The following discussion summarizes the significant factors affecting the
consolidated operating results, financial condition, liquidity, and cash flows
of our Company as of and for the periods presented below and should be read in
conjunction with the financial statements and accompanying notes included with
this Quarterly Report on Form 10-Q. This discussion contains forward looking
statements that are based on the beliefs of our management, as well as
assumptions made by, and information currently available to, our management.
Actual results could differ materially from those discussed in or implied by
forward looking statements as a result of various factors. See "Forward Looking
Statements."

Impact of COVID-19 on the Company's Business



The outbreak of COVID-19, which is a rapidly evolving situation, has adversely
impacted global commercial activities. The Company does not believe that there
is any significant impact to our financial statements as of August 31, 2020 as a
result of the COVID-19 pandemic. The Company is monitoring the developments
relating to COVID-19 and is coordinating its operational response based on
existing business continuity plans and on guidance from global health
organizations, relevant governments, and general pandemic response best
practices.


Business Overview

Incorporated in Florida, Emergent Capital, indirectly owns a 27.5% equity
investment, having an estimated fair value of approximately $152.5 million at
August 31, 2020, in White Eagle Asset Portfolio, LP ("White Eagle"), which was
previously a wholly-owned subsidiary of the Company that holds a portfolio of
life settlements. The Company primarily earns income through change in fair
value and distributions from its equity investment in White Eagle. At August 31,
2020 there were 500 policies in the White Eagle portfolio with death benefits of
approximately $2.4 billion and weighted average life expectancy calculated based
on death benefit of the insureds in the policies was 6.6 years.

Equity Investment in White Eagle



On August 16, 2019, the Company entered into a subscription agreement (the
"Subscription Agreement") with Lamington ("Class B Limited Partner"), White
Eagle, WEGP ("Withdrawing General Partner"), and Palomino JV, L.P. ("Palomino"
or "Class A Limited Partner"), pursuant to which White Eagle sold to Palomino
72.5% of its limited partnership interests, consisting of all of the newly
issued and outstanding Class A and Class D interests, and WEGP sold to an
affiliate of Jade Mountain Partners, LLC ("Jade Mountain") (the "Manager") all
of its general partnership interests (collectively, the "WE Investment") for a
purchase price of approximately $366.2 million and $8.0 million for the Class A
and Class D interests, respectively. Pursuant to the Subscription Agreement,
Lamington received 27.5% of the limited partnership interests of White Eagle,
consisting of all of the newly issued and outstanding Class B interests in
exchange for all of its previously owned White Eagle limited partnership
interests with a value of approximately $138.9 million on the closing date. The
consummation of the transaction under the Subscription Agreement resulted in the
Company being a minority owner in White Eagle and as a result the entity is
treated as an equity investment, activities for our investment in White Eagle is
included in Note 11 "Investment in Limited Partnership" of the accompanying
consolidated financial statements for further information.

During the nine months ended August 31, 2020, approximately $6.0 million was
received by the Company for the minimum Class B interest monthly distribution.
This amount is included in change in fair value of investment in limited
partnership, net of distributions on the consolidated statements of operations.

During the nine months ended August 31, 2020, the portfolio experienced maturities of 33 policies with face value of approximately $133.3 million and approximately $107.3 million was collected.

Litigation Settlement and Disposal of Life Settlement



On December 4, 2019 the Company and certain of its subsidiaries entered into a
Settlement Agreement and Mutual Release (the "Settlement Agreement") with Sun
Life Assurance Company of Canada ("Sun Life") and Wilmington Trust, N.A. as
securities intermediary ("Wilmington Trust").

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Pursuant to the Settlement Agreement, 31 life insurance policies with face
totaling $163.5 million issued by Sun Life were canceled in exchange for a lump
sum payment of $36.1 million. The settlement included two policies held by the
Company outside of White Eagle with an aggregate face value of $12.0 million, 28
policies held by White Eagle with an aggregate face value of $141.5 million and
one policy with a face value of $10.0 million in receivable for maturity for
White Eagle. Of this amount, approximately $12.7 million was received by the
Company, $13.4 million was paid to White Eagle and $10.0 million was paid to
Wilmington Trust for the maturity receivable. With this settlement, the Company
no longer owns any life insurance policies directly.

Subsequent Events

Sale of Imperial Life Settlements, LLC



On September 15, 2020, the Company sold its wholly-owned subsidiary, Imperial
Life Settlements, LLC ("ILS"), to an unrelated third party. Included in the sale
were viatical and/or life settlement provider licenses, permits and
authorizations issued to ILS by 12 states. In connection with the sale of ILS
and such licenses, the Company voluntarily surrendered licenses issued to ILS by
17 other states. Such licenses are required in connection with the purchase of
existing life settlements, but are not required for ownership of life
settlements.

Voluntary Petitions for Reorganization



On October 15, 2020 (the "2020 Petition Date"), Emergent Capital and its
wholly-owned subsidiary Red Reef Alternative Investment, LLC ("Red Reef") filed
voluntary petitions for relief (the "2020 Chapter 11 Cases") under chapter 11 of
title 11 of the United States Code (the "Bankruptcy Code") in the United States
Bankruptcy Court for the District of Delaware (the "Bankruptcy Court").

Emergent Capital and Red Reef will continue to operate their business as
"debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in
accordance with the applicable provisions of the Bankruptcy Code and the orders
of the Bankruptcy Court.

On October 14, 2020, Emergent Capital entered into two substantially identical
Restructuring Support Agreements (together with all exhibits and schedules
thereto, the "RSAs") with certain holders of the 8.5% Senior Secured Notes and
with certain holders of the 5.0% Convertible Notes (such holders collectively,
the "Supporting Holders"). In the aggregate, the Supporting Holders hold at
least a majority of each of the 8.5% Senior Secured Notes and the 5.0%
Convertible Notes.

See Note 21 , "Subsequent Events, " to the accompanying consolidated financial statements for further information.

Going Concern



The Company has incurred substantial losses and reported negative cash flows
from operating activities of $8.6 million for the nine months ended August 31,
2020 and $8.5 million for the nine months ended August 31, 2019. As of
August 31, 2020, we had approximately $19.1 million of cash and cash equivalents
and certificates of deposit of $517,000.

The Company's ability to continue as a going concern is dependent on its ability
to meet its liquidity needs through a combination of factors including but not
limited to, the receipt of distributions from its investment in its equity
investment in White Eagle, cash on hand and pending approval of its
prenegotiated Chapter 11 reorganization plan by the Bankruptcy Court.

As of the filing date of this Form 10-Q, we had approximately $19.0 million of
cash and cash equivalents inclusive of certificates of deposit of $519,000. The
Company's 8.5% Senior Secured Notes, which have outstanding principal of
approximately $47.6 million, currently mature on July 15, 2021. In considering
our forecast for the next twelve months, including the scheduled repayment of
this debt, the Company does not have sufficient liquidity to meet it's
obligations. Subsequent to the quarter end, the Company filed a Chapter 11
petition, including a prenegotiated reorganization plan with the support of the
holders of a majority of the 8.5% Senior Secured Notes holders which plan would
convert the 8.5% Senior Secured Notes into a security with a later maturity
date. The plan is pending approval by the Bankruptcy Court. These facts create a
substantial doubt of the Company's ability to meet its financial needs and
continue as a going concern. During the bankruptcy process, management plans to
continue to operate our business in accordance with the applicable provisions of
the Bankruptcy Code and the orders of the Bankruptcy Court.

See Note 21, "Subsequent Events", to the accompanying consolidated financial statements for further information.


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The accompanying consolidated financial statements are prepared on a going concern basis and do not include any adjustments that might result from uncertainty about the Company's ability to continue as a going concern.

Critical Accounting Policies

Critical Accounting Estimates



The preparation of the financial statements requires us to make judgments,
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
income and expenses during the reporting period. We base our judgments,
estimates and assumptions on historical experience and on various other factors
that are believed to be reasonable under the circumstances. Actual results could
differ materially from these estimates under different assumptions and
conditions. We evaluate our judgments, estimates and assumptions on a regular
basis and make changes accordingly. We believe that the judgments, estimates and
assumptions involved in the accounting for income taxes, the valuation of life
settlements and the valuation of investment in limited partnership have the
greatest potential impact on our financial statements and accordingly believe
these to be our critical accounting estimates.

Fair Value Measurement Guidance



We follow ASC 820, Fair Value Measurements and Disclosures, which defines fair
value as an exit price representing the amount that would be received if an
asset were sold or that would be paid to transfer a liability in an orderly
transaction between market participants at the measurement date. As such, fair
value is a market-based measurement that should be determined based on
assumptions that market participants would use in pricing an asset or liability.
As a basis for considering such assumptions, the guidance establishes a
three-level fair value hierarchy that prioritizes the inputs used to measure
fair value. Level 1 relates to quoted prices in active markets for identical
assets or liabilities. Level 2 relates to observable inputs other than quoted
prices included in Level 1. Level 3 relates to unobservable inputs that are
supported by little or no market activity and that are significant to the fair
value of the assets or liabilities. Our investments in life insurance policies,
investment in limited partnership and White Eagle Revolving Credit Facility debt
are considered Level 3 as there is currently no active market where we are able
to observe quoted prices for identical assets/liabilities and our valuation
model incorporates significant inputs that are not observable. See Note 16,
"Fair Value Measurements" of the notes to Consolidated Financial Statements for
a discussion of our fair value measurement.

Fair Value Option



We have elected to account for life settlements using the fair value method. The
fair value of the asset is the estimated amount that would be received to sell
an asset in an orderly transaction between market participants at the
measurement date. We calculate the fair value of the asset using a present value
technique to estimate the fair value of its life settlements. The Company
currently uses a probabilistic method of valuing life insurance policies, which
the Company believes to be the preferred valuation method in the industry. The
most significant assumptions are the estimates of life expectancy of the insured
and the discount rate. See Note 10, "  Life Settlements (Life Insurance
Policies)  " and Note 16, "Fair Value Measurements" of the notes to consolidated
financial statements for further information.

We have elected to account for the investment in limited partnership using the
fair value method. We calculate the fair value of the investment using a present
value technique to estimate the fair value the limited partnership investment.
The most significant assumptions are the estimates of life expectancy of the
insured for the life insurance policies that are held by the partnership, the
stipulated rate of return by the Class A Holder of the partnership, repayment of
advances made by the Class A holder on the Company's behalf, distributions to
the Company and the discount rate. See Note 11, "Investment in Limited
Partnership" and Note 16, "Fair Value Measurements" of the notes to consolidated
financial statements for further information.

We have elected to account for the debt under the White Eagle Revolving Credit
Facility, which includes the interest in policy proceeds to the lender, using
the fair value method. The fair value of the debt is the estimated amount that
would have to be paid to transfer the debt to a market participant in an orderly
transaction. We calculated the fair value of the debt using a discounted cash
flow model taking into account the stated interest rate of the credit facility
and probabilistic cash flows from the pledged policies. Considerable judgment is
required in interpreting market data to develop the estimates of fair value.
Accordingly, our estimates are not necessarily indicative of the amounts that
we, or holders of the instruments, could realize in a current market exchange.
The most significant assumptions are the estimates of life expectancy of the
insured and the discount rate. The use of assumptions and/or estimation
methodologies could have a material effect on the estimated fair values.

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Income Recognition



Our primary sources of income are in the form of changes in fair value of life
settlements, gains on life settlements, net, change in fair value of investment
in limited partnership and distributions from limited partnership. Our income
recognition policies for this source of income is as follows:

•Changes in Fair Value of Life Settlements-When we acquire certain life
insurance policies, we initially record these investments at the transaction
price, which is the fair value of the policy for those acquired upon
relinquishment or the amount paid for policies acquired for cash. The fair value
of the investment in insurance policies is evaluated at the end of each
reporting period. Changes in the fair value of the investment based on
evaluations are recorded as changes in fair value of life settlements in our
consolidated statements of operations. The fair value is determined on a
discounted cash flow basis that incorporates current life expectancy
assumptions. The discount rate incorporates current information about market
interest rates, the credit exposure to the insurance company that issued the
life insurance policy and our estimate of the risk premium an investor in the
policy would require. The Company recognizes income from life settlement
maturities on the date we are in receipt of death notice or verified obituary of
the insured. This income is the difference between the death benefits and fair
values of the policy at the time of maturity.

•Change in Fair Value of Investment in Limited Partnership - ASU
2016-01, Recognition and Measurement of Financial Assets and Financial
Liabilities requires that a reporting entity should account for its equity
investments that are not consolidated or accounted for under the equity method
at fair value, with changes to fair value recorded in current earnings. White
Eagle previously valued its life settlement policies at fair value whose
valuation are based on inputs that are both significant to the fair value
measurement and unobservable. The Company now holds an equity investment of
27.5% in White Eagle whose only assets are these life settlements. Additionally,
the investment includes a mezzanine financing which the Company assumed at
closing which repayment by, and ultimate distributions to, the Company are based
on a prescribed waterfall with a guaranteed 11% return to the majority owner
partner. The Company recognizes income from monthly distribution from the
limited partnership as prescribed by the Subscription Agreement.

Deferred Debt Costs



Deferred debt costs include costs incurred in connection with acquiring and
maintaining debt arrangements. These costs are directly deducted from the
carrying amount of the liability in the consolidated balance sheets, are
amortized over the life of the related debt using the effective interest method
and are classified as interest expense in the accompanying consolidated
statements of operations. These deferred costs are related to the Company's 5%
Convertible Notes and 8.5% Senior Secured Notes.

Income Taxes



We account for income taxes in accordance with ASC 740, Income Taxes. Under ASC
740, deferred income taxes are determined based on the estimated future tax
effects of differences between the financial statement and tax basis of assets
and liabilities given the provisions of enacted tax laws. Deferred income tax
provisions and benefits are based on changes to the assets or liabilities from
year to year. In providing for deferred taxes, we consider tax regulations of
the jurisdictions in which we operate, estimates of future taxable income and
available tax planning strategies. If tax regulations, operating results or the
ability to implement tax-planning strategies varies, adjustments to the carrying
value of the deferred tax assets and liabilities may be required. Valuation
allowances are based on the "more likely than not" criteria of ASC 740.

The accounting for uncertain tax positions guidance under ASC 740 requires that
we recognize the financial statement benefit of a tax position only after
determining that the relevant tax authority would more likely than not sustain
the position following an audit. For tax positions meeting the
more-likely-than-not threshold, the amount recognized in the financial
statements is the largest benefit that has a greater than 50 percent likelihood
of being realized upon ultimate settlement with the relevant tax authority. We
recognize interest and penalties (if any) on uncertain tax positions as a
component of income tax expense.

                                       55
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On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act
("TCJA"). Effective for tax years beginning after December 31, 2017, under
certain circumstances, Section 245A enacted by the TCJA eliminated U.S. federal
income tax on dividends received from foreign subsidiaries of domestic
corporations under a new participation exemption. However, the TCJA also created
a new tax on certain taxed foreign income under new Section 951A. Specifically,
income earned in excess of a deemed return on tangible assets held by a
controlled foreign corporation (such excess referred to as Global Intangible
Low-Taxed Income ("GILTI") must now generally be included as U.S. taxable income
on a current basis by its U.S. shareholders. Based on the Company's life
settlement assets held through Lamington's ownership share in the WE Investment,
management expects the net income generated from these activities to qualify
entirely as GILTI effective for its tax year beginning December 1, 2018. On
January 10, 2018, the FASB provided guidance on how to account for deferred tax
assets and liabilities expected to reverse in future years as GILTI. The FASB
provided that a company may either (1) elect to treat taxes due on future U.S.
inclusions of GILTI as a current-period expense when incurred or (2) factor such
amounts into the Company's measurement of its deferred taxes. For its reporting
period ended December 31, 2017, the Company adopted an accounting policy to
treat any future GILTI inclusion as a current-period expense instead of
providing for U.S. deferred taxes on all temporary differences related to future
GILTI items.

Stock-Based Compensation

We have adopted ASC 718, Compensation-Stock Compensation. ASC 718 addresses
accounting for share-based awards, including stock options, restricted stock,
performance shares and warrants, with compensation expense measured using fair
value and recorded over the requisite service or performance period of the
award. The fair value of equity instruments will be determined based on a
valuation using an option pricing model that takes into account various
assumptions that are subjective. Key assumptions used in the valuation will
include the expected term of the equity award taking into account both the
contractual term of the award, the effects of expected exercise and post-vesting
termination behavior, expected volatility, expected dividends and the risk-free
interest rate for the expected term of the award. Compensation expense
associated with performance shares is only recognized to the extent that it is
probable the performance measurement will be met.

Held-for-sale and discontinued operations



We report a business as held-for-sale when management has approved or received
approval to sell the business and is committed to a formal plan, the business is
available for immediate sale, the business is being actively marketed, the sale
is anticipated to occur during the ensuing year and certain other specified
criteria are met. A business classified as held-for-sale is recorded at the
lower of its carrying amount or estimated fair value less cost to sell. If the
carrying amount of the business exceeds its estimated fair value, a loss is
recognized. Depreciation is not recorded on assets of a business classified as
held-for-sale. Assets and liabilities related to a business classified as
held-for-sale are segregated in the Consolidated Balance Sheet and major classes
are separately disclosed in the notes to the Consolidated Financial Statements
commencing in the period in which the business is classified as held-for-sale.
We report the results of operations of a business as discontinued operations if
the business is classified as held-for-sale, the operations and cash flows of
the business have been or will be eliminated from the ongoing operations of the
Company as a result of a disposal transaction and we will not have any
significant continuing involvement in the operations of the business after the
disposal transaction. The results of discontinued operations are reported in
Discontinued Operations in the Consolidated Statements of Operations for current
and prior periods commencing in the period in which the business meets the
criteria of a discontinued operation, and include any gain or loss recognized on
closing or adjustment of the carrying amount to fair value less cost to sell.
During the fourth quarter of 2013, we sold substantially all of our structured
settlements business. The remaining balance of $2.4 million was written off as a
result of ongoing restructuring plans in the fourth quarter of fiscal 2019 as
the Company decided not to continue to pursue this line of investment. As a
result, we have classified our structured settlement operating results as
discontinued operations.

Foreign Currency



The Company owns certain foreign subsidiaries formed under the laws of Ireland,
Bahamas and Bermuda. These foreign subsidiaries utilize the U.S. dollar as their
functional currency. The foreign subsidiaries' financial statements are
denominated in U.S. dollars and therefore, there are no translation gains and
losses resulting from translating the financial statements at exchange rates
other than the functional currency. Any gains and losses resulting from foreign
currency transactions (transactions denominated in a currency other than the
subsidiaries' functional currency) are included in income. These gains and
losses are immaterial to the Company's financial statements.



                                       56
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Reorganization and Consolidation



On November 14, 2018 (the "Petition Date"), Lamington Road Designated Activity
Company (formerly known as Lamington Road Limited), the Company's wholly-owned
indirect Irish subsidiary ("Lamington" or "Lamington Road DAC"), and White Eagle
General Partner, LLC, the Company's wholly-owned indirect Delaware subsidiary
("WEGP"), filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the District of
Delaware (the "Bankruptcy Court"). Lamington is the limited partner and owns
99.99%, and WEGP is the general partner and owns 0.01%, of White Eagle. In its
capacity as general partner, WEGP manages the affairs of White Eagle.

Lamington and its subsidiaries' (White Eagle and WEGP) filing of the Chapter 11
Cases was a reconsideration event for Emergent Capital to reevaluate whether
consolidation of Lamington and its subsidiaries (White Eagle, WEGP and Lamington
Road Bermuda Limited) (collectively, and with Lamington, the "Deconsolidated
Entities") continued to be appropriate. Under ASC 810, Consolidation,
specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is
precluded where control does not rest with the majority owners, for instance,
where the subsidiary is in legal reorganization or bankruptcy. Accordingly, when
a subsidiary files for bankruptcy, it is appropriate for the parent to
deconsolidate the subsidiary. Under ASC 810, this loss of control would likely
trigger a gain or loss for the parent as the parent would remeasure its retained
noncontrolling investment at fair value. We assessed the inherent uncertainties
associated with the outcome of the Chapter 11 reorganization process and the
anticipated duration thereof, and concluded that it was appropriate to
deconsolidate Lamington and its subsidiaries effective on the Petition Date.

On June 19, 2019, the Bankruptcy Court entered an order confirming the Plan of
Reorganization for the Chapter 11 Cases. The Plan of Reorganization implemented
the Settlement Agreement and the DIP Financing. In addition, the Plan of
Reorganization provided for the payment of all other allowed third party
creditor claims in full, including allowed professional fees and taxes. The
effective date of the Plan of Reorganization was June 19, 2019.

On August 16, 2019, the White Eagle Revolving Credit Facility was paid in full
and terminated, additionally, payment was made to all White Eagle vendors and
intercompany liabilities were contributed by Emergent. Lamington and WEGP had
pledged their respective interests in White Eagle to secure its obligations
under the White Eagle Revolving Credit Facility. With the termination of the
facility, this pledge was released. There were no outstanding third party
liabilities for either Lamington or WEGP at August 16, 2019 besides intercompany
obligations to Emergent. Pursuant to ASC 810, Consolidation, management took the
position that given that all third party claims had been satisfied in the case,
consolidation of Lamington and WEGP as of August 17, 2019 was appropriate.
However, the consummation of the transaction under the Subscription Agreement
resulted in the Company being a minority owner in White Eagle, the entity was
not reconsolidated but rather treated as an equity investment.

On September 16, 2019, the Bankruptcy Court entered an order and a final decree
closing the White Eagle Chapter 11 Case and the Lamington and WEGP cases were
closed on November 25, 2019.

Related Party Relationship

Upon filing for Chapter 11 and the subsequent deconsolidation, transactions with
Lamington are no longer eliminated in consolidation and are treated as related
party transactions for Emergent Capital. On August 17, 2019 Lamington was
reconsolidated and its transactions were eliminated in consolidation. See Note 5
"Condensed and Consolidated Financial Statements For Entities in Bankruptcy" for
all transactions between Emergent Capital and Lamington.

Accounting Changes



Note 3, "Recent Accounting Pronouncements," of the Notes to Consolidated
Financial Statements discusses accounting standards adopted in 2020, as well as
accounting standards recently issued but not yet required to be adopted and the
expected impact of these changes in accounting standards. Any material impact of
adoption is discussed in Management's Discussion and Analysis of Financial
Condition and Results of Operations and in the Notes to the Consolidated
Financial Statements.

Leases



At lease inception, the Company determines whether an arrangement is or contains
a lease. Operating leases are included in operating lease right-of-use ("ROU")
assets and operating lease liabilities in the consolidated financial statements.
ROU assets represent the Company's right to use leased assets over the term of
the lease. Lease liabilities represent the Company's contractual obligation to
make lease payments over the lease term. For operating leases, ROU assets and
lease liabilities are
                                       57
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recognized at the commencement date. The lease liability is measured as the
present value of the lease payments over the lease term. The Company uses the
rate implicit in the lease if it is determinable. When the rate implicit in the
lease is not determinable, the Company uses its incremental borrowing rate at
the commencement date of the lease to determine the present value of the lease
payments. Operating ROU assets are calculated as the present value of the
remaining lease payments plus unamortized initial direct costs plus any
prepayments less any unamortized lease incentives received. Lease terms may
include renewal or extension options to the extent they are reasonably certain
to be exercised. The assessment of whether renewal or extension options are
reasonably certain to be exercised is made at lease commencement.

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Selected Operating Data (dollars in thousands):


                                                                                                                                     Nine Months Ended
                                                                    Three Months Ended August 31,                                        August 31,
                                                                      2020                    2019                 2020                  2019

End of Period - Policies Owned - Consolidated
Number of policies owned                                                      -                    2                    -                      2
Average age of insured                                                        -                 78.4                    -                   78.4
Average death benefit per policy                               $

- $ 6,000 $ - $ 6,000 Average Life Expectancy - Calculated LE (Years)


  -                 11.6                    -                   11.6
Aggregate Death Benefit                                        $              -          $    12,000          $         -          $      12,000
Aggregate fair value                                           $

- $ 1,254 $ - $ 1,254 Monthly premium - average per policy

                           $

- $ 7.7 $ - $ 7.7

White Eagle Portfolio - Deconsolidated



Period Maturities
Number of policies matured                                                    -                    6                    -                     18
Average age of insured at maturity                                            -                 87.4                    -                   86.1
Average Life Expectancy - Calculated LE (Years)                               -                  3.6                    -                    5.9
Aggregate death benefit                                        $              -          $    31,768                    -          $     100,374
Gains on maturity                                              $              -          $    19,999                    -          $      70,300
Proceeds collected                                             $              -          $    60,163                    -          $      92,505

Investment in Limited Partnership
End of Period - Policies Owned
Number of policies owned                                                    500                  568                  500                    568
Average age of insured                                                     85.9                   85                 85.9                   85.9
Average death benefit per policy                               $

4,735 $ 4,710 $ 4,735 $ 4,710 Average Life Expectancy - Calculated LE (Years)

                             6.6                  7.2                  6.6                    7.2
Aggregate death benefit*                                       $

2,367,540 $ 2,675,279 $ 2,367,540 $ 2,675,279 Monthly premium - average per policy

                           $           17.4          $      15.5          $      17.4          $        15.5

Period Maturities*
Number of policies matured                                                   13                    -                   33                      -
Average age of insured at maturity                                         88.9                    -                 88.6                      -
Average Life Expectancy - Calculated LE (Years)                             4.5                    -                  4.1                      -
Aggregate death benefit                                        $         43,225          $         -          $   133,275          $           -
Gains on maturity                                              $         30,041          $         -          $    78,480          $           -
Proceeds collected                                             $         32,050          $         -          $   107,276          $           -

*Subject to waterfall distribution as described in Note 11, Investment in Limited Partnership


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Results of Operations

The following is our analysis of the results of operations for the periods indicated below. This analysis should be read in conjunction with our financial statements, including the related notes to the financial statements.



As a result of our subsidiaries' Chapter 11 Cases, Lamington's and its
subsidiaries' (White Eagle, WEGP and Lamington Road Bermuda Limited), financial
results are included in the Company's consolidated results through November 13,
2018, the day prior to the Petition Date. However, ASC 810, Consolidation
requires that an entity whose financial statements were previously consolidated
with those of its parent that files for protection under the U.S. Bankruptcy
Code, whether solvent or insolvent, generally must be prospectively
deconsolidated from the parent and presented as an equity investment. The
results of White Eagle represented the Company's core business, and although the
results are deconsolidated, the Company analyzed significant activities for the
deconsolidated subsidiaries up to the point of deemed closure of the bankruptcy
case of August 16, 2019. Effective August 17, 2019, Lamington and WEGP are no
longer deconsolidated.

On September 16, 2019, the Bankruptcy Court entered an order and final decree
closing the White Eagle Chapter 11 Case, and on November 25, 2019, the
Bankruptcy Court entered an order and final decree closing both of the Lamington
and WEGP chapter 11 cases.

Our results of operations are discussed below in three parts: (i) our consolidated results of continuing operations for 2020 compared to 2019, (ii) our results of deconsolidated subsidiaries for 2019, and (iii) our results of discontinued operations 2020 compared to 2019.

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