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Concentration
 6 Months Ended
Jun. 30, 2020
Risks and Uncertainties [Abstract]  
Concentration Concentration
Life Insurance Carriers
We primarily purchase life insurance policies written by life insurance companies rated investment-grade by third-party rating agencies, including A.M. Best Company, Standard & Poor’s and Moody’s. As a result, there may be concentrations of policies with certain life insurance companies. The following summarizes the face value of insurance policies with specific life insurance companies exceeding 10% of the total face value held by our portfolio.
Life Insurance Company
June 30, 2020December 31, 2019
John Hancock Life Insurance Company
14.53 %14.23 %
The Lincoln National Life Insurance Company
11.06 %11.55 %
AXA Equitable Life Insurance Company
10.50 %10.63 %

The following summarizes the number of insureds’ state of residence exceeding 10% of the total face value held by us:
State of ResidenceJune 30, 2020December 31, 2019
California17.88 %17.46 %
Florida14.88 %14.86 %
Beneficient’s underlying portfolio companies primarily operate in the United States, with the largest percentage, based on NAV, operating in healthcare technology, bio-technology, and semiconductor and equipment industries.