GWG Holdings, Inc. Reports Results for the Three and Nine Months Ended September 30, 2021 and Full Year Ended December 31, 2020
December 08 2021 - 9:00AM
GWG Holdings, Inc. (Nasdaq: GWGH), an innovative financial services
firm based in Dallas, Texas that is a leader in providing unique
investment solutions and, through its passive investment in The
Beneficient Company Group, L.P., unique liquidity solutions and
services for the owners of illiquid investments, announced its
financial and operating results. The results reflect consolidated
accounting and financial reporting of GWGH and The Beneficient
Company Group, L.P. and its consolidated subsidiaries
(collectively, Beneficient). GWGH and Beneficient are referred to
collectively as the Companies.
“It is a new day for GWG Holdings,” said Murray
Holland, GWGH's Chairman and Chief Executive Officer. “After
completing our financial filings to bring us current, and resuming
our L Bond offering, we have emerged more determined than ever to
fulfill our investors’ needs for the products we offer and yield we
deliver. It is great to be back.”
Recent Corporate
Developments
- On July 1, Beneficient received a
conditional trust charter from the state of Kansas. Beneficient is
operating as the sole pilot in the Technology Enabled Fiduciary
Financial Institutions Act (TEFFI), a new Kansas state law that
allows for the chartering and creation of trust banks known as
TEFFIs, which will finance alternative assets nationally held in
Kansas trusts and provide qualified custodial and trustee services
within the state.
- With the restatement now completed
and financial filings current, in the first week of December GWGH
resumed sale of its L Bonds, a publicly registered, non-traded
corporate bond issued by GWGH.
- GWGH disclosed a going concern and
material weakness in internal controls in its recent financial
filings. The going concern disclosure indicates there is
substantial doubt about GWGH’s ability to meet its financial
obligations as they come due over the next 12 months due to GWGH’s
recent inability to raise capital, recurring losses from
operations, and potential negative implications of the ongoing SEC
non-public, fact-finding investigation. The internal controls
disclosure indicated that management had determined that GWGH’s
internal controls were not sufficient to ensure amounts recorded
and disclosed were fairly stated in accordance with GAAP.
GWGH has increased the company’s accounting and financial reporting
resources and has expended, and will continue to expend, a
substantial amount of effort and resources to remediate and improve
the internal controls.
- On November 15, 2021, GWGH
announced it will hold a combined 2020/2021 Annual Meeting of
Stockholders on Friday, December 17, 2021, at 10:00 a.m., Central
Time, at the Company’s principal executive offices located at 325
North St. Paul Street, Suite 2650, Dallas, Texas 75201, which will
complete the last of Nasdaq’s outstanding continued listing
requirements for GWGH. Stockholders of record on November 10, 2021,
the record date for the 2020/2021 Annual Meeting, will be entitled
to vote at the 2020/2021 Annual Meeting or any adjournments
thereof.
- Also around November 15, 2021, the
GWGH and Beneficient Board of Directors approved a series of
transactions that resulted in Beneficient becoming an independent
company and, based on GWGH’s preliminary conclusions, no longer a
consolidated subsidiary of GWGH. The amendments are part of an
ongoing effort by management and the Board of Directors of GWGH to
maximize the value of GWGH’s investment in Beneficient. GWGH
believes that returning control of Beneficient was a necessary step
to maximize the value of its investment in Beneficient by enabling
Beneficient’s ability as an independent company to, among other
things, have broader access to funding sources, have a broader
adoption of its liquidity products and related service in its
target markets as well as the ability to enter into third-party
institutional product arrangements and retail marketing agreements
that may have not otherwise be available, and establish an
operational TEFFI. These capabilities could positively affect
Beneficient’s ability to implement its long-term business
objectives and, as a result, increase the value of GWGH’s
investment in Beneficient. The deconsolidation of Beneficient was
reported by GWGH in a Form 8-K filed with the SEC on December 3,
2021.
- GWGH and Beneficient also agreed to
form a capital advisory and sales administration company,
Innovation Capital Solutions, LLC (ICS), which is expected to be a
consolidated subsidiary of GWGH led by Merriah Harkins as Chief
Executive Officer. ICS will employ current GWGH national securities
sales team members and related support members, providing services
focused on developing and offering Depository Trust
Company-eligible capital solutions, establishing third-party
national custodial and clearing relationships, sales operations
services, and national account product management services for both
GWGH and
Beneficient.1. Financial and
Operating Highlights
|
|
Quarter to Date |
|
Year to Date |
|
|
|
|
($ Thousands except per share information) |
|
3Q21 |
|
3Q20 |
|
3Q21 |
|
3Q20 |
|
FY 2020 |
|
FY 2019 |
Income
Statement |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
33,786 |
|
|
|
$ |
68,012 |
|
|
|
$ |
37,259 |
|
|
|
$ |
119,742 |
|
|
|
$ |
124,371 |
|
|
|
$ |
92,276 |
|
Expenses |
|
76,269 |
|
|
|
87,111 |
|
|
|
216,464 |
|
|
|
272,149 |
|
|
|
349,281 |
|
|
|
171,873 |
|
Net Loss Attributable to
Common |
|
(50,578 |
) |
|
|
(48,898 |
) |
|
|
(169,881 |
) |
|
|
(120,475 |
) |
|
|
(168,545 |
) |
|
|
70,471 |
|
Net Loss per diluted common
share |
|
(2.44 |
) |
|
|
(1.60 |
) |
|
|
(8.18 |
) |
|
|
(3.95 |
) |
|
|
(6.01 |
) |
|
|
2.06 |
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
Investment in life insurance
policies, at fair value |
|
761,560 |
|
|
|
787,260 |
|
|
|
761,560 |
|
|
|
787,260 |
|
|
|
791,911 |
|
|
|
796,039 |
|
Investments in alternative
assets, at fair value |
|
226,138 |
|
|
|
221,245 |
|
|
|
226,138 |
|
|
|
221,245 |
|
|
|
221,894 |
|
|
|
342,012 |
|
Total L Bonds |
|
1,551,912 |
|
|
|
1,426,623 |
|
|
|
1,551,912 |
|
|
|
1,426,623 |
|
|
|
1,519,006 |
|
|
|
1,293,530 |
|
Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Raised from L
Bonds |
|
— |
|
|
|
114,730 |
|
|
|
155,170 |
|
|
|
317,302 |
|
|
|
440,195 |
|
|
|
403,397 |
|
Cash and restricted cash |
|
67,723 |
|
|
|
115,668 |
|
|
|
67,723 |
|
|
|
115,668 |
|
|
|
124,160 |
|
|
|
115,790 |
|
Life Insurance Portfolio2 |
|
1,801,306 |
|
|
|
1,921,067 |
|
|
|
1,801,306 |
|
|
|
1,921,067 |
|
|
|
1,900,715 |
|
|
|
2,020,973 |
|
Face Value of Matured
Policies |
|
43,217 |
|
|
|
39,803 |
|
|
|
104,662 |
|
|
|
105,194 |
|
|
|
125,109 |
|
|
|
125,148 |
|
TTM Benefits / Premiums3
(%) |
|
171.0 |
|
|
|
220.0 |
|
|
|
171.0 |
|
|
|
220.0 |
|
|
|
179.4 |
|
|
|
196.0 |
|
- Face amount of policy benefits as of the end of the period
presented.
- The ratio of policy benefits realized to premiums paid on a
trailing twelve-month (TTM) basis.
Third Quarter 2021 vs.
2020:
- Reported third quarter 2021 net loss of $50.6 million, compared
to $48.9 million in the third quarter of 2020:
- Third quarter net loss was primarily driven by higher interest
expense as result of increased average debt balances and interest
rates, combined with a lower gain on life insurance policies as a
result of the adjustment to the portfolio mortality multiplier and
lower revenue recognized from the change in fair value of life
insurance policies
- Continued to realize policy benefits from the life insurance
portfolio:
- Realized $43.2 million of face amount of policy benefits from
26 life insurance policies during the third quarter 2021, compared
to $39.8 million from 21 life insurance policies during the third
quarter of 2020
- Mortality performance continues to perform consistently with
the Actual-to-Expected Analysis, using the updated portfolio
mortality multiplier established in the second quarter of 2021:
- Third quarter 2021 – $43.2 million actual vs. $36.4 million
expected
- TTM policy benefits realized continues to outpace premiums
paid
- Investments in alternative assets, at fair value increased $4.9
million compared to the same period of prior year
Nine Months Ended 2021 vs.
2020:
- Reported year to date 2021 net loss of $169.9 million, compared
to $120.5 million in the prior year:
- The same factors impacting the quarter to date net loss also
drove the net loss for the year to date period
- Continued to realize policy benefits from the life insurance
portfolio:
- Realized $104.7 million of face amount of policy benefits from
74 life insurance policies during the nine months ended 2021,
compared to $105.2 million from 70 life insurance policies during
the prior period
- Mortality performance continues to perform consistently with
the Actual-to-Expected Analysis, using the updated portfolio
mortality multiplier established in the second quarter of 2021:
- Year to date 2021 – $104.7 million actual vs. $106.9 million
expected
- TTM policy benefits realized continues to outpace premiums
paid
- Beneficient executed 10 liquidity transactions with an
aggregate net asset value of investments in alternative assets of
$5.6 million.
Fiscal Year 2020 vs 2019:
- Reported 2020 net loss of $168.5 million, compared to net
income of $70.5 million in fiscal year 2019:
- The results of operations for 2020 reflect the consolidation of
Beneficient compared to an equity method investment in 2019; the
net income for 2019 was primarily driven by a net gain of $243.0
million realized upon the consolidation of Beneficient
- Continued to realize policy benefits from the life insurance
portfolio:
- Realized $125.1 million of face amount of policy benefits from
92 life insurance policies during fiscal year 2020, compared to
$125.1 million from 78 life insurance policies during the prior
year
- Mortality performance performed consistently with the
Actual-to-Expected Analysis:
- Fiscal year 2020 – $125.1 million actual vs. $133.8 million
expected
- TTM policy benefits realized continues to outpace premiums
paid
- Beneficient executed nine liquidity transactions with an
aggregate net asset value of investments in alternative assets of
$15.1 million. 2. ExAlt Trusts’ Investment
in Alternative Assets
As of September 30, 2021, Beneficient’s
loan portfolio had exposure to 111 professionally managed
alternative investment funds, comprised of 301 underlying
investments, and approximately 99 percent of Beneficient’s loan
portfolio was collateralized by investments in private companies.
Beneficient’s loan portfolio diversification spans across these
industry sectors and geographic regions:
|
|
September 30, 2021 |
|
December 31, 2020 |
Industry Sector |
|
Value |
|
Percent of Total |
|
Value |
|
Percent of Total |
Software and Services |
|
$ |
30,700 |
|
|
13.6 |
% |
|
$ |
23,310 |
|
|
10.5 |
% |
Semiconductors and
Semiconductor Equipment |
|
29,656 |
|
|
13.1 |
% |
|
21,271 |
|
|
9.6 |
% |
Diversified Financials |
|
29,051 |
|
|
12.8 |
% |
|
28,462 |
|
|
12.8 |
% |
Food and Staples
Retailing |
|
26,986 |
|
|
11.9 |
% |
|
24,450 |
|
|
11.0 |
% |
Telecommunication
Services |
|
24,859 |
|
|
11.0 |
% |
|
27,401 |
|
|
12.3 |
% |
Utilities |
|
23,208 |
|
|
10.3 |
% |
|
21,740 |
|
|
9.8 |
% |
Not Applicable (e.g., Escrow,
Earnouts)(1) |
|
15,524 |
|
|
6.9 |
% |
|
18,138 |
|
|
8.2 |
% |
Health Care Equipment and
Services |
|
12,056 |
|
|
5.3 |
% |
|
14,682 |
|
|
6.6 |
% |
Other(1) |
|
34,098 |
|
|
15.1 |
% |
|
42,440 |
|
|
19.2 |
% |
Total |
|
$ |
226,138 |
|
|
100.0 |
% |
|
$ |
221,894 |
|
|
100.0 |
% |
|
|
September 30, 2021 |
|
December 31, 2020 |
Geography |
|
Value |
|
Percent of Total |
|
Value |
|
Percent of Total |
North America |
|
$ |
97,182 |
|
|
43.0 |
% |
|
$ |
96,056 |
|
|
43.3 |
% |
Asia |
|
48,421 |
|
|
21.4 |
% |
|
42,475 |
|
|
19.1 |
% |
Southern Europe |
|
30,912 |
|
|
13.7 |
% |
|
36,229 |
|
|
16.3 |
% |
South America |
|
27,248 |
|
|
12.0 |
% |
|
24,767 |
|
|
11.2 |
% |
Western Europe |
|
20,773 |
|
|
9.2 |
% |
|
21,064 |
|
|
9.5 |
% |
Other(2) |
|
1,602 |
|
|
0.7 |
% |
|
1,303 |
|
|
0.6 |
% |
Total |
|
$ |
226,138 |
|
|
100.0 |
% |
|
$ |
221,894 |
|
|
100.0 |
% |
_______________________________________________________________
- Industries in this category each comprise less than 5 percent
as of September 30, 2021.
- Locations in this category each comprise less than 5
percent.
Assets in the collateral portfolio consist
primarily of interests in alternative investment vehicles (also
referred to as funds) that are managed by a group of U.S. and
non-U.S. based alternative asset management firms that invest in a
variety of financial markets and utilize a variety of investment
strategies. The vintages of the funds in the collateral portfolio
as of September 30, 2021 ranged from 1993 to 2021.
3. Life Insurance Portfolio Statistics
as of September 30, 2021
Portfolio Summary:
Total life insurance portfolio face value of policy benefits (in
thousands) |
|
$ |
1,801,306 |
|
Average face value per policy
(in thousands) |
|
$ |
1,831 |
|
Average face value per insured
life (in thousands) |
|
$ |
1,984 |
|
Weighted average age of
insured (years) |
|
|
83.6 |
|
Weighted average life
expectancy estimate (years) |
|
|
6.44 |
|
Total number of policies |
|
984 |
|
Number of unique lives |
|
908 |
|
Demographics |
|
|
74% Male; 26% Female |
|
Number of smokers |
|
|
36 |
|
Largest policy as % of total
portfolio face value |
|
0.7 |
% |
Average policy as % of total
portfolio |
|
0.1 |
% |
Average annual premium as % of
face value |
|
4.1 |
% |
Distribution of Policies and Benefits by Current
Age of Insured:
|
|
|
|
|
|
|
|
Percentage of Total |
|
|
|
Min Age |
|
Max Age |
|
Number of Policies |
|
Policy Benefits |
|
Number of Policies |
|
Policy Benefits |
|
Weighted Average LE (Years) |
|
64 |
|
69 |
|
23 |
|
$ |
22,735 |
|
2.3 |
% |
|
1.2 |
% |
|
11.4 |
|
70 |
|
74 |
|
168 |
|
198,473 |
|
17.1 |
% |
|
11.0 |
% |
|
10.1 |
|
75 |
|
79 |
|
197 |
|
340,040 |
|
20.0 |
% |
|
18.9 |
% |
|
9.3 |
|
80 |
|
84 |
|
197 |
|
350,391 |
|
20.0 |
% |
|
19.5 |
% |
|
7.5 |
|
85 |
|
89 |
|
210 |
|
489,899 |
|
21.3 |
% |
|
27.2 |
% |
|
4.8 |
|
90 |
|
94 |
|
155 |
|
334,534 |
|
15.8 |
% |
|
18.6 |
% |
|
3.1 |
|
95 |
|
101 |
|
34 |
|
65,234 |
|
3.5 |
% |
|
3.6 |
% |
|
2.2 |
|
Total |
|
|
|
984 |
|
$ |
1,801,306 |
|
100.0 |
% |
|
100.0 |
% |
|
6.4 |
|
Webcast Details
Management will host a webcast Thursday,
December 9, 2021 at 11:00 a.m. EST to discuss financial and
operating results. The webcast will give viewers audio and access
to PowerPoint slides that illustrate points made during the
presentation. To register for the webcast, go to
http://get.gwgh.com/q32021webcastinvite.
After the webcast is completed, a replay of it
can be accessed at http://get.gwgh.com/q32021webcast.
About GWG Holdings,
Inc.
GWG Holdings, Inc. (Nasdaq: GWGH) is an
innovative financial services firm based in Dallas, Texas that is a
leader in providing unique investment solutions and, through its
passive investment in The Beneficient Company Group, L.P., unique
liquidity solutions and services for the owners of illiquid
investments. The Beneficient Company Group, L.P. has exposure to a
diversified and growing portfolio of alternative assets containing
111 professionally managed alternative investment funds as of
September 30, 2021.
Through GWGH’s subsidiary, GWG Life, LLC, GWGH
also owns and manages a diverse portfolio of life insurance
policies that, as of September 30, 2021, included $1.8 billion
in face value of life insurance policy benefits.
For more information about GWG Holdings,
email info@gwgh.com or visit www.gwgh.com. For more
information about Beneficient,
email askben@beneficient.com or
visit www.trustben.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 (“SEC”), including our
Quarterly Report on Form 10-Q filed with the SEC on
November 19, 2021, and Annual Report on Form 10-K filed with
the SEC on November 5, 2021. 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 SEC.
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)
787-5744dcallahan@gwgh.com
GWG HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(dollars in thousands)
|
September 30, 2021 (unaudited) |
|
December 31, 2020 |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
42,207 |
|
|
|
$ |
85,249 |
|
|
Restricted cash |
25,516 |
|
|
|
38,911 |
|
|
Investment in life insurance
policies, at fair value |
761,560 |
|
|
|
791,911 |
|
|
Life insurance policy benefits
receivable, net |
33,105 |
|
|
|
14,334 |
|
|
Investment in alternative
assets, at fair value |
226,138 |
|
|
|
221,894 |
|
|
Equity method investment |
664 |
|
|
|
8,582 |
|
|
Other assets |
33,256 |
|
|
|
36,326 |
|
|
Goodwill |
2,367,750 |
|
|
|
2,367,750 |
|
|
TOTAL ASSETS |
$ |
3,490,196 |
|
|
|
$ |
3,564,957 |
|
|
LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
LIABILITIES |
|
|
|
Senior credit facilities with
LNV Corporation and National Founders LP |
$ |
327,702 |
|
|
|
$ |
193,730 |
|
|
L Bonds |
1,279,808 |
|
|
|
1,246,902 |
|
|
Seller Trust L Bonds |
272,104 |
|
|
|
272,104 |
|
|
Debt due to related
parties |
77,362 |
|
|
|
76,260 |
|
|
Interest and dividends
payable |
24,440 |
|
|
|
24,080 |
|
|
Accounts payable and accrued
expenses |
30,448 |
|
|
|
26,505 |
|
|
Deferred tax liability,
net |
51,328 |
|
|
|
51,469 |
|
|
TOTAL LIABILITIES |
2,063,192 |
|
|
|
1,891,050 |
|
|
|
|
|
|
Redeemable noncontrolling
interests |
1,226,020 |
|
|
|
1,233,093 |
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
Redeemable preferred
stock |
|
|
|
(par value $0.001; shares authorized 100,000; shares outstanding
41,681 and 56,855; liquidation preference of $41,925 and $57,187 as
of September 30, 2021 and December 31, 2020,
respectively) |
31,069 |
|
|
|
46,241 |
|
|
Series 2 redeemable preferred
stock |
|
|
|
(par value $0.001; shares authorized 150,000; shares outstanding
86,707 and 129,887; liquidation preference of $87,212 and $130,645
as of September 30, 2021 and December 31, 2020,
respectively) |
67,410 |
|
|
|
110,592 |
|
|
Common stock |
|
|
|
(par value $0.001; shares authorized 210,000,000; shares issued and
outstanding, 33,097,118 and 33,094,664 as of September 30,
2021 and December 31, 2020, respectively) |
33 |
|
|
|
33 |
|
|
Common stock in treasury, at
cost (12,337,264 shares as of both September 30, 2021 and
December 31, 2020) |
(67,406 |
) |
|
|
(67,406 |
) |
|
Additional paid-in
capital |
265,812 |
|
|
|
274,023 |
|
|
Accumulated deficit |
(412,621 |
) |
|
|
(251,111 |
) |
|
TOTAL GWG HOLDINGS
STOCKHOLDERS’ (DEFICIT) EQUITY |
(115,703 |
) |
|
|
112,372 |
|
|
Noncontrolling interests |
316,687 |
|
|
|
328,442 |
|
|
TOTAL STOCKHOLDERS’
EQUITY |
200,984 |
|
|
|
440,814 |
|
|
TOTAL LIABILITIES &
STOCKHOLDERS’ EQUITY |
$ |
3,490,196 |
|
|
|
$ |
3,564,957 |
|
|
GWG HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(dollars in
thousands)(unaudited)
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
REVENUE |
|
|
|
|
|
|
|
Gain on life insurance policies, net |
$ |
15,484 |
|
|
|
$ |
14,122 |
|
|
|
$ |
17,923 |
|
|
|
$ |
43,355 |
|
|
Investment income, net |
17,554 |
|
|
|
56,705 |
|
|
|
21,417 |
|
|
|
41,590 |
|
|
Interest income |
213 |
|
|
|
278 |
|
|
|
835 |
|
|
|
1,293 |
|
|
Other income (loss) |
535 |
|
|
|
(3,093 |
) |
|
|
(2,916 |
) |
|
|
33,504 |
|
|
TOTAL REVENUE |
33,786 |
|
|
|
68,012 |
|
|
|
37,259 |
|
|
|
119,742 |
|
|
EXPENSES |
|
|
|
|
|
|
|
Interest expense |
45,096 |
|
|
|
40,792 |
|
|
|
128,605 |
|
|
|
113,805 |
|
|
Employee compensation and benefits |
14,871 |
|
|
|
33,777 |
|
|
|
43,977 |
|
|
|
123,321 |
|
|
Legal and professional fees |
6,650 |
|
|
|
7,830 |
|
|
|
20,832 |
|
|
|
21,636 |
|
|
Other expenses |
9,652 |
|
|
|
4,712 |
|
|
|
23,050 |
|
|
|
13,387 |
|
|
TOTAL EXPENSES |
76,269 |
|
|
|
87,111 |
|
|
|
216,464 |
|
|
|
272,149 |
|
|
LOSS BEFORE INCOME TAXES |
(42,483 |
) |
|
|
(19,099 |
) |
|
|
(179,205 |
) |
|
|
(152,407 |
) |
|
INCOME TAX EXPENSE (BENEFIT) |
655 |
|
|
|
3,618 |
|
|
|
173 |
|
|
|
(14,545 |
) |
|
NET LOSS BEFORE LOSS FROM
EQUITY METHOD INVESTMENT |
(43,138 |
) |
|
|
(22,717 |
) |
|
|
(179,378 |
) |
|
|
(137,862 |
) |
|
Loss from equity method
investment |
(4,949 |
) |
|
|
(1,431 |
) |
|
|
(11,898 |
) |
|
|
(4,279 |
) |
|
NET LOSS |
(48,087 |
) |
|
|
(24,148 |
) |
|
|
(191,276 |
) |
|
|
(142,141 |
) |
|
Net (income) loss attributable to noncontrolling interests |
(87 |
) |
|
|
(21,181 |
) |
|
|
29,766 |
|
|
|
32,901 |
|
|
Less: Preferred stock dividends |
2,404 |
|
|
|
3,569 |
|
|
|
8,371 |
|
|
|
11,235 |
|
|
NET LOSS ATTRIBUTABLE TO
COMMON SHAREHOLDERS |
$ |
(50,578 |
) |
|
|
$ |
(48,898 |
) |
|
|
$ |
(169,881 |
) |
|
|
$ |
(120,475 |
) |
|
NET LOSS PER COMMON SHARE |
|
|
|
|
|
|
|
Basic |
$ |
(2.44 |
) |
|
|
$ |
(1.60 |
) |
|
|
$ |
(8.18 |
) |
|
|
$ |
(3.95 |
) |
|
Diluted |
$ |
(2.44 |
) |
|
|
$ |
(1.60 |
) |
|
|
$ |
(8.18 |
) |
|
|
$ |
(3.95 |
) |
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
|
|
|
Basic |
20,759,854 |
|
|
|
30,477,792 |
|
|
|
20,758,910 |
|
|
|
30,516,331 |
|
|
Diluted |
20,759,854 |
|
|
|
30,477,792 |
|
|
|
20,758,910 |
|
|
|
30,516,331 |
|
|
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