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Segment Reporting
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has two reportable segments consisting of Secondary Life Insurance and Beneficient. Corporate & Other includes certain activities not allocated to specific business segments. These activities include holding company financing and investing activities, and management and administrative services to support the overall operations of the Company and from November 1, 2019, include our equity method investment in FOXO.
The Secondary Life Insurance segment seeks to earn non-correlated yield from our portfolio of life insurance policies. Our Beneficient segment consists of the assets and operations of Ben LP and its subsidiaries. Beneficient became a consolidated subsidiary of GWG Holdings as of December 31, 2019, as described in Note 4. Ben LP provides a variety of trust services, liquidity products and loans for alternative assets and illiquid investment funds, and other financial services to HNW individuals. Prior to December 31, 2019, we accounted for our investment in the Common Units under the equity method.
These segments are differentiated by the products and services they offer as well as by the information used by the Company’s chief operating decision maker to determine allocation of resources and assess performance.
Earnings before taxes (“EBT”) is the measure of profitability used by management to assess performance of its segments and allocate resources. Segment EBT represents net income (loss) excluding income taxes and includes earnings (loss) from equity method investments and gain on consolidation of equity method investment.
Three Months Ended
September 30,		Nine Months Ended
September 30,
Revenue:2020201920202019
Secondary Life Insurance$14,422 $18,238 $44,800 $61,199 
Beneficient14,091 3,709 86,042 9,723 
Corporate & Other— 264 17 517 
Total$28,513 $22,211 $130,859 $71,439 
Three Months Ended
September 30,		Nine Months Ended
September 30,
Interest Expense:2020201920202019
Secondary Life Insurance$24,983 $21,410 $72,022 $63,114 
Beneficient15,809 6,880 41,783 20,638 
Corporate & Other— — — — 
Total$40,792 $28,290 $113,805 $83,752 
Three Months Ended
September 30,		Nine Months Ended
September 30,
Interest Income:2020201920202019
Secondary Life Insurance$209 $226 $1,056 $1,594 
Beneficient12,719 3,709 38,532 9,678 
Corporate & Other— — — 4 
Total$12,928 $3,935 $39,588 $11,276 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
Segment EBT:2020201920202019
Secondary Life Insurance$(12,147)$(9,169)$(39,314)$(19,792)
Beneficient(33,819)(2,214)(86,347)(11,286)
Corporate & Other(8,915)(9,020)(22,492)(25,270)
Total(54,881)(20,403)(148,153)(56,348)
Income tax benefit22,444 — (613)— 
Net income (loss)$(77,325)$(20,403)$(147,540)$(56,348)
Total Assets:September 30, 2020December 31, 2019
Secondary Life Insurance$907,197 $904,363 
Beneficient2,675,370 2,721,546 
Corporate & Other47,107 9,297 
Total$3,629,674 $3,635,206 
The total assets of the Beneficient segment at both September 30, 2020 and December 31, 2019 includes goodwill of $2.4 billion, which represents all of the goodwill on the Company’s condensed consolidated balance sheet as of the end of each reporting period.