XML 113 R87.htm IDEA: XBRL DOCUMENT v3.23.2
Equity - Preferred Units (Details)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended 51 Months Ended 54 Months Ended
Jul. 10, 2023
$ / shares
shares
Jun. 06, 2023
USD ($)
shares
Dec. 01, 2021
USD ($)
Jul. 15, 2020
USD ($)
$ / shares
Jun. 30, 2023
USD ($)
$ / shares
shares
Jun. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
shares
Mar. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Mar. 31, 2023
USD ($)
$ / shares
shares
Jun. 30, 2023
USD ($)
$ / shares
shares
Jan. 01, 2025
$ / shares
Jul. 26, 2023
$ / shares
Jun. 08, 2023
shares
Jun. 07, 2023
shares
Dec. 07, 2021
USD ($)
Nov. 29, 2021
USD ($)
Nov. 23, 2021
USD ($)
Jun. 30, 2021
May 31, 2019
USD ($)
Class of Stock [Line Items]                                          
Preferred stock, shares authorized (in shares) | shares         250,000,000     250,000,000     250,000,000 250,000,000                  
Preferred stock, shares issued (in shares) | shares         0     0     0 0                  
Preferred stock, shares outstanding (in shares) | shares         0     0     0 0                  
Potential exchange price (in usd per share) | $ / shares         $ 10.5     $ 10     $ 10 $ 10.5                  
Compensation expense         $ 27,001 $ 3,507 $ 2,828 $ 10,085 $ 23,153 $ 107,808                      
Deemed dividend for accrual of preferred stock return           $ (9,150) [1]   37,100 2,200                        
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity                 32,002                        
Preferred units issued, value         0     0 [2]     $ 0 [2] $ 0                  
Preferred units redeemed for cash                 14,800                        
Convertible units, automatic exchange, number of trading days       20 days                                  
Convertible units, automatic exchange, unit price (in dollars per share) | $ / shares       $ 12.75                                  
Preferred Stock                                          
Class of Stock [Line Items]                                          
Preferred units redeemed for cash               $ 4,600 0                        
Preferred Stock | GWG Holdings                                          
Class of Stock [Line Items]                                          
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity                 46,200                        
Conversion of BCG Common Class A Units                                          
Class of Stock [Line Items]                                          
Additional value         15,000                                
Compensation expense         $ 15,000                                
Minimum                                          
Class of Stock [Line Items]                                          
Potential exchange price (in usd per share) | $ / shares         $ 10.5             $ 10.5                  
Series A Preferred Stock                                          
Class of Stock [Line Items]                                          
Preferred stock, shares authorized (in shares) | shares         50,000,000             50,000,000                  
Preferred stock, shares issued (in shares) | shares         0     0     0 0     2,796,864 2,796,864          
Preferred stock, shares outstanding (in shares) | shares         0     0     0 0     2,796,864            
Liquidation preference (in dollars per share) | $ / shares         $ 0.001             $ 0.001                  
Series A Preferred Stock | Subsequent Event                                          
Class of Stock [Line Items]                                          
Preferred stock, shares issued (in shares) | shares                             2,796,864            
Preferred stock, shares outstanding (in shares) | shares                             2,796,864            
Preferred Series A Subclass 0                                          
Class of Stock [Line Items]                                          
Quarterly guaranteed payment, annual basis         6.00%     6.00%     6.00% 6.00%                  
Quarterly guaranteed payment, fiscal quarter basis         1.50%     1.50%     1.50% 1.50%                  
Guaranteed payment accrual         $ 25,000   $ 3,800 $ 20,900     $ 20,900 $ 25,000                  
Percentage redeemable         12.50%     12.50%     12.50% 12.50%                  
Maximum percentage redeemable         50.00%     50.00%     50.00% 50.00%                  
Convertible shares of preferred stock, percentage redeemable         12.50%     12.50%     12.50% 12.50%                  
Aggregate capital accounts, issued     $ 251,700                                    
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity                 $ 1,700                        
Preferred Series A Subclass 1                                          
Class of Stock [Line Items]                                          
Weighted average preferred return rate         0.93% 1.99% 3.92% 1.38% 2.33% 1.84%                      
Deemed dividend         $ 106,100     $ 96,500     $ 96,500 $ 106,100                  
Limit on indebtedness, capital percent of NAV threshold         55.00%     55.00%     55.00% 55.00%                  
Limit on indebtedness, debt percent of NAV threshold         40.00%     40.00%     40.00% 40.00%                  
Aggregate capital accounts, converted   $ 193,900                               $ 319,000      
Deemed dividend for accrual of preferred stock return         $ 6,900                                
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity                 $ 12,500                        
Preferred Series A Subclass 1 | BCH                                          
Class of Stock [Line Items]                                          
Income allocation, percentage allocated to preferred stock                                       50.00%  
Income allocation, annualized return required                                       1.00%  
Preferred Series A Subclass 1 | Forecast                                          
Class of Stock [Line Items]                                          
Annual conversion limit                         20.00%                
Maximum conversion price (in dollars per share) | $ / shares                         $ 18                
Minimum conversion price (in dollars per share) | $ / shares                         $ 10.5                
Class S Ordinary                                          
Class of Stock [Line Items]                                          
Preferred stock, shares issued (in shares) | shares             5,800,000                            
Preferred stock, shares outstanding (in shares) | shares               5,800,000     5,800,000                    
Units converted (in shares) | shares   16,708,817                                      
Common stock exchange ratio         1     1     1 1                  
Common Class A                                          
Class of Stock [Line Items]                                          
Units converted (in shares) | shares   1,396,457                                      
Common Class A | Subsequent Event                                          
Class of Stock [Line Items]                                          
Units converted (in shares) | shares 44,040,761 1.25                                      
Price per unit (in dollars per share) | $ / shares                           $ 2.29              
Common Class B                                          
Class of Stock [Line Items]                                          
Units converted (in shares) | shares   15,312,360                                      
Common Class B | Subsequent Event                                          
Class of Stock [Line Items]                                          
Units converted (in shares) | shares   1.25                                      
Common Class A and B                                          
Class of Stock [Line Items]                                          
Common stock exchange ratio         1             1                  
Preferred Series C Subclass 1                                          
Class of Stock [Line Items]                                          
Weighted average preferred return rate         0.93% 1.99% 3.92% 1.38% 2.33% 0.75%                      
Aggregate capital accounts, issued                   $ 75,000                      
Preferred units issued, value                                         $ 75,000
Preferred return prior to initial public offering, numerator, basis spread over CPI               0.50%                          
Preferred return after initial public offering, numerator, basis spread over CPI               0.75%                          
Preferred return, denominator, basis spread over effective income tax rate               1.00%                          
Preferred Series C Subclass 1 | Subsequent Event                                          
Class of Stock [Line Items]                                          
Units converted (in shares) | shares 44,040,761                                        
Price per unit (in dollars per share) | $ / shares $ 4.66                                        
Class S Preferred                                          
Class of Stock [Line Items]                                          
Preferred stock exchange ratio         1.2     1.2     1.2 1.2                  
Preferred return earned                     $ 200 $ 200                  
Preferred Series B Subclass 2                                          
Class of Stock [Line Items]                                          
Preferred units issued, value                                 $ 352,600        
Preferred Series B Subclass 2 | GWG Holdings                                          
Class of Stock [Line Items]                                          
Aggregate capital accounts, issued                                   $ 319,000      
Preferred Series B Subclass 2 | Preferred Stock                                          
Class of Stock [Line Items]                                          
Deemed dividend for accrual of preferred stock return             $ 8,400 $ 37,100 $ 2,200                        
Preferred Series B Subclass 2 | Maximum                                          
Class of Stock [Line Items]                                          
Percentage of initial public listing price               85     85                    
Preferred Series B Subclass 2 | Minimum                                          
Class of Stock [Line Items]                                          
Percentage of initial public listing price               80     80                    
Class A and S Units | BCH                                          
Class of Stock [Line Items]                                          
Income allocation, percentage allocated to preferred stock                                       50.00%  
Preferred Series C                                          
Class of Stock [Line Items]                                          
Convertible units, automatic exchange, minimum required capital account if all units not converted       $ 10,000                                  
Preferred Series C Subclass 0                                          
Class of Stock [Line Items]                                          
Aggregate capital accounts, converted                                     $ 14,800    
Preferred units redeemed for cash     $ 14,800                                    
Preferred return prior to initial public offering, numerator, basis spread over CPI               0.50%                          
Preferred return after initial public offering, numerator, basis spread over CPI               0.75%                          
Preferred return, denominator, basis spread over effective income tax rate               1.00%                          
Preferred return, multiplier percentage               80.00%                          
[1] Retroactively adjusted March 31, 2022 and three months ended June 30, 2022 for de-SPAC merger transaction as described in Note 4.
[2] Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.