Security Benefit Life Insurance Co.

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Security Benefit Life Insurance Co. reported 11 stock positions worth $246.3 million. Its top holding was Accelerant Class A (ARX) at 32.8% of the portfolio, followed by Eldridge Aaa Clo ETF (CLOX, 23.5%) and Eldridge BBB-B Clo ETF (CLOZ, 17.7%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 1 and reduced 2. The biggest buy was a new position in Accelerant Class A (ARX) and the biggest sale an exit from Figs Class A (FIGS).

Most Recent 13F: Q2 2026
Location: TOPEKA, KS
CIK: 0000869772
Portfolio Value: $246.3M (Q3 2025)
SEC Filing: 0000869772-25-000093 ↗ filed Nov 12, 2025

Holdings Value

Holdings 11 stocks · $246.3M


ARX Accelerant Holdings Class A	32.81%	5,866,257	$80.8M	New
CLOX Eldridge Aaa Clo ETF	23.45%	2,258,806	$57.8M	No change
CLOZ Eldridge BBB-B Clo ETF	17.70%	1,625,576	$43.6M	No change
SEAT Vivid Seats Inc. Class A	14.79%	2,192,103	$36.4M	No change
TLT iShares 20+ Year Treasury BD	3.99%	110,000	$9.8M	No change
VMBS Vanguard Mortgage-Backed Sec	1.91%	100,000	$4.7M	No change
VEA Vanguard Ftse Developed ETF	1.72%	70,800	$4.2M	No change
IVV iShares Core S&P 500 ETF	1.58%	5,800	$3.9M	Reduce -14.7%
GIFT Giftify Inc.	1.07%	2,493,790	$2.6M	Reduce -7.8%
VWO Vanguard Ftse Emerging Marke	0.61%	27,800	$1.5M	No change
IJH iShares Core S&P Midcap ETF	0.35%	13,300	$868K	Add +141.8%

Other holdings (8): bonds, preferreds, convertibles and warrants · $2.3M (not counted above)

Security	Class	Shares / Principal	Value	Change
EVEX.WS Eve Holdng Inc. -CW25	*W EXP 05/09/202	4,110,193	$1.9M	No change
RGTIW Rigetti Computing -CW27	*W EXP 03/02/202	12,500	$229K	No change
SPWRW Sunpower Inc.-CW27	*W EXP 07/31/202	150,000	$45K	No change
SEATW Vivid Seats Inc. -CW26	*W EXP 10/18/202	325,990	$34K	Reduce -95.0%
BSLKW Golden Arrow Merger A -CW26	*W EXP 08/13/202	297,596	$12K	No change
VEEAW Plum Acquisition I A -CW28	*W EXP 09/13/202	118,032	$8K	No change
SLXNW Biomotion Sciences-CW29	*W EXP 08/15/202	150,000	$5K	No change
BNAIW Brand Engagement Netwo -CW27	*W EXP 03/14/202	133,333	$2K	No change

Total filed on the 13F, all lines: $248.5M.

Portfolio Sells Q2 2025 → Q3 2025


FIGS Figs Inc. Class A	Sold out	0.00%	−1.54
GIFT Giftify Inc.	Reduce -7.8%	1.07%	−0.89
IVV iShares Core S&P 500 ETF	Reduce -14.7%	1.58%	−0.46

Portfolio Buys Q2 2025 → Q3 2025


ARX Accelerant Holdings Class A	New	32.81%	+32.81
IJH iShares Core S&P Midcap ETF	Add +141.8%	0.35%	+0.19

Notes & Other Activity Q2 2025 → Q3 2025


SEATW Vivid Seats Inc. -CW26	*W EXP 10/18/202	Reduce -95.0%	325,990	$34K

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

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026Amended	12	$180.7M	ARX, CLOZ, CLOX, SEAT, TLT
Q1 2026	11	$188.5M	ARX, CLOZ, CLOX, SEAT, TLT
Q4 2025	11	$240.0M	ARX, CLOX, CLOZ, SEAT, TLT
Q3 2025	11	$246.3M	ARX, CLOX, CLOZ, SEAT, TLT
Q2 2025	11	$206.9M	VIVID SEATS INC, CLOX, CLOZ, TLT, VMBS
Q1 2025	11	$264.8M	VIVID SEATS INC, CLOX, CLOZ, TLT, FIGS
Q4 2024	11	$302.5M	VIVID SEATS INC, CLOX, CLOZ, TLT, VMBS
Q3 2024	12	$195.6M	VIVID SEATS INC, SRAD, TLT, GIFT, IVV
Q2 2024	13	$301.0M	VIVID SEATS INC, SRAD, TLT, IVV, VMBS
Q1 2024	13	$316.8M	VIVID SEATS INC, SRAD, TLT, IVV, VEA