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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value
The balances of the Trust's assets measured at fair value on a recurring basis as of December 31, 2019 and 2018, are as follows:
As of December 31, 2019As of December 31, 2018
Assets:
Investments in Life Insurance Policies
Level 1$—  $—  
Level 2$—  $—  
Level 3$172,242,734  $186,251,760  
Total Fair Value$172,242,734  $186,251,760  
Quantitative Information About Level 3 Fair Value Measurements
Life insurance policiesDecember 31, 2019December 31, 2018
Fair Value$172,242,734  $186,251,760  
Face Value$1,129,545,328  $1,258,390,716  
Valuation TechniquesDiscounted cash flowDiscounted cash flow
Unobservable InputsDiscount rate, Mortality assumptionsDiscount rate, Mortality assumptions
Discount rate range
24.7% - 25.7%
24.8% - 25.8%
Mortality assumptions - 2015 VBT mortality multipliers:
Life settlements
90% - 110%
90% - 110%
Viaticals350%350%
Change in Estimated Fair Value he tables below reflect the effect on the PHT Portfolio’s fair value if the actual life expectancy experienced is 5% less or 5% more than is currently estimated. If the life expectancy estimates increase by 5% or decrease by 5%, the change in estimated fair value of the life insurance policies would be as follows:
As of December 31, 2019 Life Expectancy Months AdjustmentAverage Life ExpectancyFair ValueChange in Fair Value
-5%$188,372,343  $16,129,609  
No change4.8 years$172,242,734  —  
+5%$155,482,251  $(16,760,483) 

As of December 31, 2018 Life Expectancy Months AdjustmentAverage Life ExpectancyFair ValueChange in Fair Value
-5%$202,547,381  $16,295,621  
No change5.2 years$186,251,760  —  
+5%$169,348,101  $(16,903,659) 

Discount Rate
The discount rate is another significant input in the fair value determination. The Trust’s estimate incorporates market factors, the size of the portfolio, and various policy specific quantitative and qualitative factors including known information about the underlying insurance policy, its economics, the insured and the insurer.
The effect of changes in the weighted average discount rate on the death benefit and premiums used to estimate the PHT Portfolio’s fair value has been analyzed. If the weighted average discount rate increased or decreased by 2 percent and the other assumptions used to estimate fair value remained the same, the change in estimated fair value would be as follows:
As of December 31, 2019 Rate AdjustmentFair ValueChange in Fair Value
+2%$163,300,406  $(8,942,328) 
No change$172,242,734  —  
-2%$182,200,298  $9,957,564  

As of December 31, 2018 Rate AdjustmentFair ValueChange in Fair Value
+2%$175,204,064  $(11,047,696) 
No change$186,251,760  —  
-2%$198,679,523  $12,427,763  
Credit Exposure to Insurance Companies
The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit or 10% of total fair value of the Trust's life insurance policies as of December 31, 2019:
Carrier
Percentage of
Face Value
Percentage of
Fair Value
Carrier Rating
Transamerica Financial Life Insurance Company9.6%  12.7%  A+
The Lincoln National Life Insurance Company10.4%  12.4%  A+
December 31, 2018:
Carrier
Percentage of
Face Value
Percentage of
Fair Value		Carrier Rating
The Lincoln National Life Insurance10.4%  13.4%  A+
Transamerica Financial Life Insurance9.6%  13.1%  A+
Changes in Fair Value For Trust's Life Insurance Policies
The following table provides a roll-forward of the fair value of life insurance policies for the twelve months ended December 31, 2019 and 2018:
20192018
Balance at January 1,$186,251,760  $272,140,787  
Realized gain on matured policies106,836,877  64,451,763  
Unrealized gain (loss) on policies held(35,629,018) (126,667,533) 
Change in estimated fair value71,207,859  (62,215,770) 
Matured policies, net of fees(129,965,627) (80,328,756) 
Premiums paid44,748,742  56,655,499  
Balance at December 31,$172,242,734  $186,251,760