Private company

GWG Holdings, Inc.

GWG Holdings, Inc. is a life insurance company.¹ It is headquartered in Dallas, Texas.¹

Last updated Oct 20, 2026.

Overview

IndustryLife Insurance¹
HeadquartersDallas, Texas¹
Business address325 N. St. Paul Street, Suite 2650, Dallas, Tx 75201²
Filer categoryNon-accelerated filer, Smaller reporting company²

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2020

-173.5%Net margin³

34.8%Revenue growth, 2020³

-192.1%Return on equity³

Where the money goes

Where each dollar of revenue went, fiscal 2020

Interest

Interest90¢$154.6M
Income tax10¢$16.4M

Out of $124.4M in revenue.³ The company lost money this year.

Financial statements

Revenue⁴⁵⁶⁷⁸³$124.4M in 2020+308% since 2014

Net income⁴⁵⁶⁷⁸³-$215.8M in 2020+3520% since 2014

Fiscal year	2014	2015	2016	2017	2018	2019	2020
Revenue	$30.5M⁴	$39.6M⁵	$69.5M⁶	$64.1M⁷	-$390.0K⁸	$92.3M³	$124.4M³
Interest	$26.7M⁴	$29.5M⁵	$42.3M⁶	$54.4M⁷	$80.1M⁸	$114.8M³	$154.6M³
Income tax	-$2.4M⁴	-$3.5M⁵	$333.4K⁶	-$2.1M⁷		$71.9M³	-$16.4M³
Net income	-$6.0M⁴	-$5.3M⁵	$391.9K⁶	-$20.6M⁷	-$119.5M⁸	$87.4M³	-$215.8M³
Earnings per share	-$1.24⁴	-$1.25⁵	-$0.53⁶	-$5.72⁷	-$22.32⁸	$2.13³	-$6.01³
Earnings per share (diluted)	-$1.24⁴	-$1.25⁵	-$0.53⁶	-$5.72⁷	-$22.32⁸	$2.06³	-$6.01³

Total assets⁴⁵⁶⁷⁸³$3.6B in 2020+1003% since 2014

Total liabilities⁴⁵⁶⁷⁸³$1.9B in 2020+529% since 2014

Shareholders’ equity⁵⁶⁷⁸³$112.4M in 2020+402% since 2014

Cash⁵⁶⁷⁸³$85.2M in 2020+178% since 2014

Fiscal year	2014	2015	2016	2017	2018	2019	2020
Cash	$30.7M⁵	$34.4M⁶	$78.5M⁶	$114.4M⁷	$114.6M⁸	$82.3M³	$85.2M³
Total assets	$323.1M⁴	$395.9M⁵	$643.2M⁶	$818.9M⁷	$1.5B⁸	$3.7B³	$3.6B³
Total liabilities	$300.7M⁴	$379.7M⁵	$575.9M⁶	$685.2M⁷	$1.2B⁸	$1.8B³	$1.9B³
Shareholders’ equity	$22.4M⁵	$16.1M⁶	$67.3M⁷	$133.7M⁷	$281.1M⁸	$313.3M³	$112.4M³
Shares outstanding	5.9M shares⁴	5.9M shares⁵	6.0M shares⁶	5.8M shares⁷	33.0M shares⁸	33.0M shares³	33.1M shares³

Cash from operations⁴⁵⁶⁷⁸³-$182.4M in 2020+326% since 2014

Share buybacks⁴⁵$244.2K in 2016

Fiscal year	2014	2015	2016	2017	2018	2019	2020
Cash from operations	-$42.9M⁴	-$37.6M⁵	-$66.0M⁶	-$81.0M⁷	-$95.5M⁸	-$142.8M³	-$182.4M³
Dividends paid					$25.7M⁸
Share buybacks	-$9.0M⁴	$582.0K⁵	$244.2K⁵

Compare GWG Holdings, Inc. with another company

What it owns

What GWG Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Item	Latest	A year before	Change
Operating-lease assets (leased space)	$1.1M³ Dec 31, 2020	$900.0K⁸ Jan 2, 2019	+25.1%

Investments

Item	Latest	A year before	Change
Cash and cash equivalents	$85.2M³ Dec 31, 2020	$82.3M³ Dec 31, 2019	+3.6%
Stakes in other companies (equity method)	$8.6M³ Dec 31, 2020	$1.8M³ Dec 31, 2019	+387.3%

Intangibles and goodwill

Item	Latest	A year before	Change
Goodwill	$2.4B³ Dec 31, 2020	$2.4B³ Dec 31, 2019	0%

Leadership

Who has led GWG Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

Paul A. Siegert2014–2015

President

Chief financial officer

Chief operating officer

Jon Gangelhoff2014–2017

201520202025

Chief executive officerMurray T. Holland May 7, 2019 to May 7, 2019⁹
Chief executive officerJon Sabes Sep 19, 2014 to Apr 30, 2019¹⁰
ChairPaul A. Siegert Sep 18, 2014 to Jul 2, 2015¹¹
PresidentPaul A. Siegert Jul 2, 2015 to Jul 2, 2015¹²
PresidentSteven F. Sabes Sep 18, 2014 to Sep 26, 2014¹³
PresidentMichael David Freedman Nov 20, 2014 to Nov 20, 2014¹⁴
Chief financial officerMichael A. Tucker Dec 16, 2022 to Dec 16, 2022¹⁵
Chief financial officerTimothy L. Evans Aug 23, 2019 to Aug 23, 2019¹⁶
Chief financial officerWilliam Acheson Sep 18, 2014 to May 21, 2019¹⁷
Chief operating officerJon Gangelhoff Sep 18, 2014 to Apr 6, 2017¹⁸

Board members and other officers (25)

Vice President and SecretarySteven F. Sabes Apr 8, 2015 to Apr 30, 2019¹⁹
Board memberAnthony R. Horton Jul 7, 2022 to Jul 7, 2022²⁰
Board memberRoy W. Bailey Apr 15, 2020 to May 13, 2020²¹
Board memberBruce Zimmerman May 6, 2019 to Jun 20, 2019²²
Board memberRichard W. Fisher May 6, 2019 to Jun 20, 2019²³
Board memberBrad K. Heppner May 8, 2019 to Jul 23, 2020²⁴
Board memberBruce William Schnitzer May 8, 2019 to Jul 23, 2020²⁵
Board memberDavid Glaser May 8, 2019 to Jun 20, 2019²⁶
Board memberMichelle Caruso-Cabrera May 8, 2019 to Jun 20, 2019²⁷
Board memberRoger T. Staubach May 8, 2019 to Jun 20, 2019²⁸
Board memberSheldon I. Stein May 8, 2019 to Jun 20, 2019²⁹
Board memberWeese David H. De May 8, 2019 to Jul 23, 2020³⁰
Board memberPeter T. Cangany Jr. May 9, 2019 to Jul 23, 2020³¹
Board memberDavid Chavenson May 21, 2019 to Jul 23, 2020³²
Board memberDennis P. Lockhart May 21, 2019 to Jul 23, 2020³³
Board memberKathleen Mason May 21, 2019 to Jun 20, 2019³⁴
Board memberMark Edward Schwarzmann Feb 27, 2017 to May 14, 2018³⁵
Board memberCharles H. Maguire Iii. Sep 18, 2014 to Nov 3, 2016³⁶
Board memberDavid H. Abramson Sep 18, 2014 to Sep 5, 2018³⁷
Board memberJeffrey L. McGregor Sep 18, 2014 to Nov 3, 2016³⁸
Board memberShawn R. Gensch Sep 18, 2014 to Nov 3, 2016³⁹
Board memberSteven F. Sabes Sep 18, 2014 to Apr 30, 2019¹³
Board memberJon Sabes Sep 19, 2014 to Apr 30, 2019¹⁰
Board memberPaul A. Siegert Oct 2, 2014 to Oct 2, 2014⁴⁰
General counselLennie Nicholson Apr 13, 2020 to Apr 13, 2020⁴¹

Timeline

Aug 2, 20238-K Other events⁴²
Jun 26, 20238-K Bankruptcy or receivership; Executive or director change⁴³
May 25, 20238-K Regulation FD disclosure⁴⁴
May 15, 20238-K Regulation FD disclosure⁴⁵
Dec 19, 20228-K Entered a material agreement; New debt or obligation⁴⁶
Dec 15, 20228-K Executive or director change⁴⁷
Dec 2, 20228-K Executive or director change⁴⁸
Nov 22, 20228-K Executive or director change⁴⁹
Nov 17, 20228-K Executive or director change; Other events⁵⁰
Nov 14, 20228-K Executive or director change⁵¹
Jul 1, 20228-K Entered a material agreement⁵²
Jun 27, 20228-K Entered a material agreement; Executive or director change⁵³
May 7, 2019New chief executive Murray T. Holland becomes CEO⁹
Sep 19, 2014New chief executive Jon Sabes becomes CEO¹⁰

Calendar

When it reported results

Dec 9, 2021Reported quarterly or annual results⁵⁴

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

67 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 25 major events, 3 insider forms, 35 other. The latest 20:

Jan 17, 2024EFFECT EDGAR
Jan 17, 2024EFFECT EDGAR
Jan 17, 2024EFFECT EDGAR
Jan 17, 2024EFFECT EDGAR
Jan 17, 2024EFFECT EDGAR
Jan 17, 2024EFFECT EDGAR
Jan 2, 202415-15D EDGAR
Jan 2, 202415-15D EDGAR
Jan 2, 202415-15D EDGAR
Jan 2, 202415-15D EDGAR
Jan 2, 202415-15D EDGAR
Jan 2, 202415-15D EDGAR
Jan 2, 202415-15D EDGAR
Jan 2, 202415-12G EDGAR
Jan 2, 2024S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 EDGAR
Jan 2, 2024POS AM POST-EFFECTIVE AMENDMENT TO FORM S-1 EDGAR
Jan 2, 2024POS AM POST-EFFECTIVE AMENDMENT TO FORM S-1 EDGAR
Jan 2, 2024POS AM POST-EFFECTIVE AMENDMENT TO FORM S-1 EDGAR
Jan 2, 2024POS AM POST-EFFECTIVE AMENDMENT TO FORM S-1 EDGAR
Jan 2, 2024POS AM POST-EFFECTIVE AMENDMENT TO FORM S-1 EDGAR

The 67 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How GWG Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

Name on EDGARGWG Holdings, Inc.¹
CIK0001522690
Employer ID (EIN)26-2222607¹
Filer statusNon-accelerated filer<br>smaller reporting company¹
Fiscal year endsDecember 31¹
Industry code (SIC)6311 Life Insurance¹
SEC reviewing officeOffice of Finance, Division of Corporation Finance¹
Business address325 N. St. Paul Street, Suite 2650, Dallas, TX 75201¹
Phone877-494-2388¹
Shares outstanding33,098,631 as of Nov 9, 2021⁵⁵
Public float$24.3M as of Jun 30, 2020³
On EDGAR sinceJun 14, 2011¹
Filings624 in all: 8-K (121), 4 (96), 424B3 (71), 3 (39), S-1/A (32), 10-Q (30), CORRESP (29), UPLOAD (28)¹
All 52 form types
EFFECT (19), POS AM (18), NT 10-Q (12), 10-K (9), 3/A (9), POS EX (8), S-1 (8), SC 13D/A (8), 15-15D (7), 4/A (7), 8-K/A (7), DEF 14A (6), 5 (5), PRER14C (5), 424B1 (4), NT 10-K (4), SC 13D (4), D (3), PRE 14C (3), S-4/A (3), 10-Q/A (2), DEF 14C (2), FWP (2), RW (2), SEC STAFF LETTER (2), 15-12G (1), 25-NSE (1), 424B2 (1), 424B4 (1), 5/A (1), 8-A12B (1), CERTNAS (1), DEFA14A (1), DRS (1), DRS/A (1), PRE 14A (1), S-4 (1), S-8 (1), S-8 POS (1), SC 13G (1), SC 13G/A (1), SC 14F1 (1), SP 15D2 (1), SP 15D2/A (1)
Latest filingsAnnual report (10-K) Nov 5, 2021
Quarterly report (10-Q) Nov 19, 2021
Proxy statement (DEF 14A) Nov 16, 2021
Latest 8-K (8-K) Aug 2, 2023

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARGWG Holdings, Inc. filings on SEC EDGAR
2
SEC EDGARGWG Holdings, Inc. filings on SEC EDGAR
3
SEC EDGARGWG Holdings, Inc. 10-K for fiscal 2020
4
SEC EDGARGWG Holdings, Inc. 10-K for fiscal 2014
5
SEC EDGARGWG Holdings, Inc. 10-K for fiscal 2015
6
SEC EDGARGWG Holdings, Inc. 10-K for fiscal 2016
7
SEC EDGARGWG Holdings, Inc. 10-K for fiscal 2017
8
SEC EDGARGWG Holdings, Inc. 10-K for fiscal 2018
9
SEC EDGARMurray T. Holland, Chief executive officer
10
SEC EDGARJon Sabes, Chief executive officer
11
SEC EDGARPaul A. Siegert, Chair
12
SEC EDGARPaul A. Siegert, President
13
SEC EDGARSteven F. Sabes, President
14
SEC EDGARMichael David Freedman, President
15
SEC EDGARMichael A. Tucker, Chief financial officer
16
SEC EDGARTimothy L. Evans, Chief financial officer
17
SEC EDGARWilliam Acheson, Chief financial officer
18
SEC EDGARJon Gangelhoff, Chief operating officer
19
SEC EDGARSteven F. Sabes, Vice President and Secretary
20
SEC EDGARAnthony R. Horton, Board member
21
SEC EDGARRoy W. Bailey, Board member
22
SEC EDGARBruce Zimmerman, Board member
23
SEC EDGARRichard W. Fisher, Board member
24
SEC EDGARBrad K. Heppner, Board member
25
SEC EDGARBruce William Schnitzer, Board member
26
SEC EDGARDavid Glaser, Board member
27
SEC EDGARMichelle Caruso-Cabrera, Board member
28
SEC EDGARRoger T. Staubach, Board member
29
SEC EDGARSheldon I. Stein, Board member
30
SEC EDGARWeese David H. De, Board member
31
SEC EDGARPeter T. Cangany Jr., Board member
32
SEC EDGARDavid Chavenson, Board member
33
SEC EDGARDennis P. Lockhart, Board member
34
SEC EDGARKathleen Mason, Board member
35
SEC EDGARMark Edward Schwarzmann, Board member
36
SEC EDGARCharles H. Maguire Iii., Board member
37
SEC EDGARDavid H. Abramson, Board member
38
SEC EDGARJeffrey L. McGregor, Board member
39
SEC EDGARShawn R. Gensch, Board member
40
SEC EDGARPaul A. Siegert, Board member
41
SEC EDGARLennie Nicholson, General counsel
42
SEC EDGAROther events
43
SEC EDGARBankruptcy or receivership; Executive or director change
44
SEC EDGARRegulation FD disclosure
45
SEC EDGARRegulation FD disclosure
46
SEC EDGAREntered a material agreement; New debt or obligation
47
SEC EDGARExecutive or director change
48
SEC EDGARExecutive or director change
49
SEC EDGARExecutive or director change
50
SEC EDGARExecutive or director change; Other events
51
SEC EDGARExecutive or director change
52
SEC EDGAREntered a material agreement
53
SEC EDGAREntered a material agreement; Executive or director change
54
SEC EDGARGWG Holdings, Inc. 8-K, Item 2.02 (results of operations)
55
SEC EDGARGWG Holdings, Inc. 10-Q filed Nov 19, 2021: shares outstanding