• Filing Date: 2018-08-20
  • Form Type: 10-Q
  • Description: Quarterly report
Description of Business
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
Description of Business

Emergent Capital, Inc. was founded in December 2006 as a Florida limited liability company, Imperial Holdings, LLC, and converted into Imperial Holdings, Inc. on February 3, 2011, in connection with our initial public offering. Effective September 1, 2015, the name was changed to Emergent Capital, Inc. (with its subsidiary companies, the "Company" or "Emergent Capital").

Emergent Capital, through its subsidiary companies, owns a portfolio of 596 life insurance policies, also referred to as life settlements, with a fair value of $569.4 million and an aggregate death benefit of approximately $2.8 billion at June 30, 2018. The Company primarily earns income on these policies from changes in their fair value and through death benefits. 594 of these policies, with an aggregate death benefit of approximately $2.8 billion and a fair value of approximately $568.4 million at June 30, 2018, are pledged under a $370.0 million, revolving credit agreement (the "White Eagle Revolving Credit Facility") entered into by the Company’s indirect subsidiary, White Eagle Asset Portfolio, LP ("White Eagle"). At June 30, 2018, two policies owned by the Company, with an aggregate death benefit of approximately $12.0 million and a fair value of $1.0 million, were not pledged as collateral under the White Eagle Revolving Credit Facility.