What is the meaning of Matthew 19:27-28?

27 Then answered Peter and said unto him, Behold, we have forsaken all, and followed thee; what shall we have therefore? 28 And Jesus said unto them, Verily I say unto you, That ye which have followed me, in the regeneration when the Son of man shall sit in the throne of his glory, ye also shall sit upon twelve thrones, judging the twelve tribes of Israel. (Matthew 19:27-28 KJV)

Thomas Scott

Verses 27-28: The young ruler’s departure from Christ, and his observations upon it, led Peter to recollect that he and the other apostles had actually left all to follow him: and it seems to have excited some degree of self-complacency. With his usual forwardness, he therefore reminded Jesus of this, and inquires what reward they should receive. Indeed Peter’s  all had been only a few fishing nets, a boat, and other things of small value: yet they were the means of obtaining a maintenance; and the same faith which induced him to renounce them for Christ’s sake, would have led him to make a larger sacrifice if he had been called to it, as he afterwards was. Our Lord therefore overlooked what was amiss, and assured the apostles, that they “who had followed him in the regeneration,” should at length be advanced and honored in a peculiar manner. If we join the expression, “in the regeneration,” to the preceding clause, it may mean the regenerating work of the Holy Spirit on their hearts, disposing them to obey his call. But it may, and probably should, be joined to the subsequent clause; and then it refers to the time when the apostles would receive their full recompense, even “when the Son of Man shall sit on the throne of his glory.” Mt 25:31 Then he will make all things new; and they will be his assessors in judgment: the world and the Church will be judged according to their doctrine; and they will appear distinguished in an especial manner from all their brethren in Christ. Some reference may perhaps be had to the establishment of the Christian church, and the condemnation of the Jewish nation in consequence of their ministry; but the day of judgment seems immediately intended. Judas was at this time one of the number: but he had never truly followed Christ; when he by transgression fell, another was appointed in his place, and the number twelve was continued with reference to the twelve tribes of which Israel was originally constituted.—‘In the day of the great restoration of all things, when the elect shall enter on a new life of unspeakable glory, even in that great and dreadful day, when “the Son of Man shall sit upon his throne of majesty to judge the quick and the dead;” then shall ye, my apostles, who are now despicable and mean, have the honor to sit upon several thrones to second and assist this awful act of final judgment on the rebellious tribes of Israel.’—Bishop Hall.