SECURITY BENEFIT LIFE INSURANCE CO /KS/

Security Benefit Life Insurance's Q1 2026 13F is a $190M (down from $242M, -21.5%) 20-position CLO-and-alternative-credit portfolio -- among the smallest and most specialized books in this filing cohort. The portfolio is dominated by three positions: Accelerant Holdings (G00894108, $78.4M, 41.2%, 5.87M shares, -18.3% value from $96M) as the largest holding; Eldridge BBB-B CLO ETF (CLOZ, $41.7M, 21.9%, 1.63M shares, slight -3.1% value reduction); and Eldridge AAA CLO ETF (CLOX, $29.4M, 15.5%, 1.15M shares, -49.1% shares, -$28M from $58M) -- together these three names account for 78.6% of the entire portfolio. The remaining positions are tiny satellite sleeves: Vivid Seats (SEAT, $13.0M, 6.8%), TLT ($9.5M, 5.0%), VMBS ($4.7M, 2.5%), VEA ($3.9M, 2.1%), IVV ($3.4M, 1.8%), Giftify (GIFT, $2.5M, 1.3%), EVE Holding (EVEX/WS, $1.6M, 0.86%), VWO ($1.3M, 0.67%), IJH ($0.8M, 0.42%), and six sub-$100K warrant/SPAC residuals (Rigetti Computing $69K, Complete Solaria $38K, Brand Engagement $33K, Vivid Seats warrants $16K, Veea $7K, Golden Arrow $2K, Moringa $2K). The Q1 2026 activity: essentially zero rotation -- 1 increased (IJH +107% shares, a tiny $421K add), 4 decreased (CLOX -49.1% shares, -$28M; IVV -20% shares; VEA -11.7% shares; VWO -15.5% shares), 14 unchanged, 0 new opens, 0 sold. The -21.5% AUM decline is entirely mark-to-market on the CLO sleeve (CLOX fell from $58M to $29M) plus the Accelerant markdown. The 76.00 whaleScore on $190M reflects the whaleScore formula including AUM tier. The portfolio's identity is a specialized insurance-alternative-credit book: CLO ETFs (Eldridge AAA and BBB-B) provide senior-secured-loan exposure, Accelerant Holdings provides insurance-linked or specialty-finance exposure, Vivid Seats is a micro-cap consumer-betting position, and the ETF/VEA/VWO/IVV/IJH/TLT/VMBS sleeve provides traditional bond-and-equity beta. The Q1 2026 delta is best read as: Security Benefit Life executed essentially no rotation in Q1 2026 -- this is a hold-and-mark-to-market quarter for a buy-and-maintain insurance general account. The only active move was trimming the Eldridge AAA CLO position in half (-49.1% shares, -$28M) and slightly reducing developed-and-emerging-market ETF sleeves, while making one tiny add to the iShares mid-cap sleeve (+107% but only $421K in absolute terms). The -21.5% AUM decline from $242M to $190M reflects CLO-market markdowns and is not a portfolio decision. The post-Q1 $190M book is structurally unchanged -- same three-name CLO-plus-Accelerant core, same satellite ETFs, same SPAC-and-warrant residuals. From a 13F-signal perspective, the only notable item is the CLOX (Eldridge AAA CLO) halving -- a reduction in the portfolio's largest fixed-income sleeve that may reflect either a liquidity need or a view on CLO valuations.