GWG Holdings, Inc. Reports Results for the Third Quarter Ended September 30, 2019
November 14 2019 - 04:30PM
GWG Holdings, Inc. (Nasdaq: GWGH), a financial services holding
company committed to transforming the alternative asset industry
through innovative liquidity products and related services for the
owners of illiquid alternative investments, today announced its
financial and operating results for the third quarter ended
September 30, 2019.
Third Quarter 2019 Financial and
Operating Highlights
- Reported continued record realizations from our portfolio of
life insurance:
- Realized $27.5 million of face amount of policy benefits from
22 life insurance policies during the quarter.
- Reported additional policy realizations of $14.5 million from
twelve policies through November 14, 2019.
- Total 2019 year-to-date realizations of $95.5 million from 73
policies – compared to $71.1 million from 62 policies for the
entire year of 2018.
- Ended the quarter with a life insurance portfolio of $2.06
billion in face amount of policy benefits consisting of 1,174
policies.
- Reported continued success raising capital to fund our business
through the L Bond investment product:
- Restarted sales of L Bonds in early August.
- Experienced consistent near record levels of demand since the
restart with combined L Bond sales for August and September of $107
million.
- Hired five new sales executives with strong experience in the
sales and marketing of alternative investments.
- Began the process of separating the Company’s insurance
technology subsidiaries, Life Epigenetics Inc. and YouSurance
General Agency, LLC by contributing these subsidiaries to a newly
formed limited liability company InsurTech Holdings, LLC, which is
a subsidiary of GWGH and managed by InsurTech Management, LLC, a
company controlled by Jon Sabes, former President and Chief
Executive Officer of GWGH.
- Reported the inclusion of GWGH in the Russell 2000 Index, the
well-known index of small-cap stocks.
- Reported total liquidity (cash, restricted cash and policy
benefits receivable) of $144.7 million at November 12, 2019.
“We believe we have put in place many of the key
elements we need to successfully execute our strategy of providing
products and services to the vast market of owners who hold
illiquid alternative investments,” said Murray Holland, GWGH’s
Chief Executive Officer. “We look forward to leveraging the best of
GWGH and The Beneficient Company Group, L.P. to create a successful
model that serves the growing market of investors who need
liquidity.”
1. Financial
& Operating Highlights
($ Thousands except per share information) |
|
Q3 2019 |
|
Q3 2018 |
|
YTD Q3 2019 |
|
YTD Q3 2018 |
Revenue |
|
$ |
22,211 |
|
|
$ |
20,937 |
|
|
$ |
71,438 |
|
|
$ |
59,794 |
|
Expenses |
|
|
43,570 |
|
|
|
31,459 |
|
|
|
127,415 |
|
|
|
79,551 |
|
Per Share Data1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)2 |
|
|
(0.75 |
) |
|
|
(2.52 |
) |
|
|
(2.09 |
) |
|
|
(5.50 |
) |
Capital Raised (L Bonds) |
|
|
107,012 |
|
|
|
68,884 |
|
|
|
278,239 |
|
|
|
166,082 |
|
Liquidity3, |
|
|
91,254 |
|
|
|
131,416 |
|
|
|
91,254 |
|
|
|
131,416 |
|
Life Insurance Portfolio4 |
|
|
2,064,156 |
|
|
|
1,961,598 |
|
|
|
2,064,156 |
|
|
|
1,961,598 |
|
Life Insurance Acquired4 |
|
|
3,155 |
|
|
|
120,430 |
|
|
|
96,321 |
|
|
|
333,078 |
|
Face Value of Matured
Policies |
|
|
27,470 |
|
|
|
7,973 |
|
|
|
80,927 |
|
|
|
50,100 |
|
TTM Benefits / Premiums5 |
|
|
164.9 |
% |
|
|
135.8 |
% |
|
|
164.9 |
% |
|
|
135.8 |
% |
(1) Attributable to
common
shareholders (2) Per
basic and fully diluted share
outstanding (3)
Includes cash, restricted cash and policy benefits
receivable (4) Face
amount of policy
benefits (5) The
ratio of policy benefits realized to premiums paid on a trailing
twelve month (TTM)
basis 2. Revenue
and Expense Discussion
Third Quarter 2019 vs. Third Quarter 2018:
- Total revenue was $22.2 million in the current period, compared
to $20.9 million in the year ago period primarily due to:
- Net revenue recognized at matured policy event was $14.3
million higher, unrealized gain on acquisition was $8.5 million
lower (as a result of lower life insurance purchases) and change in
estimated probabilistic cash flows net of premium and fees was $3.6
million lower.
- Net interest income on our commercial loan, exchange note, and
Liquid Trust note was $0.6 million lower.
- Other interest income decreased $0.2 million.
- Total expenses were $43.6 million in the current period,
compared to $31.5 million in the year ago period primarily due to:
- Interest and fees increased by $6.5 million. This change was
driven by increased interest on L Bonds of $5.2 million as a result
of additional amounts outstanding, increased interest on Seller
Trust L Bonds of $2.6 million which were outstanding the entire
third quarter of 2019 versus a partial quarter in the year ago
period, and partially offset by a decrease in interest on our
senior credit facility of $1.3 million.
- Operating expenses increased by $5.6 million. Compensation and
professional expenses increased by $3.6 million and $1.2 million,
respectively, primarily resulting from performance share unit
expense and retention incentives associated with the Purchase and
Contribution transaction (the strategic transaction with The
Beneficient Company Group, L.P. (Beneficient) which occurred in
April 2019), as well as increases in legal, audit and other
professional fees. Other expenses also increased by $0.8 million
due to increases in contract labor, IT expense, travel, and
business insurance (also largely driven by the Purchase and
Contribution transaction with Beneficient).
Third Quarter Year to Date 2019 vs. Third
Quarter Year to Date 2018:
- Total revenue was $71.4 million in the current period, compared
to $59.8 million in the year ago period primarily due to:
- Net revenue recognized at matured policy event was $29.1
million higher, charges on life expectancy updates were $4.9
million lower, unrealized gain on acquisition was $15.0 million
lower (as a result of lower life insurance purchases), and a change
in estimated probabilistic cash flows net of premiums and fees and
change in life expectancy was $12.7 million lower as compared to
the year ago period.
- Interest income from the commercial loan, exchangeable note,
and Liquid Trust promissory note increased $5.4 million and other
income decreased $0.1 million.
- Total expenses were $127.4 million in the current period,
compared to $79.6 million in the year ago period primarily due to:
- Interest and fees increased by $28.7 million year over year.
Outstanding L Bonds increased over this time period resulting in
$16.6 million of additional interest expense, Seller Trust L Bonds,
which were issued in August 2018, increased interest expense by
$16.4 million and senior credit facility interest decreased by $4.3
million.
- Operating expenses increased by $19.1 million. Compensation and
professional expenses increased by $8.6 million and $6.5 million,
respectively, primarily resulting from performance share unit
expense and retention incentives associated with the Purchase and
Contribution transaction, as well as increases in legal and
professional fees. Other expenses also increased by $4.0 million
primarily driven by an increase in business insurance purchased in
connection with the Purchase and Contribution transaction with
Beneficient.
3. Life Insurance Portfolio
Statistics
Portfolio Summary:
Total life insurance portfolio face value of policy benefits |
|
$ |
2,064,156,000 |
|
Average face value per
policy |
|
$ |
1,758,000 |
|
Average face value per insured
life |
|
$ |
1,887,000 |
|
Average age of insured
(years)* |
|
|
82.3 |
|
Average life expectancy estimate
(years)* |
|
|
7.3 |
|
Total number of policies |
|
|
1,174 |
|
Number of unique lives |
|
|
1,094 |
|
Demographics |
|
|
74% Male; 26% Female |
|
Number of smokers |
|
|
45 |
|
Largest policy as % of total
portfolio face value |
|
|
0.64 |
% |
Average policy as % of total
portfolio face value |
|
|
0.09 |
% |
Average annual premium as % of
face value |
|
|
3.2 |
% |
* Averages presented in the table are weighted
averages.
Distribution of Policies and Benefits by Current
Age of Insured:
|
|
|
|
|
|
|
|
|
|
Percentage of Total |
|
|
|
|
Min Age |
|
Max Age |
|
NumberofPolicies |
|
|
Policy Benefits |
|
|
Numberof Policies |
|
|
Policy Benefits |
|
|
Wtd. Avg. LE (Years) |
|
95 |
|
101 |
|
|
18 |
|
|
$ |
36,052,000 |
|
|
|
1.5 |
% |
|
|
1.8 |
% |
|
|
2.2 |
|
90 |
|
94 |
|
|
145 |
|
|
|
284,908,000 |
|
|
|
12.4 |
% |
|
|
13.8 |
% |
|
|
3.3 |
|
85 |
|
89 |
|
|
249 |
|
|
|
587,733,000 |
|
|
|
21.2 |
% |
|
|
28.5 |
% |
|
|
5.1 |
|
80 |
|
84 |
|
|
251 |
|
|
|
456,526,000 |
|
|
|
21.4 |
% |
|
|
22.1 |
% |
|
|
7.9 |
|
75 |
|
79 |
|
|
223 |
|
|
|
341,449,000 |
|
|
|
19.0 |
% |
|
|
16.5 |
% |
|
|
9.8 |
|
70 |
|
74 |
|
|
214 |
|
|
|
284,739,000 |
|
|
|
18.2 |
% |
|
|
13.8 |
% |
|
|
11.1 |
|
60 |
|
69 |
|
|
74 |
|
|
|
72,749,000 |
|
|
|
6.3 |
% |
|
|
3.5 |
% |
|
|
11.6 |
|
Total |
|
|
|
|
1,174 |
|
|
$ |
2,064,156,000 |
|
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
7.3 |
|
4. Life
Insurance Policy Originations
Life Insurance Portfolio Activity:
|
|
|
Three Months EndedSeptember
30 |
|
|
Nine Months EndedSeptember
30 |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total policy benefits
purchased |
|
$ |
3,155,000 |
|
$ |
120,430,000 |
|
$ |
96,321,000 |
|
$ |
333,078,000 |
|
Life
insurance policies purchased |
|
|
6 |
|
|
89 |
|
|
81 |
|
|
233 |
|
Average
policy benefit purchased |
|
$ |
526,000 |
|
$ |
1,353,000 |
|
$ |
1,189,000 |
|
$ |
1,430,000 |
|
Direct
policy benefits purchased |
|
$ |
1,305,000 |
|
$ |
16,524,000 |
|
$ |
19,397,000 |
|
$ |
29,561,000 |
|
Direct
insurance policies purchased |
|
|
3 |
|
|
17 |
|
|
27 |
|
|
39 |
|
5.
Additional
Information Gain
(Loss) on Life Insurance Policies:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Change in estimated probabilistic cash flows(1) |
|
$ |
17,908,000 |
|
|
$ |
19,069,000 |
|
|
$ |
52,161,000 |
|
|
$ |
55,483,000 |
|
Unrealized gain on
acquisitions(2) |
|
|
472,000 |
|
|
|
9,021,000 |
|
|
|
6,775,000 |
|
|
|
21,790,000 |
|
Premiums and other annual
fees |
|
|
(17,219,000 |
) |
|
|
(14,765,000 |
) |
|
|
(49,000,000 |
) |
|
|
(39,670,000 |
) |
Change in discount
rates(3),(4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in life expectancy
evaluation(5) |
|
|
— |
|
|
|
73,000 |
|
|
|
— |
|
|
|
(4,890,000 |
) |
Face value of matured
policies |
|
|
27,470,000 |
|
|
|
7,973,000 |
|
|
|
80,927,000 |
|
|
|
50,100,000 |
|
Fair value of matured
policies |
|
|
(10,839,000 |
) |
|
|
(5,650,000 |
) |
|
|
(31,590,000 |
) |
|
|
(29,883,000 |
) |
Gain (loss) on life insurance
policies, net |
|
$ |
17,792,000 |
|
|
$ |
15,721,000 |
|
|
$ |
59,273,000 |
|
|
$ |
52,930,000 |
|
(1) |
Change in fair
value of expected future cash flows relating to our investment in
life insurance policies that are not specifically attributable to
changes in life expectancy, discount rate changes or policy
maturity events. |
(2) |
Gain resulting from fair value in excess of the purchase price
for life insurance policies acquired during the reporting
period. |
(3) |
The discount rate applied to estimate the fair value of the
portfolio of life insurance policies we own was 8.25% at each
quarter end in 2019 and at December 31, 2018. This discount rate
was 10.45% at September 30, 2018 and December 31, 2017. |
(4) |
The discount rate of 8.25% is based on our “longest life
expectancy” methodology (among other factors) which was adopted at
December 31, 2018, whereas the discount rate of 10.45% is based on
our historical “average life expectancy methodology” (among other
factors). See our 2018 Form 10-K filed on July 9, 2019 with
Securities and Exchange Commission for additional information. |
(5) |
The change in fair value due to updating life expectancy
estimates on certain life insurance policies in our portfolio. |
Policy Benefits Realized and Premiums Paid
(TTM):
Quarter End Date |
|
PortfolioFace Amount ($) |
|
|
12-MonthTrailingBenefits
Realized ($) |
|
|
12-MonthTrailing Premiums Paid
($) |
|
|
12-MonthTrailingBenefits/PremiumCoverage
Ratio |
September 30, 2015 |
|
|
878,882,000 |
|
|
|
44,482,000 |
|
|
|
25,313,000 |
|
|
|
175.7 |
% |
December 31, 2015 |
|
|
944,844,000 |
|
|
|
31,232,000 |
|
|
|
26,650,000 |
|
|
|
117.2 |
% |
March 31, 2016 |
|
|
1,027,821,000 |
|
|
|
21,845,000 |
|
|
|
28,771,000 |
|
|
|
75.9 |
% |
June 30, 2016 |
|
|
1,154,798,000 |
|
|
|
30,924,000 |
|
|
|
31,891,000 |
|
|
|
97.0 |
% |
September 30, 2016 |
|
|
1,272,078,000 |
|
|
|
35,867,000 |
|
|
|
37,055,000 |
|
|
|
96.8 |
% |
December 31, 2016 |
|
|
1,361,675,000 |
|
|
|
48,452,000 |
|
|
|
40,239,000 |
|
|
|
120.4 |
% |
March 31, 2017 |
|
|
1,447,558,000 |
|
|
|
48,189,000 |
|
|
|
42,753,000 |
|
|
|
112.7 |
% |
June 30, 2017 |
|
|
1,525,363,000 |
|
|
|
49,295,000 |
|
|
|
45,414,000 |
|
|
|
108.5 |
% |
September 30, 2017 |
|
|
1,622,627,000 |
|
|
|
53,742,000 |
|
|
|
46,559,000 |
|
|
|
115.4 |
% |
December 31, 2017 |
|
|
1,676,148,000 |
|
|
|
64,719,000 |
|
|
|
52,263,000 |
|
|
|
123.8 |
% |
March 31, 2018 |
|
|
1,758,066,000 |
|
|
|
60,248,000 |
|
|
|
53,169,000 |
|
|
|
113.3 |
% |
June 30, 2018 |
|
|
1,849,079,000 |
|
|
|
76,936,000 |
|
|
|
53,886,000 |
|
|
|
142.8 |
% |
September 30, 2018 |
|
|
1,961,598,000 |
|
|
|
75,161,000 |
|
|
|
55,365,000 |
|
|
|
135.8 |
% |
December 31, 2018 |
|
|
2,047,992,000 |
|
|
|
71,090,000 |
|
|
|
52,675,000 |
|
|
|
135.0 |
% |
March 31, 2019 |
|
|
2,098,428,000 |
|
|
|
87,045,000 |
|
|
|
56,227,000 |
|
|
|
154.8 |
% |
June 30, 2019 |
|
|
2,088,445,000 |
|
|
|
82,421,000 |
|
|
|
59,454,000 |
|
|
|
138.6 |
% |
September 30, 2019 |
|
|
2,064,156,000 |
|
|
|
101,918,000 |
|
|
|
61,805,000 |
|
|
|
164.9 |
% |
Webcast/Conference Call
Details
Management will host a webcast/conference call Thursday,
November 21 at 4:30 p.m. EST to discuss our financial and operating
results. The webcast will give viewers audio and access to
PowerPoint slides that illustrate points made during the call. To
register for the call and webcast, go to
http://get.gwgh.com/q32019webcastinvite.
After the webcast is completed, a replay of it can be accessed
at http://get.gwgh.com/q32019webcast.
About GWG Holdings,
Inc.
GWG Holdings, Inc. (Nasdaq: GWGH), a
financial services holding company committed to transforming the
alternative asset industry through innovative liquidity products
and related services for the owners of illiquid alternative
investments, is the parent company of GWG Life which owns a
portfolio of $2.06 billion in face value of life insurance policy
benefits as of September 30, 2019. GWGH has executed a series of
strategic transactions with The Beneficient Company Group, L.P., a
financial services company providing proprietary liquidity
solutions to owners of alternative assets, resulting in the closer
alignment of the two companies. This alignment includes changing a
number of GWGH management and the board of directors with
Beneficient management, directors and affiliated parties. GWGH has
also created an independent, special committee of the GWGH board of
directors. GWGH’s subsidiary InsurTech Holdings, LLC, owns two
companies exploring business applications for the emerging science
of epigenetics: Life Epigenetics which is working to commercialize
epigenetic technology for the life insurance and related
industries; and YouSurance, a digital life insurance agency whose
goal is to use epigenetic testing to support health and wellness
while reducing the cost of insurance.
For more information about GWG Holdings,
email info@gwgh.com or visit www.gwgh.com.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking
statements that involve substantial risks and uncertainties. All
statements, other than statements of historical facts, included in
this press release regarding our strategy, future operations,
future financial position, future revenue, projected costs,
prospects, plans and objectives of management are forward-looking
statements. The words "anticipate," "believe," "estimate,"
"expect," "intend," "may," "plan," "would," "target" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. These forward-looking statements include, among
other things, statements about our estimates regarding future
revenue and financial performance. We may not actually achieve the
expectations disclosed in our forward-looking statements, and you
should not place undue reliance on our forward-looking statements.
Actual results or events could differ materially from the
expectations disclosed in the forward-looking statements that we
make. More information about potential factors that could affect
our business and financial results is contained in our filings with
the Securities and Exchange Commission. Additional information will
also be set forth in our future quarterly reports on Form 10-Q,
annual reports on Form 10-K and other filings that we make with the
Securities and Exchange Commission. We do not intend, and undertake
no duty, to release publicly any updates or revisions to any
forward-looking statements contained herein.
Media Contact:Dan
CallahanDirector of CommunicationGWG Holdings, Inc.(612)
746-1935dcallahan@gwgh.com
GWG HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS
|
|
September 30,2019 (unaudited) |
|
|
December 31, 2018 |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
65,680,464 |
|
|
$ |
114,587,084 |
|
Restricted cash |
|
|
8,204,705 |
|
|
|
10,849,126 |
|
Investment in life insurance
policies, at fair value |
|
|
807,518,088 |
|
|
|
747,922,465 |
|
Life insurance policy benefits
receivable, net |
|
|
17,369,176 |
|
|
|
16,460,687 |
|
Financing receivables from
affiliates |
|
|
241,185,081 |
|
|
|
184,768,874 |
|
Equity method investment |
|
|
370,652,128 |
|
|
|
360,841,651 |
|
Other assets |
|
|
50,391,311 |
|
|
|
45,437,164 |
|
TOTAL ASSETS |
|
$ |
1,561,000,953 |
|
|
$ |
1,480,867,051 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Senior credit facility with
LNV Corporation |
|
$ |
131,717,520 |
|
|
$ |
148,977,596 |
|
L Bonds |
|
|
830,341,949 |
|
|
|
651,402,663 |
|
Seller Trust L Bonds |
|
|
366,891,940 |
|
|
|
366,891,940 |
|
Accounts payable |
|
|
2,570,842 |
|
|
|
9,276,507 |
|
Interest and dividends
payable |
|
|
16,726,344 |
|
|
|
18,555,293 |
|
Other accrued expenses |
|
|
6,700,336 |
|
|
|
4,705,170 |
|
TOTAL LIABILITIES |
|
|
1,354,948,931 |
|
|
|
1,199,809,169 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REDEEMABLE PREFERRED
STOCK |
|
|
|
|
|
|
|
|
(par value $0.001; shares authorized 100,000; shares outstanding
92,124 and 97,524; liquidation preference of $92,661,000 and
$98,093,000 as of September 30, 2019 and December 31, 2018,
respectively) |
|
|
81,509,765 |
|
|
|
86,910,335 |
|
SERIES 2 REDEEMABLE PREFERRED
STOCK |
|
|
|
|
|
|
|
|
(par value $0.001; shares authorized 150,000; shares outstanding
147,604 and 148,359; liquidation preference of $148,465,000 and
$149,225,000 as of September 30, 2019 and December 31, 2018,
respectively) |
|
|
128,307,735 |
|
|
|
129,062,704 |
|
COMMON STOCK |
|
|
|
|
|
|
|
|
(par value $0.001; shares authorized 210,000,000; shares issued and
outstanding 33,033,420 as of September 30, 2019 and 33,018,161 as
of December 31, 2018) |
|
|
33,033 |
|
|
|
33,018 |
|
Additional paid-in
capital |
|
|
237,159,909 |
|
|
|
249,662,168 |
|
Accumulated deficit |
|
|
(240,958,420 |
) |
|
|
(184,610,343 |
) |
TOTAL STOCKHOLDERS’
EQUITY |
|
|
206,052,022 |
|
|
|
281,057,882 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES &
EQUITY |
|
$ |
1,561,000,953 |
|
|
$ |
1,480,867,051 |
|
GWG HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on life insurance policies, net |
|
$ |
17,792,324 |
|
|
$ |
15,721,513 |
|
|
$ |
59,218,532 |
|
|
$ |
52,930,008 |
|
Interest and other income |
|
|
4,418,655 |
|
|
|
5,215,515 |
|
|
|
12,219,762 |
|
|
|
6,863,640 |
|
TOTAL REVENUE |
|
|
22,210,979 |
|
|
|
20,937,028 |
|
|
|
71,438,294 |
|
|
|
59,793,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
28,289,670 |
|
|
|
21,799,332 |
|
|
|
83,751,611 |
|
|
|
55,010,519 |
|
Employee compensation and benefits |
|
|
9,136,824 |
|
|
|
5,548,771 |
|
|
|
21,084,815 |
|
|
|
12,527,139 |
|
Legal and professional fees |
|
|
2,594,467 |
|
|
|
1,421,964 |
|
|
|
10,263,230 |
|
|
|
3,751,321 |
|
Other expenses |
|
|
3,549,265 |
|
|
|
2,688,970 |
|
|
|
12,315,434 |
|
|
|
8,262,324 |
|
TOTAL EXPENSES |
|
|
43,570,226 |
|
|
|
31,459,037 |
|
|
|
127,415,090 |
|
|
|
79,551,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
(21,359,247 |
) |
|
|
(10,522,009 |
) |
|
|
(55,976,796 |
) |
|
|
(19,757,655 |
) |
INCOME TAX EXPENSE (BENEFIT) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) BEFORE EARNINGS (LOSS) FROM EQUITY METHOD
INVESTMENT |
|
|
(21,359,247 |
) |
|
|
(10,522,009 |
) |
|
|
(55,976,796 |
) |
|
|
(19,757,655 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from equity method investment |
|
|
955,751 |
|
|
|
— |
|
|
|
(371,281 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
|
(20,403,496 |
) |
|
|
(10,522,009 |
) |
|
|
(56,348,077 |
) |
|
|
(19,757,655 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends |
|
|
4,231,641 |
|
|
|
4,313,542 |
|
|
|
12,806,173 |
|
|
|
12,356,513 |
|
NET INCOME (LOSS) ATTRIBUTABLE
TO COMMON SHAREHOLDERS |
|
$ |
(24,635,137 |
) |
|
$ |
(14,835,551 |
) |
|
$ |
(69,154,250 |
) |
|
$ |
(32,114,168 |
) |
NET INCOME (LOSS) PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.75 |
) |
|
$ |
(2.52 |
) |
|
$ |
(2.09 |
) |
|
$ |
(5.50 |
) |
Diluted |
|
$ |
(0.75 |
) |
|
$ |
(2.52 |
) |
|
$ |
(2.09 |
) |
|
$ |
(5.50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
33,033,420 |
|
|
|
5,894,639 |
|
|
|
33,010,100 |
|
|
|
5,840,880 |
|
Diluted |
|
|
33,033,420 |
|
|
|
5,894,639 |
|
|
|
33,010,100 |
|
|
|
5,840,880 |
|
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