AEGON USA Investment Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 24, 2025), AEGON USA Investment Management, LLC reported 16 stock positions worth $114.0 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 83.5% of the portfolio, followed by WW International Inc.-New (WW, 7.0%) and Vanguard Total Bond Market (BND, 2.7%). Compared with Q2 2025, it opened 1 new position, added to 2 and reduced 5. The biggest buy was a new position in WW International Inc.-New (WW) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −1%).

Most Recent 13F
Q2 2026
Location
CEDAR RAPIDS, IA
CIK
0001454937
Portfolio Value
$114.0M (Q3 2025)
SEC Filing
0001454937-25-000017 ↗ filed Oct 24, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $96.8M Q1 2024 Q2 2024: $98.3M Q2 2024 Q3 2024: $100.3M Q3 2024 Q4 2024: $99.1M Q4 2024 Q1 2025: $93.1M Q1 2025 Q2 2025: $98.7M Q2 2025 Q3 2025: $114.0M $114.0M Q3 2025 Q4 2025: $111.2M Q4 2025 Q1 2026: $101.2M Q1 2026 Q2 2026: $115.1M Q2 2026

Holdings 16 stocks · $114.0M
VTI VG Morningstar TS MKT ETF-US 83.49% 290,128 $95.2M Reduce -1.2%
WW WW International Inc.-New filed as WW INTL INC 7.05% 293,854 $8.0M New
BND Vanguard Total Bond Market 2.70% 41,399 $3.1M Reduce -1.5%
SRLN SS Blackstone Sr Loan ETF 1.54% 42,300 $1.8M Add +44.4%
BKLN Invesco Senior Loan ETF 1.16% 63,000 $1.3M Add +75.0%
VGSH Vanguard Short-Term Treasury 0.70% 13,500 $794K No change
HFRO Highland Opport & Income 0.59% 105,895 $672K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.40% 957 $459K Reduce -16.9%
CBL CBL & Associates Properties 0.40% 14,909 $456K No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.40% 5,575 $453K No change
CCO Clear Channel Outdoor Holdin 0.34% 242,485 $383K Reduce -18.7%
SPHQ Invesco S&P 500 Quality ETF 0.31% 4,760 $349K Reduce -16.9%
IHRT Iheartmedia Inc. Class A 0.29% 117,010 $336K No change
FCT First Trust SNR FL RT Inc. II 0.26% 30,017 $300K No change
HIX Western Asset High Inc. II 0.23% 60,614 $264K No change
XEFRX Eaton Vance Sr FLTG Rate TR 0.15% 14,765 $169K No change
Other holdings (28): bonds, preferreds, convertibles and warrants · $29.2M (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 2,248$2.9MReduce -9.7%
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal 2,268,000$2.6MNo change
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 1,403,000$2.1MNo change
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 1,847,000$1.9MNo change
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 1,800,000$1.6MNo change
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 22,713$1.6MNo change
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 1,434,000$1.5MNo change
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 27,000$1.4MNo change
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 1,122,000$1.3MNo change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 1,129,000$1.3MNo change
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 932,000$1.2MNo change
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 22,700$1.1MNo change
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 905,000$991KNo change
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 761,000$983KNo change
EXPEDIA GROUP INC (EXPE 0 02/15/26) NOTE 2/1 · principal 882,000$888KNo change
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 750,000$834KNo change
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal 746,000$802KNo change
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 621,000$733KNo change
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal 500,000$613KNo change
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal 500,000$599KNo change
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal 500,000$501KNo change
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal 475,000$486KNo change
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 8,000$398KNo change
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal 350,000$376KNo change
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) NOTE 1.750% 8/1 · principal 390,000$367KNo change
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 185,000$182KNo change
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) NOTE 7.500%10/1 · principal 155,000$155KNo change
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A · principal 2,870$4KReduce -6.5%

Total filed on the 13F, all lines: $143.3M.

Portfolio Sells Q2 2025 → Q3 2025
VTI VG Morningstar TS MKT ETF-US Reduce -1.2% 83.49% −6.94
BND Vanguard Total Bond Market Reduce -1.5% 2.70% −0.43
VUG Vanguard Mrngstar GR ETF-Sui Reduce -16.9% 0.40% −0.11
SPHQ Invesco S&P 500 Quality ETF Reduce -16.9% 0.31% −0.11
CCO Clear Channel Outdoor Holdin Reduce -18.7% 0.34% −0.02

Portfolio Buys Q2 2025 → Q3 2025
WW WW International Inc.-New New 7.05% +7.05
BKLN Invesco Senior Loan ETF Add +75.0% 1.16% +0.39
SRLN SS Blackstone Sr Loan ETF Add +44.4% 1.54% +0.31

Notes & Other Activity Q2 2025 → Q3 2025
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Reduce -9.7% 2,248 $2.9M
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Sold out 57,000 $2.3Mbefore exit
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A · principal Reduce -6.5% 2,870 $4K
SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) NOTE 0.250%12/0 · principal Sold out 1,000,000 $3Kbefore exit
SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) NOTE 2.625% 2/1 · principal Sold out 1,000,000 $3Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 19$115.1MVTI, WW, BND, SRLN, OPI
Q1 2026 17$101.2MVTI, BND, WW, SRLN, VGSH
Q4 2025 18$111.2MVTI, WW, BND, SRLN, BKLN
Q3 2025 16$114.0MVTI, WW, BND, SRLN, BKLN
Q2 2025 15$98.7MVTI, BND, SRLN, VGSH, BKLN
Q1 2025 14$93.1MVTI, BND, SRLN, BKLN, VGSH
Q4 2024 14$99.1MVTI, BND, SRLN, BKLN, HFRO
Q3 2024 16$100.3MVTI, BND, SRLN, BKLN, HFRO
Q2 2024 21$98.3MVTI, BND, SRLN, BKLN, CBL
Q1 2024 22$96.8MVTI, BND, SRLN, BKLN, CBL