferredIncomeTaxExpenseBenefit

-18553000

USD

gwgh

Write Off Of Other Equity Investment

WriteOffOfOtherEquityInvestment

2037000

USD

gwgh

Write Off Of Other Equity Investment

WriteOffOfOtherEquityInvestment

0

USD

us-gaap

Share Based Compensation

ShareBasedCompensation

14252000

USD

gwgh

Share Based Compensation Clawback

ShareBasedCompensationClawback

36267000

USD

gwgh

Increase Decrease In Policy Benefits Receivable

IncreaseDecreaseInPolicyBenefitsReceivable

18771000

USD

gwgh

Increase Decrease In Policy Benefits Receivable

IncreaseDecreaseInPolicyBenefitsReceivable

13387000

USD

us-gaap

Increase Decrease In Other Operating Assets

IncreaseDecreaseInOtherOperatingAssets

1369000

USD

us-gaap

Increase Decrease In Other Operating Assets

IncreaseDecreaseInOtherOperatingAssets

2450000

USD

us-gaap

Increase Decrease In Accounts Payable And Accrued Liabilities

IncreaseDecreaseInAccountsPayableAndAccruedLiabilities

-2022000

USD

us-gaap

Increase Decrease In Accounts Payable And Accrued Liabilities

IncreaseDecreaseInAccountsPayableAndAccruedLiabilities

8364000

USD

us-gaap

Proceeds From Life Insurance Policies

ProceedsFromLifeInsurancePolicies

32255000

USD

us-gaap

Payments To Acquire Other Property Plant And Equipment

PaymentsToAcquireOtherPropertyPlantAndEquipment

2477000

USD

us-gaap

Payments To Acquire Other Property Plant And Equipment

PaymentsToAcquireOtherPropertyPlantAndEquipment

2498000

USD

us-gaap

Payments To Acquire Equity Method Investments

PaymentsToAcquireEquityMethodInvestments

3750000

USD

us-gaap

Payments To Acquire Equity Method Investments

PaymentsToAcquireEquityMethodInvestments

10144000

USD

us-gaap

Payments To Acquire Longterm Investments

PaymentsToAcquireLongtermInvestments

4470000

USD

us-gaap

Payments To Acquire Longterm Investments

PaymentsToAcquireLongtermInvestments

226000

USD

us-gaap

Proceeds From Sale Of Longterm Investments

ProceedsFromSaleOfLongtermInvestments

19692000

USD

us-gaap

Proceeds From Sale Of Longterm Investments

ProceedsFromSaleOfLongtermInvestments

5752000

USD

us-gaap

Payments To Acquire Other Investments

PaymentsToAcquireOtherInvestments

0

USD

us-gaap

Payments To Acquire Other Investments

PaymentsToAcquireOtherInvestments

14775000

USD

us-gaap

Net Cash Provided By Used In Investing Activities

NetCashProvidedByUsedInInvestingActivities

39969000

USD

us-gaap

Net Cash Provided By Used In Investing Activities

NetCashProvidedByUsedInInvestingActivities

10364000

USD

us-gaap

Proceeds From Issuance Of Senior Long Term Debt

ProceedsFromIssuanceOfSeniorLongTermDebt

215959000

USD

us-gaap

Proceeds From Issuance Of Senior Long Term Debt

ProceedsFromIssuanceOfSeniorLongTermDebt

28530000

USD

us-gaap

Payments To Minority Shareholders

PaymentsToMinorityShareholders

0

USD

us-gaap

Payments To Minority Shareholders

PaymentsToMinorityShareholders

1195000

USD

us-gaap

Proceeds From Issuance Of Secured Debt

ProceedsFromIssuanceOfSecuredDebt

155170000

USD

us-gaap

Proceeds From Issuance Of Secured Debt

ProceedsFromIssuanceOfSecuredDebt

317302000

USD

us-gaap

Repayments Of Secured Debt

RepaymentsOfSecuredDebt

127961000

USD

us-gaap

Repayments Of Secured Debt

RepaymentsOfSecuredDebt

82206000

USD

us-gaap

Proceeds From Issuance Of Common Stock

ProceedsFromIssuanceOfCommonStock

0

USD

us-gaap

Proceeds From Issuance Of Common Stock

ProceedsFromIssuanceOfCommonStock

8000

USD

us-gaap

Payments For Repurchase Of Redeemable Convertible Preferred Stock

PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock

58354000

USD

us-gaap

Payments For Repurchase Of Redeemable Convertible Preferred Stock

PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock

34779000

USD

us-gaap

Payments Of Stock Issuance Costs

PaymentsOfStockIssuanceCosts

778000

USD

us-gaap

Payments Of Stock Issuance Costs

PaymentsOfStockIssuanceCosts

0

USD

us-gaap

Payments Of Dividends Preferred Stock And Preference Stock

PaymentsOfDividendsPreferredStockAndPreferenceStock

8371000

USD

us-gaap

Payments Of Dividends Preferred Stock And Preference Stock

PaymentsOfDividendsPreferredStockAndPreferenceStock

11235000

USD

us-gaap

Payments Related To Tax Withholding For Share Based Compensation

PaymentsRelatedToTaxWithholdingForShareBasedCompensation

1388000

USD

us-gaap

Payments Related To Tax Withholding For Share Based Compensation

PaymentsRelatedToTaxWithholdingForShareBasedCompensation

0

USD

us-gaap

Payments Of Dividends Minority Interest

PaymentsOfDividendsMinorityInterest

0

USD

us-gaap

Payments Of Dividends Minority Interest

PaymentsOfDividendsMinorityInterest

5592000

USD

us-gaap

Net Cash Provided By Used In Financing Activities

NetCashProvidedByUsedInFinancingActivities

79880000

USD

us-gaap

Net Cash Provided By Used In Financing Activities

NetCashProvidedByUsedInFinancingActivities

137323000

USD

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

-56437000

USD

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

-122000

USD

CY2020Q4

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

124160000

USD

CY2019Q4

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

115790000

USD

CY2021Q3

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

67723000

USD

CY2020Q3

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

115668000

USD

us-gaap

Interest Paid Net

InterestPaidNet

105464000

USD

us-gaap

Interest Paid Net

InterestPaidNet

97098000

USD

gwgh

Premiums Paid

PremiumsPaid

54885000

USD

gwgh

Premiums Paid

PremiumsPaid

52136000

USD

gwgh

Conversion Of Accrued Interest And Commissions Payable To Debt Principal

ConversionOfAccruedInterestAndCommissionsPayableToDebtPrincipal

436000

USD

gwgh

Conversion Of Accrued Interest And Commissions Payable To Debt Principal

ConversionOfAccruedInterestAndCommissionsPayableToDebtPrincipal

1296000

USD

us-gaap

Notes Issued1

NotesIssued1

246000

USD

us-gaap

Notes Issued1

NotesIssued1

0

USD

gwgh

Accrued Tax Withholding Share Based Payment Arrangement

AccruedTaxWithholdingShareBasedPaymentArrangement

0

USD

gwgh

Accrued Tax Withholding Share Based Payment Arrangement

AccruedTaxWithholdingShareBasedPaymentArrangement

1555000

USD

gwgh

Capitalization Of Deferred Financing Costs Debt Due To Related Parties

CapitalizationOfDeferredFinancingCostsDebtDueToRelatedParties

1014000

USD

gwgh

Capitalization Of Deferred Financing Costs Debt Due To Related Parties

CapitalizationOfDeferredFinancingCostsDebtDueToRelatedParties

0

USD

gwgh

Deferred Financing Costs Payable Debt Due To Related Parties

DeferredFinancingCostsPayableDebtDueToRelatedParties

2334000

USD

gwgh

Deferred Financing Costs Payable Debt Due To Related Parties

DeferredFinancingCostsPayableDebtDueToRelatedParties

0

USD

us-gaap

Transfer To Investments

TransferToInvestments

374000

USD

us-gaap

Transfer To Investments

TransferToInvestments

0

USD

us-gaap

Transfer Of Investments

TransferOfInvestments

1120000

USD

us-gaap

Transfer Of Investments

TransferOfInvestments

165000

USD

us-gaap

Other Significant Noncash Transaction Value Of Consideration Received1

OtherSignificantNoncashTransactionValueOfConsiderationReceived1

0

USD

us-gaap

Other Significant Noncash Transaction Value Of Consideration Received1

OtherSignificantNoncashTransactionValueOfConsiderationReceived1

46770000

USD

gwgh

Other Significant Noncash Transaction Noncontrolling Interest Decrease From Treasury Purchase

OtherSignificantNoncashTransactionNoncontrollingInterestDecreaseFromTreasuryPurchase

0

USD

gwgh

Other Significant Noncash Transaction Noncontrolling Interest Decrease From Treasury Purchase

OtherSignificantNoncashTransactionNoncontrollingInterestDecreaseFromTreasuryPurchase

3444000

USD

CY2021Q2

us-gaap

Stockholders Equity Including Portion Attributable To Noncontrolling Interest

StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

267731000

USD

CY2021Q2

us-gaap

Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

1228599000

USD

CY2021Q3

us-gaap

Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest

NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest

-45508000

USD

CY2021Q3

us-gaap

Net Income Loss Attributable To Redeemable Noncontrolling Interest

NetIncomeLossAttributableToRedeemableNoncontrollingInterest

-2579000

USD

CY2021Q3

us-gaap

Stock Redeemed Or Called During Period Value

StockRedeemedOrCalledDuringPeriodValue

22705000

USD

CY2021Q3

us-gaap

Dividends Preferred Stock

DividendsPreferredStock

2404000

USD

CY2021Q3

us-gaap

Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value

AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue

4117000

USD

CY2021Q3

gwgh

Adjustments To Paid In Capital Employee Tax On Restricted Units

AdjustmentsToPaidInCapitalEmployeeTaxOnRestrictedUnits

86000

USD

CY2021Q3

us-gaap

Minority Interest Decrease From Distributions To Noncontrolling Interest Holders

MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders

161000

USD

CY2021Q3

us-gaap

Stockholders Equity Including Portion Attributable To Noncontrolling Interest

StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

200984000

USD

CY2021Q3

us-gaap

Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

1226020000

USD

CY2020Q4

us-gaap

Stockholders Equity Including Portion Attributable To Noncontrolling Interest

StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

440814000

USD

CY2020Q4

us-gaap

Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

1233093000

USD

us-gaap

Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest

NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest

-184203000

USD

us-gaap

Net Income Loss Attributable To Redeemable Noncontrolling Interest

NetIncomeLossAttributableToRedeemableNoncontrollingInterest

-7073000

USD

us-gaap

Stock Redeemed Or Called During Period Value

StockRedeemedOrCalledDuringPeriodValue

58327000

USD

us-gaap

Dividends Preferred Stock

DividendsPreferredStock

8371000

USD

us-gaap

Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value

AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue

13205000

USD

gwgh

Adjustments To Paid In Capital Employee Tax On Restricted Units

AdjustmentsToPaidInCapitalEmployeeTaxOnRestrictedUnits

1388000

USD

us-gaap

Minority Interest Decrease From Distributions To Noncontrolling Interest Holders

MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders

1120000

USD

us-gaap

Noncontrolling Interest Increase From Subsidiary Equity Issuance

NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance

374000

USD

CY2021Q3

us-gaap

Stockholders Equity Including Portion Attributable To Noncontrolling Interest

StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

200984000

USD

CY2021Q3

us-gaap

Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

1226020000

USD

CY2020Q2

us-gaap

Stockholders Equity Including Portion Attributable To Noncontrolling Interest

StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

499196000

USD

CY2020Q2

us-gaap

Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

1264031000

USD

CY2020Q3

us-gaap

Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest

NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest

-12462000

USD

CY2020Q3

us-gaap

Net Income Loss Attributable To Redeemable Noncontrolling Interest

NetIncomeLossAttributableToRedeemableNoncontrollingInterest

-11686000

USD

CY2020Q3

us-gaap

Stock Issued During Period Value New Issues

StockIssuedDuringPeriodValueNewIssues

524000

USD

CY2020Q3

us-gaap

Treasury Stock Value Acquired Cost Method

TreasuryStockValueAcquiredCostMethod

42856000

USD

CY2020Q3

us-gaap

Stock Redeemed Or Called During Period Value

StockRedeemedOrCalledDuringPeriodValue

10289000

USD

CY2020Q3

us-gaap

Dividends Preferred Stock

DividendsPreferredStock

3569000

USD

CY2020Q3

us-gaap

Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value

AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue

23275000

USD

CY2020Q3

gwgh

Adjustments To Paid In Capital Employee Tax On Restricted Units

AdjustmentsToPaidInCapitalEmployeeTaxOnRestrictedUnits

1554000

USD

CY2020Q3

gwgh

Noncontrolling Interest Decrease From Tax Distributions To Noncontrolling Interest Holders

NoncontrollingInterestDecreaseFromTaxDistributionsToNoncontrollingInterestHolders

5592000

USD

CY2020Q3

us-gaap

Minority Interest Decrease From Redemptions

MinorityInterestDecreaseFromRedemptions

935000

USD

CY2020Q3

us-gaap

Adjustments To Additional Paid In Capital Other

AdjustmentsToAdditionalPaidInCapitalOther

46770000

USD

CY2019Q4

us-gaap

Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

1269654000

USD

us-gaap

Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest

NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest

-124833000

USD

CY2020Q3

gwgh

Noncontrolling Interest Decrease From Treasury Purchase

NoncontrollingInterestDecreaseFromTreasuryPurchase

3444000

USD

CY2020Q3

us-gaap

Stockholders Equity Including Portion Attributable To Noncontrolling Interest

StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

494656000

USD

CY2020Q3

us-gaap

Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

1246753000

USD

CY2019Q4

us-gaap

Stockholders Equity Including Portion Attributable To Noncontrolling Interest

StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

607194000

USD

us-gaap

Net Income Loss Attributable To Redeemable Noncontrolling Interest

NetIncomeLossAttributableToRedeemableNoncontrollingInterest

-17309000

USD

us-gaap

Stock Issued During Period Value New Issues

StockIssuedDuringPeriodValueNewIssues

534000

USD

us-gaap

Treasury Stock Value Acquired Cost Method

TreasuryStockValueAcquiredCostMethod

42856000

USD

us-gaap

Stock Redeemed Or Called During Period Value

StockRedeemedOrCalledDuringPeriodValue

34778000

USD

us-gaap

Dividends Preferred Stock

DividendsPreferredStock

11235000

USD

us-gaap

Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value

AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue

96485000

USD

gwgh

Decrease In Noncontrolling Interest From Share Based Compensation Clawback

DecreaseInNoncontrollingInterestFromShareBasedCompensationClawback

36267000

USD

gwgh

Adjustments To Paid In Capital Employee Tax On Restricted Units

AdjustmentsToPaidInCapitalEmployeeTaxOnRestrictedUnits

1554000

USD

gwgh

Noncontrolling Interest Decrease From Tax Distributions To Noncontrolling Interest Holders

NoncontrollingInterestDecreaseFromTaxDistributionsToNoncontrollingInterestHolders

5592000

USD

us-gaap

Minority Interest Decrease From Redemptions

MinorityInterestDecreaseFromRedemptions

1195000

USD

us-gaap

Minority Interest Decrease From Distributions To Noncontrolling Interest Holders

MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders

165000

USD

us-gaap

Adjustments To Additional Paid In Capital Other

AdjustmentsToAdditionalPaidInCapitalOther

46770000

USD

gwgh

Noncontrolling Interest Decrease From Treasury Purchase

NoncontrollingInterestDecreaseFromTreasuryPurchase

3444000

USD

CY2020Q3

us-gaap

Stockholders Equity Including Portion Attributable To Noncontrolling Interest

StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

494656000

USD

CY2020Q3

us-gaap

Redeemable Noncontrolling Interest Equity Carrying Amount

RedeemableNoncontrollingInterestEquityCarryingAmount

1246753000

USD

us-gaap

Nature Of Operations

NatureOfOperations

Nature of Business<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Organizational Structure</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">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”). </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 (as 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 17, 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, once completed, is expected to 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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 September 30, 2021, 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). Effective March 31, 2021, BCH amended its limited partnership agreement by executing that certain 6th Amended and Restated LPA of BCH to allow for the issuance of Preferred Series C Subclass 0 Unit Accounts (“Preferred C.0”), which are wholly owned by GWG Holdings.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Nature of Business</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 9. Beginning in 2018, GWG Holdings consummated a series of transactions with Beneficient as part of a </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 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.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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”)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, 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</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">”). </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ExAlt 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. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, upon 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., </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 condensed consolidated financial statements </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">but are recognized for purposes of the allocation of income (loss) to Beneficient’s equity holders</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 on 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. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Beneficient’s Regulatory Developments</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. 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.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, 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 </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Exchange Transaction</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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”).</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of the Assets Exchanged</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Seller Trust L Bonds</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 9 for additional discussion of the outstanding debt of GWG Holdings. Payments under the Seller Trust L Bonds are guaranteed by GWG Life (see Item 2. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Management’s Discussion and Analysis of Financial Condition and Results of Operations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Commercial Loan</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Commercial Loan and its related interest are eliminated upon consolidation.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Option Agreement</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 condensed consolidated financial statements as it is eliminated in consolidation.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Common Units of Ben LP</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Purchase and Contribution Agreement</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Promissory Note - ExAlt Trusts</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other than the required rebalancing of equity driven from the change in GWG Holding’s ownership percentage, any impacts of the Promissory Note conversion are eliminated upon consolidation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Investment and Exchange Agreements</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. For more details on the accounting for the consolidation, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on November 5, 2021 (“2020 Form 10-K”). 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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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).</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on December 31, 2019, GWG Holdings, Ben LP and the holders of Common Units entered into an Exchange Agreement (the “Exchange Agreement”) pursuant to which the holders of Common Units from time to time have the right, on a quarterly basis, to exchange their Common Units for common stock of 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 GWG Holdings’ common stock based on the volume weighted average price of GWG Holdings’ common stock for the five consecutive trading days prior to the quarterly exchange date. The Exchange Agreement is intended to facilitate the marketing of Ben LP’s products to holders of alternative assets.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Preferred Series C Unit Purchase Agreement</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 15, 2020, GWG Holdings entered into a Preferred Series C Unit Purchase Agreement (“UPA”) with Ben LP and BCH. The UPA was reviewed and approved by the then constituted independent Special Committee of the Board of Directors of GWG Holdings.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the UPA, and provided it has adequate liquidity, GWG Holdings has agreed to make capital contributions from time to time to BCH in exchange for Preferred Series C Unit Accounts of BCH during a purchasing period commencing on the date of the UPA and continuing until the earlier of (i) the occurrence of a Change of Control Event (as defined below) and (ii) the mutual agreement of the parties (the “Purchasing Period”). A “Change of Control Event” shall mean (A) the occurrence of an event that results in GWG Holdings’ ownership of the fully diluted equity of Ben LP is less than 25%, the Continuing Directors (as defined below) of GWG Holdings cease to constitute a majority of the board of directors of GWG Holdings, or certain bankruptcy events occur with respect to GWG Holdings, and (B) the listing of Common Units on a national securities exchange (a “Public Listing”). 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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If, on or prior to the end of the Purchasing Period, a Public Listing occurs, the BCH Purchased Units shall be automatically exchanged for Common Units, or another unit of Ben LP, as the parties may mutually agree (the “Beneficient Units”), at the lower of (i) the volume-weighted average of the Beneficient Units for the 20 trading days following the Public Listing, and (ii) $12.75.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, at any time following the Effective Date, all or some of the Preferred Series C Unit Accounts purchased under the UPA may be exchanged for Beneficient Units at the option of GWG Holdings (exercised by a special committee of the Board of Directors or, if such committee is no longer in place, the appropriate governing body of GWG Holdings); provided that, if GWG Holdings exchanges less than all of the Preferred Series C Unit Accounts purchased under the UPA, then, immediately after giving effect to such exchange, GWG Holdings shall be required to continue to hold Preferred Series C Unit Accounts with a capital account that is at least $10.0 million. The exchange price for such Beneficient Units shall be determined by third-party valuation agents selected by GWG Holdings and Beneficient.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contribution and Exchange Agreement</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 30, 2020, certain of the ExAlt Trusts (collectively, the “Participating ExAlt Trusts”) at the sole direction of John A. Stahl, independent trustee of each such trust, with the intention of protecting the value of certain assets of the Participating ExAlt Trusts underlying part of the Collateral portfolio, the Participating ExAlt Trusts entered into that certain Contribution and </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exchange Agreement with certain of the Seller Trusts, (collectively, the “Participating Exchange Trusts”), each of which entered into such agreement at the direction of its applicable trust advisor and by and through its applicable corporate trustee (the “Contribution and Exchange Agreement). Under the Contribution and Exchange Agreement, the Participating Exchange Trusts agreed to exchange 9,837,264 shares of GWG Holdings’ common stock valued at $84.6 million, 543,874 shares of Common Units valued at $6.8 million, and GWG Holdings’ L Bonds due 2023 in the aggregate principal amount of $94.8 million to the Participating ExAlt Trusts for $94.3 million in net asset value of the alternative asset investments held by the Participating ExAlt Trusts. This transaction (the “Collateral Swap”) resulted in GWG Holdings, after the effects of eliminations upon consolidation, recognizing an additional $42.9 million of treasury stock, $3.4 million of additional noncontrolling interest, and $46.8 million of a capital contribution from a related party.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Exchange Transaction, the Purchase and Contribution Transaction, the Promissory Note, the Investment and Exchange Agreements, the UPA, and the Collateral Swap, are referred to collectively as the “Beneficient Transactions.”</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Going Concern</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To meet the Company’s future capital needs, the Company may need to raise additional debt or equity financing. While the Company has historically been able to raise additional capital through issuance of debt and/or equity, the Company cannot guarantee that it will be able to secure additional financing or will otherwise be able to meet is ongoing obligations. These factors, in combination with the potential NASDAQ delisting and our current inability to sell L Bonds as discussed below under the heading “Liquidity and Capital Resources”, our significant recurring losses from operations, negative cash flows from operations, delays in executing our business plans, and any potential negative outcome from the ongoing SEC investigation discussed in Note 15 to these condensed consolidated financial statements, raise substantial doubt about the Company’s ability to continue as a going concern within one year after these financial statements are issued.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liquidity and Capital Resources</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2021, we had cash, cash equivalents and restricted cash of $67.7 million. We generated net losses attributable to common shareholders of $169.9 million and $120.5 million for the nine months ended September 30, 2021 and 2020, respectively. As of November 10, 2021, we had cash, cash equivalents, and restricted cash of approximately $29.8 million. Besides funding operating expenditures, we are obligated to pay other items such as interest payments and debt maturities, and preferred stock dividends and redemptions. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have historically financed our businesses primarily through a combination of L Bond sales, preferred stock sales, the LNV Credit Facility, and the NF Credit Facility. We have also financed our business through proceeds from life insurance policy benefit receipts, cash distributions from the ExAlt Trusts’ alternative asset portfolio, dividends and interest on investments, and Beneficient’s debt due to related parties. We have traditionally used proceeds from these sources for policy acquisition, policy premiums and servicing costs, working capital and financing expenditures including paying principal, interest and dividends. We have also used proceeds to allocate capital to Beneficient; however, if Ben LP becomes an independent company per the Term Sheet discussed above and in Note 17,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. Ben LP’s capital raising efforts and participation in liquidity transactions 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 investments in Ben LP and BCH and may include preferential terms relative to GWG Holdings’ and GWG Life’s investments in Ben LP and BCH, as applicable.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We currently fund our business primarily with debt that generally has a shorter duration than the duration of our long-term assets. The resulting asset/liability mismatch can result in a liquidity shortfall if we are unable to renew maturing short term debt or secure suitable additional financing. In such a situation, we could be forced to sell assets at less than optimal (distressed) prices. Substantially all of our life insurance policies are pledged as collateral under the LNV Credit Facility and the NF Credit Facility and we would not be able to dispose of them without compliance with the terms of those credit facilities. We heavily rely on GWG Holdings’ L Bond offering to fund our business operations, including, among other things, interest and principal payments on the existing L Bonds and capital allocations to Beneficient. We temporarily suspended the offering of GWG </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Holdings’ L Bonds, commencing April 16, 2021, as a result of our delay in filing certain periodic reports with the SEC, and were required to seek alternative sources of capital. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a result of the suspension of GWG Holdings’ L Bond offering, on June 28, 2021, we pledged additional life insurance policies as collateral and received an additional advance of $51.2 million under the Third LNV Credit Facility (as defined below). Subsequently, on August 11, 2021, we received a one-time advance of $107.6 million under the NF Credit Facility as described above. Approximately $56.7 million of such advanced amount was used to pay off the remaining amount due, including interest and penalties, under the Third LNV Credit Facility and the pledged life insurance policies used as collateral for the Third LNV Credit Facility were released and pledged under the NF Credit Facility. Further, on September 7, 2021, DLP IV entered into the Fourth LNV Credit Facility (as defined below), that replaced the aforementioned Third LNV Credit Facility. The Fourth LNV Credit Facility resulted in an additional advance of $30.3 million from LNV Corporation, with no additional pledged collateral. All of the aforementioned transactions are described in more detail in Note 9. Finally, as more fully described in Note 17, on November 15, 2021, DLP IV modified the terms the Fourth LNV Credit Facility and entered into a letter agreement which released $17.0 million from a collection account used to collect policy benefits from pledged policies. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Primarily due to the current suspension of GWG Holdings’ L Bond offering, the Company may require additional capital to continue its operations over the next twelve months if our ability to sell L Bonds dissipates, or if we are forced to suspend the L Bond offering. However, the Company may not be able to obtain additional borrowings under existing debt facilities or new borrowings with other third-party lenders. To the extent that GWG Holdings or its subsidiaries raise additional capital through the future issuance of debt, the terms of those debt securities may include terms that adversely affect the rights of our existing debt and/or equity holders or involve negative covenants that restrict GWG Holdings’ ability to take specific actions, such as incurring additional debt or making additional investments in growing the operations of the Company. If GWG Holdings is unable to fund its operations and other obligations, or defaults on its debt, then the Company will be required to either i) sell assets to provide sufficient funding, ii) exercise our right to decline requests for early L Bond redemptions or redemptions of preferred stock, or iii) to raise additional capital through the sale of equity and the ownership interest of our equity holders may be diluted. Substantially all of our life insurance policies are pledged as collateral under the LNV Credit Facility and the NF Credit Facility and we would not be able to dispose of them without compliance with the terms of those credit facilities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We anticipate recommencing the offering of GWG Holdings’ L Bonds once we become current with our filing obligations and satisfy applicable NASDAQ listing requirements. Once we become current with our filing obligations with respect to the L Bonds, we may be limited in the origination channels in which we sell our L Bonds in the event that we are unable to meet the applicable NASDAQ listing requirements in a timely manner, which could result in the L Bonds no longer being “covered securities” for federal securities law purposes which would subject the offer and sale of L Bonds to potentially extensive state “blue sky” securities law requirements. If for any reason we are forced to suspend GWG Holdings’ L Bond offering, are limited in our origination channels in which we sell our L Bonds, or demand for GWG Holdings’ L bonds dissipates, our business would be adversely impacted and our ability to service and repay our debt obligations, much of which is short term, would be compromised, thereby negatively affecting our business prospects and viability.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beneficient is obligated to make debt payments totaling $77.1 million on certain outstanding borrowings through May 30, 2022 under the terms of the Amendment No. 1 to the Second Amended and Restated Credit Agreements as discussed in more detail in Note 9. Primarily due to both the forthcoming debt payments under the Credit Agreement and Second Lien Credit Agreement and the anticipated deconsolidation of Beneficient from GWG Holdings as discussed above and in Note 17, which is expected to result in reduced reliance by Beneficient on GWG Holdings to fund its operations, Beneficient will require additional liquidity to continue its operations over the next twelve months. We expect Beneficient to satisfy these obligations and fund its operations through anticipated operating cash flows, proceeds from distributions on the alternative assets portfolio, additional investments into Beneficient by GWG Holdings and/or other parties and, potentially refinancing with other third-party lenders some or all of the existing borrowings due prior to their maturity. Beneficient is currently in the process of raising additional equity, which is anticipated to close during the fourth quarter of 2021 and/or the first quarter of 2022. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beneficient may not be able to refinance or obtain additional financing on terms favorable to the Company, or at all. To the extent that Beneficient raises additional capital through the future sale of equity or debt, the ownership interest of its existing equity holders may be diluted. The terms of these future equity or debt securities may include liquidation or other preferences that adversely affect the rights of its existing equity unitholders or involve negative covenants that restrict Beneficient’s ability to take specific actions, such as incurring additional debt or making additional investments in growing its operations. If Beneficient defaults on these borrowings, then it will be required to either i) sell assets to repay these loans or ii) to raise additional capital through the sale of equity and the ownership interest of our equity holders may be diluted. Moreover, if Beneficient were to sell assets to avoid a default of these borrowings, then the price at which Beneficient sold such assets may </span></div>not reflect the carrying value of those assets as reflected in our condensed consolidated financial statements, especially in the event of a bulk or distressed sale.

CY2020

gwgh

Loan Repayment Portion Allocated To Lender

LoanRepaymentPortionAllocatedToLender

0.95

CY2020

gwgh

Loan Repayment Portion Allocated To Noncontrolling Interest Holders

LoanRepaymentPortionAllocatedToNoncontrollingInterestHolders

0.05

CY2021Q1

gwgh

Loan Repayment Portion Allocated To Noncontrolling Interest Holders

LoanRepaymentPortionAllocatedToNoncontrollingInterestHolders

0.025

CY2021Q1

gwgh

Loan Repayment Portion Allocated To Lender

LoanRepaymentPortionAllocatedToLender

0.975

CY2020Q3

us-gaap

Share Price

SharePrice

12.50

CY2019Q2

gwgh

Common Shares Transferred

CommonSharesTransferred

3952155

shares

CY2021Q3

gwgh

Change Of Control Event Ownership Threshold

ChangeOfControlEventOwnershipThreshold

0.25

CY2020Q3

gwgh

Change Of Control Event Ownership Threshold

ChangeOfControlEventOwnershipThreshold

0.25

CY2020Q3

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Convertible Units Automatic Exchange Trading Days

ConvertibleUnitsAutomaticExchangeTradingDays

20

day

CY2020Q3

gwgh

Convertible Units Automatic Exchange Unit Price

ConvertibleUnitsAutomaticExchangeUnitPrice

12.75

CY2020Q3

us-gaap

Treasury Stock Retired Cost Method Amount

TreasuryStockRetiredCostMethodAmount

42900000

USD

CY2020Q3

gwgh

Noncontrolling Interest Other Increase Decrease

NoncontrollingInterestOtherIncreaseDecrease

-3400000

USD

CY2021Q3

gwgh

Small Face Amount Policies Face Value Benefits Maximum

SmallFaceAmountPoliciesFaceValueBenefitsMaximum

1000000

USD

CY2021Q2

gwgh

Life Settlement Contracts Fair Value Method Increase Decrease Adjustment

LifeSettlementContractsFairValueMethodIncreaseDecreaseAdjustment

16400000

USD

CY2020Q3

us-gaap

Adjustments To Additional Paid In Capital Other

AdjustmentsToAdditionalPaidInCapitalOther

-46800000

USD

CY2021Q3

us-gaap

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents

CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

67700000

USD

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-169900000

USD

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-120500000

USD

us-gaap

Use Of Estimates

UseOfEstimates

<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> — The preparation of our condensed 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 condensed 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) determining the allocation of income (loss) to Beneficient’s equity holders, and (4) evaluation of potential impairment of goodwill and other intangibles.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As it relates to the goodwill intangible asset, in light of Beneficient’s significant recurring losses from operations, negative cash flows from operations, and delays in executing its business plans, management plans to engage a third-party valuation firm to assist in performing a quantitative goodwill impairment test in the fourth quarter of 2021. The valuation work related to the goodwill intangible is not complete, and we expect the work to be completed before the filing of our 2021 annual financial statements. While management has implemented strategies to execute its business plans, a failure to execute our business plans or adverse market changes in the future could result in changes in management’s forecasts, which could result in a decline in estimated fair value of the Beneficient reporting unit and would result in an impairment of our goodwill intangible. Key assumptions in our quantitative goodwill impairment test include assumptions regarding Ben LP’s ability to raise substantial amounts of capital as disclosed in the 2020 Form 10-K. Beneficient is actively engaged in capital raising efforts that may include the issuance of equity or debt of Ben LP or one of its subsidiaries and has received non-binding indications of interest from potential investors. The outcome of Ben LP’s capital raising efforts will have a direct impact on management’s forecasts and consequently, have a direct impact on the magnitude of future goodwill intangible impairment losses, if any. The outcome of Ben LP’s capital raising efforts is uncertain, and it is not certain that the potential investors that have submitted non-binding indications of interest ultimately will invest in Ben LP, or the amount of any such investments. As a result, our quantitative goodwill intangible impairment analysis, once complete, could result in material goodwill intangible impairment in the near future.</span></div>

us-gaap

Prior Period Reclassification Adjustment Description

PriorPeriodReclassificationAdjustmentDescription

<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassification</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> — Certain prior year amounts have been reclassified for consistency with the current year presentation. Specifically, amortization of debt discounts and premiums were previously presented separately. This is now combined with amortization of deferred financing and issuance costs. This change had no effect on the reported net cash flows used by operating activities.</span>

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Face Value

LifeSettlementContractsFairValueMethodFaceValue

1801306000

USD

CY2021Q3

gwgh

Average Face Value Per Insured Life

AverageFaceValuePerInsuredLife

1984000

USD

gwgh

Average Life Expectancy Estimate

AverageLifeExpectancyEstimate

P6Y4M24D

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts

LifeSettlementContractsFairValueMethodNumberOfContracts

984

policy

CY2021Q3

gwgh

Number Of Unique Lives

NumberOfUniqueLives

908

life

CY2021Q3

gwgh

Demographics Percent Male

DemographicsPercentMale

0.74

CY2021Q3

gwgh

Demographics Percent Female

DemographicsPercentFemale

0.26

CY2021Q3

gwgh

Number Of Smokers

NumberOfSmokers

36

smoker

CY2021Q3

gwgh

Largest Policy As Of Total Portfolio Face Value

LargestPolicyAsOfTotalPortfolioFaceValue

0.007

CY2021Q3

gwgh

Average Policy As Of Total Portfolio

AveragePolicyAsOfTotalPortfolio

0.001

CY2021Q3

gwgh

Average Annual Premium As Of Face Value

AverageAnnualPremiumAsOfFaceValue

0.041

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Remainder Of Fiscal Year

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInRemainderOfFiscalYear

2

policy

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Maturing In Remainder Of Fiscal Year

LifeSettlementContractsFairValueMaturingInRemainderOfFiscalYear

3226000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Remainder Of Fiscal Year

LifeSettlementContractsFairValueMethodFaceValueMaturingInRemainderOfFiscalYear

3250000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Remainder Of Fiscal Year

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInRemainderOfFiscalYear

15

policy

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Maturing In Remainder Of Fiscal Year

LifeSettlementContractsFairValueMaturingInRemainderOfFiscalYear

19429000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Remainder Of Fiscal Year

LifeSettlementContractsFairValueMethodFaceValueMaturingInRemainderOfFiscalYear

22298000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Next Twelve Months

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInNextTwelveMonths

21

policy

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Maturing In Next Twelve Months

LifeSettlementContractsFairValueMaturingInNextTwelveMonths

23530000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Next Twelve Months

LifeSettlementContractsFairValueMethodFaceValueMaturingInNextTwelveMonths

27611000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Next Twelve Months

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInNextTwelveMonths

62

policy

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Maturing In Next Twelve Months

LifeSettlementContractsFairValueMaturingInNextTwelveMonths

66657000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Next Twelve Months

LifeSettlementContractsFairValueMethodFaceValueMaturingInNextTwelveMonths

88698000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Two

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearTwo

79

policy

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Maturing In Year Two

LifeSettlementContractsFairValueMaturingInYearTwo

100355000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Year Two

LifeSettlementContractsFairValueMethodFaceValueMaturingInYearTwo

141376000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Two

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearTwo

106

policy

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Maturing In Year Two

LifeSettlementContractsFairValueMaturingInYearTwo

113926000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Year Two

LifeSettlementContractsFairValueMethodFaceValueMaturingInYearTwo

178983000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Three

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearThree

112

policy

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Maturing In Year Three

LifeSettlementContractsFairValueMaturingInYearThree

127746000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Year Three

LifeSettlementContractsFairValueMethodFaceValueMaturingInYearThree

207890000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Three

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearThree

119

policy

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Maturing In Year Three

LifeSettlementContractsFairValueMaturingInYearThree

130280000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Year Three

LifeSettlementContractsFairValueMethodFaceValueMaturingInYearThree

229815000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Four

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearFour

113

policy

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Maturing In Year Four

LifeSettlementContractsFairValueMaturingInYearFour

110159000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Year Four

LifeSettlementContractsFairValueMethodFaceValueMaturingInYearFour

217082000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Four

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearFour

111

policy

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Maturing In Year Four

LifeSettlementContractsFairValueMaturingInYearFour

85842000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Year Four

LifeSettlementContractsFairValueMethodFaceValueMaturingInYearFour

187042000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Five

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearFive

105

policy

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Maturing In Year Five

LifeSettlementContractsFairValueMaturingInYearFive

80135000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Year Five

LifeSettlementContractsFairValueMethodFaceValueMaturingInYearFive

171025000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Five

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearFive

115

policy

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Maturing In Year Five

LifeSettlementContractsFairValueMaturingInYearFive

100280000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing In Year Five

LifeSettlementContractsFairValueMethodFaceValueMaturingInYearFive

237632000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing After Year Five

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingAfterYearFive

552

policy

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Maturing After Year Five

LifeSettlementContractsFairValueMaturingAfterYearFive

316409000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing After Year Five

LifeSettlementContractsFairValueMethodFaceValueMaturingAfterYearFive

1033072000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts Maturing After Year Five

LifeSettlementContractsFairValueMethodNumberOfContractsMaturingAfterYearFive

530

policy

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Maturing After Year Five

LifeSettlementContractsFairValueMaturingAfterYearFive

275497000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Face Value Maturing After Year Five

LifeSettlementContractsFairValueMethodFaceValueMaturingAfterYearFive

956247000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts

LifeSettlementContractsFairValueMethodNumberOfContracts

984

policy

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Carrying Amount

LifeSettlementContractsFairValueMethodCarryingAmount

761560000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Face Value

LifeSettlementContractsFairValueMethodFaceValue

1801306000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Number Of Contracts

LifeSettlementContractsFairValueMethodNumberOfContracts

1058

policy

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Carrying Amount

LifeSettlementContractsFairValueMethodCarryingAmount

791911000

USD

CY2021Q3

gwgh

Change In Estimated Probabilistic Cash Flows

ChangeInEstimatedProbabilisticCashFlows

13120000

USD

CY2020Q3

gwgh

Realized Gainon Matured Life Insurance Policies

RealizedGainonMaturedLifeInsurancePolicies

26300000

USD

CY2020Q3

gwgh

Change In Estimated Probabilistic Cash Flows

ChangeInEstimatedProbabilisticCashFlows

14723000

USD

CY2020Q4

us-gaap

Life Settlement Contracts Fair Value Method Face Value

LifeSettlementContractsFairValueMethodFaceValue

1900715000

USD

CY2021Q3

gwgh

Facevalueof Matured Life Insurance Policies

FacevalueofMaturedLifeInsurancePolicies

43200000

USD

CY2020Q3

gwgh

Facevalueof Matured Life Insurance Policies

FacevalueofMaturedLifeInsurancePolicies

39800000

USD

CY2021Q3

gwgh

Carrying Valueof Matured Life Insurance Policies

CarryingValueofMaturedLifeInsurancePolicies

12300000

USD

CY2020Q3

gwgh

Carrying Valueof Matured Life Insurance Policies

CarryingValueofMaturedLifeInsurancePolicies

13500000

USD

CY2021Q3

gwgh

Realized Gainon Matured Life Insurance Policies

RealizedGainonMaturedLifeInsurancePolicies

30900000

USD

gwgh

Facevalueof Matured Life Insurance Policies

FacevalueofMaturedLifeInsurancePolicies

104700000

USD

gwgh

Facevalueof Matured Life Insurance Policies

FacevalueofMaturedLifeInsurancePolicies

105200000

USD

gwgh

Carrying Valueof Matured Life Insurance Policies

CarryingValueofMaturedLifeInsurancePolicies

31000000

USD

gwgh

Carrying Valueof Matured Life Insurance Policies

CarryingValueofMaturedLifeInsurancePolicies

32300000

USD

gwgh

Realized Gainon Matured Life Insurance Policies

RealizedGainonMaturedLifeInsurancePolicies

73700000

USD

gwgh

Realized Gainon Matured Life Insurance Policies

RealizedGainonMaturedLifeInsurancePolicies

72900000

USD

gwgh

Change In Estimated Probabilistic Cash Flows

ChangeInEstimatedProbabilisticCashFlows

40230000

USD

gwgh

Change In Estimated Probabilistic Cash Flows

ChangeInEstimatedProbabilisticCashFlows

47923000

USD

CY2021Q3

gwgh

Realized Face Value On Life Settlement Maturities

RealizedFaceValueOnLifeSettlementMaturities

43217000

USD

CY2021Q3

gwgh

Life Insurance Settlements Premiums And Other Annual Fees

LifeInsuranceSettlementsPremiumsAndOtherAnnualFees

19267000

USD

CY2020Q3

gwgh

Life Insurance Settlements Premiums And Other Annual Fees

LifeInsuranceSettlementsPremiumsAndOtherAnnualFees

18235000

USD

gwgh

Life Insurance Settlements Premiums And Other Annual Fees

LifeInsuranceSettlementsPremiumsAndOtherAnnualFees

56388000

USD

gwgh

Life Insurance Settlements Premiums And Other Annual Fees

LifeInsuranceSettlementsPremiumsAndOtherAnnualFees

53060000

USD

CY2021Q3

gwgh

Change In Life Expectancy Evaluation

ChangeInLifeExpectancyEvaluation

0

USD

CY2020Q3

gwgh

Change In Life Expectancy Evaluation

ChangeInLifeExpectancyEvaluation

0

USD

gwgh

Change In Life Expectancy Evaluation

ChangeInLifeExpectancyEvaluation

-2337000

USD

gwgh

Change In Life Expectancy Evaluation

ChangeInLifeExpectancyEvaluation

0

USD

CY2021Q3

gwgh

Change In Pmm

ChangeInPMM

0

USD

CY2020Q3

gwgh

Change In Pmm

ChangeInPMM

0

USD

gwgh

Change In Pmm

ChangeInPMM

16386000

USD

gwgh

Change In Pmm

ChangeInPMM

0

USD

CY2020Q3

gwgh

Realized Face Value On Life Settlement Maturities

RealizedFaceValueOnLifeSettlementMaturities

39803000

USD

gwgh

Realized Face Value On Life Settlement Maturities

RealizedFaceValueOnLifeSettlementMaturities

104662000

USD

gwgh

Realized Face Value On Life Settlement Maturities

RealizedFaceValueOnLifeSettlementMaturities

105194000

USD

CY2020Q3

us-gaap

Noncontrolling Interest Increase From Subsidiary Equity Issuance

NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance

0

USD

CY2021Q3

gwgh

Gain Loss Fair Value Of Matured Policies

GainLossFairValueOfMaturedPolicies

-21586000

USD

CY2020Q3

gwgh

Gain Loss Fair Value Of Matured Policies

GainLossFairValueOfMaturedPolicies

-22169000

USD

gwgh

Gain Loss Fair Value Of Matured Policies

GainLossFairValueOfMaturedPolicies

-56532000

USD

gwgh

Gain Loss Fair Value Of Matured Policies

GainLossFairValueOfMaturedPolicies

-56702000

USD

CY2021Q3

us-gaap

Life Settlement Contracts Fair Value Method Gain Loss

LifeSettlementContractsFairValueMethodGainLoss

15484000

USD

CY2020Q3

us-gaap

Life Settlement Contracts Fair Value Method Gain Loss

LifeSettlementContractsFairValueMethodGainLoss

14122000

USD

us-gaap

Life Settlement Contracts Fair Value Method Gain Loss

LifeSettlementContractsFairValueMethodGainLoss

17923000

USD

us-gaap

Life Settlement Contracts Fair Value Method Gain Loss

LifeSettlementContractsFairValueMethodGainLoss

43355000

USD

CY2021Q3

us-gaap

Alternative Investment

AlternativeInvestment

226138000

USD

CY2021Q3

us-gaap

Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments

FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments

35463000

USD

CY2020Q4

us-gaap

Alternative Investment

AlternativeInvestment

221894000

USD

us-gaap

Noncontrolling Interest Increase From Subsidiary Equity Issuance

NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance

0

USD

CY2020Q3

gwgh

Gain Loss On Alternative Investment

GainLossOnAlternativeInvestment

800000

USD

CY2020Q4

us-gaap

Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments

FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments

35609000

USD

CY2021Q3

gwgh

Alternative Investments Number Of Funds

AlternativeInvestmentsNumberOfFunds

111

investmentFund

CY2021Q3

gwgh

Alternative Investments Number Of Underlying Investments

AlternativeInvestmentsNumberOfUnderlyingInvestments

301

underlyingInvestment

CY2021Q3

gwgh

Alternative Investments Percent Of Underlying Investments In Private Companies

AlternativeInvestmentsPercentOfUnderlyingInvestmentsInPrivateCompanies

0.99

CY2021Q3

us-gaap

Alternative Investment

AlternativeInvestment

226100000

USD

CY2020Q4

us-gaap

Alternative Investment

AlternativeInvestment

221900000

USD

CY2021Q3

gwgh

Gain Loss On Alternative Investment

GainLossOnAlternativeInvestment

17600000

USD

gwgh

Gain Loss On Alternative Investment

GainLossOnAlternativeInvestment

21400000

USD

CY2020Q3

gwgh

Gain Loss On Alternative Investment

GainLossOnAlternativeInvestment

800000

USD

gwgh

Gain Loss On Alternative Investment

GainLossOnAlternativeInvestment

-19300000

USD

gwgh

Gain Loss On Alternative Investment

GainLossOnAlternativeInvestment

-19300000

USD

CY2021Q2

gwgh

Life Settlement Contracts Fair Value Method Increase Decrease Adjustment

LifeSettlementContractsFairValueMethodIncreaseDecreaseAdjustment

16400000

USD

CY2021Q2

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue

770026000

USD

CY2020Q2

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue

794706000

USD

CY2020Q4

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue

791911000

USD

CY2019Q4

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue

796039000

USD

CY2021Q3

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1

3860000

USD

CY2020Q3

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1

6021000

USD

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1

623000

USD

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1

23476000

USD

CY2021Q3

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements

12326000

USD

CY2020Q3

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements

13467000

USD

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements

30974000

USD

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements

32255000

USD

CY2021Q3

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue

761560000

USD

CY2020Q3

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue

787260000

USD

CY2021Q3

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue

761560000

USD

CY2020Q3

us-gaap

Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value

FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue

787260000

USD

CY2021Q3

gwgh

Common Stock Used As Collateral

CommonStockUsedAsCollateral

4000000

shares

CY2021Q3

us-gaap

Debt Instrument Unamortized Discount Premium Net

DebtInstrumentUnamortizedDiscountPremiumNet

2441000

USD

CY2020Q4

us-gaap

Debt Instrument Unamortized Discount Premium Net

DebtInstrumentUnamortizedDiscountPremiumNet

916000

USD

CY2021Q3

us-gaap

Due To Related Parties Current And Noncurrent

DueToRelatedPartiesCurrentAndNoncurrent

77362000

USD

CY2020Q4

us-gaap

Due To Related Parties Current And Noncurrent

DueToRelatedPartiesCurrentAndNoncurrent

76260000

USD

CY2020Q3

gwgh

Debt Instrument Variable Rate Maximum

DebtInstrumentVariableRateMaximum

0.095

CY2021Q3

gwgh

Debt Instrument Permitted Capital Contributions For Exchange

DebtInstrumentPermittedCapitalContributionsForExchange

152000000

USD

gwgh

Time After Assumption Of Loans

TimeAfterAssumptionOfLoans

P2Y

CY2021Q3

gwgh

Percentage Of Bh Is Preferred Series A Sub Class1

PercentageOfBHIsPreferredSeriesASubClass1

0.05

CY2021Q3

gwgh

Tax Liability From Grant

TaxLiabilityFromGrant

30000000

USD

CY2021Q3

gwgh

Additional Debt Or Borrowings

AdditionalDebtOrBorrowings

10000000

USD

gwgh

Percentage Of Distributions Entitled To Residual Beneficiary Payments On Amounts Due

PercentageOfDistributionsEntitledToResidualBeneficiaryPaymentsOnAmountsDue

0.05

gwgh

Percentage Of Distributions Entitled To Residual Beneficiary Amount Of Excess Cash Collateral

PercentageOfDistributionsEntitledToResidualBeneficiaryAmountOfExcessCashCollateral

0.10

CY2021Q3

us-gaap

Noncontrolling Interest Increase From Subsidiary Equity Issuance

NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance

0

USD

us-gaap

Noncontrolling Interest Increase From Subsidiary Equity Issuance

NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance

400000

USD

CY2019Q2

gwgh

Number Of Directors Assigned Capital Account

NumberOfDirectorsAssignedCapitalAccount

3

director

CY2021Q3

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

5006000

USD

CY2020Q3

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

23558000

USD

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

14252000

USD

us-gaap

Allocated Share Based Compensation Expense

AllocatedShareBasedCompensationExpense

96618000

USD

CY2021Q3

us-gaap

Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized

EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized

24300000

USD

CY2021Q3

gwgh

Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Remainder Of Fiscal Year

ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountRemainderOfFiscalYear

4000000

USD

CY2021Q3

gwgh

Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Remainder Of Fiscal Year

ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountRemainderOfFiscalYear

3986000

USD

CY2021Q3

gwgh

Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year One

ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearOne

11822000

USD

CY2021Q3

gwgh

Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year Two

ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearTwo

6094000

USD

CY2021Q3

gwgh

Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year Three

ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearThree

2016000

USD

CY2021Q3

gwgh

Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year Four

ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearFour

354000

USD

CY2021Q3

gwgh

Share Based Payment Arrangement Nonvested Award Cost Not Yet Recognized Amount Year Five

ShareBasedPaymentArrangementNonvestedAwardCostNotYetRecognizedAmountYearFive

0

USD

CY2021Q3

us-gaap

Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized

EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized

24272000

USD

us-gaap

Effective Income Tax Rate Continuing Operations

EffectiveIncomeTaxRateContinuingOperations

0.0009

CY2021Q3

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

700000

USD

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

200000

USD

CY2020Q3

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

3600000

USD

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

-14500000

USD

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

20758910

shares

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

30516331

shares

CY2021Q3

us-gaap

Weighted Average Number Diluted Shares Outstanding Adjustment

WeightedAverageNumberDilutedSharesOutstandingAdjustment

0

shares

us-gaap

Revenues

37259000

USD

CY2021Q3

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-50578000

USD

CY2020Q3

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-48898000

USD

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-169881000

USD

us-gaap

Net Income Loss Available To Common Stockholders Basic

NetIncomeLossAvailableToCommonStockholdersBasic

-120475000

USD

CY2021Q3

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

20759854

shares

CY2020Q3

us-gaap

Weighted Average Number Of Shares Outstanding Basic

WeightedAverageNumberOfSharesOutstandingBasic

30477792

shares

CY2020Q3

us-gaap

Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount

AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

2222118

shares

CY2020Q3

us-gaap

Weighted Average Number Diluted Shares Outstanding Adjustment

WeightedAverageNumberDilutedSharesOutstandingAdjustment

0

shares

us-gaap

Weighted Average Number Diluted Shares Outstanding Adjustment

WeightedAverageNumberDilutedSharesOutstandingAdjustment

0

shares

us-gaap

Weighted Average Number Diluted Shares Outstanding Adjustment

WeightedAverageNumberDilutedSharesOutstandingAdjustment

0

shares

CY2021Q3

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

20759854

shares

CY2020Q3

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

30477792

shares

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

20758910

shares

us-gaap

Weighted Average Number Of Diluted Shares Outstanding

WeightedAverageNumberOfDilutedSharesOutstanding

30516331

shares

us-gaap

Revenues

119742000

USD

CY2021Q3

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

-2.44

CY2020Q3

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

-1.60

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

-8.18

us-gaap

Earnings Per Share Basic

EarningsPerShareBasic

-3.95

CY2021Q3

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

-2.44

CY2020Q3

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

-1.60

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

-8.18

us-gaap

Earnings Per Share Diluted

EarningsPerShareDiluted

-3.95

CY2021Q3

us-gaap

Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount

AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

1678946

shares

us-gaap

Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount

AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

1980473

shares

us-gaap

Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount

AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

2377628

shares

us-gaap

Number Of Reportable Segments

NumberOfReportableSegments

2

Segment

CY2021Q3

us-gaap

Revenues

33786000

USD

CY2020Q3

us-gaap

Revenues

68012000

USD

us-gaap

Interest Expense

InterestExpense

113805000

USD

CY2021Q3

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

-47432000

USD

CY2021Q3

us-gaap

Assets

3490196000

USD

CY2021Q3

us-gaap

Interest Expense

InterestExpense

45096000

USD

CY2020Q3

us-gaap

Interest Expense

InterestExpense

40792000

USD

us-gaap

Interest Expense

InterestExpense

128605000

USD

CY2020Q3

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

-20530000

USD

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

-191103000

USD

us-gaap

Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest

IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

-156686000

USD

CY2021Q3

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

655000

USD

CY2020Q3

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

3618000

USD

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

173000

USD

us-gaap

Income Tax Expense Benefit

IncomeTaxExpenseBenefit

-14545000

USD

CY2021Q3

us-gaap

Profit Loss

ProfitLoss

-48087000

USD

CY2020Q3

us-gaap

Profit Loss

ProfitLoss

-24148000

USD

us-gaap

Profit Loss

ProfitLoss

-191276000

USD

us-gaap

Profit Loss

ProfitLoss

-142141000

USD

CY2020Q4

us-gaap

Assets

3564957000

USD

CY2021Q3

us-gaap

Goodwill

2400000000

USD

CY2020Q4

us-gaap

Goodwill

2400000000

USD

CY2021Q3

us-gaap

Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments

FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments

35500000

USD

CY2020Q4

us-gaap

Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments

FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments

35600000

USD

CY2021Q3

gwgh

Capital Funding Commitment Reserves Minimum Trust Balance Required

CapitalFundingCommitmentReservesMinimumTrustBalanceRequired

100000

USD

gwgh

Subsequent Event Bonds Issued

SubsequentEventBondsIssued

191600000

USD

Concept	2021 Q3	2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents	$42.21M	$85.25M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$33.10M	$14.33M
YoY Change	-9.1%
LONG-TERM ASSETS
Property, Plant & Equipment		$1.126M
YoY Change
Goodwill	$2.400B	$2.400B
YoY Change	1.36%	1.36%
Intangibles
YoY Change
Long-Term Investments	$664.0K	$8.582M
YoY Change	-99.92%	387.34%
Other Assets	$25.52M	$38.91M
YoY Change	59.57%
Total Long-Term Assets	$3.457B	$3.551B
YoY Change	-2.51%
TOTAL ASSETS
Total Short-Term Assets	$33.10M	$14.33M
Total Long-Term Assets	$3.457B	$3.551B
Total Assets	$3.490B	$3.565B
YoY Change	-2.58%	-3.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$30.45M	$24.83M
YoY Change	-8.39%
Accrued Expenses		$1.672M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$54.89M	$50.58M
YoY Change	-3.8%
LONG-TERM LIABILITIES
Long-Term Debt	$1.957B	$1.789B
YoY Change	7.2%
Other Long-Term Liabilities		$0.00
YoY Change
Total Long-Term Liabilities	$1.957B	$1.789B
YoY Change	5.14%
TOTAL LIABILITIES
Total Short-Term Liabilities	$54.89M	$50.58M
Total Long-Term Liabilities	$1.957B	$1.789B
Total Liabilities	$2.063B	$1.891B
YoY Change	12.05%	5.12%
SHAREHOLDERS EQUITY
Retained Earnings	-$412.6M	-$251.1M
YoY Change	99.88%	158.36%
Common Stock	$33.00K	$33.00K
YoY Change	0.0%	0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$115.7M	$112.4M
YoY Change
Total Liabilities & Shareholders Equity	$3.490B	$3.565B
YoY Change	-2.58%	-3.01%

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GWG Holdings, Inc.

2021 Q4 Form 10-Q Financial Statement

#000152269021000017 Filed on November 19, 2021

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission