• Filing Date: 2020-07-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
Investment in Limited Partnership - Narrative (Details)
1 Months Ended 3 Months Ended 6 Months Ended
Dec. 04, 2019
USD ($)
contract
Aug. 16, 2019
USD ($)
Jul. 09, 2020
USD ($)
May 31, 2020
USD ($)
contract
May 31, 2019
USD ($)
May 31, 2020
USD ($)
contract
May 31, 2019
USD ($)
Feb. 28, 2020
USD ($)
Nov. 30, 2019
USD ($)
Investments in and Advances to Affiliates [Line Items]                  
Premium/expense reserve       $ 22,224,000   $ 22,224,000   $ 4,836,000 $ 4,195,000
Premium/expense reserve distributions       28,726,000   54,952,000      
Investment in life settlements fair value                 1,297,000
Proceeds from maturity of life settlements $ 12,700,000                
Distributions paid to Class A Partner to satisfy minimum return       56,083,000   82,950,000      
Balance on collection account pending distribution       5,643,000   5,643,000   19,411,000 13,007,000
Face value of life insurance policies matured       43,150,000   90,050,000      
Maturity proceeds received - face       42,100,000   75,226,000      
Receivable for maturity of life insurance policies       28,550,000   28,550,000   $ 27,500,000 13,726,000
Investment in limited partnership       150,200,000   150,200,000     137,849,000 [1]
Change in fair value of investment in limited partnership, net of distributions (Notes 11 and 16)       9,000,000 $ 0 16,351,000 $ 0    
White Eagle                  
Investments in and Advances to Affiliates [Line Items]                  
Number of life insurance policies matured | contract 2                
Proceeds from maturity of life settlements $ 2,000,000                
WE Investment                  
Investments in and Advances to Affiliates [Line Items]                  
Investment in life settlements fair value       $ 2,400,000,000   $ 2,400,000,000      
Life insurance, number of policies | contract       513   513      
Weighted average life expectancy of life settlement contracts           6 years 8 months 18 days      
Estimated future premium payments on life settlement contracts       $ 1,006,444,000   $ 1,006,444,000      
WE Investment | Lamington                  
Investments in and Advances to Affiliates [Line Items]                  
Equity investment ownership percentage   27.50%              
Investment in limited partnership   $ 138,900,000   $ 150,200,000   $ 150,200,000     $ 137,800,000
Palomino | Affiliates | White Eagle                  
Investments in and Advances to Affiliates [Line Items]                  
Percentage of equity interest sold   72.50%              
Sun Life                  
Investments in and Advances to Affiliates [Line Items]                  
Number of life insurance policies matured | contract 31                
Investment in life settlements fair value $ 163,500,000                
Proceeds from maturity of life settlements 36,100,000                
Sun Life | White Eagle                  
Investments in and Advances to Affiliates [Line Items]                  
Investment in life settlements fair value $ 141,500,000                
Life insurance, number of policies | contract 28                
Number of life insurance policies in receivable for maturity | contract 1                
Receivable from maturity of life insurance contracts $ 10,000,000                
Payments for sale of life insurance contracts $ 13,400,000                
Sun Life | Emergent Capital, Inc.                  
Investments in and Advances to Affiliates [Line Items]                  
Number of life insurance policies matured | contract 2                
Investment in life settlements fair value $ 12,000,000                
Proceeds from maturity of life settlements 12,700,000                
Sun Life | Wilmington Trust                  
Investments in and Advances to Affiliates [Line Items]                  
Payments for sale of life insurance contracts 10,000,000                
Revolving Credit Facility                  
Investments in and Advances to Affiliates [Line Items]                  
Repayment of outstanding principal on line of credit   $ 368,000,000              
Repayment of accrued and unpaid interest on line of credit   21,300,000              
Revolving Credit Facility | CLMG                  
Investments in and Advances to Affiliates [Line Items]                  
Line of credit payoff   402,500,000              
Revolving Credit Facility | CLMG | White Eagle                  
Investments in and Advances to Affiliates [Line Items]                  
Line of credit payoff   28,300,000              
Revolving Credit Facility | LNV                  
Investments in and Advances to Affiliates [Line Items]                  
Early repayments of line of credit   7,400,000              
Lender-allowed claims   $ 5,800,000              
Collateral pledged | WE Investment | Lamington                  
Investments in and Advances to Affiliates [Line Items]                  
Equity investment ownership percentage   27.50%              
Collateral pledged | Revolving Credit Facility | White Eagle                  
Investments in and Advances to Affiliates [Line Items]                  
Number of life insurance policies matured | contract       11   20      
Gain on maturities of life insurance policies       $ 24,700,000   $ 48,400,000      
Weighted average age of life insurance policies matured       88 years 6 months 24 days   88 years 5 months 24 days      
Weighted average remaining life expectancy of life insurance policies matured       4 years 2 months 12 days   3 years 10 months 24 days      
Ratio of realized gains of life insurance policies       57.20%   53.80%      
Class A Interests                  
Investments in and Advances to Affiliates [Line Items]                  
Premium/expense reserve distributions   $ 1,800,000   $ 1,800,000   $ 3,500,000      
Distributions paid to Class A Partner to satisfy minimum return           10,000,000      
Class A Interests | Affiliates                  
Investments in and Advances to Affiliates [Line Items]                  
Internal rate of return guaranteed to majority owner of partnership investment   11.00%              
Initial contribution percentage   100.00%              
Percentage of amounts funded into premium/expense   100.00%              
Premium/expense reserve   $ 30,000,000              
Premium/expense reserve distributions   8,300,000              
Contributions to premium/expense account   21,800,000   25,000,000   47,400,000      
Class A Interests | Affiliates | For the first 3 years                  
Investments in and Advances to Affiliates [Line Items]                  
Proceeds from sale of limited partnership interest   $ 8,000,000              
Period for distribution of proceeds from limited partnership interest   3 years              
Class A Interests | Affiliates | For the subsequent 7 years                  
Investments in and Advances to Affiliates [Line Items]                  
Proceeds from sale of limited partnership interest   $ 4,000,000              
Period for distribution of proceeds from limited partnership interest   7 years              
Class A Interests | Affiliates | White Eagle                  
Investments in and Advances to Affiliates [Line Items]                  
Proceeds from sale of limited partnership interest   $ 366,200,000              
Class A Interests | Affiliates | Subsequent Event                  
Investments in and Advances to Affiliates [Line Items]                  
Contributions to premium/expense account     $ 667,000            
Class A Interests | Sun Life | White Eagle                  
Investments in and Advances to Affiliates [Line Items]                  
Payments for sale of life insurance contracts $ 13,400,000                
Class A Interests | Revolving Credit Facility | CLMG | Palomino                  
Investments in and Advances to Affiliates [Line Items]                  
Purchase price of acquired equity interest   374,200,000              
Proceeds from sale of limited partnership interest   366,200,000              
Principal balance of proceeds   406,000,000   392,600,000   392,600,000      
Premium/expense reserve   $ 21,800,000              
Class D Interests | Affiliates                  
Investments in and Advances to Affiliates [Line Items]                  
Internal rate of return guaranteed to majority owner of partnership investment   11.00%              
Percentage of payment amount   125.00%              
Class D Interests | Affiliates | White Eagle                  
Investments in and Advances to Affiliates [Line Items]                  
Proceeds from sale of limited partnership interest   $ 8,000,000              
Class D Interests | Revolving Credit Facility | CLMG | Palomino                  
Investments in and Advances to Affiliates [Line Items]                  
Purchase price of acquired equity interest allocated to Class D   8,000,000              
Annual amount guaranteed to majority owners of limited partnership   $ 2,000,000              
Internal rate of return guaranteed to majority owner of partnership investment   11.00%              
Premium/expense reserve   $ 8,000,000              
Premium/expense reserve distributions   1,800,000              
Principal and interest payment amount allocated to Class D   $ 10,000,000   709,000   709,000      
Principal amount allocated to Class D       8,000,000   8,000,000      
Payments to limited partnership           0      
Class B Interests                  
Investments in and Advances to Affiliates [Line Items]                  
Premium/expense reserve distributions       2,000,000   4,000,000      
Distributions received from premium/expense account       46,100,000   73,000,000      
Class B Interests | Affiliates                  
Investments in and Advances to Affiliates [Line Items]                  
Period for distribution of proceeds from limited partnership interest   8 years              
Internal rate of return guaranteed to majority owner of partnership investment   11.00%              
Accrued and unpaid interest outstanding       $ 751,000   $ 751,000      
Class B Interests | Affiliates | Third Anniversary                  
Investments in and Advances to Affiliates [Line Items]                  
Monthly distribution amount   $ 667,000              
Percentage of net assets value for monthly distribution from limited partners   0.125%              
Class B Interests | Affiliates | Tenth Anniversary                  
Investments in and Advances to Affiliates [Line Items]                  
Monthly distribution amount   $ 333,000              
Percentage of net assets value for monthly distribution from limited partners   0.0625%              
Class B Interests | Revolving Credit Facility | CLMG | Palomino                  
Investments in and Advances to Affiliates [Line Items]                  
Premium/expense reserve   $ 8,300,000              
[1] Derived from audited consolidated financial statements.