SBL VARIABLE ANNUITY ACCOUNT XI

ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract

Expands the non-exchange-traded contract scope exception to exclude contracts with certain underlyings based on operations or activities specific to one party. The ASU clarifies that the scope of ASC Topic 606 includes share-based noncash consideration from a customer until the right to receive or retain such consideration becomes unconditional.

January 1, 2027, including interim periods, with early adoption permitted. The amendments may be applied prospectively to new contracts or on a modified retrospective basis.

The Company does not expect ASU 2025-07 to have material impact on the Company’s financial condition, results of operations, or cash flows.

ASU 2025-06, Targeted Improvements to Accounting for Internal-Use Software

Simplifies accounting for internal-use software by eliminating references to specific development project stages and clarifies the threshold entities should apply to begin capitalizing costs.

January 1, 2028, including interim periods, with early adoption permitted. The amendments may be applied prospectively, retrospectively, or utilizing a modified transition approach.

The Company is in the process of determining the impact of adopting the provisions of ASU 2025-06.

ASU 2023-09, Improvements to Income Tax Disclosures

Requires entities to disclose additional information around the effective tax rate reconciliation and income taxes paid.

January 1, 2026 with early adoption permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted.

The Company does not expect ASU 2023-09 to have material impact on the Company’s financial condition, results of operations, or cash flows.

Filed on: April 29, 2026

File No. 333-84159

File No. 811-09517

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933			☐
	Pre-Effective Amendment No.		☐
	Post-Effective Amendment No.	27	☒
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940			☐
	Amendment No.	28	☒

(Check appropriate box or boxes)

SBL VARIABLE ANNUITY ACCOUNT XI
(Scarborough Advantage)

(Exact Name of Registered Separate Account)

Security Benefit Life Insurance Company

(Name of Insurance Company)

One Security Benefit Place, Topeka, Kansas 66636-0001

(Address of Insurance Company’s Principal Executive Offices)

(785) 438-3000

(Insurance Company’s Telephone Number, Including Area Code)

Alison Pollock, Assistant General Counsel
Security Benefit Life Insurance Company
One Security Benefit Place, Topeka, KS 66636-0001

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)
☒ on May 1, 2026, pursuant to paragraph (b)
☐ 60 days after filing pursuant to paragraph (a)(1)
☐ on May 1, 2026, pursuant to paragraph (a)(1) of rule 485 under the Securities Act.

If appropriate, check the following box:

☐

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Check each box that appropriately characterizes the Registrant:

☐

New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing)

☐

Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”))

☐

If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act

☒

Insurance Company relying on Rule 12h-7 under the Exchange Act

☐

Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)

Prospectus

May 1, 2026

SCARBOROUGH ADVANTAGE VARIABLE ANNUITY

Important Privacy

Notice Included

Variable annuity contracts issued by
Security Benefit Life Insurance Company
and offered by Security Distributors, LLC

32-69146-00 2026/05/01

V6914

SCARBOROUGH ADVANTAGE VARIABLE ANNUITY

Group Flexible Purchase Payment Deferred Variable Annuity Contract

Variable Annuity Account XI

Issued By:	Mailing Address:
Security Benefit Life Insurance Company One Security Benefit Place Topeka, Kansas 66636-0001 1-800-888-2461 www.securitybenefit.com	Security Benefit Life Insurance Company P.O. Box 750497 Topeka, Kansas 66675-0497

This Prospectus describes the Scarborough Advantage Variable Annuity—a Group Flexible Purchase Payment Deferred Variable Annuity Contract (the “Contract”) offered by Security Benefit Life Insurance Company (the “Company”). The Contract is available for those persons eligible to participate in the International Brotherhood of Electrical Workers (“IBEW”) Local Unions Savings and Retirement Plan and Trust. The Contract is designed to give you flexibility in planning for retirement and other financial goals. This Prospectus is used with both prospective and current Participants.

The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes, and tax penalties.

You may allocate your Purchase Payments and Contract Value to one or more of the Subaccounts that comprise a separate account of the Company, called Variable Annuity Account XI (the “Separate Account”), or to the Fixed Account (if it is available under your Contract). Each Subaccount invests in a corresponding mutual fund (each, an “Underlying Fund”). More information about the Underlying Funds currently available under the Contract and the Fixed Account (if available) is available in Appendix A to this Prospectus (entitled “Investment Options Available Under the Contract”).

This Prospectus sets forth information about the Contract and the Separate Account that you should know before purchasing the Contract. Our obligations under the Contract are subject to our financial strength and claims-paying ability. This Prospectus should be kept for future reference. Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your enrollment form or your total Contract Value. You should review this Prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or

determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The Contract is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance

Corporation or any other government agency. The value of your Contract can go up and down and you could

lose money.

Date: May 1, 2026

V6914

32-69146-00 2026/05/01

Table of Contents

	Page
Definitions	4
Overview of the Contract	5
Purpose of the Contract	5
Phases of the Contract	5
Contract Features	6
Additional Services	6
Important Information You Should Consider About the Contract	6
Fee Table	8
Transaction Expenses	8
Annual Contract Expenses	9
Annual Underlying Fund Expenses	9
Examples	9
Principal Risks of Investing in the Contract	10
Risk of Investment Loss	10
Short-Term Investment Risk/Withdrawal Risk	10
Subaccount Risk	10
Purchase Payment Risk	10
Financial Strength and Claims-Paying Ability Risk	10
Business Disruption and Cybersecurity Risk	10
Tax Consequences Risk	10
Contract Changes Risk	10
Information About the Company, the Separate Account, and the Underlying Funds	11
Security Benefit Life Insurance Company	11
Published Ratings	11
Separate Account	11
Underlying Funds	12
Services and Administration	13
Charges and Deductions	13
Transaction Expenses	13
Premium Tax Charge	13
Annual Contract Expenses	14
Mortality and Expense Risk Charge	14
Administration and Distribution Charge	14
Other Charges	14
Variations in Charges	14
Guarantee of Certain Charges	14
Underlying Fund Expenses	14
The Contract	15

	Page
General	15
Important Information About Your Benefits Under the Contract	15
Application to Invest in the Contract	15
Purchase Payments	15
Allocation of Purchase Payments	16
Dollar Cost Averaging Option	17
Asset Reallocation Option	18
Transfers of Contract Value	18
Contract Value	21
Determination of Contract Value	21
Cut-Off Times	21
Full and Partial Withdrawals	22
Systematic Withdrawals	22
Death Benefit	23
Distribution Requirements	24
Benefits Under the Contract	24
Annuity Period	25
General	25
Annuity Options	26
The Fixed Account	26
Interest	27
Death Benefit	27
Contract Charges	27
Transfers and Withdrawals from the Fixed Account	27
Payments from the Fixed Account	27
More About the Contract	27
Holder	27
Dividends	27
Payments from the Separate Account	28
Proof of Age and Survival	28
Misstatements	28
Business Disruption and Cybersecurity Risks	28
Federal Tax Matters	29
Introduction	29
Tax Status of the Company and the Separate Account	29
Income Taxation of Annuities in General—Non-Qualified Contracts	30
Other Tax Considerations	32
Other Information	32
Voting of Underlying Fund Shares	32
Changes to Investments	33

	Page
Changes to Comply with Law and Amendments	33
Reports to Participants	34
Electronic Privileges	34
State Variations	34
Legal Proceedings	34
Legal Matters	34
Sale of the Contract	35
Additional Information	35

	Page
Registration Statement	35
Financial Statements	36
Appendix A – Investment Options Available Under the Contract	A-1
Underlying Funds	A-1
Fixed Option	A-2

Definitions

Various terms commonly used in this Prospectus are defined as follows:

Accumulation Unit — A unit of measure used to calculate Contract Value.

Administrative Office — PlanMember Securities Corp/Scarborough Alliance Group, One Bridge Street, Irvington, New York 10533.

Annuitant — The person designated by Participant to receive annuity payments. If you designate Joint Annuitants, “Annuitant” means both Annuitants unless otherwise stated.

Annuity (“annuity”) — A series of periodic income payments made by the Company to an Annuitant, Joint Annuitant, or Designated Beneficiary during the period specified in the Annuity Options.

Annuity Options — Options under the Contract that prescribe the provisions under which a series of annuity payments are made.

Annuity Period — The period beginning on the Annuity Start Date during which annuity payments are made.

Annuity Start Date — The date when annuity payments begin.

Annuity Unit — A unit of measure used to calculate variable annuity payments under Annuity Options.

Automatic Investment Program — A program pursuant to which Purchase Payments are automatically paid from your bank account on a specified day of each month or a salary reduction agreement.

Company — Security Benefit Life Insurance Company. The Company is also identified herein as “we,” “our,” or “us.”

Contract — The flexible purchase payment deferred variable annuity contract described in this Prospectus.

Contract Date — The date of a Participant's first contribution to the Contract. Contract anniversaries are measured from the Contract Date. The Contract Date is usually the date that the initial Purchase Payment is credited to the Contract.

Contractholder or Holder — The IBEW Local Unions Savings and Retirement Plan and Trust holds the Contract for the benefit of Participants.

Contract Value — The total value of a Participant’s account which includes amounts allocated to the Subaccounts and the Fixed Account.

Contract Year — Each twelve-month period measured from the Contract Date.

Designated Beneficiary — The person designated by the Participant as having the right to the death benefit, if any, payable upon Participant’s death.

Fixed Account — A separate account of the Company to which a Participant may allocate all or a portion of Contract Value to be held for accumulation at fixed rates of interest declared periodically by the Company.

General Account — All assets of the Company other than those allocated to the Separate Account, the Fixed Account, or to any other separate account of the Company.

Internal Revenue Code or the Code — The Internal Revenue Code of 1986, as amended.

Investment Options — The Subaccounts and the Fixed Account (if available).

Participant — A Participant as defined in the Trust Agreement. A Participant is also identified herein as “you.”

Purchase Payment — An amount initially paid to the Company as consideration for the Contract and any subsequent amounts paid to the Company under the Contract.

Separate Account — Variable Annuity Account XI, a separate account of the Company that consists of accounts, referred to as Subaccounts, each of which invests in a corresponding Underlying Fund.

Subaccount — A division of the Separate Account which invests in a corresponding Underlying Fund.

Trust — The IBEW Local Unions Savings and Retirement Plan and Trust.

Trust Agreement — The Trust Agreement creating the Trust.

Underlying Fund — A mutual fund or series thereof that serves as an investment vehicle for its corresponding Subaccount.

Valuation Date — Each date on which the Separate Account is valued, which currently includes each day that the New York Stock Exchange is open for trading. Each Valuation Date closes at the end of regular trading on the New York Stock Exchange (normally, 3:00 p.m. Central time). The New York Stock Exchange is scheduled to be closed on weekends and on the following holidays: New Year’s Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Valuation Period — A period used in measuring the investment experience of each Subaccount of the Separate Account. The Valuation Period begins at the close of one Valuation Date and ends at the close of the next Valuation Date.

Withdrawal Value — The amount a Participant will receive upon full withdrawal of the Contract. It is equal to Contract Value less any uncollected premium taxes.

Overview of the Contract

Purpose of the Contract — The Contract is a variable annuity contract. It is designed for retirement planning purposes. You make investments in the Contract’s investment options during the accumulation phase. The value of your investments is used to calculate your benefits under the Contract. At the end of the accumulation phase, we use that accumulated value to calculate the payments that we make during the annuity phase. These payments can provide or supplement your retirement income. Generally speaking, the longer your accumulation phase, the greater your accumulated value may be for setting your benefits and annuity payouts. The Contract also includes a death benefit to help financially protect your Designated Beneficiary.

This Contract may be appropriate for you if you have a long investment time horizon. This Contract is not intended for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading in the Subaccounts that are available under the Contract. Because of the possibility of income tax and tax penalties on early withdrawals, the Contract should not be viewed as an investment vehicle offering low cost liquidity. Your financial goal in acquiring the Contract should focus on a long-term insurance product, offering the prospect of investment growth.

Phases of the Contract — The contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity (payout) phase (for income).

Accumulation Phase. During the accumulation phase, earnings accumulate on a tax-deferred basis and are taxed as income when you make a withdrawal. To accumulate value during the accumulation phase, you invest your Purchase Payments and earnings in the Subaccounts that are available under the Contract, which, in turn, invest in Underlying Funds with different investment strategies, objectives, and risk/reward profiles. You may allocate all or part of your Purchase Payments and Contract Value to the Subaccounts. Amounts that you allocate to a Subaccount will increase or decrease in dollar value depending in part on the investment performance of the Underlying Fund in which such Subaccount invests. The Fixed Account option (if available under your Contract), which guarantees the

principal and a minimum interest rate, may also be available for investment. If the Fixed Account is available under your Contract, you may allocate all or part of your Purchase Payments to the Fixed Account.

Additional information about the Underlying Funds currently available under the Contract and the Fixed Account (if available) is provided in Appendix A: Investment Options Available Under the Contract.

Annuity (Payout) Phase. The Annuity phase occurs after the Annuity Start Date and is when you or a designated payee begin receiving regular Annuity payments from your Contract. The Contract provides several Annuity Options. You should carefully review the Annuity Options with your financial or tax adviser. The payments may be fixed or variable or a combination of both. Variable payments will vary based on the performance of the Subaccounts you select. Unless you direct otherwise, proceeds derived from Contract Value allocated to the Subaccounts will be applied to purchase a variable annuity and proceeds derived from Contract Value allocated to the Fixed Account will be applied to purchase a fixed annuity.

Please note that if you annuitize, your investments will be converted to income payments and you generally will no longer be able to withdraw money at will from your Contract.

Contract Features —

Accessing Your Money. Before your Contract is annuitized, you can withdraw money from your Contract at any time. If you take a withdrawal, you may have to pay income taxes, including a tax penalty, if you are younger than age 59½.

Tax Treatment. You can transfer money between investment options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only upon: (1) making a withdrawal; (2) surrender of the Contract; (3) receiving a payment from us; or (4) payment of a death benefit.

Death Benefits. For Participants aged 75 or younger on the Contract issue date, the Contract includes a standard death benefit that will pay the higher of Contract Value or total Purchase Payments (adjusted for any outstanding Contract Debt, any pro rata account administration charge, prior withdrawals, including any withdrawal charges, and any uncollected premium tax) upon your or the Annuitant’s death. For Participants aged 76 and older on the Contract issue date, the standard death benefit will be equal to the Contract Value only.

Additional Services — We offer several additional services:

Dollar Cost Averaging. You direct us to systematically transfer Contract Value among the Subaccounts and the Fixed Account (if available) on a monthly, quarterly, semiannual, or annual basis.

Asset Reallocation Option. You direct us to automatically reallocate your Contract Value to return to your original percentage investment allocations on a periodic basis.

Automatic Investment Program. Purchase Payments are automatically paid from your bank account on a specified day each month or pursuant to a salary reduction agreement.

Systematic Withdrawals. You receive regular automatic withdrawals from your Contract, on a monthly, quarterly, annual or semi-annual basis, provided that each payment must amount to at least $100 (unless we consent otherwise).

Important Information You Should Consider About the Contract

FEES, EXPENSES, AND ADJUSTMENTS

Location in Prospectus

Are There

Charges or

Adjustments for

Early

Withdrawals?

No. The Company does not assess a withdrawal charge on full or partial

withdrawals.

Fee Table

Fee Table – Examples

Are There

Transaction

Charges?

No. There are no charges for other transactions.

Not Applicable

FEES, EXPENSES, AND ADJUSTMENTS

Location in Prospectus

Are There Ongoing Fees and Expenses?	Yes. The table below describes the current fees and expenses of the Contract that you may pay each year, depending on the Investment Options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.			Fee Table – Examples Charges and Deductions – Mortality and Expense Risk Charge Charges and Deductions – Administration and Distribution Charge Appendix A – Underlying Funds Available Under the Contract
	Annual Fee	Minimum	Maximum
	Base Contract1	1.04%	1.04%
	Investment options2 (Underlying Fund fees and expenses)	0.90%	2.19%
	1 As a percentage of Contract Value allocated to the Separate Account. The Base Contract Expenses do not reflect any applicable Platform Charge, which is an annual charge deducted from Contract Value invested in certain Subaccounts. 2 As a percentage of Underlying Fund average net assets.

	There are no optional benefits available under this Contract. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year based on current charges.
	Lowest Annual Cost: $1,727.36	Highest Annual Cost: $2,707.23
	Assumes: ●Investment of $100,000 ●5% annual appreciation ●Least expensive combination of Base Contract charge and Underlying Fund fees and expenses ●No additional Purchase Payments, transfers or withdrawals	Assumes: ●Investment of $100,000 ●5% annual appreciation ●Most expensive combination of Base Contract charge and Underlying Fund fees and expenses ●No additional Purchase Payments, transfers or withdrawals

	RISKS	Location in Prospectus
Is There a Risk of Loss from Poor Performance?	Yes. You can lose money by investing in this Contract, including loss of principal.	Principal Risks of Investing in the Contract
Is this a Short-Term Investment?	No. ●This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. ●Withdrawals will reduce the value of your Contract. ●Tax deferral is more beneficial to investors with a long time horizon.	The Contract – General
What are the Risks Associated with the Investment Options?	●An investment in this Contract is subject to the risk of poor investment performance. Performance can vary depending on the performance of the Investment Options that are available under the Contract. ●Each investment option, including the Fixed Account (if available), has its own unique risks. ●You should review the Investment Options before making an investment decision.	Appendix A – Underlying Funds Available Under the Contract
What are the Risks Related to the Insurance Company?	An investment in the Contract is subject to the risks related to us, Security Benefit Life Insurance Company. Any obligations, guarantees or benefits of the Contract are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. More information about Security Benefit Life Insurance Company, including our financial strength ratings, is available upon request by calling 1-800-888-2461 or visiting www.securitybenefit.com.	Information About the Company, the Separate Account, and the Underlying Funds – Security Benefit Life Insurance Company

	RESTRICTIONS	Location in Prospectus
Are There Restrictions on the Investment Options?	Yes. ●Certain investment options may not be available under your Contract. ●Certain Subaccounts prohibit you from transferring out and back in the same Subaccount within a period of calendar days. ●We reserve the right to limit your transfers to 14 in a Contract Year, to suspend transfers and limit the transfer amounts, and to limit transfers in circumstances of frequent or large transfers. ●We reserve the right to add, remove or substitute the Underlying Funds available as investment options under the Contract. ●We reserve the right to refuse any Purchase Payment, to further limit your ability to make subsequent Purchase Payments with advance notice, and to require our prior approval before accepting Purchase Payments.	The Contract – Allocation of Purchase Payments The Contract – Transfers of Contract Value – Frequent Transfer Restrictions The Fixed Account – Transfers and Withdrawals from the Fixed Account Other Information – Changes to Investments
Are There any Restrictions on Contract Benefits?	No. ●There are no optional benefits available under this Contract.	Not Applicable
	TAXES	Location in Prospectus
What are the Contract’s Tax Implications?	●Consult with a tax professional to determine the tax implications of an investment in and payments received under the Contract. ●If you purchased the Contract through a tax-qualified plan or IRA, you do not get any additional tax benefit deferral under the Contract. ●Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may have to pay a penalty if you take a withdrawal before age 59½.	Federal Tax Matters Federal Tax Matters – Income Taxation of Annuities in General—Non Qualified Contracts
	CONFLICTS OF INTEREST	Location in Prospectus
How are Investment Professionals Compensated?	Your investment professional may receive compensation for selling this Contract to you, in the form of commissions, additional payments, and non-cash compensation. We may share the revenue we earn on this Contract with your investment professional’s firm. This conflict of interest may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or is compensated less.	Other Information – Sale of the Contract
Should I Exchange my Contract?	Some investment professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange a contract you already own if you determine, after comparing the features, fees and risks of both contracts, and any fees or penalties to terminate the existing contract, that it is better for you to purchase the new contract rather than continue to own your existing contract.	Additional Compensation Paid to Selected Selling Broker-Dealers

Fee Table

The following tables describe the fees and expenses that you will pay when buying, owning, surrendering, or making withdrawals from an Investment Option or from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.

The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from an Investment Option or from the Contract, or transfer Contract Value between Investment Options. State premium taxes may also be deducted.

Transaction Expenses

	Charge
Sales Load Imposed on Purchase Payments	None

	Charge
Surrender Charge (as a percentage of amount withdrawn attributable to Purchase Payments)	None
Transfer Processing Fee (per transfer)	None

The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Underlying Fund fees and expenses).

Annual Contract Expenses

	Charge
Administrative Expenses	None
Base Contract Expenses (as a percentage of average Contract Value)	1.39%1
1 This charge is comprised of both an annual mortality and expense risk charge and an annual administration and distribution charge. The mortality and expense risk charge is 0.45% and is deducted daily. The maximum administration and distribution charge ranges from 0.59% to 0.94% and is deducted daily. The Company currently charges an administration and distribution charge of 0.91% for all Subaccounts except the Guggenheim VIF Large Cap Value, Guggenheim VIF World Equity Income, Guggenheim VIF All Cap Value and Guggenheim VIF SMid Cap Value Subaccounts, for which the Company charges an annual rate of 0.56%.The Base Contract Expenses do not reflect any applicable Platform Charge, which is an annual charge deducted from Contract Value invested in certain Subaccounts.

The next table below shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. These amounts include applicable Platform Charges if you choose to invest in certain Underlying Funds. A complete list of Underlying Funds available under the Contract, including their annual expenses, may be found in Appendix A to this Prospectus.

Annual Underlying Fund Expenses

	Minimum	Maximum
Annual Underlying Fund Expenses (expenses deducted from Underlying Fund assets include management fees, distribution (12b-1) fees, service fees and other expenses)	0.90%	2.19%
Net Annual Underlying Fund Expenses (after contractual waivers/reimbursements)1	0.90%	2.14%
1 Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027.

Examples — These Examples are intended to help you compare the cost of investing in the Subaccounts with the cost of investing in other annuity contracts that offer Variable Options. These costs include transaction expenses, Annual Contract Expenses and annual Underlying Fund fees and expenses but do not include state premium taxes, which may be applicable to your Contract.

The Example assumes all Contract value is allocated to the Subaccounts. Your costs could differ from those shown below if you invest in the Fixed Account (if available).

These Examples assume that you invest $100,000 in the Subaccounts for the time periods indicated. The Examples also assume that your investment has a 5% return each year. The first Example assumes the most expensive Annual Underlying Fund Expenses. The second Example assumes the least expensive Annual Underlying Fund Expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Based on the Most Expensive Annual Underlying Fund Expenses	1 Year	3 Years	5 Years	10 Years
If you surrender your Contract at the end of the applicable time period	$3,258.59	$9,949.81	$16,880.00	$35,307.70
If you do not surrender; or if you annuitize your Contract at the end of the applicable time period.	$3,258.59	$9,949.81	$16,880.00	$35,307.70

Based on the Least Expensive Annual Underlying Fund Expenses	1 Year	3 Years	5 Years	10 Years
If you surrender your Contract at the end of the applicable time period	$1,969.68	$6,091.71	$10,469.86	$22,642.69
If you do not surrender; or if you annuitize your Contract at the end of the applicable time period	$1,969.68	$6,091.71	$10,469.86	$22,642.69

Principal Risks of Investing in the Contract

Risk of Investment Loss — The Contract involves risks, including possible loss of principal. You bear the risk of any decline in the Contract Value resulting from the performance of the Subaccounts you have chosen. Your losses could be significant. This risk could have a significant negative impact on certain benefits and guarantees under the Contract.

This Contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. This Contract is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.

Short-Term Investment Risk/Withdrawal Risk — This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. If you plan to withdraw money or surrender the Contract for short-term needs, it may not be the right contract for you. A tax may be assessed on withdrawals and surrenders, and it could be substantial. If you make a withdrawal prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A total withdrawal (surrender) will result in the termination of your Contract and any benefits. The benefits of tax deferral long-term income, and living benefit protections mean that this Contract is more beneficial to investors with a long time horizon.

Subaccount Risk — Amounts that you invest in the Subaccounts are subject to the risk of poor investment performance. You assume the investment risk. Generally, if the Subaccounts that you select make money, your Contract Value goes up, and if they lose money, your Contract Value goes down. Each Subaccount’s performance depends on the performance of its Underlying Fund. Each Underlying Fund has its own investment risks, and you are exposed to the Underlying Fund’s investment risks when you invest in a Subaccount. You are responsible for selecting Subaccounts that are appropriate for you based on your own individual circumstances, investment goals, financial situation, and risk tolerance. The investment risks are described in the prospectuses for the Underlying Funds.

Purchase Payment Risk — Your ability to make subsequent Purchase Payments is subject to restrictions. We reserve the right to refuse any Purchase Payment, to further limit your ability to make subsequent Purchase Payments with advance notice, and to require our prior approval before accepting Purchase Payments. There is no guarantee that you will always be permitted to make Purchase Payments.

Financial Strength and Claims-Paying Ability Risk — All guarantees under the Contract that are paid from our General Account (including under any Fixed Account option) are subject to our financial strength and claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you.

Business Disruption and Cybersecurity Risk — Our business is highly dependent upon the effective operation of our computer systems and those of our business partners, so our business is vulnerable to systems failures and cyber-attacks. Systems failures and cyber-attacks may adversely affect us, your Contract, and your Contract Value. In addition to cybersecurity risks, we are exposed to the risk that natural and man-made disasters, pandemics (like COVID-19), catastrophes, geopolitical disputes and military actions may significantly disrupt our business operations and our ability to administer the Contract. There can be no assurance that we or our service providers will be able to successfully avoid negative impacts associated with systems failures, cyber-attacks, or natural and man-made disasters, pandemics and catastrophes. We note that there may be an increased risk of cyberattacks during periods of geopolitical or military conflicts. For more information about these risks, see “More About the Contract – Business Disruption and Cybersecurity Risks.”

Tax Consequences Risk — Withdrawals are generally taxable (to the extent of any earnings on the Contract), and prior to age 59½ a tax penalty may apply. In addition, even if the Contract is held for years before any withdrawal is made, the withdrawals are taxable as ordinary income rather than capital gains.

Contract Changes Risk — From time to time, we make changes to the Contract. We may limit the number of transfers to 14 in a Contract Year. We may restrict your ability to make subsequent Purchase Payments. We may limit the number of loans you may have outstanding at any time. We reserve the right to add, remove or substitute the Underlying Funds available as investment options under the Contract in accordance with applicable law. We may change the investment restrictions under certain optional benefits, and we may stop offering for purchase any currently available optional benefit at any time.

Information About the Company, the Separate Account, and the Underlying Funds

Security Benefit Life Insurance Company — Security Benefit Life Insurance Company is a life insurance company organized under the laws of the State of Kansas. It was organized originally as a fraternal benefit society and commenced business February 22, 1892. It became a mutual life insurance company on January 2, 1950 and converted to a stock life insurance company on July 31, 1998. The Company’s indirect parent, Eldridge Industries, LLC, owns, operates and invests in businesses across a wide range of sectors and is ultimately controlled by Todd L. Boehly.

The Company offers life insurance policies and annuity contracts, as well as financial and retirement services. It is admitted to do business in the District of Columbia, and in all states except New York. As of the end of 2025, the Company had total assets under management of approximately $49.6 billion. The Company’s address is One Security Benefit Place, Topeka, Kansas 66636-0001.

The Principal Underwriter for the Contracts is Security Distributors, LLC (“SDL”), One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”).

We are obligated to pay all amounts promised to you under your Contract. All guarantees under the Contract are subject to our financial strength and claims-paying capabilities. We provide information about our financial strength in reports filed with state insurance departments. You may obtain information about us by contacting us using the information stated on the cover page of this Prospectus, visiting our website at www.securitybenefit.com or visiting the SEC’s website at www.sec.gov. You may also obtain reports and other financial information about us by contacting your state insurance department.

Published Ratings — The Company may from time to time publish in advertisements, sales literature and reports to Participants, the ratings and other information assigned to it by one or more independent rating organizations such as A.M. Best Company and Standard & Poor’s. The purpose of the ratings is to reflect the financial strength and/or claims-paying ability of the Company and should not be considered as bearing on the investment performance of assets held in the Separate Account. Each year A.M. Best Company reviews the financial status of thousands of insurers, culminating in the assignment of Best’s Ratings. These ratings reflect their current opinion of the relative financial strength and operating performance of an insurance company in comparison to the norms of the life/health insurance industry. In addition, the claims-paying ability of the Company as measured by Standard & Poor’s Insurance Ratings Services may be referred to in advertisements or sales literature or in reports to Participants. These ratings, which are subject to change, are opinions as to an operating insurance company’s financial capacity to meet the obligations of its insurance and annuity policies in accordance with their terms. Such ratings do not reflect the investment performance of the Separate Account or the degree of risk associated with an investment in the Separate Account.

Separate Account — The Company established the Separate Account under Kansas law on October 26, 1998. The Contract provides that the income, gains, or losses of the Separate Account, whether or not realized, are credited to or charged against the assets of the Separate Account without regard to other income, gains, or losses of the Company. Kansas law provides that assets in the Separate Account attributable to the reserves and other liabilities under a Contract may not be charged with liabilities arising from any other business that the Company conducts if, and to the extent, the Contract so provides. The Contract contains a provision stating that assets held in the Separate Account may not be charged with liabilities arising from other business that the Company conducts. The Company owns the assets in the Separate Account and is required to maintain sufficient assets in the Separate Account to meet all Separate Account obligations under the Contract. Such Separate Account assets are not subject to claims of the Company’s creditors.

The Separate Account consists of accounts referred to as Subaccounts. The Contract provides that the income, gains and losses, whether or not realized, are credited to, or charged against, the assets of each Subaccount without regard to the income, gains or losses in the other Subaccounts. Each Subaccount invests exclusively in shares of a corresponding Underlying Fund. Contract value allocated to a Subaccount will vary based on the investment experience of the corresponding Underlying Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested.

The Company may in the future establish additional Subaccounts of the Separate Account, which may invest in other Underlying Funds or in other securities or investment vehicles. See “Changes to Investments.”

The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the “1940 Act”). Registration with the SEC does not involve supervision by the SEC of the administration or investment practices of the Separate Account or of the Company.

We do not guarantee the investment results of the Separate Account. Accumulated Value allocated to a Subaccount will vary based on the investment experience of the corresponding Investment Option in which the Subaccount invests. You bear the risk of any decline in the Accumulated Value of your Contract resulting from the performance of the Investment Option you have chosen. There is a risk of loss of the entire amount invested.

Underlying Funds — Each Underlying Fund is an open-end management investment company or a series thereof and is registered with the SEC under the 1940 Act. Such registration does not involve supervision by the SEC of the investments or investment policies of the Underlying Fund. Each Underlying Fund has its own investment objectives and policies.

Shares of the Underlying Funds currently are not publicly traded. They are available only as investment options in variable annuity or variable life insurance policies issued by life insurance companies or in some cases, through participation in certain qualified pension or retirement plans. Certain Underlying Funds have similar investment objectives and policies as other mutual funds managed by the same adviser. The investment results of the Underlying Funds, however, may be higher or lower than the results of such other funds. There can be no assurance, and no representation is made, that the investment results of any of the Underlying Funds will be comparable to the investment results of any other fund, even if both the Underlying Fund and the other fund are managed by the same adviser.

Information regarding each Underlying Fund, including its (i) name, (ii) type or investment objective, (iii) investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance, is available in an appendix to this Prospectus. See Appendix A: Underlying Funds Available Under the Contract. We cannot assure that any Underlying Fund will achieve its objective. Each Underlying Fund has issued a prospectus that contains more detailed information about the Underlying Fund. Read these prospectuses carefully before investing. Paper or electronic copies of the Underlying Fund prospectuses may be obtained by calling us at 1-800-888-2461, e-mailing us at SBLProspectusRequests@securitybenefit.com or visiting https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121828.

Certain Payments the Company and its Affiliates Receive with Regard to the Underlying Funds. The Company (and its affiliates) receives payments from some of the Underlying Funds, their advisers, sub-advisers, and distributors, or affiliates thereof. The Company negotiates these payments and thus they differ by Underlying Fund (sometimes substantially), and the amounts the Company (or its affiliates) receives can be significant. Where these payments are made, the advisers, sub-advisers, or distributors (or affiliate thereof) of those Underlying Funds have increased access to the Company and its affiliates involved in the distribution of the Contract. Proceeds from these payments can be used by the Company for any corporate purpose, including payment of expenses that the Company and its affiliates incur in promoting, marketing, and administering the Contract and in the Company’s role as an intermediary for the Underlying Funds. The Company and its affiliates may profit from these payments.

12b-1 Fees. The Company and/or its subsidiary, SDL, the principal underwriter for the Contract, receive 12b-1 fees from certain of the Underlying Funds that are based on a percentage of the average daily net assets of the particular Underlying Fund attributable to the Contract and certain other variable insurance contracts issued or administered by the Company (or its affiliates). 12b-1 fees are paid out of Underlying Fund assets as part of the Underlying Fund’s total annual operating expenses. Payments made out of Underlying Fund assets will reduce the amount of assets that would otherwise be available for investment, and will reduce the Underlying Fund’s investment returns. Currently, the Company and SDL receive 12b-1 fees of up to 0.25% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in Underlying Funds that pay 12b-1 fees.

Payments from Underlying Fund Service Providers. The Company (or its affiliates) also receives payments from the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds. These payments may be derived, in whole or in part, from the investment advisory fee deducted from Underlying Fund assets. Participants, through their indirect investment in the Underlying Funds, bear the costs of these investment advisory fees (see the Underlying Funds’ prospectuses for more information). These payments usually are based on a percentage of the average daily net assets of the particular Underlying Fund attributable to the Contract and to certain other variable insurance contracts issued or administered by the Company (or its affiliates). Currently, the Company and its affiliates receive payments that range from 0.15% to 0.45% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in an Underlying Fund. The Company may also receive payments from certain of the investment

advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds that is based on a pre-determined fee and not based on the average net assets of the Contract (or other variable insurance contracts issued or administered by the Company or its affiliates) invested in the Underlying Fund. None of these payments are paid from Underlying Fund assets.

Other Payments. In the case of certain of the Underlying Funds, the Underlying Fund’s adviser, sub-adviser, distributor, or affiliates provide the Company (or its affiliates) and/or broker-dealers that sell the Contract (“selling firms”) with wholesaling services to assist the Company in the distribution of the Contract, pay the Company (or its affiliates) and/or selling firms amounts to participate in their national and regional sales conferences and meetings with their sales desks, and/or provide the Company (or its affiliates) and/or selling firms with occasional gifts, meals, tickets, or other compensation as an incentive for them to market the Underlying Funds when offering or distribution the Contract and to cooperate with their promotional efforts for the Underlying Funds.

For details about the compensation payments the Company makes in connection with the sale of the Contract, see “Sale of the Contract.”

Total Payments. Currently, the Company and its affiliates, including SDL, receive payments from the Underlying Funds, their advisers, sub-advisers, and distributors, or affiliates thereof in the form of 12b-1 fees and/or other payments described above that range in total from a minimum of 0.15% to a maximum of 0.60% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in the Underlying Funds. This does not include the arrangements with certain of the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds in which the payment is not based on the average net assets of the Contract invested in an Underlying Fund.

Selection of Underlying Funds. The Company selects the Underlying Funds offered through the Contract based on several criteria, including asset class coverage, the strength of the investment adviser’s (or sub-adviser’s) reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor the Company considers during the selection process is whether the Underlying Fund, its adviser, its sub-adviser, or an affiliate will make payments to the Company or its affiliates, as described above. These payment arrangements may create an incentive for us to select funds that pay us higher amounts. The Company also considers whether the Underlying Fund’s adviser is one of its affiliates, and whether the Underlying Fund, its adviser, sub-adviser, or distributor (or an affiliate) can provide marketing and distribution support for sale of the Contract. The Company reviews each Underlying Fund periodically after it is selected. Upon review, the Company may remove an Underlying Fund or restrict allocation of additional Purchase Payments and/or transfers of Contract Value to an Underlying Fund if it determines the Underlying Fund no longer meets one or more of the criteria and/or if the Underlying Fund has not attracted significant assets. The Company does not recommend or endorse any particular Underlying Fund and does not provide investment advice.

Services and Administration — The Company has primary responsibility for all administration of the Contracts and the Separate Account. The Company has entered into an administrative services agreement with SE2, LLC (“SE2”), 5801 SW 6th Avenue, Topeka, Kansas 66636, whereby SE2 provides certain business process outsourcing services with respect to the Contracts. SE2 may engage other service providers to provide certain administrative functions. SE2 is an affiliate of the Company.

Charges and Deductions

Certain charges will be deducted in connection with the Contract, as described below.

Transaction Expenses

Premium Tax Charge — Whether or not a premium tax is imposed will depend upon, among other things, the Holder’s state of domicile, the Annuitant’s state of residence, and the insurance tax laws and the Company’s status in a particular state. Various states and municipalities impose a tax on premiums on annuity contracts received by insurance companies. Such a tax is typically assessed when annuity payments are to begin, and, accordingly, the Company currently deducts this charge upon the Annuity Start Date. The Company assesses a premium tax charge to reimburse itself for any premium tax that it incurs in connection with the Contract. The Company reserves the right to deduct premium taxes when due or any time thereafter. In Maine, South Dakota and Wyoming, the Company deducts the premium tax from Purchase Payments applied to a Non-Qualified Contract. Those amounts are currently 2.00% and 1.00% respectively. Premium tax rates currently range from 0% to 3.5% but are subject to change by a governmental entity.

Annual Contract Expenses

Administrative Expenses

The Company does not deduct Administrative Expenses from your Contract.

Base Contract Expenses

Mortality and Expense Risk Charge — The Company deducts a daily charge from the assets of each Subaccount for mortality and expense risks assumed by the Company under the Contract. The charge is equal to an annual rate of 0.45% of each Subaccount’s average daily net assets.

The mortality and expense risk charge is intended to compensate the Company for certain mortality and expense risks the Company assumes in offering and administering the Contract and in operating the Subaccounts.

The expense risk is the risk that the Company’s actual expenses in issuing and administering the Contract and operating the Subaccounts will be more than the charges assessed for such expenses. The mortality risk borne by the Company is the risk that Annuitants, as a group, will live longer than the Company’s actuarial tables predict. In this event, the Company guarantees that annuity payments will not be affected by a change in mortality experience that results in the payment of greater annuity income than assumed under the Annuity Options in the Contract. The Company also assumes a mortality risk in connection with the death benefit under the Contract (i.e., for deaths occurring sooner than the Company’s actuarial tables predict).

The Company may ultimately realize a profit from this charge to the extent it is not needed to cover mortality and administrative expenses, but the Company may realize a loss to the extent the charge is not sufficient. The Company may use any profit derived from this charge for any lawful purpose, including distribution expenses. See “Determination of Contract Value” for more information about how the Company deducts the mortality and expense risk charge.

Administration and Distribution Charge — The Company may deduct a maximum daily administration and distribution charge equal to an annual rate of 0.94% of each Subaccount’s average daily net assets, except the Guggenheim VIF Large Cap Value, Guggenheim VIF World Equity Income, Guggenheim VIF All Cap Value and Guggenheim VIF SMid Cap Value Subaccounts for which the maximum annual rate is 0.59%. The Company is currently charging an annual rate of 0.91% of each Subaccount’s average daily net assets (0.56% of the average daily net assets of the Guggenheim VIF Large Cap Value, Guggenheim VIF World Equity Income, Guggenheim VIF All Cap Value and Guggenheim VIF SMid Cap Value Subaccounts). The purpose of this charge is to reimburse the Company for the expenses associated with administration and distribution of the Contract and operation of the Subaccounts. The Company expects to profit from this charge and may use any profit derived from this charge for any lawful purpose, including distribution expenses. Any administration and distribution charge that exceeds 0.59% is sometimes referred to in this Prospectus as a Platform Fee.

Other Charges — The Company may charge the Separate Account or the Subaccounts for the federal, state, or local taxes incurred by the Company that are attributable to the Separate Account or the Subaccounts, or to the operations of the Company with respect to the Contract, or that are attributable to payment of premiums or acquisition costs under the Contract. No such charge is currently assessed. See “Tax Status of the Company and the Separate Account” and “Charge for the Company’s Taxes.”

Variations in Charges — The Company may reduce or waive the amount of the administration and distribution charge for the Contract where the expenses associated with the administration of the Contract are reduced.

Guarantee of Certain Charges — The Company guarantees that: (1) the charge for mortality and expense risks will not exceed an annual rate of 0.45% of each Subaccount’s average daily net assets; and (2) the Administration and Distribution charge will not exceed an annual rate of 0.94% (0.59% for the Guggenheim VIF Large Cap Value, Guggenheim VIF World Equity Income, Guggenheim VIF All Cap Value, and Guggenheim VIF SMid Cap Value) of each Subaccount’s average daily net assets.

Underlying Fund Expenses — Each Subaccount of the Separate Account purchases shares at the net asset value of the corresponding Underlying Fund. Each Underlying Fund’s net asset value reflects the investment advisory fee and other expenses that are deducted from the assets of the Underlying Fund. These fees and

expenses are not deducted from the Subaccounts but are paid from the assets of the corresponding Underlying Fund. As a result, the Participant indirectly bears a pro rata portion of such fees and expenses. The advisory fees and other expenses, if any, which are more fully described in each Underlying Fund’s prospectus, are not specified or fixed under the terms of the Contract and may vary from year to year.

The Contract

General — The Company issues the Contract offered by this Prospectus. It is a group flexible purchase payment deferred variable annuity. To the extent that you allocate all or a portion of your Purchase Payments to the Subaccounts, the Contract is significantly different from a fixed annuity contract in that it is the Participant who assumes the risk of investment gain or loss rather than the Company. When you are ready to begin receiving annuity payments, the Contract provides several Annuity Options under which the Company will pay periodic annuity payments on a fixed basis, beginning on the Annuity Start Date. The amount that will be available for annuity payments will depend on the investment performance of the Subaccounts to which you have allocated Contract Value and the amount of on Contract Value that you have allocated to the Fixed Account. You may purchase the Contract under the terms of the Trust Agreement if you are eligible to be a Participant under its terms.

Important Information About Your Benefits Under the Contract — The benefits under the Contract are paid by us from our General Account assets and/or your Contract Value held in the Separate Account. It is important that you understand that payment of benefits from the Separate Account is not guaranteed and depends upon certain factors discussed below.

Assets in the Separate Account. Your Contract permits you to allocate Purchase Payments and Contract Value to various Subaccounts. You bear all of the investment risk for allocations to the Subaccounts. Your Contract Value in the Subaccounts is part of the assets of the Separate Account. These assets are segregated and cannot be charged with liabilities arising from any other business that we may conduct.

Assets in the General Account. Any guarantees under the Contract that exceed your Contract Value (such as those associated with the death benefit) are paid from our General Account. We issue other types of insurance policies and financial products as well, and we pay our obligations under these products from our assets in the General Account.

Any amounts that we are obligated to pay under the Contract from the General Account are subject to our financial strength and claims-paying ability. An insurance company’s financial strength and claims-paying ability may be affected by, among other factors, adverse market developments. Adverse market developments may result in, among other things, realized losses on General Account investments, unrealized losses on such investments (which may or may not result in accounting impairments), increased reserve requirements, and a reduction of capital both absolutely and relative to minimum, regulatory required capital (some of which are cash items and some of which are noncash items). Adverse market developments are an inherent risk to our, and any insurer’s, General Account.

Application to Invest in the Contract — If you wish to invest in the Contract, you may submit a participation enrollment form and an initial Purchase Payment to the Company, as well as any other form or information that the Company may require. The Company reserves the right to reject a participation enrollment form or Purchase Payment for any reason, subject to the Company’s underwriting standards and guidelines and any applicable state or federal law relating to nondiscrimination. The maximum age for which a participation enrollment form will be accepted is age 90.

Purchase Payments — The minimum initial Purchase Payment for the purchase of a Contract is $1,000. Thereafter, you may choose the amount and frequency of Purchase Payments, except that the minimum subsequent Purchase Payment is $100. There is no minimum for subsequent Purchase Payments made pursuant to an Automatic Investment Program. The Company may reduce the minimum Purchase Payment requirement under certain circumstances. A Purchase Payment exceeding $1,000,000 will not be accepted without prior approval of the Company. The Company has the right to refuse any Purchase Payment and to cease accepting Purchase Payments.

The Company will apply the initial Purchase Payment not later than the end of the second Valuation Date after the Valuation Date it is received by the Company, in good order. In this regard “good order” means that the Purchase Payment is preceded or accompanied by an application that contains sufficient information to establish an account and properly credit such Purchase Payment. The application form will be provided by the Company. If you submit your application and/or initial Purchase Payment to your registered representative, the Company will not begin processing the application and the initial Purchase Payment until the Company receives them from your representative’s broker-dealer.

Sometimes the Purchase Payment is not preceded by or accompanied by a complete application. The application includes your affirmative consent permitting the Company to hold your initial Purchase Payment beyond five Valuation Dates in its effort to complete your application. If your application is incomplete, and the Company is unable to resolve the problem within five Valuation Dates, the Company will notify you of the reasons for the delay. If you affirmatively revoke the consent given with your application to hold your initial Purchase Payment pending resolution of the problem, we will return your Purchase Payment. Otherwise, the Purchase Payment will be applied not later than the second Valuation Date after the Valuation Date the problem is resolved.

The Company will credit subsequent Purchase Payments as of the end of the Valuation Period in which they are received by the Company at its Administrative Office; however, subsequent Purchase Payments received at or after close of a Valuation Date (normally 3:00 p.m. Central time) will be effected at the Accumulation Unit value determined on the following Valuation Date. See “Cut-Off Times.” In addition, any such Purchase Payment will not be processed until it is in good order. In this regard, “good order” means that the Purchase Payment is preceded or accompanied by sufficient information to properly credit such Purchase Payment. Purchase Payments after the initial Purchase Payment may be made at any time prior to the Annuity Start Date, so long as the Participant is living. Subsequent Purchase Payments under a Qualified Plan may be limited by the terms of the plan and provisions of the Internal Revenue Code. Subsequent Purchase Payments may be paid under an Automatic Investment Program. The initial Purchase Payment required must be paid before the Company will accept the Automatic Investment Program. If you submit a subsequent Purchase Payment to your registered representative, the Company will not begin processing the Purchase Payment until the Company receives it from your representative’s broker-dealer.

If mandated under applicable law, the Company may be required to reject a Purchase Payment. The Company also may be required to provide additional information about the Participant’s account to government regulators. In addition, the Company may be required to block the Participant’s account and thereby refuse to pay any request for transfers, full or partial withdrawals (including systematic withdrawals), or death benefits until instructions are received from the appropriate regulator.

Allocation of Purchase Payments — In an application for a Contract, you select the Subaccounts and/or the Fixed Account to which Purchase Payments will be allocated. Purchase Payments will be allocated according to your instructions contained in the application or more recent instructions received, if any. The allocations must be whole percentages and must total 100%. Available allocation alternatives include the Subaccounts and the Fixed Account (if available).

You may change the Purchase Payment allocation instructions by submitting a proper written request to the Company’s Administrative Office. A proper change in allocation instructions will be effective upon receipt by the Company at its Administrative Office and will continue in effect until you submit a change in instructions to the Company. You may make changes in your Purchase Payment allocation and changes to an existing Dollar Cost Averaging or Asset Reallocation Option (each, an “Automatic Allocation Program”) by telephone provided the proper form is properly completed, signed, and received by the Company at its Administrative Office. Changes in the allocation of future Purchase Payments have no effect on existing Contract Value. You may, however, transfer Contract Value among the Subaccounts and/or the Fixed Account in the manner described in “Transfers of Contract Value.”

Fund Liquidations. If your allocation instructions include a Subaccount that becomes no longer available due to a fund liquidation, upon advance notice to you and unless you otherwise instruct us, we will allocate the applicable portion of any subsequent Purchase Payments to the Fixed Account, and any automatic allocation instructions for scheduled transfers that include a Subaccount that is no longer available due to a fund liquidation will be terminated. If you wish to set up a new Dollar Cost Averaging Option or Asset Reallocation Option (without the Subaccount that is no longer available due to a fund liquidation), you will need to submit a new form to us. If you request a transfer of Contract Value to a Subaccount that is no longer available due to a fund liquidation, we will consider your request to not be in good order, and we will not process it. In such cases, we will contact you for further instructions.

Closed Subaccounts. We reserve the right to close Subaccounts. If we close a Subaccount (a “Closed Subaccount”), you may be prevented from allocating Purchase Payments or Contract Value to that Subaccount. Currently, there are no Closed Subaccounts under the Contract. In the event that we receive a request to allocate Purchase Payments or Contract Value to a Closed Subaccount, we will handle that transaction as follows:

New Applications. If we receive an application for a Contract with an allocation to a Closed Subaccount, we will consider the application to be incomplete and we will attempt to contact the applicant to get revised instructions. The Company will hold the Purchase Payment in its General Account and may take up to five Valuation Dates to resolve the problem. If the Company is unable to resolve the problem within five Valuation Dates, the Company will notify the applicant of the reasons for the delay. If the applicant affirmatively revokes the consent given with their application to

hold the initial Purchase Payment pending resolution of the problem, we will return the applicant’s Purchase Payment. Otherwise, the Purchase Payment will be applied not later than the second Valuation Date after the Valuation Date the problem is resolved.

Existing Contracts. If you have Contract Value in a Closed Subaccount as of its close date, your Contract Value will remain invested in the Subaccount, but you will not be able to allocate Purchase Payments or transfer Contract Value to the Closed Subaccount. Transfers of Contract Value include transfers pursuant to an Automatic Investment Program. No Automatic Investment Program will permit allocations to a Closed Subaccount. Except as otherwise provided, if we receive a Purchase Payment for an existing Contract with an allocation to a Closed Subaccount, we will allocate the applicable portion of the payment to the Fixed Account. If you have automatic allocation instructions designating allocation to a Closed Subaccount pursuant to an Automatic Reallocation Program as of the date that a Subaccount is closed, your automatic allocation instructions will be terminated as of the close of business on that date. If you wish to set up a new Dollar Cost Averaging Option or Asset Allocation Option (without the Closed Subaccount), you will need to submit a new form to us. If you request a transfer of Contract Value to the Closed Subaccount, we will consider your request not to be in good order, and we will not process it. In such cases, we will contact you for further instructions.

Dollar Cost Averaging Option — For no additional charge, prior to the Annuity Start Date, you may dollar cost average your Contract Value by authorizing the Company to make periodic transfers of Contract Value from any one Subaccount to one or more of the other Subaccounts. Dollar cost averaging is a systematic method of investing in which securities are purchased at regular intervals in fixed dollar amounts so that the cost of the securities gets averaged over time and possibly over various market cycles. The option will result in the transfer of Contract Value from one Subaccount to one or more of the other Subaccounts. Amounts transferred under this option will be credited at the price of the Subaccount as of the end of the Valuation Dates on which the transfers are effected. Since the price of a Subaccount’s Accumulation Units will vary, the amounts transferred to a Subaccount will result in the crediting of a greater number of units when the price is low and a lesser number of units when the price is high. Similarly, the amounts transferred from a Subaccount will result in a debiting of a greater number of units when the price is low and a lesser number of units when the price is high. Dollar cost averaging does not guarantee profits, nor does it assure that you will not have losses.

A Dollar Cost Averaging form is available upon request. On the form, you must designate whether Contract Value is to be transferred on the basis of a specific dollar amount, a fixed period or earnings only, the Subaccount or Subaccounts to and from which the transfers will be made, the desired frequency of the transfers, which may be on a monthly, quarterly, semiannual or annual basis, and the length of time during which the transfers shall continue or the total amount to be transferred over time. The minimum amount that may be transferred to any one Subaccount is $25.00. The Company does not require that transfers be continued over any minimum period of time, although typically dollar cost averaging would extend over a period of at least one year.

After the Company has received a Dollar Cost Averaging request in proper form at its Administrative Office, the Company will transfer Contract Value in the amounts you designate from the Subaccount from which transfers are to be made to the Subaccount or Subaccounts you have chosen. The Company will effect each transfer on the date you specify or if no date is specified, on the monthly, quarterly, semiannual or annual anniversary, whichever corresponds to the period selected, as of the date of receipt at the Administrative Office of a Dollar Cost Averaging request in proper form. Transfers will be made until the total amount elected has been transferred, or until Contract Value in the Subaccount from which transfers are made has been depleted.

You may make changes to the option by writing to the Company’s Administrative Office or by telephone provided the proper form is completed, signed, and received by the Company. You may instruct the Company at any time to terminate the option by written request to the Company’s Administrative Office. In that event, the Contract Value in the Subaccount from which transfers were being made that has not been transferred will remain in that Subaccount unless you instruct us otherwise. If you wish to continue transferring on a dollar cost averaging basis after the expiration of the applicable period, the total amount elected has been transferred, or the Subaccount has been depleted, or after the Dollar Cost Averaging Option has been canceled, a new Dollar Cost Averaging form must be completed and sent to the Administrative Office. The Company requires that you wait at least one month if transfers were made on a monthly basis, or one quarter if transfers were made on a quarterly, semiannual or annual basis, before reinstating Dollar Cost Averaging after it has been terminated for any reason. The Company may discontinue, modify, or suspend the Dollar Cost Averaging Option at any time. The Company does not currently charge a fee for this option. If you elect the Dollar Cost Averaging Option, you may also elect the Asset Reallocation Option.

You may also dollar cost average Contract Value to or from the Fixed Account. You may not have in effect at the same time Dollar Cost Averaging and Asset Reallocation Options if the Fixed Account is included in one of these two options.

Asset Reallocation Option — For no additional charge, prior to the Annuity Start Date, you may authorize the Company to automatically transfer Contract Value on a monthly, quarterly, semiannual or annual basis to maintain a particular percentage allocation among the Subaccounts. The Contract Value allocated to each Subaccount will grow or decline in value at different rates during the selected period, and Asset Reallocation automatically reallocates the Contract Value in the Subaccounts to the allocation you selected on a monthly, quarterly, semiannual or annual basis, as you select. Asset Reallocation is intended to transfer Contract Value from those Subaccounts that have increased in value to those Subaccounts that have declined in value. Over time, this method of investing may help you buy low and sell high. This investment method does not guarantee profits, nor does it assure that you will not have losses.

To elect this option an Asset Reallocation request in proper form must be received by the Company at its Administrative Office. An Asset Reallocation form is available upon request. On the form, you must indicate the applicable Subaccounts, the applicable time period and the percentage of Contract Value to be allocated to each Subaccount.

Upon receipt of the Asset Reallocation form, the Company will effect a transfer or, in the case of a new Contract, will allocate the initial Purchase Payment among the Subaccounts based upon the percentages that you selected. Thereafter, the Company will transfer Contract Value to maintain that allocation on each monthly, quarterly, semiannual or annual anniversary, as applicable, as of the date of the Company’s receipt of the Asset Reallocation request in proper form. The amounts transferred will be credited at the price of the Subaccount as of the end of the Valuation Date on which the transfer is effected.

You may make changes to the option by writing to the Company’s Administrative Office or by telephone provided the proper form is completed, signed, and received at the Company’s Administrative Office. You may instruct the Company at any time to terminate this option by written request to the Company’s Administrative Office. In that event, the Contract Value in the Subaccounts that has not been transferred will remain in those Subaccounts regardless of the percentage allocation unless you instruct us otherwise. If you wish to continue Asset Reallocation after it has been canceled, a new Asset Reallocation form must be completed and sent to the Company’s Administrative Office. The Company may discontinue, modify, or suspend, and reserves the right to charge a fee, for the Asset Reallocation Option at any time. The Company does not currently charge a fee for this option. If you elect the Asset Reallocation Option, you may also elect the Dollar Cost Averaging Option.

Contract Value allocated to the Fixed Account may be included in the Asset Reallocation Option. You may not have in effect at the same time Dollar Cost Averaging and Asset Reallocation Options if the Fixed Account is included in one of these two options.

Transfers of Contract Value — You may transfer Contract Value among the Subaccounts upon proper written request to the Company’s Administrative Office both before and after the Annuity Start Date. You may make transfers (other than transfers pursuant to the Dollar Cost Averaging and Asset Reallocation Options) by telephone if the Electronic Transfer Privilege section of the application or the proper form has been completed, signed and received at the Company’s Administrative Office. The minimum transfer amount is $100, or the amount remaining in a given Subaccount. The minimum transfer amount does not apply to transfers under the Dollar Cost Averaging or Asset Reallocation Options.

The Company generally effects transfers between or from the Subaccounts at their respective Accumulation Unit values as of the close of the Valuation Period during which the transfer request is received; however, transfer requests received at or after the close of a Valuation Date (normally 3:00 p.m. Central Time) will be effected at the Accumulation Unit value determined on the following Valuation Date. See “Cut-Off Times.” In addition, a transfer request will not be processed until it is in good order. In this regard, “good order” means that the transfer request is preceded or accompanied by sufficient information to properly execute the transfer.

You may also transfer Contract Value from the Subaccounts to the Fixed Account and from the Fixed Account to the Subaccounts. The Company generally does not limit the frequency of transfers, although the Company reserves the right to limit the number of transfers in a Contract Year. The Company will limit your transfers if we determine that you are engaging in a pattern of transfers that is disruptive to the Underlying Funds or potentially disadvantageous to other Participants with Contract Value allocated to the applicable Subaccount(s) and we believe that suspension of your electronic transfer privileges, as discussed below, does not adequately address your transfer activity. The Company does not assess a transfer processing fee on transfers.

Frequent Transfer Restrictions. The Contract is not designed for organizations or individuals engaging in a market timing strategy, or making programmed transfers, frequent transfers or transfers that are large in relation to the total assets of an Underlying Fund. These kinds of strategies and transfer activities may disrupt portfolio management of the Underlying Funds in which the Subaccounts invest (such as requiring the Underlying Fund to maintain a high level of cash or causing an Underlying Fund to liquidate investments prematurely to pay

withdrawals), hurt Underlying Fund performance, and drive Underlying Fund expenses (such as brokerage and administrative expenses) higher, which are reflected in Underlying Fund performance. In addition, because other insurance companies and/or retirement plans may invest in the Underlying Funds, the risk exists that the Underlying Funds may suffer harm from programmed, frequent, or large transfers among subaccounts of variable contracts issued by other insurance companies or among investment options available to retirement plan participants. These risks and costs are borne by all shareholders of an affected Underlying Fund, Participants with Contract Value allocated to the corresponding Subaccount (as well as their Designated Beneficiaries and Annuitants) and long-term investors who do not generate these costs.

The Company has in place policies and procedures designed to restrict transfers if we determine that you are engaging in a pattern of transfers that is disruptive to the Underlying Funds or potentially disadvantageous to other Participants with Contract Value allocated to the applicable Subaccount (regardless of the number of previous transfers the Participant has made during the Contract Year). In making this determination, we monitor transfers among the Subaccounts and consider, among other things, the following factors:

●

the total dollar amount being transferred;

●

the number of transfers you made within a period of time;

●

transfers to and from (or from and to) the same Subaccount;

●

whether your transfers appear to follow a pattern designed to take advantage of short-term market fluctuations; and

●

whether your transfers appear to be part of a group of transfers made by a third party on behalf of the individual Participants in the group.

There is a risk that some Participants may engage in transfer activity in a manner that is disruptive to the Underlying Funds or potentially disadvantageous to other Participants, which may have a negative impact on such other Participants. If the Company determines that your transfer patterns among the Subaccounts are disruptive to the Underlying Funds or potentially disadvantageous to Participants, the Company may send you a letter notifying you that it is prohibiting you from making telephone transfers or other electronic transfers and instead requiring that you submit transfer requests in writing via regular U.S. mail for a disclosed period beginning on the date of the letter.

In addition, if you make a transfer from any of the Subaccounts listed below, then you may not make a transfer to that same Subaccount for a period of calendar days equal to the amount listed in the table below in the column titled “Transfer Block Restriction.” The Transfer Block Restriction applies only on Subaccount transfer amounts greater than $5,000 with the exception of the T. Rowe Price Mid Cap Growth Subaccount, which has no dollar threshold. The calendar day after the date of the transfer out of the particular Subaccount is considered day 1 for the purpose of computing the period before a transfer to the same Subaccount may be made. For example, if you transfer money out of the NAA SMid-Cap Value Series Subaccount on April 16, the 30 day restriction begins on April 17 and ends on May 16, which means you could transfer back into the NAA SMid-Cap Value Series Subaccount on May 17. This restriction does not apply to transfers made pursuant to the Dollar Cost Averaging and Asset Reallocation Options.

Subaccount	Transfer Block Restriction (# of Calendar Days)
Goldman Sachs VIT Small Cap Equity Insights, Goldman Sachs VIT Strategic Growth	30 days
Invesco V.I. EQV International Equity, Invesco V.I. Global Real Estate	30 days
Janus Henderson VIT Research	30 days
NAA All Cap Value Series, NAA Large Cap Value Series, NAA SMid-Cap Value Series, NAA World Equity Income Series	30 days
Neuberger Berman Quality Equity Portfolio	30 days
PIMCO VIT Real Return, PIMCO VIT Total Return	30 days
Rydex VIF Energy Services	Unlimited
T. Rowe Price Mid Cap Growth	30 days

In addition to the Company’s own frequent transfer procedures, the Underlying Funds may have adopted their own policies and procedures with respect to frequent transfer of their respective shares, and the Company reserves the right to enforce these policies and procedures. The prospectuses for the Underlying Funds describe any such

policies and procedures, which may be more or less restrictive than the policies and procedures the Company has adopted. In particular, some of the Underlying Funds have reserved the right to temporarily or permanently refuse payments or transfer requests from the Company if, in the judgment of the Underlying Fund’s manager, the Underlying Fund would be unable to invest effectively in accordance with its investment objective or policies, or would otherwise potentially be adversely affected.

You should be aware that the Company currently may not have the contractual obligation or the operational capacity to apply the Underlying Funds’ frequent transfer policies and procedures. However, under SEC rules, the Company is required to: (1) enter into a written agreement with each Underlying Fund or its principal underwriter that obligates the Company to provide to the Underlying Fund promptly upon request certain information about the trading activity of individual Participants, and (2) execute instructions from the Underlying Fund to restrict or prohibit further purchases or transfers by specific Participants who violate the frequent transfer policies established by the Underlying Fund.

Managers of the Underlying Funds may contact the Company if they believe or suspect that there is market timing or other potentially harmful trading, and, if so, the Company will take appropriate action to protect others. In particular, the Company may, and the Company reserves the right to, reverse a potentially harmful transfer. If the Company reverses a potentially harmful transfer, it will effect such reversal not later than the close of business on the second Valuation Date following the Valuation Date in which the original transfer was effected, and the Company will inform the Participant in writing at his or her address of record.

To the extent permitted by applicable law, the Company also reserves the right to reject a transfer request at any time that the Company is unable to purchase or redeem shares of any of the Underlying Funds because of any refusal or restriction on purchases or redemptions of their shares as a result of the Underlying Fund’s policies and procedures on market timing activities or other potentially abusive transfers. The Company also reserves the right to implement, administer, and collect redemption fees imposed by one or more of the Underlying Funds in the future. You should read the prospectuses of the Underlying Funds for more details on their ability to refuse or restrict purchases or redemptions of their shares.

In its sole discretion, the Company may revise its market timing procedures at any time without prior notice as the Company deems necessary or appropriate to better detect and deter programmed, frequent, or large transfers that may adversely affect other Participants, or Underlying Fund shareholders, to comply with state or federal regulatory requirements, or to impose additional or alternate restrictions on market timers (such as dollar or percentage limits on transfers). The Company may change its parameters to monitor for factors other than transfer block restrictions. For purposes of applying the parameters used to detect potential market timing and other potentially harmful activity, the Company may aggregate transfers made in two or more Contracts that it believes are connected (for example, two Contracts with the same Participant, or owned by spouses, or owned by different partnerships or corporations that are under common control, etc.).

The Company does not include transfers made pursuant to Dollar Cost Averaging and Asset Reallocation Options in these limitations. The Company may vary its market timing procedures from Subaccount to Subaccount, and may be more restrictive with regard to certain Subaccounts than others. The Company may not always apply these detection methods to Subaccounts investing in Underlying Funds that, in its judgment, would not be particularly attractive to market timers or otherwise susceptible to harm by frequent transfers.

Participants seeking to engage in programmed, frequent, or large transfer activity may deploy a variety of strategies to avoid detection. The Company’s ability to detect and deter such transfer activity is limited by operational systems and technological limitations. Furthermore, the identification of Participants determined to be engaged in transfer activity that may adversely affect other Participants, or Underlying Fund shareholders involves judgments that are inherently subjective. Accordingly, despite its best efforts, the Company cannot guarantee that its market timing procedures will detect every potential market timer, but the Company applies its market timing procedures consistently to all Participants without special arrangement, waiver, or exception. Because other insurance companies and/or retirement plans may invest in the Underlying Funds, the Company cannot guarantee that the Underlying Funds will not suffer harm from programmed, frequent, or large transfers among subaccounts of variable contracts issued by other insurance companies or among investment options available to retirement plan participants.

Because the Company does not reserve the unfettered right to prohibit transfers, it cannot guarantee that it can restrict or deter all harmful transfer activity, Participants bear the risks associated with such activity, including potential disruption of portfolio management of the Underlying Funds and potentially lower Underlying Fund performance and higher Underlying Fund expenses. In addition, there is a risk that the Company will not detect harmful transfer activity on the part of some Participants and, as a result, the Company will inadvertently treat those Participants differently than Participants it does not permit to engage in harmful transfer activity. Moreover, due to the Company’s operational and technological limitations, as well as possible variations in the market timing policies of

other insurance companies and/or retirement plans that may also invest in the Underlying Funds, some Participants may be treated differently than others. Consequently, there is a risk that some Participants may be able to engage in market timing while others suffer the adverse effects of such trading activities.

Contract Value — The Contract Value is the sum of the amounts under your Contract held in each Subaccount as of any Valuation Date.

On each Valuation Date, the amount of Contract Value allocated to any particular Subaccount will be adjusted to reflect the investment experience of that Subaccount. See “Determination of Contract Value.” Contract Value allocated to the Subaccounts is not guaranteed by the Company. You bear the entire investment risk relating to the investment performance of Contract Value allocated to the Subaccounts.

Determination of Contract Value — Your Contract Value will vary depending upon several factors, including:

●

Investment performance of the Subaccounts to which you have allocated Contract Value,

●

Interest credited to the Fixed Account,

●

Payment of Purchase Payments,

●

Partial withdrawals (including systematic withdrawals), and

●

Charges assessed in connection with the Contract.

The amounts allocated to a Subaccount will be invested in shares of the corresponding Underlying Fund. The investment performance of each Subaccount will reflect increases or decreases in the net asset value per share of the corresponding Underlying Fund and any dividends or distributions declared by the Underlying Fund. Any dividends or distributions from any Underlying Fund will be automatically reinvested in shares of the same Underlying Fund, unless the Company, on behalf of the Separate Account, elects otherwise.

Assets in the Subaccounts are divided into Accumulation Units, which are accounting units of measure used to calculate the value of a Participant’s interest in a Subaccount. When you allocate Purchase Payments to a Subaccount, your Contract is credited with Accumulation Units. The number of Accumulation Units to be credited is determined by dividing the dollar amount allocated to the particular Subaccount by the price for the Subaccount’s Accumulation Units as of the end of the Valuation Period in which the Purchase Payment is credited.

In addition to Purchase Payments, other transactions such as full or partial withdrawals (including systematic withdrawals), transfers, and assessment of certain charges against the Contract affect the number of Accumulation Units attributable to a Contract. The number of units credited or debited in connection with any such transaction is determined by dividing the dollar amount of such transaction by the price of the Accumulation Unit of the affected Subaccount next determined after receipt of the transaction request (subject to any applicable requirements that the transaction be in good order, as described herein). The price of each Subaccount is determined on each Valuation Date as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 3:00 p.m. Central time. Transactions received at or after that time on any Valuation Date will be effected at the Accumulation Unit value determined on the following Valuation Date. See “Cut-Off Times.” The price of each Subaccount may be determined earlier if trading on the NYSE is restricted or as permitted by the SEC.

The number of Accumulation Units credited to a Contract shall not be changed by any subsequent change in the value of an Accumulation Unit, but the dollar value of an Accumulation Unit may vary from Valuation Date to Valuation Date depending upon the investment experience of the Subaccount and charges against the Subaccount.

The price of each Subaccount’s units initially was $10. The price of a Subaccount on any Valuation Date takes into account the following: (1) the investment performance of the Subaccount, which is based upon the investment performance of the corresponding Underlying Fund, (2) any dividends or distributions paid by the corresponding Underlying Fund, (3) the charges, if any, that may be assessed by the Company for taxes attributable to the operation of the Subaccount, (4) the mortality and expense risk charge under the Contract, (5) the administration and distribution charge under the Contract, and (6) the deduction of the Underlying Fund’s fees and expenses.

Cut-Off Times — Any financial transactions involving your Contract, including those submitted by telephone, must be received by us prior to any announced closing of regular trading on the NYSE (the “cut-off time”) to be processed on the current Valuation Date. The NYSE normally closes at 3:00 p.m. Central time so financial transactions normally must be received prior to that time. Financial transactions received at or after the applicable cut-off time will be processed on the following Valuation Date. Financial transactions include transfers, full and partial withdrawals (including systematic withdrawals), death benefit payments, and Purchase Payments.

Full and Partial Withdrawals — A Participant may make a partial withdrawal of Contract Value or surrender the Contract for its Withdrawal Value. A full or partial withdrawal, including a systematic withdrawal, may be taken from Contract Value at any time while the Participant is living and before the Annuity Start Date, subject to limitations under applicable law. You may not make a full or partial withdrawal after the Annuity Start Date. A full or partial withdrawal request will be effective as of the end of the Valuation Period that it is received by the Company at the Administrative Office; however, if the request is received on a Valuation Date at or after the cut-off time, the withdrawal will be effected at the Accumulation Unit value determined on the following Valuation Date. See “Cut-Off Times.” In addition, a withdrawal will not be processed until it is in good order. In this regard, “good order” means that the withdrawal request is accompanied by a properly completed Withdrawal Request form (including the Participant’s signature and, if applicable, the written consent of any effective assignee, if applicable).

The proceeds received upon a full withdrawal will be the Withdrawal Value. The Withdrawal Value is equal to your Contract Value as of the end of the Valuation Period during which the withdrawal is processed, less any uncollected premium taxes. The Company requires the signature of the Participant on any request to withdraw Contract Value.

A partial withdrawal may be requested for a specified percentage or dollar amount of Contract Value. Each partial withdrawal must be at least $100 (including systematic withdrawals). A request for a partial withdrawal (including systematic withdrawals) will result in a payment by the Company of the amount specified in the partial withdrawal request provided there is sufficient Contract Value to meet the request. Upon payment, the Contract Value will be reduced by an amount equal to the payment and any applicable premium tax charge. See “Premium Tax Charge.”

If a partial withdrawal (other than a systematic withdrawal) is requested after the first Contract Year that would leave the Withdrawal Value in the Contract less than $5,000, the Company reserves the right to terminate the Contract and pay the Contract Value in one sum to the Participant. However, the Company will first notify the Participant that the Contract is subject to termination, and will only terminate the Contract if, after 90 days following the date of the notice, the Participant has not made any Purchase Payments to increase the Withdrawal Value to $5,000.

The Company will deduct the amount of a partial withdrawal from the Contract Value in the Subaccounts and the Fixed Account, according to your instructions to the Company on the Withdrawal Request form. If you do not specify the allocation, the Company will deduct the amount of a partial withdrawal in the same proportion as the Contract Value is allocated among the Subaccounts and the Fixed Account.

A full or partial withdrawal, including a systematic withdrawal, may result in receipt of taxable income to the Participant and, if made prior to the Participant attaining age 59½, may be subject to a 10% penalty tax. You should carefully consider the tax consequences of a withdrawal. See “Federal Tax Matters.”

Systematic Withdrawals — For no additional charge, the Company currently offers a feature under which you may select systematic withdrawals. Under this feature, you may elect to receive systematic withdrawals during your lifetime and before the Annuity Start Date by sending a properly completed Scheduled Systematic Withdrawal form to the Company at the Administrative Office. This option may be elected at any time. You may designate the systematic withdrawal amount as a percentage of Contract Value allocated to the Subaccounts and/or Fixed Account, as a fixed period, as a specified dollar amount, as all earnings in the Contract, or based upon your life expectancy. You also may designate the desired frequency of the systematic withdrawals, which may be monthly, quarterly, semiannual or annual. You may stop or modify systematic withdrawals upon proper written request received by the Company at the Administrative Office at least 30 days in advance of the requested date of termination or modification. A proper request must include the written consent of any effective assignee.

Each systematic withdrawal must be at least $100. Upon payment, your Contract Value will be reduced by an amount equal to the payment proceeds plus any applicable premium tax. In no event will the amount of a systematic withdrawal exceed the Withdrawal Value. The Contract will automatically terminate if a systematic withdrawal causes your Withdrawal Value to equal zero.

If you are enrolled in the Dollar Cost Averaging or Asset Reallocation Options, you may not elect to receive systematic withdrawals from any Subaccount that is part of the Dollar Cost Averaging or Asset Reallocation Options.

In no event will payment of a systematic withdrawal exceed the Contract Value less any applicable withdrawal charges, any uncollected premium taxes and any pro rata account administration charge (the “Withdrawal Value”). The Contract will automatically terminate if a systematic withdrawal causes the Contract’s Withdrawal Value to equal zero.

The Company will effect each systematic withdrawal as of the end of the Valuation Period during which the withdrawal is scheduled. The deduction caused by the systematic withdrawal will be allocated to your Contract Value in the Subaccounts and the Fixed Account, as you have directed. If you do not specify the allocation, the Company

will deduct the systematic withdrawal in the same proportion that Contract Value is allocated among the Subaccounts and the Fixed Account.

The Company may, at any time, discontinue, modify, suspend or charge a fee for systematic withdrawals. You should consider carefully the tax consequences of a systematic withdrawal, including the 10% penalty tax that may be imposed on withdrawals made prior to the Participant attaining age 59½. See “Federal Tax Matters.”

Death Benefit — One should consider the following provisions carefully when choosing the Designated Beneficiary, Annuitant or any Joint Annuitant, as well as before changing any of these parties. Naming different persons as Annuitant(s) and Designated Beneficiary(ies) can have important impacts on whether the death benefit is paid, and on who would receive it.

If you die prior to the Annuity Start Date, the Company will pay the death benefit proceeds to your Designated Beneficiary upon receipt of due proof of your death and instructions regarding payment to the Designated Beneficiary.

If your surviving spouse is your sole Designated Beneficiary, your spouse may elect to continue your account in force, subject to certain limitations. If your spouse so elects, the Contract Date of your account will not change, and any death benefit payable after this election will be calculated using the same Contract Date. See “Distribution Requirements” below. If your death occurs on or after the Annuity Start Date, any applicable death benefit will terminate at the Annuity Start Date without value. See “Annuity Options.”

The death benefit proceeds will be the death benefit reduced by any uncollected premium tax. If you die prior to the Annuity Start Date and you were 75 or younger on the Contract Date, the amount of the death benefit will be the greatest of:

●

The sum of all Purchase Payments, less any reductions caused by previous withdrawals,

●

Your Contract Value on the Valuation Date due proof of death and instructions regarding payment are received by the Company, or

●

The stepped-up death benefit, if applicable.

The stepped-up death benefit is:

●

The largest death benefit on any Contract anniversary that is both an exact multiple of five (i.e., fifth Contract anniversary, tenth Contract anniversary, fifteenth Contract anniversary, etc.) and occurs prior to your attaining age 76, plus

●

Any Purchase Payments allocated to your Contract Value since the applicable Contract anniversary, less

●

Any withdrawals since the applicable anniversary.

The stepped-up death benefit is not payable and will not be included as part of the death benefit calculation if you die prior to the end of the fifth Contract Year.

If you die prior to the Annuity Start Date and your age was 76 or greater on the Contract Date the death benefit will be the Contract Value on the Valuation Date due proof of death and instructions regarding payment are received by the Company at the Administrative Office.

Example of the Standard Death Benefit. Assume:

(i)

The initial Purchase Payment is $100,000 and no additional Purchase Payments are made

(ii)

In Contract Year five, the Contract Value is $105,000

(iii)

The Participant takes one withdrawal of $10,000 in Contract Year seven

(iv)

The Participant dies in Contract Year 10

(v)

At the time of the Participant’s death, the Contract Value is $89,000

If the Participant was 75 years old or younger on the Contract Date, the standard death benefit is the greatest of the total Purchase Payments less any withdrawals, the Contract Value, or the stepped-up death benefit. The Contract Value is $89,000, and the amount of total Purchase Payments less withdrawals is $90,000. The stepped-up death benefit is the largest death benefit on any Contract anniversary that is a multiple of five and occurs prior to the Participant reaching age 76, plus Purchase Payments made and less withdrawals taken since the applicable Contract anniversary. Assuming the Participant was less than 76 years old in Contract Year five, the stepped-up death benefit is calculated as follows:

Death Benefit in Contract Year Five + Purchase Payments since Contract Year Five – Withdrawals since Contract Year Five

$105,000 + $0 - $10,000 = $95,000

Thus, the death benefit is $95,000.

If the Participant was 76 years or older on the Contract Date, the standard death benefit is the Contract Value, which is $89,000.

Distribution Requirements — If your surviving spouse is the sole Designated Beneficiary, your spouse may elect to continue your account in force until the earliest of the spouse’s death or the Annuity Start Date or receive the death benefit proceeds.

The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract’s death benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of “spouse” under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax adviser for more information on this subject.

For any Designated Beneficiary other than a surviving spouse, only those options may be chosen that provide for complete distribution of such Participant’s interest in the Contract within five years of the death of the Participant. If the Designated Beneficiary is a natural person, that person alternatively can elect to begin receiving annuity payments within one year of the Participant’s death over a period not extending beyond his or her life or life expectancy.

Benefits Under the Contract

The following table summarizes information about the standard benefits under the Contract that are currently available. Please note that this table does not fully describe the terms and conditions of each benefit. You should refer to the applicable sections of this Prospectus for additional information.

Standard Benefits
Name of Benefit	Purpose	Maximum Fee	Brief Description of Restrictions/Limitations
Dollar Cost Averaging Option	Allows the systematic transfer of a specified dollar amount or percentage of Contract Value among Subaccounts and the Fixed Account, if available.	There is no charge for this option.	●The minimum amount that may be transferred to any one Subaccount is $25.00. ●The Company may discontinue, modify, or suspend Dollar Cost Averaging at any time. ●Transfers can be made for a fixed period of time, until the total amount elected has been transferred, or until the Contract Value in the Subaccount from which transfers are made has been depleted. ●After termination of Dollar Cost Averaging for any reason, before reinstating Dollar Cost Averaging, you must wait at least one month if transfers were monthly, at least one quarter if transfers were quarterly, at least six months if transfers were semiannual, and at least one year if transfers were annual.
Asset Reallocation Option	Allows you to automatically transfer Contract Value on a monthly, quarterly, semiannual or annual basis to maintain a particular percentage allocation among the Subaccounts.	There is no charge for this option.	●The Company may discontinue, modify, or suspend the Asset Reallocation Option at any time.
Systematic Withdrawals	Allows you to set up automatic periodic payments from your Contract Value.	There is no charge for this option.	●Each payment must be at least $100 (unless we consent otherwise). ●Withdrawals may be subject to income tax and penalties.

Standard Benefits
Name of Benefit	Purpose	Maximum Fee	Brief Description of Restrictions/Limitations
Automatic Investment Program	A program pursuant to which Purchase Payments are automatically paid from your bank account on a specified day of each month or a salary reduction agreement.	There is no charge for this option.	●There is no minimum for subsequent Purchase Payments made pursuant to an Automatic Investment Program.
Standard Death Benefit – Contract Issue Age 76 and Older	Provides a death benefit equal to the Contract Value.	There is no charge for this option.	●The death benefit will be reduced by any outstanding Contract Debt, any pro rata account administration charge and any uncollected premium tax.
Standard Death Benefit – Contract Issue Age 75 or Younger	Provides a death benefit equal to the greatest of total Purchase Payments less any withdrawals, including withdrawal charges, the Contract Value, or the stepped-up death benefit.	There is no charge for this option.	●The death benefit will be reduced by any outstanding Contract Debt, any pro rata account administration charge and any uncollected premium tax. ●The stepped-up death benefit is stepped up on Contract anniversaries that are multiples of five until the Participant reaches age 76.

Annuity Period

General — You select the Annuity Start Date when you complete the participation enrollment form. The Annuity Start Date may not be within 30 days of the Contract Date and may not be deferred beyond your 90th birthday. If you do not select an Annuity Start Date, the Company will use your 90th birthday as the Annuity Start Date.

On the Annuity Start Date, your Contract Value as of that date, less any applicable premium taxes, will be applied to provide an annuity under one of the options described below. Each option is a fixed annuity for which annuity payments will not fluctuate.

The Contract currently provides for five Annuity Options. The Company may make other Annuity Options available upon request. The Company may discontinue the availability of one or more of these options at any time but will always offer a variable annuity option. Annuity payments are based upon annuity rates that vary with the Annuity Option selected. The annuity rates will vary based on the age and sex of the Annuitant, except that unisex rates are available where required by law. The annuity rates reflect the Annuitant’s life expectancy based upon the Annuitant’s age as of the Annuity Start Date and the Annuitant’s gender, unless unisex rates apply. The annuity rates are based upon the 1983(a) mortality table with mortality improvement using projection scale G and are adjusted to reflect an interest rate of 3%, compounded annually. If no Annuity Option is selected, the Company will make payments under Option 2, a life income, with a 10-year period certain.

Annuity Options 1 through 5 provide for payments to be made during the lifetime of the Annuitant. Annuity payments under such options cease in the event of the Annuitant’s death, unless the option provides for a guaranteed minimum number of payments, for example a life income with guaranteed payments of 5, 10, 15 or 20 years. The level of annuity payments will be greater for shorter guaranteed periods and less for longer guaranteed periods. Similarly, payments will be greater for life annuities than for joint and survivor annuities, because payments for life annuities are expected to be made for a shorter period.

You may elect to receive annuity payments on a monthly, quarterly, semiannual, or annual basis, although no payments will be made for less than $100. If the frequency of payments selected would result in payments of less than $100, the Company reserves the right to change the frequency.

You may designate or change an Annuity Start Date or Annuity Option, provided proper written notice is received by the Company at the Administrative Office at least 30 days prior to the Annuity Start Date set forth in the Contract. The date selected as the new Annuity Start Date must be at least 30 days after the date written notice requesting a change of Annuity Start Date is received at the Administrative Office.

Once annuity payments have commenced under one of the Annuity Options, the Participant cannot change the Annuity Option and cannot make partial withdrawals or surrender his or her annuity for the Withdrawal Value. The Contract specifies annuity tables for Annuity Options 1 through 5, described below. The tables contain the guaranteed minimum dollar amount of each annuity payment (per $1,000 of Contract Value, less any premium taxes applied).

Annuity Options —

Option 1 — Life Income. Periodic annuity payments will be made during the lifetime of the Annuitant. It is possible under this Option for any Annuitant to receive only one annuity payment if the Annuitant’s death occurred prior to the due date of the second annuity payment, two if death occurred prior to the due date of the third annuity payment, etc. There is no minimum number of payments guaranteed under this option. Payments will cease upon the death of the Annuitant regardless of the number of payments received.

Option 2 — Life Income with Guaranteed Payments of 5, 10, 15 or 20 Years. Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that if, at the death of the Annuitant, payments have been made for less than a stated period, which may be 5, 10, 15 or 20 years, as elected by the Participant, annuity payments will be continued during the remainder of such period to the Designated Beneficiary. Upon the Annuitant’s death after the period certain, no further annuity payments will be made.

Option 3 — Life with Installment Refund Option. Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that, if at the death of the Annuitant, the number of payments that has been made is less than the number determined by dividing the amount applied under this Annuity Option by the amount of the first payment, annuity payments will be continued to the Designated Beneficiary until that number of payments has been made. For example, if the Annuity start amount was $100,000 and the calculated monthly annuity payment was $550, 182 payments ($100,000 / $550) would be guaranteed for the life of the Annuitant. This means if the Annuitant dies before 182 payments have been made, the remaining annuity payments will be continued to the Designated Beneficiary.

Option 4 — Joint and Last Survivor. Annuity payments will be made as long as either the Annuitant or a Joint Annuitant is living. Upon the death of one Annuitant, annuity payments continue to the surviving Annuitant. It is possible under this Annuity Option for only one annuity payment to be made if both Annuitants died prior to the second annuity payment due date, two if both died prior to the third annuity payment due date, etc. As in the case of Option 1, there is no minimum number of payments guaranteed under this Option. Payments cease upon the death of the last surviving Annuitant, regardless of the number of payments received.

Option 5 — Joint and Contingent Survivor Option. Periodic annuity payments will be made during the life of the primary Annuitant. Upon the death of the primary Annuitant, payments will be made to the contingent Annuitant during his or her life. If the contingent Annuitant is not living upon the death of the Primary Annuitant, no payments will be made to the contingent Annuitant. It is possible under this Annuity Option for only one annuity payment to be made if both Annuitants died prior to the second annuity payment due date, two if both died prior to the third annuity payment due date, etc. As in the case of Annuity Options 1 and 4, there is no minimum number of payments guaranteed under this Option. Payments cease upon the death of the last surviving Annuitant, regardless of the number of payments received.

The Fixed Account

The Fixed Account is not available in all states. If the Fixed Account is available under your Contract, you may allocate all or a portion of your Purchase Payments and transfer Contract Value to the Fixed Account. The Fixed Account is a separate account of the Company established under Kansas law on October 26, 1998. The Company owns the assets of the Fixed Account and maintains them apart from the assets of its General Account and its other separate accounts. The assets held in the Fixed Account equal to the reserves and other Contract liabilities with respect to the Fixed Account may not be charged with liabilities arising from any other business the Company may conduct. Income and realized and unrealized gains and losses from assets in the Fixed Account are credited to, or charged against, the Fixed Account without regard to the income, gains or losses from the Company’s General Account or its other separate accounts.

The Fixed Account is subject to regulation and supervision by the Kansas Department of Insurance. In reliance on certain exemptive and exclusionary provisions, interests in the Fixed Account have not been registered as securities under the Securities Act of 1933 (the “1933 Act”) and the Fixed Account has not been registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”). Accordingly, neither the Fixed Account nor any interests therein are generally subject to the provisions of the 1933 Act or the 1940 Act. This disclosure is subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in the Prospectus. This Prospectus is generally intended to serve as a disclosure document only for aspects of a Contract involving the Separate Account and contains only selected information regarding the Fixed Account. For more information regarding the Fixed Account, see “The Contract.”

Subject to applicable law, the Company has sole discretion over investment of the assets of its Fixed Account. Please note that any amounts the Company guarantees in connection with the Fixed Account are subject to the Company’s financial strength and claims-paying ability.

Information regarding the features of each currently offered Fixed option, including (i) its name, (ii) its term, and (iii) its minimum guaranteed interest rate, is available in Appendix A: Investment Options Available Under the Contract.

Interest — Contract Value allocated to the Fixed Account earns interest at a fixed rate or rates (the “Current Rate”) that are paid by the Company. Such interest will be paid regardless of the actual investment experience of the Fixed Account. The Company will determine the Current Rate, if any, from time to time.

Contract Value allocated or transferred to the Fixed Account will earn interest at the Current Rate, if any, in effect on the date such portion of Contract Value is allocated or transferred to the Fixed Account. The Company bears the investment risk for Contract Value allocated to the Fixed Account and for paying interest at the Current Rate on amounts allocated to the Fixed Account. The Company does not guarantee a minimum Current Rate of interest.

Death Benefit — The death benefit under the Contract will be determined in the same fashion for a Contract that has Contract Value allocated to the Fixed Account as for a Contract that has Contract Value allocated to the Subaccounts. See “Death Benefit.”

Contract Charges — Premium taxes, if any, will be the same for Participants who allocate Purchase Payments or transfer Contract Value to the Fixed Account as for those who allocate Purchase Payments or transfer Contract Value to the Subaccounts. The charges for mortality and expense risks and the administration and distribution charge will not be assessed against the Fixed Account, and any amounts that the Company pays for income taxes allocable to the Subaccounts will not be charged against the Fixed Account. In addition, you will not pay directly or indirectly the investment advisory fees and other operating expenses of the Underlying Funds to the extent Contract Value is allocated to the Fixed Account; however, you will not participate in the investment experience of the Subaccounts.

Transfers and Withdrawals from the Fixed Account — You may transfer amounts from the Subaccounts to the Fixed Account and from the Fixed Account to the Subaccounts, subject to the following limitations. Transfers from the Fixed Account are also allowed pursuant to the Dollar Cost Averaging and Asset Reallocation Options.

The minimum amount that you may transfer from the Fixed Account to the Subaccounts is $100. Transfers of Contract Value pursuant to the Dollar Cost Averaging and Asset Reallocation Options are not currently subject to any minimums. The Company reserves the right at a future date to limit the number of transfers permitted each Contract Year, to limit the size and frequency of transfers and to discontinue transfers.

You may also make full or partial withdrawals to the same extent as if you had allocated Contract Value to the Subaccounts. See “Full and Partial Withdrawals” and “Systematic Withdrawals.”

Payments from the Fixed Account — Full and partial withdrawals, and transfers from the Fixed Account may be delayed for up to six months after a written request on the Withdrawal Request form, or other designated proper form is received by the Company at the Administrative Office. During the period of deferral, interest at the Current Rate will continue to be credited to the amounts allocated to the Fixed Account.

More About the Contract

Holder — The Contractholder is the IBEW Local Unions Savings and Retirement Plan and Trust (the “Trust”). The Trust holds the Contract for the benefit of Participants. While living, the Participant alone has the right to receive all benefits and exercise all rights that the Contract grants or the Company allows.

Dividends — The Contract may share in the surplus earnings of the Company. However, the current dividend scale is zero, and the Company does not anticipate that dividends will be paid.

Payments from the Separate Account — The Company generally will pay any full or partial withdrawal (including systematic withdrawals) or death benefit proceeds from Contract Value allocated to the Subaccounts within seven days after a proper request is received at the Administrative Office. However, the Company can postpone such a payment or transfer of amounts from the Subaccounts to the extent permitted under applicable law, which is currently permissible only for any period:

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During which the NYSE is closed other than customary weekend and holiday closings,

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During which trading on the NYSE is restricted as determined by the SEC,

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During which an emergency, as determined by the SEC, exists as a result of which (i) disposal of securities held by the Separate Account is not reasonably practicable, or (ii) it is not reasonably practicable to determine the value of the assets of the Separate Account, or

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For such other periods as the SEC may by order permit for the protection of investors.

The Company reserves the right to delay payments of any full or partial withdrawal until all of your Purchase Payment checks have been honored by your bank.

Proof of Age and Survival — The Company may require proof of age or survival of any person on whose life annuity payments depend.

Misstatements — If you misstate the age or sex of an Annuitant or Participant, the correct amount paid or payable by the Company under the Contract shall be such as the Contract Value would have provided for the correct age or sex (unless unisex rates apply).

Business Disruption and Cybersecurity Risks — We rely on technology, including interconnected computer systems and data storage networks and digital communications, to conduct our variable product business activities. Because our variable product business is highly dependent upon the effective operation of our computer systems and those of our service providers and other business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions) and cyber-attacks. Cyber-attacks may be systemic (e.g. affecting the internet, cloud services, or other infrastructure) or targeted (e.g. failures in or breach of our systems or those of third parties on whom we rely, including ransomware and malware attacks).

Cybersecurity risks include, but are not limited to, the loss, theft, misuse, corruption, and destruction of data maintained online or digitally, interference with or denial of service, attacks on our website (or the websites of third parties on whom we rely), disruption of routine business operations, and unauthorized release of confidential customer information. The risk of cyber-attacks may be higher during periods of geopolitical turmoil (such as the recent military conflict between the United States and Iran, and the Russian invasion of Ukraine and the responses by the United States and other governments). Due to the increasing sophistication of cyber-attacks, a cybersecurity breach could occur and persist for an extended period of time without detection.

Systems failures and cybersecurity incidents affecting us, our affiliates, the Underlying Funds, intermediaries, service providers, and other third parties on whom we rely may adversely affect your contract value and interfere with our ability to process contract transactions and calculate contract values. Systems failures and cybersecurity breaches may cause us to be unable to process orders from our website or with the Underlying Funds, cause us to be unable to calculate unit values and/or the Underlying Funds to be unable to calculate share values, cause the release or possible destruction of confidential customer and/or business information, impede order processing or cause other operational issues, subject us and our service providers and intermediaries to regulatory fines, litigation, and financial losses, and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value.

The preventative actions we take to reduce the frequency and severity of cybersecurity incidents and protect our computer systems may be insufficient to prevent a cybersecurity breach from impacting our operations or your contract value. There can be no assurance that we or the Underlying Funds or our service providers and intermediaries will be able to avoid cybersecurity breaches affecting your contract.

In addition, we are also exposed to risks related to natural and man-made disasters including, but not limited to, storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic (such as COVID-19), could affect the ability of our employees or the employees of our service providers to perform their job responsibilities. They could interfere with our processing of contract transactions, including processing orders from Participants and

orders with the Underlying Funds, impact our ability to calculate contract value, or have other adverse impacts on our operations. These events may also negatively affect the our service providers and intermediaries, the Underlying Funds and the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value. There can be no assurance that we or the Underlying Funds or our service providers and intermediaries will be able to avoid negative impacts associated with natural and man-made disasters.

Federal Tax Matters

Introduction — The Contract described in this Prospectus is designed for use in connection with a retirement plan that is not a “qualified” plan for federal tax purposes. The discussion contained herein is general in nature and is not intended to be an exhaustive discussion of all questions that might arise in connection with a Contract. It is based upon the Company’s understanding of the present federal income tax laws as currently interpreted by the Internal Revenue Service (“IRS”) as of the date of this Prospectus and is not intended as tax advice. No representation is made regarding the likelihood of continuation of the present federal income tax laws or of the current interpretations by the IRS or the courts. Future legislation may affect annuity contracts adversely. Moreover, no attempt has been made to consider any applicable state or other laws. Because of the inherent complexity of the tax laws and the fact that tax results will vary according to the particular circumstances of the individual involved, a person should consult with a qualified tax adviser regarding the purchase of a Contract, the selection of an Annuity Option under a Contract, the receipt of annuity payments under a Contract or any other transaction involving a Contract. The Company does not make any guarantee regarding the tax status of, or tax consequences arising from, any Contract or any transaction involving the Contract.

Tax Status of the Company and the Separate Account —

General. The Company intends to be taxed as a life insurance company under Part I, Subchapter L of the Code. Because the operations of the Separate Account form a part of the Company, the Company will be responsible for any federal income taxes that become payable with respect to the income of the Separate Account and its Subaccounts.

Charge for the Company’s Taxes. A charge may be made for any federal taxes incurred by the Company that are attributable to the Separate Account, the Subaccounts or to the operations of the Company with respect to the Contract or attributable to payments, premiums, or acquisition costs under the Contract. The Company will review the question of a charge to the Separate Account, the Subaccounts or the Contract for the Company’s federal taxes periodically. Charges may become necessary if, among other reasons, the tax treatment of the Company or of income and expenses under the Contract is ultimately determined to be other than what the Company currently believes it to be, if there are changes made in the federal income tax treatment of variable annuities at the insurance company level, or if there is a change in the Company’s tax status.

Under current laws, the Company may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant. If there is a material change in applicable state or local tax laws, the Company reserves the right to charge the Separate Account or the Subaccounts for such taxes, if any, attributable to the Separate Account or Subaccounts.

Withholding. Annuity distributions are generally subject to withholding for the recipient’s federal income tax liability. Recipients can generally elect, however, not to have tax withheld from distributions.

Diversification Standards. Each Underlying Fund will be required to adhere to regulations adopted by the Treasury Department pursuant to Section 817(h) of the Code prescribing asset diversification requirements for investment companies whose shares are sold to insurance company separate accounts funding variable contracts. Pursuant to these regulations, on the last day of each calendar quarter (or on any day within 30 days thereafter), no more than 55% of the total assets of an Underlying Fund may be represented by any one investment, no more than 70% may be represented by any two investments, no more than 80% may be represented by any three investments, and no more than 90% may be represented by any four investments. For purposes of Section 817(h), securities of a single issuer generally are treated as one investment but obligations of the U.S. Treasury and each U.S. Governmental agency or instrumentality generally are treated as securities of separate issuers. The Separate Account, through the Underlying Fund, intends to comply with the diversification requirements of Section 817(h).

Owner Control. In certain circumstances, owners of Non-Qualified variable annuity contracts may be considered the owners, for federal income tax purposes, of the assets of the separate account used to support their contracts. In those circumstances, income and gains from the separate account assets would be includable currently in the variable contract owner’s gross income.

The ownership rights under the Contract are similar to, but different in certain respects from, those described by the IRS in rulings in which it was determined that policyowners were not owners of separate account assets. For example, the Participant has additional flexibility in allocating Purchase Payments and Contract Values. While the Company does not think that will be the case, these differences could result in a Participant being treated as the owner of a pro rata portion of the assets of the Separate Account. The Company nonetheless reserves the right to modify the Contract, as it deems appropriate, to attempt to prevent a Participant from being considered the owner of a pro rata share of the assets of the Separate Account. Moreover, in the event that regulations are adopted or rulings are issued, there can be no assurance that the Underlying Funds will be able to operate as currently described in the Prospectus, or that the Underlying Funds will not have to change their investment objective or investment policies.

Income Taxation of Annuities in General—Non-Qualified Contracts — Section 72 of the Code governs the taxation of annuities. In general, a contract owner is not taxed on increases in value under an annuity contract until some form of distribution is made under the contract. However, the increase in value may be subject to tax currently under certain circumstances. See “Contracts Owned by Non-Natural Persons,” “Diversification Standards,” and “Owner Control.” Withholding of federal income taxes on all distributions may be required unless a recipient who is eligible elects not to have any amounts withheld and properly notifies the Company of that election.

Withdrawals Prior to the Annuity Start Date. Code Section 72 provides generally that amounts received upon a total or partial withdrawal (including systematic withdrawals) from a Non-Qualified Contract prior to the Annuity Start Date generally will be treated as gross income to the extent that the cash value of the Contract immediately before the withdrawal exceeds the “investment in the contract.” The “investment in the contract” is that portion, if any, of Purchase Payments paid under a Contract less any distributions received previously under the Contract that are excluded from the recipient’s gross income. The taxable portion is taxed as ordinary income. For purposes of this rule, a pledge or assignment of a contract is treated as a payment received on account of a partial withdrawal of a Contract.

Amounts distributed from a Contract because of your death or the death of the Annuitant are generally treated as income to the recipient. If distributed in a lump sum, such payments are taxed in the same manner as if the Contract had been surrendered, and if distributed under an Annuity Option, they are taxed in the same manner as annuity payments. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay advisory fees to a financial intermediary may be subject to federal and state income taxes and a 10% federal penalty tax. A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges.

Distributions on or after the Annuity Start Date. For fixed annuity payments, the taxable portion of each payment generally is determined by using a formula known as the “exclusion ratio,” which establishes the ratio that the investment in the contract bears to the total expected amount of annuity payments for the term of the contract. That ratio is then applied to each payment to determine the nontaxable portion of the payment. The remaining portion of each payment is taxed at ordinary income rates. For variable annuity payments, the taxable portion of each payment is determined by using a formula known as the “excludable amount,” which establishes the nontaxable portion of each payment. The nontaxable portion is a fixed dollar amount for each payment, determined by dividing the investment in the contract by the number of payments to be made. The remainder of each variable annuity payment is taxable. Once the excludable portion of annuity payments to date equals the investment in the contract, the balance of the annuity payments will be fully taxable.

Surrenders. Upon a complete surrender, the receipt is taxable to the extent that the cash value of the Contract exceeds the investment in the Contract. The taxable portion of such payments will be taxed as ordinary income.

Annuity Payments. For fixed annuity payments, the taxable portion of each payment generally is determined by using a formula known as the “exclusion ratio,” which establishes the ratio that the investment in the Contract bears to the total expected amount of annuity payments for the term of the Contract. That ratio is then applied to each payment to determine the non-taxable portion of the payment. The remaining portion of each payment is taxed at ordinary income rates. For variable annuity payments, the taxable portion of each payment is determined by using a formula known as the “excludable amount,” which establishes the non-taxable portion of each payment. The non-taxable portion is a fixed dollar amount for each payment, determined by dividing the investment in the Contract by the number of payments to be made. The remainder of each variable annuity payment is taxable. Once the excludable portion of annuity payments to date equals the investment in the Contract, the balance of the annuity payments will be fully taxable.

Penalty Tax on Certain Surrenders and Withdrawals. With respect to amounts withdrawn or distributed before the taxpayer reaches age 59½, a penalty tax is imposed equal to 10% of the portion of such amount which is includable in gross income. However, the penalty tax is not applicable to withdrawals: (i) made on or after the death of the owner (or where the owner is not an individual, the death of the “primary annuitant,” who is defined as the

individual the events in whose life are of primary importance in affecting the timing and amount of the payout under the Contract); (ii) attributable to the taxpayer’s becoming totally disabled within the meaning of Code Section 72(m)(7); (iii) which are part of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the taxpayer, or the joint lives (or joint life expectancies) of the taxpayer and his or her beneficiary; (iv) from certain qualified plans; (v) under a so-called qualified funding asset (as defined in Code Section 130(d)); (vi) under an immediate annuity contract; or (vii) which are purchased by an employer on termination of certain types of qualified plans and which are held by the employer until the employee separates from service.

If the penalty tax does not apply to a surrender or withdrawal as a result of the application of item (iii) above, and the series of payments are subsequently modified (other than by reason of death or disability), the tax for the first year in which the modification occurs will be increased by an amount (determined by the regulations) equal to the tax that would have been imposed but for item (iii) above, plus interest for the deferral period, if the modification takes place (a) before the close of the period which is five years from the date of the first payment and after the taxpayer attains age 59½, or (b) before the taxpayer reaches age 59½.

Partial Annuitization. If part of an annuity contract’s value is applied to an annuity option that provides payments for one or more lives and for a period of at least ten years, those payments may be taxed as annuity payments instead of withdrawals. None of the payment options under the Contract is intended to qualify for this “partial annuitization” treatment and, if you apply only part of the value of the Contract to a payment option, we will treat those payments as withdrawals for tax purposes.

Distribution-at-Death Rules. In order to be treated as an annuity contract, a Non-Qualified contract must provide the following two distribution rules: (a) if any owner dies on or after the Annuity Start Date, and before the entire interest in the Contract has been distributed, the remainder of the owner’s interest will be distributed at least as quickly as the method in effect on the owner’s death; and (b) if any owner dies before the Annuity Start Date, the entire interest in the Contract must generally be distributed within five years after the date of death, or, if payable to a designated beneficiary, must be annuitized over the life of that designated beneficiary or over a period not extending beyond the life expectancy of that beneficiary, commencing within one year after the date of death of the owner. If the sole designated beneficiary is the spouse of the deceased owner, the Contract (together with the deferral of tax on the accrued and future income thereunder) may be continued in the name of the spouse as owner.

The right of a spouse to continue the account, and all Contract provisions relating to spousal continuation, are available only to a person who meets the definition of “spouse” under Federal law. See “Distribution Requirements.”

Generally, for purposes of determining when distributions must begin under the foregoing rules, where an owner is not an individual, the primary annuitant is considered the owner. In that case, a change in the primary annuitant will be treated as the death of the owner. Finally, in the case of joint owners, the distribution-at-death rules will be applied by treating the death of the first owner as the one to be taken into account in determining generally when distributions must commence, unless the sole Designated Beneficiary is the deceased owner’s spouse.

Gift of Annuity Contracts. Generally, gifts of non-tax qualified Contracts prior to the Annuity Start Date will trigger tax on the gain on the Contract, with the donee getting a stepped-up basis for the amount included in the donor’s income. The 10% penalty tax and gift tax also may be applicable. This provision does not apply to transfers between spouses or incident to a divorce.

Contracts Owned by Non Natural Persons. If the Contract is held by a non-natural person (for example, a corporation) the income on that Contract (generally the increase in net surrender value less the Purchase Payments) is includable in taxable income each year. The rule does not apply where the Contract is acquired by the estate of a decedent, where the Contract is held by certain types of retirement plans, where the Contract is a qualified funding asset for structured settlements, where the Contract is purchased on behalf of an employee upon termination of a qualified plan, and in the case of an immediate annuity. An annuity contract held by a trust or other entity as agent for a natural person (such as the Contract held by the Trust on behalf of the Participants) is considered held by a natural person.

Multiple Contract Rule. For purposes of determining the amount of any distribution under Code Section 72(e) (amounts not received as annuities) that is includable in gross income, all Non-Qualified deferred annuity contracts issued by the same insurer to the same contract owner during any calendar year are to be aggregated and treated as one contract. Thus, any amount received under any such contract prior to the contract’s Annuity Start Date, such as a partial surrender, dividend, or loan, will be taxable (and possibly subject to the 10% penalty tax) to the extent of the combined income in all such contracts.

In addition, the Treasury Department has broad regulatory authority in applying this provision to prevent avoidance of the purposes of this rule. It is possible that, under this authority, the Treasury Department may apply this rule to amounts that are paid as annuities (on and after the Annuity Start Date) under annuity contracts issued by the same company to the same owner during any calendar year. In this case, annuity payments could be fully

taxable (and possibly subject to the 10% penalty tax) to the extent of the combined income in all such contracts and regardless of whether any amount would otherwise have been excluded from income because of the “exclusion ratio” under the contract.

Transfers, Assignments or Exchanges of a Contract. A transfer of ownership of a Contract, the designation of an Annuitant, Payee or other Beneficiary who is not also the Participant, the selection of certain Annuity Start Dates or the exchange of a Contract may result in certain tax consequences to the Participant that are not discussed herein. If contemplating any such transfer, assignment, selection or exchange, the Participant should contact a competent tax adviser with respect to the potential effects of such a transaction.

Other Tax Considerations —

Federal Estate, Gift, and Generation-Skipping Transfer Taxes. While no attempt is being made to discuss in detail the Federal estate tax implications of the Contract, a purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent’s gross estate. Depending on the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Consult an estate planning advisor for more information.

Under certain circumstances, the Code may impose a “generation skipping transfer tax” (“GST”) when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Participant. Regulations issued under the Code may require the Company to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

The potential application of these taxes underscores the importance of seeking guidance from a qualified adviser to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.

Annuity Purchases by Nonresident Aliens and Foreign Corporations. The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, such purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser’s country of citizenship or residence. Additional withholding may occur with respect to entity purchasers (including foreign corporations, partnerships, and trusts) that are not U.S. residents. Prospective purchasers are advised to consult with a qualified tax adviser regarding U.S. state, and foreign taxation with respect to an annuity contract purchase.

Foreign Tax Credits. We may benefit from any foreign tax credits attributable to taxes paid by certain Funds to foreign jurisdictions to the extent permitted under Federal tax law.

Medicare Tax. Distributions from non-qualified annuity contracts are considered “investment income” for purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to some or all of the taxable portion of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts. Please consult a tax advisor for more information.

Possible Tax Changes. From time to time, legislation has been proposed that would have adversely modified the federal taxation of certain annuities. There is always the possibility that the tax treatment of annuities could change by legislation or other means (such as IRS regulations, revenue rulings, and judicial decisions). Moreover, although unlikely, it is also possible that any legislative change could be retroactive (that is, effective prior to the date of such change). Consult a tax adviser with respect to legislative developments and their effect on the Contract. We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that Participants currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion to be considered tax advice.

Annuity Purchases by Residents of Puerto Rico. The Internal Revenue Service has announced that income received by residents of Puerto Rico under life insurance or annuity contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States federal income tax.

Other Information

Voting of Underlying Fund Shares — The Company is the legal owner of the shares of Underlying Funds held by the Subaccounts. The Company will exercise voting rights attributable to the shares of each Underlying Fund held in the Subaccounts at any regular and special meetings of the shareholders of the Underlying Funds on

matters requiring shareholder voting. In accordance with its view of presently applicable law, the Company will exercise its voting rights based on instructions received from persons having beneficial interest in corresponding Subaccounts. However, if the 1940 Act or any regulations thereunder should be amended, or if the present interpretation thereof should change, and as a result the Company determines that it is permitted to vote the shares of the Underlying Funds in its own right, it may elect to do so.

The person having the voting interest under a Contract is the Participant. Unless otherwise required by applicable law, the number of shares of a particular Underlying Fund as to which voting instructions may be given to the Company is determined by dividing your Contract Value in the corresponding Subaccount on a particular date by the net asset value per share of the Underlying Fund as of the same date. Fractional votes will be counted. The number of votes as to which voting instructions may be given will be determined as of the same date established by the Underlying Fund for determining shareholders eligible to vote at the meeting of the Underlying Fund. If required by the SEC, the Company reserves the right to determine in a different fashion the voting rights attributable to the shares of the Underlying Funds. Voting instructions may be cast in person or by proxy.

It is important that each Participant provide voting instructions to the Company because we vote all Underlying Fund shares proportionately in accordance with instructions received from those who do vote. This means that the Company will vote shares for which no timely instructions are received in the same proportion as those shares for which we do receive voting instructions. As a result, a small number of persons may control the outcome of a vote. The Company will also exercise the voting rights from assets in each Subaccount that are not otherwise attributable to Participants, if any, in the same proportion as the voting instructions that are received in a timely manner for all Contracts participating in that Subaccount.

Changes to Investments — The Company reserves the right, subject to compliance with the law as then in effect, to make additions to, deletions from, or combinations of the securities that are held by the Separate Account or any Subaccount or that the Separate Account or any Subaccount may purchase. In addition, the Company reserves the right to substitute shares of any or all of the Underlying Funds in accordance with applicable law. In all cases, the Company will send you notice. For instance, the Company may seek to substitute shares of Underlying Funds should they no longer be available for investment, or if the Company’s management believes further investment in shares of any Underlying Fund should become inappropriate in view of the purposes of the Contract. The Company may substitute shares of an Underlying Fund with the shares of another Underlying Fund or the shares of a fund not currently offered under the Contract. Substituted fund shares may have higher fees and expenses. The Company may also purchase, through the Subaccount, other securities for other classes of contracts, or permit a conversion between classes of contracts on the basis of requests made by Participants. The Company further reserves the right to close any Subaccount to future allocations.

The Company also reserves the right to establish additional Subaccounts of the Separate Account that would invest in a new Underlying Fund or in shares of another investment company, a series thereof, or other suitable investment vehicle. The Company may establish new Subaccounts in its sole discretion, and will determine whether to make any new Subaccount available to existing Participants. The Company may also eliminate or combine one or more Subaccounts to all or only certain classes of Participants if, in its sole discretion, marketing, tax, or investment conditions so warrant.

Subject to compliance with applicable law, the Company may transfer assets to the General Account. The Company also reserves the right, subject to any required regulatory approvals, to transfer assets of the Separate Account or any Subaccount to another separate account or Subaccount.

In the event of any such substitution or change, the Company may, by appropriate endorsement, make such changes in these and other contracts as may be necessary or appropriate to reflect such substitution or change. If the Company believes it to be in the best interests of persons having voting rights under the Contract, the Separate Account may be operated as a management investment company under the 1940 Act or any other form permitted by law. The Separate Account may be deregistered under the 1940 Act in the event such registration is no longer required, or it may be combined with other separate accounts of the Company or an affiliate thereof. Subject to compliance with applicable law, the Company also may establish a committee, board, or other group to manage one or more aspects of the operation of the Separate Account.

Changes to Comply with Law and Amendments — The Company reserves the right, without the consent of the Holder or Participants, to make any change to the provisions of the Contract to comply with, or give Participants the benefit of, any federal or state statute, rule, or regulation, including but not limited to requirements for annuity contracts and retirement plans under the Internal Revenue Code and regulations thereunder or any state statute or regulation.

Reports to Participants — The Company will send you quarterly a statement setting forth a summary of the transactions that occurred during the quarter, and indicating the Contract Value as of the end of the quarter. In addition, the statement will indicate the allocation of Contract Value among the Fixed Account and the Subaccounts and any other information required by law. The Company will also send confirmations upon Purchase Payments, transfers, and full and partial withdrawals. The Company may confirm certain transactions on a quarterly basis. These transactions include purchases under an Automatic Investment Program, transfers under the Dollar Cost Averaging and Asset Reallocation Options, systematic withdrawals and annuity payments.

You will also receive an annual and semiannual shareholder report for those Underlying Funds corresponding to the Subaccounts to which you have allocated your Contract Value. The shareholder reports contain information required by federal securities laws and will also be available online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121828.

Electronic Privileges — If the Electronic Privileges section of the participant enrollment form or other proper form has been completed, signed, and received at the Company’s Administrative Office, you may (1) request a transfer of Contract Value and make changes in your Purchase Payment allocation and to an existing Dollar Cost Averaging or Asset Reallocation Option by telephone; (2) request a transfer of Contract Value electronically via facsimile; and (3) request a transfer of Contract Value through the Company’s website. If you elect Electronic Privileges, you automatically authorize your financial representative to make transfers of Contract Value and changes in your Purchase Payment allocation or Dollar Cost Averaging or Asset Reallocation Option, on your behalf.

Any telephone or electronic device, whether it is the Company’s, yours, your service provider’s, or your registered representative’s, can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may delay or prevent the Company’s processing of your transfer request. Although we have taken precautions to limit these problems, we cannot promise complete reliability under all circumstances. If you are experiencing problems, you should make your transfer request by writing to our Administrative Office.

The Company has established procedures to confirm that instructions communicated by telephone are genuine and will not be liable for any losses due to fraudulent or unauthorized instructions, provided it complies with its procedures. The Company’s procedures require that any person requesting a transfer by telephone provide the account number and the Participant’s tax identification number and such instructions must be received on a recorded line. The Company reserves the right to deny any telephone transfer request. If all telephone lines are busy (which might occur, for example, during periods of substantial market fluctuations) or are otherwise unavailable, you may not be able to request transfers by telephone and would have to submit written requests.

By authorizing telephone transfers, you authorize the Company to accept and act upon telephonic instructions for transfers involving your Contract. There are risks associated with telephone transactions that do not occur if a written request is submitted. Anyone authorizing or making telephone requests bears those risks. You agree that neither the Company nor any of its affiliates nor any Underlying Fund, will be liable for any loss, damages, cost, or expense (including attorneys’ fees) arising out of any telephone requests, provided that the Company effects such request in accordance with its procedures. As a result of this policy on telephone requests, you bear the risk of loss arising from the telephone transfer privilege. The Company may discontinue, modify, or suspend the telephone transfer privilege at any time.

State Variations — This Prospectus and the Statement of Additional Information describe all material terms and features of the Contract, including any material state variations. If you would like to review a copy of your Contract and its endorsements and riders, if any, contact the Company’s Administrative Office.

Legal Proceedings — The Company and its subsidiaries, like other life insurance companies, may be involved in lawsuits, including class action lawsuits. In some class action and other lawsuits involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation cannot be predicted with certainty, the Company believes that at the present time there are no legal proceedings pending or threatened to which the Company, the Separate Account, or SDL is a party that are reasonably likely to materially affect the Separate Account or the Company’s ability to meet its obligations under the Contract, or SDL’s ability to perform its contract with the Separate Account.

Legal Matters — Alison Pollock, Esq., Assistant General Counsel of the Company, has passed upon legal matters in connection with the issue and sale of the Contract described in this Prospectus, the Company’s authority to issue the Contract under Kansas law, and the validity of the forms of the Contract under Kansas law.

Sale of the Contract — The Company currently offers the Contract on a continuous basis. The Company anticipates continuing to offer the Contract but reserves the right to discontinue the offering.

The Company has entered into a principal underwriting agreement with its affiliate, SDL, for the distribution and sale of the Contract. SDL’s home office is located at One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934 and is a member of FINRA.

SDL passes through commissions it receives to PlanMember and does not retain any portion of commissions it receives as principal underwriter for the Contract. However, the Company (or an affiliate) pays some or all of SDL’s operating and other expenses, including the following sales expenses: compensation and bonuses for SDL’s management team, compensation and benefits for SDL’s registered representatives, advertising expenses, and other expenses of distributing the Contract.

The Company pays commissions to PlanMember in connection with the promotion and sale of the Contract. A portion of any payments made to PlanMember may be passed on to its registered representatives in accordance with its internal compensation program. The Company may use any of its corporate assets to pay commissions and other costs of distributing the Contract, including any profit from the mortality and expense risk charge or other fees and charges imposed under the Contract. Commissions and other incentives or payments described below are not charged directly to Participants or the Separate Account. The Company intends to recoup commissions and other sales expenses through fees and charges deducted under the Contract or from its General Account.

The Company pays commissions as a percentage of Contract Value on an ongoing basis. The Company does not expect commissions paid to PlanMember to exceed 0.75% annually of average Contract Value. The Company also may pay non-cash compensation in connection with the sale of the Contract, including conferences, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, merchandise and other similar items.

You can generally exchange one contract for another in a “tax-free exchange” under Section 1035 of the Internal Revenue Code. Before making an exchange, you should compare both contracts carefully. Remember that if you exchange another contract for the one described in this Prospectus, you might have to pay a surrender charge and tax, including a possible penalty tax, on your old contract, there will be new charges for this Contract, which may be higher (or lower), and the benefits may be different. You should not exchange another contract for this one unless you determine, after knowing all the facts, that the exchange is in your best interest and not just better for the person trying to sell you this Contract (that person will generally earn a commission if you buy this Contract through an exchange or otherwise). If you contemplate such an exchange, you should consult a tax adviser to discuss the potential tax effects of such a transaction.

The registered representative who sells you the Contract typically receives a portion of the compensation the Company pays to PlanMember, depending on the agreement between PlanMember and your registered representative and PlanMember’s internal compensation program. This program may include other types of cash and noncash compensation and other benefits. Ask your registered representative for further information about what he or she and PlanMember may receive in connection with your purchase of a Contract.

Additional Information

Registration Statement — A Registration Statement of which this Prospectus is a part has been filed with the SEC relating to the offering described in this Prospectus. This Prospectus does not include all the information included in the Registration Statement, certain portions of which, including the Statement of Additional Information, have been omitted pursuant to the rules and regulations of the SEC. The omitted information may be obtained at the SEC’s principal office in Washington, DC, upon payment of any of the SEC’s prescribed fees, and may also be obtained for free from the SEC’s web site (https://www.sec.gov). You may also obtain the Statement of Additional Information by writing the Company at One Security Benefit Place, Topeka, Kansas 66636-0001 or by calling 1-800-888-2461. The Statement of Additional Information is also available online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121828.

Financial Statements — You can find financial statements for Security Benefit Life Insurance Company and Subsidiaries and the Separate Account in the Statement of Additional Information, which is available online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121828. To receive a copy of the Statement of Additional Information free of charge, call your investment professional or contact us at 1-800-888-2461.

APPENDIX A

Investment Options Available Under the Contract

Underlying Funds — The following is a list of Underlying Funds available under the Contract. More information about the Underlying Funds is available in the prospectuses for the Underlying Funds, which may be amended or updated from time to time, and can be found online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121828. You can view, download, and print copies of Underlying Fund documents at this website. You can also request this information at no cost by calling 1-800-888-2461 or by sending an email request to SBLProspectusRequests@securitybenefit.com.

The current expenses and performance information below reflect the fees and expenses of the Underlying Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Underlying Fund’s past performance is not necessarily an indication of future performance. Updated performance information is available online at https://www.securitybenefit.com/performance.

Investment Type	Fund Adviser/Sub-Adviser	Current Expenses1	Platform	Average Annual Total Returns (as of 12/31/2025)
Investment Type	Fund Adviser/Sub-Adviser	Current Expenses1	Platform	1 Year	5 Year	10 Year
Small Cap Blend	Goldman Sachs VIT Small Cap Equity Insights – Institutional Class Adviser: Goldman Sachs Asset Management L.P.	0.88%	0.35%	16.14%	10.47%	10.84%
Large Cap Growth	Goldman Sachs VIT Strategic Growth – Institutional Class Adviser: Goldman Sachs Asset Management L.P.	0.79%	0.35%	17.92%	12.75%	16.41%
International Equity	Invesco V.I. EQV International Equity – Series I Adviser: Invesco Advisers, Inc.	0.90%	0.35%	16.50%	3.68%	6.22%
Specialty-Sector	Invesco V.I. Global Real Estate – Series I Adviser: Invesco Advisers, Inc. Sub-Adviser: Invesco Asset Management Limited	1.02%	0.35%	7.85%	1.73%	2.44%
Large Cap Growth	Janus Henderson VIT Research – Service Class Adviser: Janus Henderson Investors US LLC	1.07%	0.35%	18.10%	13.83%	15.59%
Multi Cap Value	NAA All Cap Value Series Adviser: New Age Alpha Advisors, LLC	1.15%	N/A	12.87%	11.12%	10.40%
Large Cap Value	NAA Large Cap Value Series Adviser: New Age Alpha Advisors, LLC	1.05%	N/A	14.16%	12.15%	10.88%
Mid Cap Value	NAA SMid-Cap Value Series Adviser: New Age Alpha Advisors, LLC	1.18%	N/A	7.35%	9.30%	9.97%
Global Equity	NAA World Equity Income Series Adviser: New Age Alpha Advisors, LLC	1.18%	N/A	22.75%	11.42%	9.99%
Specialty	Neuberger Berman Quality Equity Portfolio – Class S Adviser: Neuberger Berman Investment Advisers LLC	1.12%	0.35%	13.43%	12.54%	12.66%

A-1

Investment Type	Fund Adviser/Sub-Adviser	Current Expenses1	Platform	Average Annual Total Returns (as of 12/31/2025)
Investment Type	Fund Adviser/Sub-Adviser	Current Expenses1	Platform	1 Year	5 Year	10 Year
Inflation- Protected Bond	PIMCO VIT Real Return – Administrative Class Adviser: Pacific Investment Management Company LLC	1.39%	0.35%	7.85%	1.21%	3.21%
Intermediate Term Bond	PIMCO VIT Total Return – Administrative Class Adviser: Pacific Investment Management Company LLC	0.73%	0.35%	8.89%	0.02%	2.36%
Specialty-Sector	Rydex VIF Energy Services Adviser: Security Investors, LLC	1.84%	0.35%	1.74%	10.39%	-5.65%
Mid Cap Growth	T. Rowe Price Mid Cap Growth Adviser: T. Rowe Price Associates, Inc. Sub-Adviser: T. Rowe Price Investment Management, Inc.	0.85%	0.35%	3.55%	3.84%	9.81%
1 Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please see the Investment Portfolios’ prospectuses for additional information regarding these arrangements

Fixed Option — The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with written notice before doing so. Depending on the optional benefits you choose, you may not be able to invest in the Fixed Options, as noted below.

See “The Fixed Account” in the prospectus for a description of the Fixed Investment Options’ features.

Name	Term	Minimum Guaranteed Interest Rate
Fixed Account	Not applicable	1%

A-2

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The Statement of Additional Information (SAI) contains additional information about the Contract, us, and the Separate Account, including financial statements. The SAI is dated the same date as this Prospectus and the SAI is incorporated by reference into this Prospectus. You may request a free copy of the SAI or submit inquiries about the Contract by writing the Company at its Administrative Office, P.O. Box 750497, Topeka, KS 66675-0497, by calling 1-800-888-2461 or by visiting us online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121828.

You may also obtain reports and other information about the Separate Account on the SEC’s website at www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

EDGAR Contract Identifier C000027883

SCARBOROUGH ADVANTAGE VARIABLE ANNUITY

May 1, 2026

Variable Annuity Account XI

Group Flexible Purchase Payment Deferred Variable Annuity Contract

Statement of Additional Information

Issued By:	Mailing Address:
Security Benefit Life Insurance Company One Security Benefit Place Topeka, Kansas 66636-0001 1-800-888-2461 www.securitybenefit.com	Security Benefit Life Insurance Company P.O. Box 750497 Topeka, Kansas 66675-0497

This Statement of Additional Information is not a prospectus; it should be read in conjunction with the current Prospectus for the Scarborough Advantage Variable Annuity dated May 1, 2026, as it may be supplemented from time to time. A copy of the Prospectus may be obtained free of charge from the Company by calling 1-800-888-2461 or by writing P.O. Box 750497, Topeka, Kansas 66675-0497.

V6914A

32-69149-01 2026/05/01

General Information and History

The Company — The Company is a life insurance company that offers life insurance policies and annuity contracts, as well as financial and retirement services. The Company is organized under the laws of the State of Kansas and is admitted to do business in the District of Columbia and all states except for New York. It was originally organized as a fraternal benefit society and commenced business February 22, 1892. It became a mutual life insurance company under its present name on January 2, 1950 and converted to a stock life insurance company on July 31, 1998. The Company’s indirect parent, Eldridge Industries, LLC, owns, operates and invests in businesses across a wide range of sectors and is ultimately controlled by Todd L. Boehly.

The Separate Account — The Company established Variable Annuity Account XI as a separate account under Kansas law on October 26, 1998. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the “1940 Act”).

Principal Underwriter — The Company currently offers the Contract on a continuous basis. The Company anticipates continuing to offer the Contract but reserves the right to discontinue the offering. The Principal Underwriter for the Contract is Security Distributors, LLC (“SDL”), located at One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”).

SDL does not sell the Contract directly to purchasers. The Contract is offered to the public through registered representatives of PlanMember Securities Corporation/Scarborough Alliance Group, a member of FINRA that has entered into a selling agreement with the Company and SDL for the sale of the Contract (“PlanMember”). The Company pays commissions to PlanMember through SDL. During fiscal years 2025, 2024, and 2023, the amounts paid to SDL in connection with all Contracts sold through the Separate Account were $342,998, $416,705, and $453,465, respectively. SDL passes through commissions it receives to PlanMamber and does not retain any portion of the commissions it receives as principal underwriter for the Contract. However, the Company (or an affiliate) pays some or all of SDL’s operating and other expenses, including the following sales expenses: compensation and bonuses for SDL’s management team, compensation and benefits for SDL’s registered representatives, advertising expenses, and other expenses of distributing the Contract.

General Information — For a description of the Contract, the Company, and the Separate Account, see the Prospectus for the Contract. This Statement of Additional Information contains information that supplements the information in the Prospectus. Defined terms used in this Statement of Additional Information have the same meaning as terms defined in the section entitled “Definitions” in the Prospectus.

Safekeeping of Assets — The Company is responsible for the safekeeping of the assets of the Subaccounts. These assets, which consist of shares of the Underlying Funds in non-certificated form, are held separate and apart from the assets of the Company’s General Account and its other separate accounts.

Non-Principal Risks of Investing in the Contract

All non-principal risks of purchasing the Contract are disclosed in the Prospectus in their related subject matter sections.

Performance Information

Performance information for the Subaccounts, including the yield, and the average annual total return and total return of all Subaccounts, may appear in advertisements, reports, and promotional literature provided to current or prospective Participants.

Quotations of average annual total return for any Subaccount will be expressed in terms of the average annual compounded rate of return of a hypothetical investment in a Contract over a period of one, five and ten years (or, if less, up to the life of the Subaccount), calculated pursuant to the following formula: P(1 + T)n = ERV (where P = a hypothetical initial payment of $1,000, T = the average annual total return, n = the number of years, and ERV = the ending redeemable value of a hypothetical $1,000 payment made at the beginning of the period).

Average annual total return figures (referred to as “Standardized Total Return”) are calculated from the inception date of the Subaccounts under the Contract, and reflect the deduction of the mortality and expense risk charge of 0.45% and the maximum annual administration and distribution charge of 0.94% for all Subaccounts except the

Guggenheim VIF Large Cap Value, Guggenheim VIF World Equity Income, Guggenheim VIF All Cap Value and Guggenheim VIF SMid Cap Value Subaccounts for which the maximum annual administration and distribution charge is 0.59%.

Other total return figures (referred to as “Non-Standardized Total Return”) may be quoted that do not assume the maximum annual administration and distribution charge. The maximum annual administration and distribution charge, if reflected, would lower the Non-Standardized Total Return. Total return figures that do not reflect deduction of all charges will be accompanied by Standardized Total Return figures that reflect such charges and which date from the Separate Account inception date.

Total return figures may also be shown for periods beginning prior to the availability of the Contract. Such total return figures are based upon the performance of the Underlying Funds, adjusted to reflect the maximum charges imposed under the Contract. Any quotation of performance that pre-dates the date of inception of the Separate Account (or a Subaccount thereof as applicable) will be accompanied by Standardized Total Return figures that reflect the deduction of the maximum annual administration and distribution charge and other fees and charges since the date of inception of the Separate Account or Subaccount.

Quotations of total return for any Subaccount will be based on a hypothetical investment in a Subaccount over a certain period and will be computed by subtracting the initial value of the investment from the ending value and dividing the remainder by the initial value of the investment. Such quotations of total return will reflect the deduction of all applicable charges to the Contract and the Separate Account (on an annual basis).

Performance information for any Subaccount reflects only the performance of a hypothetical Contract under which Contract Value is allocated to that Subaccount during a particular time period on which the calculations are based. Performance information should be considered in light of the investment objectives and policies, characteristics and quality of the Underlying Fund in which the Subaccount invests, and the market conditions during the given time period, and should not be considered as a representation of what may be achieved in the future.

Mixed and Shared Funding Conflicts

Because the Underlying Funds may serve as investment vehicles for both variable life insurance policies and variable annuity contracts (“mixed funding”) and shares of the Underlying Funds also may be sold to separate accounts of other insurance companies (“shared funding”), material conflicts could occur. The Company currently does not foresee any disadvantages to Contractholders or Participants arising from either mixed or shared funding; however, due to differences in tax treatment or other considerations, it is possible that the interests of owners of various contracts for which the Underlying Funds serve as investment vehicles might at some time be in conflict. However, the Company, each Underlying Fund’s Board of Directors, and any other insurance companies that participate in the Underlying Funds are required to monitor events in order to identify any material conflicts that arise from mixed and/or shared funding. If such a conflict were to occur, the Company would take steps necessary to protect Contractholders or Participants, including withdrawal of the Separate Account from participation in the Underlying Fund(s) involved in the conflict. This might force the Underlying Fund to sell securities at disadvantageous prices.

Independent Registered Public Accounting Firm

The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries at December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and the financial statements of Variable Annuity Account XI at December 31, 2025, and for each of the specified periods ended December 31, 2025 and 2024, or for portions of such periods as disclosed in the financial statements appearing in this Statement of Additional Information have been audited by Ernst  & Young  LLP, 1828 Walnut Street, Suite 600, Kansas City, Missouri, 64108-1840, independent registered public accounting firm, as set forth in their reports thereon appearing elsewhere herein, and are included in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

Financial Statements

The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries, which are included in this Statement of Additional Information, should be considered only as bearing on the ability of the Company to meet its obligations under the Contract. They should not be considered as bearing on the investment performance of the assets held in the Separate Account.

C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Security Benefit Life Insurance Company and Subsidiaries

Years Ended December 31, 2025, 2024 and 2023

With Report of Independent Auditors

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Financial Statements

Years Ended December 31, 2025, 2024, and 2023

Contents


Report of Independent Auditors			1

Consolidated Financial Statements

Consolidated Balance Sheets			3
Consolidated Statements of Operations			5
Consolidated Statements of Comprehensive Income			6
Consolidated Statements of Changes in Stockholder’s Equity			7
Consolidated Statements of Cash Flows			8
Notes to Consolidated Financial Statements			10

LOGO

Report of Independent Auditors

The Board of Directors

Security Benefit Life Insurance Company

Opinion

We have audited the consolidated financial statements of Security Benefit Life Insurance Company and Subsidiaries (the Company), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of operations, comprehensive income, changes in stockholder’s equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with accounting principles generally accepted in the United States of America.

Adoption of ASU No. 2018-12

As discussed in Notes 1 and 2 to the financial statements, the Company changed its method of accounting for long-duration contracts in each of the three years in the period ended December 31, 2025 due to the adoption of ASU No. 2018-12, Financial Services – Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are available to be issued.


2603-10001-CS		1

A member firm of Ernst & Young Global Limited

LOGO

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Ernst & Young LLP

Kansas City, Missouri

April 24, 2026


2603-10001-CS		2

A member firm of Ernst & Young Global Limited

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Balance Sheets


	December 31,
	2025		2024
	(in thousands)
Assets
Investments:
Fixed maturities, available for sale ($39,826.8 million and $37,230.7 million in amortized cost for 2025 and 2024, respectively; includes $233.2 million and $332.2 million related to consolidated variable interest entities for 2025 and 2024, respectively; includes $46.5 million and $46.5 million in credit loss allowances for 2025 and 2024,respectively)	$	39,944,617	$	36,912,840
Fixed maturities, trading		85,453		76,221
Equity securities		1,416,745		991,706
Notes receivable from related parties		5,533,886		2,079,394
Mortgage loans		3,886,944		2,745,425
Policy loans		59,079		62,973
Cash and cash equivalents (includes $0.8 million and $42.5 million related to consolidated variable interest entities for 2025 and 2024, respectively)		2,131,843		3,815,783
Short-term investments		320,751		91,020
Derivative assets		1,541,359		1,266,094
Pledged securities		60,027		—
Other invested assets (includes $293.6 million and $306.3 million related to consolidated variable interest entities for 2025 and 2024, respectively)		1,520,782		1,617,315

Total investments		56,501,486		49,658,771
Accrued investment income (includes $5.0 million and $0.9 million related to consolidated variable interest entities for 2025 and 2024, respectively)		613,933		647,867
Reinsurance recoverable		12,507,818		10,682,423
Deferred policy acquisition costs, deferred sales inducement costs and value of business acquired		3,495,288		3,089,566
Other assets		1,087,227		713,633
Separate account assets		6,804,874		6,416,351

Total assets	$	81,010,626	$	71,208,611

See accompanying notes.

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Balance Sheets (continued)


	December 31,
	2025		2024
	(in thousands)
Liabilities and stockholder’s equity
Liabilities:
Interest sensitive contract liabilities and future policy benefits	$	46,048,729	$	40,897,076
Funds withheld and held liability		11,066,965		9,201,462
Market risk benefits		3,319,550		3,022,203
Deferred income tax liability		117,292		31,242
Debt		111,981		113,173
Debt from consolidated variable interest entities		—		47,255
Derivative collateral		1,255,282		894,549
Repurchase agreements		1,511,982		328,443
Payables for collateral under securities loaned		62,657		—
Other liabilities		1,143,232		1,164,472
Separate account liabilities		6,804,874		6,416,351

Total liabilities		71,442,544		62,116,226
Stockholder’s equity:
Common stock ⁽¹⁾		7,000		7,000
Additional paid-in capital		4,394,457		4,394,107
Accumulated other comprehensive income (loss)		246,357		(67,233	)
Retained earnings		4,828,121		4,652,283

Total Security Benefit Life Insurance Company stockholder’s equity		9,475,935		8,986,157
Noncontrolling interest		92,147		106,228

Total stockholder’s equity		9,568,082		9,092,385

Total liabilities and stockholder’s equity	$	81,010,626	$	71,208,611

⁽¹⁾	$10 par value, 1,000,000 shares authorized, 700,000 issued and outstanding

See accompanying notes.

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Operations


	Year Ended December 31,
	2025			2024		2023
	(in thousands)
Revenues:
Net investment income	$	2,745,131		$	3,026,091	$	2,695,803
Asset-based and administrative fees		72,770			73,081		66,893
Other product charges		257,374			273,050		245,274
Investment-related gains (losses)		504,980			379,060		98,679
Other revenues		220,703			138,361		131,493

Total revenues		3,800,958			3,889,643		3,238,142
Benefits and expenses:
Interest sensitive contract and future policy benefits		1,298,493			1,046,772		970,788
Market risk benefit measurement (gains) losses		382,831			484,503		775,456
Other benefits		193,937			160,705		59,302

Total benefits		1,875,261			1,691,980		1,805,546
Other operating expenses		414,701			431,168		389,995
Amortization of deferred policy acquisition costs, deferred sales inducement costs, and value of business acquired		412,231			351,823		318,122
Interest expense		82,137			212,025		158,168

Total benefits and expenses		2,784,330			2,686,996		2,671,831

Income before income tax expense		1,016,628			1,202,647		566,311
Income tax expense		212,715			247,836		111,758

Net income		803,913			954,811		454,553
Less: Net income (loss) attributable to noncontrolling interest		(14,081	)		3,072		—

Net income attributable to Security Benefit Life Insurance Company	$	817,994		$	951,739	$	454,553

See accompanying notes.

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Comprehensive Income


	Year Ended December 31,
	2025			2024			2023
	(in thousands)
Net income	$	803,913		$	954,811		$	454,553
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on investments and hedging instruments		252,129			318,272			1,003,001
Remeasurement gains (losses) of future policy benefits related to discount rate		(4,235	)		4,871			(4,132	)
Remeasurement gains (losses) on market risk benefits related to credit risk		65,696			(144,504	)		(110,449	)

Total other comprehensive income (loss), net of tax		313,590			178,639			888,420

Comprehensive income (loss)		1,117,503			1,133,450			1,342,973
Less: Comprehensive income (loss) attributable to noncontrolling interest		(14,081	)		3,072			—

Comprehensive income (loss) attributable to Security Benefit Life Insurance Company	$	1,131,584		$	1,130,378		$	1,342,973

See accompanying notes.

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Changes in Stockholder’s Equity


					Accumulated						Total
			Additional		Other						SBLIC
	Common		Paid-In		Comprehensive			Retained			Stockholder’s			Noncontrolling
	Stock		Capital		Income (Loss)			Earnings			Equity			Interest			Total
		(in thousands)
Balance at January 1, 2023	$	7,000	$	3,959,107	$	(902,353	)	$	3,537,884		$	6,601,638		$	—		$	6,601,638
Adoption of new accounting standards ¹		—		—		—			(4,912	)		(4,912	)		—			(4,912	)
Adoption of new accounting standards ²		—		—		(231,939	)		918,019			686,080			—			686,080

Adjusted Balance at January 1, 2023		7,000		3,959,107		(1,134,292	)		4,450,991			7,282,806			—			7,282,806
Net income		—		—		—			454,553			454,553			—			454,553
Other comprehensive income (loss), net		—		—		888,420			—			888,420			—			888,420
Contribution from parent		—		435,000		—			—			435,000			—			435,000
Dividends paid		—		—		—			(350,000	)		(350,000	)		—			(350,000	)

Balance at December 31, 2023		7,000		4,394,107		(245,872	)		4,555,544			8,710,779			—			8,710,779
Net income		—		—		—			951,739			951,739			3,072			954,811
Other comprehensive income (loss), net		—		—		178,639			—			178,639			—			178,639
Contribution from parent		—		—		—			—			—			103,156			103,156
Dividends paid		—		—		—			(855,000	)		(855,000	)		—			(855,000	)

Balance at December 31, 2024		7,000		4,394,107		(67,233	)		4,652,283			8,986,157			106,228			9,092,385
Net income		—		—		—			817,994			817,994			(14,081	)		803,913
Other comprehensive income (loss), net		—		—		313,590			—			313,590			—			313,590
Contribution from parent		—		350		—			—			350			—			350
Contribution of noncontrolling interest		—		—		—			—			—			—			—
Dividends paid		—		—		—			(642,156	)		(642,156	)		—			(642,156	)

Balance at December 31, 2025	$	7,000	$	4,394,457	$	246,357		$	4,828,121		$	9,475,935		$	92,147		$	9,568,082

Effective January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments, as clarified and amended by ASU 2019-04, Codification Improvements to Topic 326; ASU 2019-05 Financial Instruments—Credit Losses (Topic 326): Targeted Relief; and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses.

Effective January 1, 2025, with a transition date of January 1, 2023, the Company adopted ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The Company applied a modified retrospective approach for liabilities for future policy benefits, DAC, DSI, and VOBA, and a full retrospective approach for market risk benefits, as required.

See accompanying notes.

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Cash Flows


	Year Ended December 31,
	2025			2024			2023
	(in thousands)
Operating activities
Net income	$	803,913		$	954,811		$	454,553
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:
Index credits and interest credited to account balances		1,229,064			1,128,491			586,521
Policy acquisition costs deferred		(427,324	)		(359,442	)		(366,519	)
Amortization of deferred policy acquisition costs, deferred sales inducement costs, and value of business acquired		411,975			351,823			318,122
Investment-related (gains) losses		(504,980	)		(379,060	)		(98,679	)
Change in equity method investments		(17,455	)		(93,438	)		(80,456	)
Amortization of investment premiums and discounts		(36,485	)		(105,247	)		(54,087	)
Interest sensitive contract and future policy benefits		69,429			(81,719	)		377,405
Depreciation and amortization		2,458			7,358			12,342
Market risk benefits measurements (gains) losses		382,831			484,503			775,456
Changes in operating assets and liabilities:
Deferred income taxes		2,690			(94,620	)		(197,510	)
Funds withheld and held liability		1,756,581			1,334,587			1,813,995
Investment income due and accrued		(515,103	)		(485,052	)		(431,741	)
Other assets and liabilities		(12,695	)		166,700			147,082

Net cash and cash equivalents provided by operating activities		3,144,899			2,829,695			3,256,484
Investing activities
Sales, maturities, or repayments of investments:
Fixed maturities available for sale		16,870,283			21,718,867			8,021,523
Mortgage loans		918,480			338,443			103,769
Derivative assets		1,152,298			1,065,262			484,689
Notes receivable from related parties		4,453,293			4,958,630			3,788,848
Net sales (purchases) of fixed maturities, trading		(8,308	)		18,208			(35,834	)
Other invested assets		525,201			558,914			612,226

		23,911,247			28,658,324			12,975,221
Acquisitions of investments:
Fixed maturities available for sale		(19,715,288	)		(17,707,094	)		(12,723,875	)
Mortgage loans		(1,774,194	)		(2,162,112	)		(100,406	)
Derivative assets		(724,314	)		(523,545	)		(428,418	)
Notes receivable from related parties		(7,903,461	)		(6,035,840	)		(3,086,017	)
Net sales (purchases) of equity securities at fair value		(107,504	)		(231,145	)		(49,388	)
Other invested assets		(727,887	)		(1,176,693	)		(327,064	)

		(30,952,648	)		(27,836,429	)		(16,715,168	)
Net sales (purchases) of property and equipment		(301	)		(263	)		(3,377	)
Net sales (purchases) of short-term investments		(44,316	)		71,817			547,351
Net decrease (increase) in policy loans		3,894			1,398			1,936

Net cash and cash equivalents provided by (used in) investing activities		(7,082,124	)		894,847			(3,194,037	)

See accompanying notes.

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Cash Flows (continued)


	Year Ended December 31,
	2025			2024			2023
	(in thousands)
Financing activities
Payments on debt and debt from consolidated VIEs		(47,255	)		(190,277	)		88,754
Contribution of noncontrolling interest		—			103,156			—
Capital contribution from parent		350			—			435,000
Dividends paid to parent		(540,000	)		(355,000	)		(350,000	)
Net change in repurchase agreements		1,188,392			(684,055	)		112,119
Cash receipts under securities lending program		62,657			—			—
Deposits to annuity account balances		5,339,726			4,684,487			4,132,870
Withdrawals from annuity account balances		(3,750,585	)		(5,020,009	)		(4,204,464	)

Net cash and cash equivalents provided by (used in) financing activities		2,253,285			(1,461,698	)		214,279

Increase (decrease) in cash and cash equivalents		(1,683,940	)		2,262,844			276,726
Cash and cash equivalents at beginning of period		3,815,783			1,552,939			1,276,213

Cash and cash equivalents at end of period	$	2,131,843		$	3,815,783		$	1,552,939

Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest	$	67,996		$	109,701		$	60,645

Income taxes	$	237,400		$	258,430		$	321,301

Supplemental disclosure of non-cash information
Cash received in the prior year for policies issued in the current year	$	28,607		$	31,575		$	81,441

Securities purchased not yet settled in cash	$	(294,954	)	$	(436,817	)	$	(49,760	)

Securities sold not yet settled in cash	$	346,368		$	82,280		$	110,914

Accrued interest paid in kind	$	575,322		$	585,741		$	382,913

In-kind dividends to parent	$	102,156		$	500,000		$	—

See accompanying notes.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

Years Ended December 31, 2025, 2024 and 2023

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies

Nature of Operations

The operations of Security Benefit Life Insurance Company (“SBLIC”), together with its subsidiaries and consolidated variable interest entities (“VIEs”) (see Note 4) (referred to herein, collectively, as SBLIC, the Company, or we), consist primarily of marketing and distributing annuities, retirement plans, and other related products throughout the United States. Security Distributors, LLC (“SD”), a subsidiary of Security Benefit Life Insurance Company (“SBLIC”), is a registered broker/dealer with the Securities and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory Authority. The Company has entered into an agreement with Security Benefit Business Services, LLC (SBBS), an affiliate, to handle most corporate functions and processes. All employees and the majority of the Company’s expenses are paid by SBBS, and an allocable portion of these costs are then billed to the Company.

The Company offers a diversified portfolio of products comprised primarily of fixed annuities, fixed index annuities (“FIA”), variable annuities (“VA”), and retirement plans. Our products are distributed by independent representatives through third-party distribution channels and sales networks.

Basis of Presentation

The financial statements of the Company are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) on a consolidated basis and include the operations of SBLIC and its subsidiaries, SD; SAILES 2, LLC (“SAILES”); Sixth Avenue Reinsurance Company (“SARC”); Bentley Park, LLC, Chisholm Trail, LLC; Coronado Heights, LLC; Earhart Capital, LLC; Hawk Trail, LLC; Monarch Field, LLC; Perry Park, LLC; Pinckney Holdings, LLC; Ripley Park, LLC; SB 625 Madison Holdings, LLC; SB IIS Co., LLC; SB ISH, LLC; Shamrock Valley, LLC; Triple 8, LLC; IDF VI, LLC; IDF V, LLC; SecBen GBM Investco, LLC; FHI Investor, LLC; and the consolidated VIEs (see Note 4). All intercompany accounts and transactions have been eliminated in the consolidation.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Use of Estimates

The preparation of the Consolidated Financial Statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported and disclosed. Significant estimates and assumptions include the valuation of investments; valuation of over-the-counter derivative financial instruments; determination of investment impairments and valuation allowances; calculation of liabilities for future policy benefits; valuation of market risk benefit assets and liabilities; calculation of income taxes and the recognition of deferred income tax assets and liabilities; and estimating future cash flows on certain structured securities. Management believes that the estimates used in preparing its Consolidated Financial Statements are reasonable.

Significant Accounting Policies

Investments

Fixed maturity investments include bonds, asset-backed securities, redeemable preferred stock, and collateral loans. Fixed maturity investments are classified as available for sale (“AFS”) and carried at fair value, with related unrealized gains and losses, exclusive of allowance for expected credit losses, reflected as a component of Accumulated other comprehensive income or loss (“AOCI”) in the Consolidated Balance Sheets.

The Company classified as trading certain fixed maturity securities investments. The change in fair value of these financial instruments is recognized as a component of Investment-related gains (losses) in the Consolidated Statements of Operations.

Equity securities include mutual funds, common stock, and non-redeemable preferred stock. Equity investments not accounted for under the equity method of accounting or the measurement alternative are carried at fair value, with related unrealized gains and losses recognized as a component of the Investment-related gains (losses) in the Consolidated Statements of Operations.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Investments in joint ventures and partnerships are reported in Other invested assets on the Consolidated Balance Sheets and are generally accounted for using the equity method. In applying the equity method, the Company records its share of income or loss reported by equity investees.

Realized capital gains and losses on sales of investments are determined using the specific identification method. Unrealized capital gains and losses related to trading securities are reported as a component of Investment-related gains (losses) in the Consolidated Statements of Operations. Credit losses are also reported within Investment-related gains (losses) in the Consolidated Statements of Operations.

The Company evaluates its fixed maturity AFS investments quarterly to determine whether a decline in fair value below the amortized cost basis has resulted from credit loss or other factors. This evaluation process involves monitoring market events that could affect issuers’ credit ratings, business climate, management changes, litigation and government actions and other similar factors. This process also entails monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues.

Each reporting period, securities in an unrealized loss position are reviewed to determine whether a decline in value is due to credit risk. Relevant facts and circumstances considered include: (1) the extent the fair value is below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for structured securities, the adequacy of the expected cash flows. To the extent the Company determines an unrealized loss is due to credit risk, an allowance for credit loss is recognized through a reduction to Net income.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The credit loss component of a structured security impairment is estimated as the difference between amortized cost and the present value of the expected cash flows of the security. For fixed rate securities, the present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security just prior to impairment. For variable rate securities, the present value is determined using the best estimate cash flows discounted at the variable rate that exists as of the date the cash flow estimate is made. The structured securities cash flow estimates are based on bond-specific facts and circumstances that may include collateral characteristics such as: expectations of delinquency and default rates, loss severity, asset spreads, and prepayment speeds, as well as structural support, including subordination and guarantees. The Company does not measure a credit loss allowance on accrued interest receivable because we write off the accrued interest receivable balance to net investment income in a timely manner when we have concern regarding collectability.

Amounts in Fixed maturities, available for sale deemed uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost, which in some cases, may extend to maturity. Any additional impairment, other than for credit loss, is recorded as a component of Other comprehensive income (“OCI”), net of income taxes, on the Consolidated Statements of Comprehensive Income.

Commercial and residential mortgage loans are generally reported at cost, adjusted for amortization of premiums or accrual of discounts, computed using the interest method, net of valuation allowances. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in Net investment income in the Consolidated Statements of Operations. Any change in the mortgage loan valuation allowances are reported in Investment-related gains (losses) on the Consolidated Statements of Operations. See Note 3 for details around our valuation allowance.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Policy loans are reported at unpaid principal balance.

Cash and cash equivalents includes operating cash, other investments with original maturities of 90 days or less, and money market funds principally supported with cash and cash equivalent funds. Short-term investments are carried at market value and represent fixed maturity securities with initial maturities of greater than 90 days but less than one year.

The Company has agreed to provide a loan facility through bridge or revolver loans to borrowers until permanent financing can be secured or an existing obligation or project is completed. The Company generally receives a commitment fee on unfunded amounts and interest on the amounts funded. Open commitments on bridge loans and revolvers are disclosed in Note 14.

The Company has variable interest investments in different types of securitization entities, which are deemed VIEs. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. When the Company is determined to be the primary beneficiary of a VIE, the Company consolidates the entity into the financial statements. The primary beneficiary of a VIE is defined as the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Accordingly, the Company would not consolidate a VIE when it is not the primary beneficiary. On an ongoing basis, the Company assesses whether it is the primary beneficiary of VIEs in which it has a variable interest.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Asset and Liability Derivatives

The Company hedges certain exposures to equity market risk, foreign exchange risk, and interest rate risk by entering into derivative financial instruments. All of the derivative financial instruments are recognized as an asset or liability on the Consolidated Balance Sheets at fair value. Derivative instruments that are not designated in hedge accounting relationships are recorded at fair value, with changes in fair value recognized in Investment-related gains (losses) on the Consolidated Statements of Operations.

The Company issues certain products and periodically enters into certain transactions that contain a derivative that is embedded in the product or the transaction, and must be accounted for under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”).

Embedded derivatives are bifurcated from host contracts when the embedded feature is not clearly and closely related to the host and would qualify as a derivative on a standalone basis. Bifurcated embedded derivatives are reported within policy liabilities and measured at fair value, with changes recognized in earnings. See Note 11 for a description of embedded derivatives related to fixed index annuity index credits.

The Company previously entered into distribution arrangements under which it earned level commission payments over time. The related commission receivable includes an embedded lapse risk feature. In accordance with ASC 815, the lapse risk feature is bifurcated and accounted for as a derivative. The derivative is measured at fair value, with changes recognized in earnings.

The Company is party to both bilateral and tri-party agreements with certain derivative instrument counterparties that require the posting of collateral based on the fair value of derivative positions, subject to agreed-upon thresholds. Under bilateral arrangements, cash collateral received is recorded as an asset with a corresponding liability. Under certain tri-party arrangements, collateral is held by a third-party custodian and is not recognized on the Company’s Consolidated Balance Sheets.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Deferred Income Taxes

Deferred income tax assets and liabilities are determined based on differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws. Deferred income tax expense or benefit, reflected in the Company’s Consolidated Statements of Operations as a component of income tax expense or benefit, is based on the changes in deferred income tax assets or liabilities from period to period (excluding unrealized capital gains and losses on securities available for sale). Deferred income tax assets are subject to ongoing evaluation of whether such assets will be realized. The ultimate realization of deferred income tax assets depends on generating future taxable income during the periods in which temporary differences become deductible. The Company records a valuation allowance to reduce its deferred income tax assets to an amount that represents management’s best estimate of the amount of such deferred income tax assets that will more likely than not be realized using the enacted tax rates and laws.

The realization of deferred tax assets related to unrealized losses on available for sale fixed maturity securities is based on the Company’s ability to hold the securities for a period of time sufficient to allow for the recovery of the value.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Deferred Policy Acquisition Costs, Deferred Sales Inducement Costs and Value of Business Acquired

Deferred policy acquisition costs (“DAC”) represents incremental, direct costs incurred to successfully acquire new insurance or annuity contracts. Deferred sales inducement costs (“DSI”) represents amounts credited to policyholders as sales incentives at contract inception that are incremental to amounts credited on similar contracts without such features. Value of business acquired (“VOBA”) represents the fair value of in-force contracts acquired in a business combination and is recorded as an intangible asset.

DAC, DSI, and VOBA related to long-duration contracts are amortized on a constant-level basis over the expected term of the related contracts, generally at a grouped contract level. The amortization period reflects best estimate assumptions regarding contract persistency, including lapses, withdrawals, and mortality. Assumptions are reviewed at least annually and changes in expected contract duration are reflected prospectively.

Certain policyholder transactions, including contract exchanges or modifications, are accounted for as internal replacements. Internal replacements are accounted for as a termination of the original contract and issuance of a new contract, and any associated unamortized DAC or DSI is written off at the time of replacement.

In 2025, the Company performed its annual review of significant assumptions and updated certain assumptions to reflect emerging experience and expectations for future performance. Revisions primarily related to policyholder behavior assumptions, including utilization rates for rider benefits and full surrender rates. The updates were based on recent experience studies, industry data, and refinements to modeling methodologies.

In 2024, the Company performed its annual review of significant assumptions and updated certain assumptions to reflect emerging experience and updated modeling approaches. Revisions primarily related to policyholder behavior assumptions, including surrender patterns and rider utilization, as well as mortality assumptions for certain products. The Company also refined certain modeling methodologies used to project policyholder behavior.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

The following table provides the policy count weighted-average durations using the above assumptions over the DAC and DSI amortization period, in years ended December 31:


	2025		2024
Fixed Index Annuity		5.5		6.1
Fixed Annuity		2.6		3.2
Variable Annuity		10.2		10.3

Total		5.4		6.0

The following table provides the policy count weighted-average durations during the VOBA amortization period, in years ended December 31:


	2025		2024
Fixed Index Annuity		4.1		4.7
Fixed Annuity		2.2		2.4
Variable Annuity		8.5		9.1

Total		6.2		6.8

Reinsurance Agreements

The Company utilizes reinsurance agreements to manage risks associated with its annuity operations, optimize capital, and manage exposure to large losses. These agreements include coinsurance and coinsurance with funds withheld arrangements.

In the accompanying Consolidated Financial Statements, premiums, benefits, and settlement expenses are reported net of reinsurance ceded. Policy liabilities, including liabilities for future policy benefits, interest sensitive contract liabilities, and market risk benefits (“MRBs”), are reported gross of reinsurance ceded.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Under coinsurance with funds withheld arrangements, the Company transfers all or a portion of the risks and benefits associated with specific policies to reinsurers while retaining the invested assets supporting the ceded reserves on its Consolidated Balance Sheets. The corresponding obligation to the reinsurer is recorded as a funds withheld and held liability and is adjusted for changes in the fair value of the underlying assets in accordance with the terms of the reinsurance agreement.

Reinsurance premiums and benefits are accounted for in a manner consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.

Reinsurance recoverables related to liability for future policy benefits, interest sensitive contract liabilities, and MRBs are recorded within Reinsurance recoverable on the Consolidated Balance Sheets.

In accordance with Accounting Standards Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”):

•

Ceded liabilities for Interest sensitive contract liabilities and future policy benefits are measured using assumptions consistent with the underlying direct contracts.

•

Ceded MRBs are measured at fair value, consistent with the measurement of direct MRBs. Changes in the fair value of ceded MRBs are recognized in earnings, except for the portion attributable to changes in instrument-specific credit risk, which is recorded in OCI.

•

Certain reinsurance agreements include embedded derivatives, including funds withheld features, that are accounted for under ASC 815. These embedded derivatives are measured at fair value, with changes in fair value recognized in Investment-related gains (losses).

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

The Company remains liable to policyholders if the reinsurers are unable to meet their contractual obligations under the applicable reinsurance agreements. To minimize its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers, monitors concentrations of credit risk arising from similar activities or economic characteristics of reinsurers, and requires collateralization of liabilities ceded where allowable by contract.

Other Assets

Property and equipment, including home office real estate, furniture and fixtures, and data processing equipment and certain related systems, are recorded at cost less accumulated depreciation. Computer software includes internally developed software costs that are capitalized when they reach technological feasibility. The provision for depreciation of property and equipment is computed using the straight-line method over the estimated lives of the related assets, which generally range from 3 to 40 years. Property and equipment is reported within Other assets on the Consolidated Balance Sheets.

Goodwill is recognized for the excess of the purchase price over the fair value of identifiable net assets acquired. Goodwill is not amortized, but is reviewed annually for indications of impairment. If the fair value of the reporting unit is lower than the reporting unit’s carrying value, goodwill is written down, and a charge is reported in the Consolidated Statements of Operations. Goodwill is reported within Other assets on the Consolidated Balance Sheets.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Separate Accounts

The Separate account assets and Separate account liabilities reported in the accompanying Consolidated Balance Sheets represent funds that are separately administered for the benefit of contract holders who bear the investment risk. The Separate account assets are carried at fair value, and Separate account liabilities are carried at an equivalent value. Revenues and expenses related to separate account contract holders of the Company are excluded from the amounts reported in the Consolidated Statements of Operations. Investment income and gains or losses arising from separate accounts accrue directly to the contract holders and, therefore, are not included in Net investment income in the accompanying Consolidated Statements of Operations. Revenues from charges on separate account products consist principally of contract maintenance charges, administrative fees, and mortality and expense risk charges.

Interest sensitive contract liabilities and future policy benefits

Interest sensitive contract liabilities are primarily associated with deferred annuities, consisting of fixed, variable, and index annuities, interest-sensitive life insurance, funding agreements, and other investment-type contracts comprised of immediate annuities without significant mortality risk.

Liabilities for interest sensitive life and deferred annuity products, including fixed annuities and the fixed portion of variable and index annuities, represent contract values accumulated with interest without reduction for potential surrender charges. Interest on accumulated contract values is credited to contracts as earned. Interest crediting rates ranged from 1.0% to 6.6%, 1.0% to 6.7%, and 1.0% to 6.9% during each of the years 2025, 2024, and 2023, respectively.

For fixed index annuities, the liability consists of: (i) the host (guaranteed) component, (ii) the embedded derivative component related to index credits, and (iii) any fixed account balance. The host component is established at contract inception and accreted over the life of the contract at a constant effective interest rate. The embedded derivative is measured at fair value using discounted cash flow techniques based on projected excess benefits over minimum guarantees, discounted using observable risk-free interest rates adjusted for the Company’s nonperformance risk. Changes in fair value are recognized in earnings.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Significant assumptions used in the calculation of the index annuity embedded derivative include projected option budget levels, performance of the underlying index, expected policyholder behavior (including lapses and benefit utilization), and discount rates. The discount rate used in valuing the embedded derivative incorporates a provision for nonperformance risk and a margin for uncertainty in projected cash flows.

Liabilities for future policy benefits for traditional life and life-contingent immediate annuity products are measured using a net level premium method.

Assumptions used in measuring the liability for future policy benefits are reviewed at least annually and updated prospectively as necessary. Significant assumptions include mortality, morbidity, lapse, and expense assumptions.

The liability for future policy benefits is discounted using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. The discount rate is based on a U.S. corporate bond yield curve for instruments rated A (or equivalent), derived from observable market data. The Company utilizes a published market yield curve and converts the curve to forward rates for use in discounting projected cash flows. The yield curve is locked in at contract issuance for each issue-year cohort and is updated at each reporting date using current observable market yields. For durations beyond the last observable tenor, the Company holds the last observable rate constant. The difference between the liability measured using the locked-in discount rate and the liability measured using the current discount rate is recognized in AOCI.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Market risk benefits

MRBs represent contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal market risk. MRBs are measured at fair value at the contract level and may be recorded as either a liability or an asset and are included in Market risk benefits or Other assets, respectively, on the Consolidated Balance Sheets.

The fair value of an MRB represents the present value of projected excess benefits over the present value of attributed fees. Excess benefits represent projected benefits payable to the policyholder in excess of the contract account balance, as applicable. Attributed fees represent the portion of total contract fees allocated to the MRB based on its relative fair value at contract inception.

Changes in the fair value of MRBs are recognized in earnings within Market risk benefits measurement (gains) losses on the Consolidated Statements of Operations, excluding amounts attributable to changes in instrument-specific credit risk, which are recognized in OCI on the Consolidated Statements of Comprehensive Income. MRBs are measured gross of reinsurance. Ceded MRBs are measured at fair value and recorded within Reinsurance recoverable.

The Company’s annuity products, including FIAs and VAs, include certain guarantees that meet the definition of MRBs under ASC 944, Financial Services—Insurance. These guarantees include guaranteed minimum death benefits (“GMDB”), guaranteed lifetime withdrawal benefits (“GLWB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum income benefits (“GMIB”), and certain rider charge refund features.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

MRBs are distinct from embedded derivatives related to FIA index-crediting features, which are accounted for under ASC 815.

Multiple MRB features on a single contract are treated as a single compound MRB for measurement purposes. At contract inception, the Company determines the total fees and assessments collectible from the policyholder and attributes a portion of those fees to the MRB based on the relative fair value of the guarantee. Attributed fees are included in the valuation of the MRB and are not permitted to exceed total explicit fees collectible from the policyholder.

If the present value of projected excess benefits exceeds the present value of attributed fees at contract inception, a corresponding asset is recognized and amortized using the same methodology and assumptions applied to DAC, consistent with the amortization framework described in Note 6.

Upon annuitization or extinguishment of the underlying account balance, the related MRB is derecognized, including amounts recorded in AOCI.

The determination of fair value requires the use of significant actuarial and capital market assumptions in projecting excess benefits over attributed fees. Judgment is required in developing both economic and policyholder behavior assumptions.

Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For index annuities, assumptions include projected equity returns, implied volatilities, and other market inputs that affect projected MRB cash flows (including benefits in excess of the account balance and attributed fees). Expected index credits and projected equity option costs are considered to the extent they impact projected account values and MRB utilization. Policyholder behavior assumptions, including lapses, withdrawals, mortality, and benefit utilization, are also incorporated into the valuation and significantly affect projected cash flows.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For index annuities, stochastic equity return scenarios are also incorporated. The discount rate includes a provision for nonperformance risk, reflecting the Company’s own credit spread.

Recognition of Revenues

Interest income and dividends, recorded in Net investment income, are recognized when earned. Amortization of premiums and accretion of discounts on investments in fixed maturity securities are reflected in Net investment income over the contractual terms of the investments in a manner that produces an effective yield. For structured securities, included in the fixed maturity available for sale securities portfolios, the amortization/accretion of premiums and discounts incorporate prepayment assumptions to produce a constant yield over the expected life of the security. When actual prepayments differ significantly from originally anticipated prepayments, the accretable yield is recalculated to reflect actual payments to date plus anticipated future payments. For securities, purchased or retained, that represent beneficial interests in structured securities other than high credit quality securities, the accretable yield is adjusted using the prospective method when there is a change in estimated future cash flows. For high credit quality securities, the accretable yield is adjusted using the retrospective method. Any adjustments resulting from changes in effective yield are reflected in Net investment income.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Revenues from Contracts with Customers

The Company has two revenue streams that are recognized in accordance with ASC 606, Revenue from Contracts with Customers: distribution revenue and shareholder administrative service revenue.

Distribution Revenue

SD enters into distribution and underwriting arrangements with various unaffiliated mutual fund companies. The Company primarily receives distribution fees paid by the fund over time. The performance obligation is the sale of securities to investors, which is fulfilled on the trade date. Amounts owed to the Company under the arrangements are primarily dependent on the value of the shares at future points in time, as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside of the Company’s influence. These fee payments cannot be finalized until the market value of the fund and investor activity is known, which are usually at month end or quarter end. Distribution revenue for the years ended December 31, 2025, 2024 and 2023 amounted to $24.3 million, $23.2 million, and $20.4 million, respectively, and is included in the Consolidated Statements of Operations in Asset-based and administrative fees.

Shareholder Administrative Service Revenue

SBLIC enters into agreements with unaffiliated investment vehicles for the provision of services such as sub-transfer agency, record keeping and various shareholder administrative services. Management does not consider these to be a series of distinct services, but as a single performance obligation, because they are not separable and not distinct within the context of the contract and are highly interrelated. They have the same pattern of transfer (i.e., transfer to customers over time) and use the same method to measure progress (i.e., time based measure of progress). The Company

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

primarily receives fees paid by the fund or its affiliates over time. The performance obligation is the completion of those services. Amounts owed to the Company under the arrangements are dependent on the value of the shares at future points in time, which are highly susceptible to factors outside of the Company’s influence. These fee payments cannot be finalized until the market value of the fund is known, which are usually monthly or quarterly. Service fee revenue for the years ended December 31, 2025, 2024, and 2023 amounted to $9.3 million, $9.4 million, and $8.8 million, respectively, and is included in the Consolidated Statements of Operations in Asset-based and administrative fees.

The Company evaluates the need for a credit loss allowance for accounts receivable that it believes will not be collected in full. There was no allowance for credit losses at December 31, 2025 or 2024.

Reclassifications

During the year ended December 31, 2025, the Company made certain reclassifications to improve the clarity and consistency of presentation on the Consolidated Balance Sheets and Consolidated Statements of Operations.

Consolidated Balance Sheets

Reclassifications include:

derivative amounts previously reported within Other invested assets were combined with amounts previously presented as Call options into a new line item titled Derivative assets;

ii.

the separate line items for Deferred policy acquisition costs, Deferred sales inducement costs, and Value of business acquired were combined into a single line item titled Deferred policy acquisition costs, deferred sales inducement costs and value of business acquired;

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

iii.

the separate line items for Accounts receivable, Property and equipment, net, and Goodwill were aggregated into Other assets;

iv.

Policy reserves and annuity account values were renamed Interest sensitive contract liabilities and future policy benefits; and

Surplus notes were renamed Debt.

Consolidated Statements of Operations

Reclassifications include:

Change in fair value of options, futures and swaps was included within Investment-related gains (losses); and

ii.

the separate line items for Index credits and interest credited to account balances and Change in fixed annuity embedded derivative and related benefits were combined into a single line item titled Interest sensitive contract and future policy benefits.

Prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no effect on previously reported total assets, total liabilities, stockholder’s equity, net income, comprehensive income, or cash flows.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Adoption of New Accounting Pronouncements

The following table provides a description of the adoption of new accounting standards:

Standard

Description of

Requirements

Effective date and method

of adoption

Effect on the financial statements
or other significant matters

ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI)

Amends the accounting and disclosure requirements for long-duration insurance contracts. Key changes include: (i) annual review and updating of assumptions for liabilities for future policy benefits and updating discount rates each reporting period, with discount rate changes recognized in other comprehensive income; (ii) measurement of market risk benefits at fair value, with changes in instrument-specific credit risk recognized in other comprehensive income; (iii) amortization of DAC, DSI, and VOBA on a constant-level basis over the expected term of contracts; and (iv) expanded rollforward and assumption disclosures.

Effective January 1, 2025, with a transition date of January 1, 2023. The Company applied a modified retrospective approach for liabilities for future policy benefits and DAC, DSI, and VOBA and a full retrospective approach for market risk benefits, as required.

Adoption resulted in a
cumulative increase to
stockholder’s equity of
$686.1 million as of
January 1, 2023. See Note 2
for additional information
regarding the impact of
adoption.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

See Note 2 for the effects of LDTI adoption on our 2023 Consolidated Financial Statements.

Future Adoption of Accounting Pronouncements

The following table provides a description of future adoptions of other new accounting standards that may have an impact on the Consolidated Financial Statements when adopted:


Standard	Description of Requirements	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2025-09, Hedge Accounting Improvements	Provides various targeted hedge accounting improvements with the goal of more closely aligning hedge accounting with the economics of an entity’s risk management activities.	January 1, 2028, including interim periods, with early adoption permitted. The amendments apply prospectively to all hedging relationships.	The Company is in the process of determining the impact of adopting the provisions of ASU 2025-09.

ASU 2025-08, Financial Instruments—Credit Losses: Purchased Loans	Requires purchased seasoned loans—defined as non-PCD loans (excluding credit cards) acquired 90+ days after origination when the acquirer was not involved in origination, as well as all non-PCD loans acquired in a business combination—be accounted for using the gross-up approach.	January 1, 2027, including interim periods, with early adoption permitted. The amendments apply prospectively to loans acquired after the effective date.	The Company is in the process of determining the impact of adopting the provisions of ASU 2025-08.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement

The following schedules provide the transition disclosures and effect of our LDTI adoption on the 2023 and 2024 Consolidated Financial Statements. See Note 11 for further disclosures.

The new guidance is only applicable to the measurements of our long-duration insurance liabilities and related reinsurance recoverables under US GAAP and does not affect the accounting for our insurance reserves or the levels of capital and surplus under statutory accounting practices.

The following table summarizes changes to Interest sensitive contract liabilities and future policy benefits as of the adoption date:


	Index annuities			Fixed annuities		Variable annuities			Life- Contingent Payout annuities			Life			Other⁽¹⁾		Total
	(in thousands)
Balance as of December 31, 2022	$	26,352,667		$	7,328,533	$	2,015,038		$	120,315		$	547,591		$	1,885,005	$	38,249,149
Adjustment for transition impact		—			—		—			3,615			(45,132	)		1,320		(40,197	)
Change in discount rate assumptions		—			—		—			(1,798	)		2,586			—		788
Adjustment for removal of effect of unrealized losses		329,585			—		6,400			—			—			—		335,985
Adjustment for removal of balances related to market risk benefits		(2,844,988	)		—		(32,453	)		—			—			—		(2,877,441	)

Adjusted balance as of January 1, 2023	$	23,837,264		$	7,328,533	$	1,988,985		$	122,132		$	505,045		$	1,886,325	$	35,668,284

⁽¹⁾	Other primarily consist of funding agreements, group fixed account, non-life contingent payout annuities, as well as reserves for our other lines of business.

The following table presents the net liability position of Market risk benefits as of the adoption date:


	Index annuities			Variable annuities			Total
	(in thousands)
Balance as of December 31, 2022	$	—		$	—		$	—
Adjustment for addition of existing balances⁽¹⁾		1,792,040			74,894			1,866,934
Adjustment for change in instrument-specific credit risk		(457,221	)		(7,532	)		(464,753	)

Adjusted balance as of January 1, 2023	$	1,334,819		$	67,362		$	1,402,181

(1)	Previously recorded within Interest sensitive contract liabilities and future policy benefits on the Consolidated Balance Sheets.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

The following table represents Market risk benefits by asset and liability positions as of the adoption date:


	Asset⁽¹⁾		Liability		Net liability
	(in thousands)
Index annuities	$	57,119	$	1,391,938	$	1,334,819
Variable annuities		2,167		69,529		67,362

Adjusted balance as of January 1, 2023	$	59,286	$	1,461,467	$	1,402,181

(1)	Included in Other assets on the Consolidated Balance Sheets.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

The following table summarizes the change in DAC, DSI, and VOBA as of the adoption date:


	Index annuities			Fixed annuities			Variable annuities			Life		Other		Total
	(in thousands)
DAC Balance as of December 31, 2022	$	1,159,539		$	98,078		$	40,859		$	—	$	2,775	$	1,301,251
Removal of effect of unrealized gains adjustment		(170,454	)		(55,504	)		(15,353	)		—		—		(241,311	)

Adjusted DAC balance as of January 1, 2023	$	989,085		$	42,574		$	25,506		$	—	$	2,775	$	1,059,940

DSI Balance as of December 31, 2022	$	384,401		$	306		$	873		$	—	$	—	$	385,580
Removal of effect of unrealized gains adjustment		(48,668	)		(277	)		(106	)		—		—		(49,051	)

Adjusted DSI balance as of January 1, 2023	$	335,733		$	29		$	767		$	—	$	—	$	336,529

VOBA Balance as of December 31, 2022	$	1,049,964		$	40,499		$	33,028		$	44,821	$	—	$	1,168,312
Removal of effect of unrealized gains adjustment		(107,346	)		(20,760	)		(3,106	)		—		—		(131,212	)
Fair value adjustment of market risk benefits		118,719			—			36,262			—		—		154,981

Adjusted VOBA balance as of January 1, 2023	$	1,061,337		$	19,739		$	66,184		$	44,821	$	—	$	1,192,081

The following table summarizes the change in Reinsurance recoverable as of the adoption date:


	Total
	(in thousands)
Balance as of December 31, 2022	$	7,481,844
Adjustment for transition impact		(43,633	)

Adjusted balance as of January 1, 2023	$	7,438,211

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

The following table summarizes the change in Deferred income tax liability and Total stockholder’s equity as of the adoption date:


	Amount
	(in thousands)
Impact of LDTI adjustments:
Reinsurance recoverable	$	(43,633	)
Deferred policy acquisition costs, deferred sales inducement costs and value of business acquired		(266,593	)
Other assets		59,286
Interest sensitive contract liabilities and future policy benefits		2,580,865
Market risk benefits		(1,461,467	)

Subtotal		868,458
Tax rate		21	%
Deferred income tax liability		182,378

Total stockholder’s equity	$	686,080

The following represents the effects of LDTI adoption on the applicable financial statement line items in our Consolidated Balance Sheets:


	December 31, 2023
	Reported			Adoption			Adjusted
	(in thousands)
Assets
Reinsurance recoverable	$	9,358,717		$	(25,835	)	$	9,332,882
Deferred income tax asset		99,757			(99,757	)		—
Deferred acquisition costs, deferred sales inducements and value of business acquired		2,810,852			10,074			2,820,926
Other assets		733,144			40,844			773,988

Total assets	$	65,904,731		$	25,083		$	65,929,814

Liabilities and stockholder’s equity
Liabilities:
Interest sensitive contract and future policy benefits	$	41,794,451		$	(3,181,435	)	$	38,613,016
Market risk benefits		—			2,358,269			2,358,269
Deferred income tax liability		—			78,375			78,375

Total liabilities		57,864,069			(645,034	)		57,219,035

Stockholder’s equity:
Accumulated other comprehensive loss		(230,289	)		(15,583	)		(245,872	)
Retained earnings		3,869,844			685,700			4,555,544

Total SBLIC stockholder’s equity		8,040,662			670,117			8,710,779

Total stockholder’s equity		8,040,662			670,117			8,710,779

Total liabilities and stockholder’s equity	$	65,904,731		$	25,083		$	65,929,814

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)


	As of December 31, 2024
	Reported			Adoption			Adjusted
	(in thousands)
Assets
Reinsurance recoverable	$	10,747,003		$	(64,580	)	$	10,682,423
Deferred income tax asset		207,425			(207,425	)		—
Deferred acquisition costs, deferred sales inducements and value of business acquired		2,737,652			351,914			3,089,566
Other assets		676,274			37,359			713,633

Total assets	$	71,091,343		$	117,268		$	71,208,611

Liabilities and Equity
Liabilities:
Interest sensitive contract liabilities and future policy benefits	$	44,731,093		$	(3,834,017	)	$	40,897,076
Market risk benefits		—			3,022,203			3,022,203
Deferred income tax liability		—			31,242			31,242

Total liabilities		62,896,798			(780,572	)		62,116,226

Stockholder’s equity
Accumulated other comprehensive (loss) income		(127,469	)		60,236			(67,233	)
Retained earnings		3,814,678			837,605			4,652,283

Total SBLIC stockholder’s equity		8,088,316			897,841			8,986,157

Total stockholder’s equity		8,194,544			897,841			9,092,385

Total liabilities and stockholder’s equity	$	71,091,342		$	117,269		$	71,208,611

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

The following represents the effects of LDTI adoption on the applicable financial statement lines of our Consolidated Statements of Operations:


	Year Ended December 31, 2023
	Reported		Adoption			Adjusted
	(in thousands)
Revenues

Total revenues	$	3,238,142	$	—		$	3,238,142

Benefits and expenses
Interest sensitive contract and future policy benefits		963,926		6,862			970,788
Market risk benefits remeasurement losses		—		775,456			775,456
Other benefits		468,916		(409,614	)		59,302

Total benefits		1,432,842		372,704			1,805,546
Other operating expenses		396,857		(6,862	)		389,995
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired		390,073		(71,951	)		318,122
Interest expense		158,168		—			158,168

Total benefits and expenses		2,377,940		293,891			2,671,831

Income (loss) before income taxes		860,202		(293,891	)		566,311
Income tax expense (benefit)		173,330		(61,572	)		111,758

Net income (loss)		686,872		(232,319	)		454,553

Net income attributable to SBLIC	$	686,872	$	(232,319	)	$	454,553

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)


	Year Ended December 31, 2024
	Reported		Adoption			Adjusted
	(in thousands)
Revenues

Total revenues	$	3,889,643	$	—		$	3,889,643

Benefits and expenses
Market risk benefits remeasurement (gains) losses		—		484,503			484,503
Other benefits		666,906		(506,201	)		160,705

Total benefits		1,713,678		(21,698	)		1,691,980
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired		522,411		(170,588	)		351,823
Interest expense		212,025		—			212,025

Total benefits and expenses		2,879,282		(192,286	)		2,686,996

Income (loss) before income taxes		1,010,361		192,286			1,202,647
Income tax expense (benefit)		207,455		40,381			247,836

Net income (loss)		802,906		151,905			954,811

Net income attributable to SBLIC	$	799,834	$	151,905		$	951,739

The following represents the effects of LDTI adoption on the applicable financial statement lines of our Consolidated Statements of Comprehensive Income:


	Year Ended December 31, 2023
	Reported			Adoption			Adjusted
	(in thousands)
Net income (loss)	$	686,872		$	(232,319	)	$	454,553
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on investments and hedging instruments		1,002,838			163			1,003,001
Deferred policy acquisition costs, value of business acquired and deferred sales inducement costs		(161,726	)		161,726			—
Policy reserves and annuity account values		(169,047	)		169,047			—
Remeasurement gains (losses) on future policy benefits related to discount rate		—			(4,132	)		(4,132	)
Remeasurement gains (losses) on market risk benefits related to credit risk		—			(110,449	)		(110,449	)

Total other comprehensive income (loss), net of tax		672,065			216,355			888,420

Comprehensive income (loss)		1,358,937			(15,964	)		1,342,973
Less: Comprehensive income (loss) attributable to noncontrolling interest		—			—			—

Comprehensive income (loss) attributable to SBLIC	$	1,358,937		$	(15,964	)	$	1,342,973

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)


	Year Ended December 31, 2024
	Reported			Adoption			Adjusted
	(in thousands)
Net income (loss)	$	802,906		$	151,905		$	954,811
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on investments and hedging instruments		318,272			—			318,272
Deferred policy acquisition costs, value of business acquired and deferred sales inducement costs		(135,288	)		135,288			—
Policy reserves and annuity account values		(80,164	)		80,164			—
Remeasurement gains (losses) on future policy benefits related to discount rate		—			4,871			4,871
Remeasurement gains (losses) on market risk benefits related to credit risk		—			(144,504	)		(144,504	)

Total other comprehensive income (loss), net of tax		102,820			75,819			178,639

Comprehensive income (loss)		905,726			227,724			1,133,450
Less: Comprehensive income (loss) attributable to noncontrolling interest		3,072			—			3,072

Comprehensive income (loss) attributable to SBLIC	$	902,654		$	227,724		$	1,130,378

We made corresponding adjustments to the Consolidated Statements of Stockholder’s Equity for the relevant periods to reflect the changes to comprehensive income, as presented above.

The following represents the effects of LDTI adoption on the applicable financial statement lines of our Consolidated Statements of Cash Flows:

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)


	Year Ended December 31, 2023
	Reported			Adoption			Adjusted
	(in thousands)
Net income (loss)	$	686,872		$	(232,319	)	$	454,553
Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used in) operating activities:
Amortization of deferred policy acquisition costs, deferred sales inducement costs, and value of business acquired		390,073			(71,951	)		318,122
Market risk benefits measurements (gains) losses		—			775,456			775,456
Changes in operating assets and liabilities:
Deferred income taxes		(135,938	)		(61,572	)		(197,510	)
Interest sensitive contract liabilities and future policy benefits		423,126			(423,126	)		—
Other changes in operating assets and liabilities		133,570			13,512			147,082

Net cash provided by operating activities		3,256,484			—			3,256,484
Net cash used in investing activities		(3,194,037	)		—			(3,194,037	)
Net cash provided by financing activities		214,279			—			214,279

Increase (decrease) in cash and cash equivalents		276,726			—			276,726
Cash and cash equivalents at beginning of period		1,276,213			—			1,276,213

Cash and cash equivalents at end of period	$	1,552,939		$	—		$	1,552,939


	Year Ended December 31, 2024
	Reported			Adoption			Adjusted
	(in thousands)
Net income (loss)	$	802,906		$	151,905		$	954,811
Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used in) operating activities:
Amortization of deferred policy acquisition costs,deferred sales inducement costs, and value of business acquired		522,411			(170,588	)		351,823
Market risk benefits measurements (gains) losses		—			484,503			484,503
Changes in operating assets and liabilities:
Deferred income taxes		(135,001	)		40,381			(94,620	)
Interest sensitive contract liabilities and future policy benefits		532,356			(532,356	)		—
Other changes in operating assets and liabilities		140,545			26,155			166,700

Net cash provided by operating activities		2,829,695			—			2,829,695
Net cash used in investing activities		894,847			—			894,847
Net cash provided by financing activities		(1,461,698	)		—			(1,461,698	)

Increase (decrease) in cash and cash equivalents		2,262,844			—			2,262,844
Cash and cash equivalents at beginning of period		1,552,939			—			1,552,939

Cash and cash equivalents at end of period	$	3,815,783			—		$	3,815,783

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments

Fixed Maturity Investments and Equity Securities

Information as to the amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair values, of the Company’s portfolio of Fixed maturity investments, available for sale, is presented below.


	December 31, 2025
	Cost/		Allowance			Gross		Gross
	Amortized		for Credit			Unrealized		Unrealized			Fair
	Cost		Losses			Gains		Losses			Value
	(in thousands)
Fixed maturity investments:
U.S. Treasury securities and other U.S. government corporations and agencies	$	282,127	$	—		$	5,674	$	(282	)	$	287,519
Obligations of government-sponsored enterprises		820,280		—			20,194		(7,880	)		832,594
Corporate		24,372,142		(46,472	)		307,245		(199,222	)		24,433,693
Municipal obligations		324,909		—			6,656		(574	)		330,991
Commercial mortgage-backed		154,042		—			2,940		(3,627	)		153,355
Residential mortgage-backed		12,616		—			72		(916	)		11,772
Collateralized debt obligations		4,103		—			442		(108	)		4,437
Collateralized loan obligations		8,534,458		—			69,100		(41,849	)		8,561,709
Redeemable preferred stock		39,475		—			6,498		—			45,973
Other asset backed		5,339,147		—			44,156		(41,023	)		5,342,280

Total fixed maturity investments	$	39,883,299	$	(46,472	)	$	462,977	$	(295,481	)	$	40,004,323
Less: pledged securities		56,538		—			3,168		—			59,706

Total fixed maturities, available for sale	$	39,826,761	$	(46,472	)	$	459,809	$	(295,481	)	$	39,944,617

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)


	December 31, 2024
	Cost/		Allowance			Gross		Gross
	Amortized		for Credit			Unrealized		Unrealized			Fair
	Cost		Losses			Gains		Losses			Value
	(in thousands)
Fixed maturity investments:
U.S. Treasury securities and other U.S. government corporations and agencies	$	7,181	$	—		$	—	$	(166	)	$	7,015
Obligations of government-sponsored enterprises		671,551		—			2,813		(14,893	)		659,471
Corporate		23,327,671		(46,472	)		149,347		(412,516	)		23,018,030
Municipal obligations		15,480		—			99		(358	)		15,221
Commercial mortgage-backed		46,470		—			1,867		(4,776	)		43,561
Residential mortgage-backed		22,340		—			130		(1,300	)		21,170
Collateralized debt obligations		3,995		—			1,116		—			5,111
Collateralized loan obligations		11,014,312		—			133,920		(102,966	)		11,045,266
Redeemable preferred stock		27,862		—			—		—			27,862
Other asset backed		2,093,852		—			4,348		(28,067	)		2,070,133

Total fixed maturity investments	$	37,230,714	$	(46,472	)	$	293,640	$	(565,042	)	$	36,912,840

The amortized cost and fair value of Fixed maturity investments, available for sale, including pledged securities, at December 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because lenders may have the right to call and borrowers may have the right to prepay obligations with or without penalties.


	Available for sale, including pledged securities
	Amortized		Fair
	Cost		Value
	(in thousands)
Due one year or less	$	2,769,712	$	2,787,866
Due after one year through five years		17,259,117		17,298,450
Due after five years through ten years		2,251,056		2,201,831
Due after ten years		2,698,410		2,764,055
Structured securities with variable principal payments		14,905,004		14,952,121

Total, including pledged securities ⁽¹⁾	$	39,883,299	$	40,004,323

(1)	Pledged securities accounted for $56.5 million and $59.7 million of total amortized cost and fair value, respectively, as of December 31, 2025.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

For fixed maturity investments classified as available for sale with unrealized losses, for which an allowance for credit loss has not been recorded, as of December 31, 2025 and 2024, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:


	December 31, 2025
	Less Than 12 Months					Greater Than or Equal					Total
	Less Than 12 Months					to 12 Months					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturity investments, available for sale:
U.S. Treasury securities and other U.S. government corporations and agencies	$	48,822	$	(217	)	$	2,121	$	(65	)	$	50,943	$	(282	)
Obligations of government-sponsored enterprises		1,115		(2	)		90,819		(7,878	)		91,934		(7,880	)
Corporate		1,739,362		(44,817	)		1,503,996		(154,406	)		3,243,358		(199,223	)
Municipal obligations		83,909		(417	)		811		(157	)		84,720		(574	)
Commercial mortgage-backed		34,428		(320	)		24,228		(3,307	)		58,656		(3,627	)
Residential mortgage-backed		387		—			5,023		(915	)		5,410		(915	)
Collateralized debt obligations		2		(108	)		—		—			2		(108	)
Collateralized loan obligations		1,058,359		(14,781	)		246,434		(27,068	)		1,304,793		(41,849	)
Other asset backed		285,740		(1,803	)		316,778		(39,220	)		602,518		(41,023	)

Total fixed maturity investments, available for sale	$	3,252,124	$	(62,465	)	$	2,190,210	$	(233,016	)	$	5,442,334	$	(295,481	)

Number of securities investment grade with unrealized losses				251					486					737
Percent investment grade with unrealized losses				76	%				89	%				84	%
Number of securities below investment grade with unrealized losses				39					34					73
Percent below investment grade with unrealized losses				12	%				6	%				8	%
Number of securities not rated with unrealized losses				39					29					68
Percent not rated with unrealized losses				12	%				5	%				8	%
Number of securities with unrealized losses				329					549					878

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)


	December 31, 2024
	Less Than 12 Months					Greater Than or Equal					Total
	Less Than 12 Months					to 12 Months					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturity investments, available for sale:
U.S. Treasury securities and other U.S. government corporations and agencies	$	1,138	$	(48	)	$	5,877	$	(118	)	$	7,015	$	(166	)
Obligations of government-sponsored enterprises		246,924		(1,943	)		97,766		(12,950	)		344,690		(14,893	)
Corporate		7,614,329		(194,117	)		2,509,033		(218,399	)		10,123,362		(412,516	)
Municipal obligations		10,741		(85	)		3,763		(273	)		14,504		(358	)
Commercial mortgage-backed		4,252		(156	)		24,560		(4,620	)		28,812		(4,776	)
Residential mortgage-backed		1,369		(8	)		7,990		(1,292	)		9,359		(1,300	)
Collateralized loan obligations		606,296		(13,417	)		854,377		(89,549	)		1,460,673		(102,966	)
Other asset backed		437,165		(3,499	)		609,978		(24,568	)		1,047,143		(28,067	)

Total fixed maturity investments, available for sale	$	8,922,214	$	(213,273	)	$	4,113,344	$	(351,769	)	$	13,035,558	$	(565,042	)

Number of securities investment grade with unrealized losses				476					585					1,061
Percent investment grade with unrealized losses				79	%				87	%				83	%
Number of securities below investment grade with unrealized losses				74					50					124
Percent below investment grade with unrealized losses				12	%				7	%				10	%
Number of securities not rated with unrealized losses				52					37					89
Percent not rated with unrealized losses				9	%				6	%				7	%
Number of securities with unrealized losses				602					672					1,274

The unrealized losses on the fixed maturity investments in the tables above can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. Based on that evaluation and the Company’s ability and intent to hold those investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company did not record an allowance for credit loss on these securities at December 31, 2025 or 2024.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

The Company closely monitors those securities where credit loss concerns may exist by considering relevant facts and circumstances to evaluate whether changes are necessary to the allowance for credit loss of the security.

A rollforward of the allowance for credit loss by major security type was as follows for the years ended December 31:


	Fixed maturities, available for sale
				Commercial
	Corporate			mortgage-backed			Total
Balance at January 1, 2023	$	—		$	—		$	—
Initial credit loss		1,151			7,089			8,240
Securities sold during the year		(1,151	)		—			(1,151	)
Additions (reductions) to previously impaired securities		1,062			—			1,062

Balance at December 31, 2023		1,062			7,089			8,151
Initial credit loss		31,199			—			31,199
Securities sold during the year		(1,062	)		—			(1,062	)
Securities intended to be sold prior to the recovery of amortized cost basis		—			(7,089	)		(7,089	)
Additions (reductions) to previously impaired securities		15,273			—			15,273

Balance at December 31, 2024		46,472			—			46,472
Initial credit loss		45,474			—			45,474
Securities sold during the year		(45,474	)		—			(45,474	)

Balance at December 31, 2025	$	46,472		$	—		$	46,472

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

Major categories of Net investment income are summarized as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Interest on fixed maturity investments, available for sale	$	2,759,900	$	3,138,884	$	2,838,826
Interest on fixed maturity investments, trading		4,220		5,657		4,094
Interest on notes receivable from related parties		202,931		188,687		126,366
Dividends on equity securities at fair value		67,555		41,072		45,657
Interest on mortgage loans		303,418		231,790		64,590
Interest on policy loans		4,839		2,647		2,621
Interest on short-term investments		72,603		25,666		109,102
Investment income on cash and cash equivalents		110,107		65,848		34,974
Income on equity method accounting adjustments		28,886		93,438		80,456
Other		121,147		63,324		53,373

Total investment income		3,675,606		3,857,013		3,360,059
Less:
Investment expenses		221,567		194,103		154,508
Ceded to reinsurer		708,908		636,819		509,748

Net investment income	$	2,745,131	$	3,026,091	$	2,695,803

Proceeds from sales of Fixed maturity investments, available for sale and realized gains and losses are as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Proceeds from sales	$	3,745,018	$	6,204,851	$	3,599,826
Gross realized gains		57,454		5,726		239,549
Gross realized losses		18,180		9,166		44,418

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

Investment-related gains (losses), net of ceded reinsurance gains, consist of the following:


	Year Ended December 31,
	2025			2024			2023
	(in thousands)
Realized gains (losses), fixed maturity investments, available for sale	$	39,274		$	(3,440	)	$	195,131
Realized/unrealized gains (losses), fixed maturity investments, trading and fair value option		752			(559	)		11,832
Realized/unrealized gains (losses), other invested assets		(969	)		1,126			(20,307	)
Realized/unrealized gains (losses), derivatives (excluding foreign exchange derivatives)		608,595			459,480			184,326
Other realized/unrealized gains (losses):
Foreign currency gains (losses)		258,512			(99,964	)		115,238
Foreign exchange derivatives		(278,927	)		129,849			(128,421	)
Equity securities		22,499			59,817			17,140
Embedded derivative, funds withheld reinsurance		(108,922	)		(108,385	)		(263,805	)
Other		108			(19,742	)		(3,683	)

Total other realized/unrealized gains (losses)		(106,730	)		(38,425	)		(263,531	)

Total realized/unrealized gains (losses) before credit losses and ceded reinsurance		540,922			418,182			107,451
Credit losses		(48,401	)		(56,543	)		(9,389	)

Total realized/unrealized gains (losses) before ceded reinsurance		492,521			361,639			98,062
Ceded reinsurance (gains) losses		12,459			17,421			617

Investment-related gains (losses)	$	504,980		$	379,060		$	98,679

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

The Company recognized $130.2 million and $52.5 million of net unrealized losses on equity securities held at fair value at December 31, 2025 and 2024, respectively.

There were no outstanding agreements to sell securities at December 31, 2025 and 2024.

As of December 31, 2025 and 2024, there were two and one issuers with a total amount of $2,870.3 million and $1,579.9 million, respectively, other than U.S. Government and its sponsored entities, where the Company had investment holdings that exceeded 10% of consolidated Stockholder’s equity.

At December 31, 2025 and 2024, the Company pledged securities with a market value of approximately $631.8 million and $433.3 million respectively, as collateral in relation to certain institutional products.

At December 31, 2025 and 2024, the Company pledged securities with a market value of approximately $194.5 million and $183.2 million respectively, as collateral in relation to its reinsurance agreements (see Note 10).

The Company entered into a securities lending program during 2025. The securities lending agreements require a minimum of 102% of the fair value of securities loaned to be maintained as collateral. Cash collateral received is invested and an offsetting collateral liability is included and recorded as a payable for securities lending, At December 31, 2025, the Company lent assets with a fair value of $60.0 million to the borrower and received $62.7 million of cash collateral in return. The Company did not have any lent securities as of December 31, 2024.

At December 31, 2025 and 2024, available for sale bonds with a carrying value of $2.3 million and $3.3 million, respectively, were held in joint custody at various state insurance departments to comply with applicable statutes and regulations.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

Financing Receivables

Mortgage Loans

Mortgage loans consist of commercial and residential mortgage loans. The Company evaluates risks inherent in the brick and mortar commercial mortgage loans based on the property’s operational results supporting the loan. The Company also evaluates the risks inherent in its residential mortgage loan portfolio. The carrying amount of the Company’s mortgage loan portfolio was as follows at December 31:


	2025			2024
	(in thousands)
Commercial mortgage loans	$	3,905,987		$	2,759,485
Allowance for credit losses on commercial mortgage loans ^{(1) (2)}		(23,410	)		(18,085	)

Commercial mortgage loans, net of allowances		3,882,577			2,741,400
Residential mortgage loans		4,367			4,025

Total mortgage loans, net of allowances	$	3,886,944		$	2,745,425

⁽¹⁾

The year-over-year change in allowance for credit losses is driven by changes in the composition of the mortgage loan portfolio and is not the result of write-downs or charge offs. Any changes in the loan valuation allowance are reported in Investment-related gains (losses) on the Consolidated Statements of Operations.

⁽²⁾	As of December 31, 2025 and 2024 the allowance for credit losses on commercial mortgages is $8.2 million and $4.4 million, respectively, and the general allowance on commercial mortgages is $15.2 million and $13.7 million, respectively.

The commercial mortgage loan portfolio consists primarily of non-recourse, fixed rate mortgages.

The commercial mortgage loan net of allowances portfolio diversification by geographic region (all regions are within the United States, excluding international) and specific collateral property type as follows at December 31:

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)


	2025					2024
	Carrying Amount		Percent of Total			Carrying Amount		Percent of Total
	(in thousands)
Geographic distribution
Pacific	$	2,051,686		53	%	$	395,651		14	%
International		1,037,206		27			423,941		15
South Atlantic		561,091		14			241,736		9
East North Central		82,516		2			1,639,368		60
Middle Atlantic		67,494		2			—		—
West North Central		58,807		2			16,452		1
Mountain		17,150		—			16,903		1
New England		6,627		—			7,349		—

Total	$	3,882,577		100	%	$	2,741,400		100	%


	2025					2024
	Carrying Amount		Percent of Total			Carrying Amount		Percent of Total
	(in thousands)
Property type distribution
Multi-Use	$	1,732,343		45	%	$	1,568,207		57	%
Industrial		797,014		20			378,503		14
Apartments/Multifamily		653,533		17			55,537		2
Office		515,105		13			586,351		22
Retail		140,618		4			36,683		1
Hotel/Motel		43,964		1			—		—
Student Housing		—		—			116,119		4

Total	$	3,882,577		100	%	$	2,741,400		100	%

The Company actively monitors and manages its commercial mortgage loan portfolio. All commercial mortgage loans are analyzed regularly and substantially all are internally rated, based on the National Association of Insurance Commissioners (“NAIC”) – Risk-Based Capital’s Commercial Mortgage (“CM”) Rating. As the credit risk for commercial mortgage loans increases, the Company adjusts the CM Rating, per NAIC guidelines, downwards with loans in the category “CM4 and below” having the highest risk for credit loss. CM Ratings on commercial mortgage loans are updated at least annually and potentially more often for certain loans with material changes in collateral value or occupancy and for loans on an internal “watch list.”

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

Commercial mortgage loans that require more frequent and detailed attention than other loans in the portfolio are identified and placed on an internal “watch list.” Potential criteria that would indicate a possible problem are imbalances in ratios of loan to value or net operating income to debt service, major tenant vacancies or bankruptcies, borrower sponsorship problems, late payments, delinquent taxes and loan relief/restructuring requests.

The Company’s commercial mortgage loan portfolio, consisting of brick and mortar loans, by internal credit risk model was as follows at December 31:


	2025		2024
	(in thousands)
CM1	$	167,744	$	44,032
CM2		1,407,287		338,797
CM3		344,432		362,736
CM4 and Below		1,963,114		1,995,835

	$	3,882,577	$	2,741,400

Commercial and residential mortgage loans are placed on non-accrual status if the Company has concerns regarding the collectability of future payments or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of the borrower or a major tenant, decreased property cash flows for commercial mortgage loans, or number of days past due for residential mortgage loans. Based on an assessment as to the collectability of the principal, a determination is made to apply any payments received either against the principal or according to the contractual terms of the loan. When a loan is placed on non-accrual status, the accrued unpaid interest receivable is reversed against interest income. Accrual of interest resumes after factors resulting in doubts about collectability have improved. At December 31, 2025 and 2024 there were no commercial mortgage loans on non-accrual status.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

Reinsurance Recoverables

Reinsurance recoverables include amounts due from reinsurers for policy benefits. We cede life insurance and annuities to other insurance companies through reinsurance. See Note 10 regarding additional details on the Company’s reinsurance recoverables.

Financing Receivables Credit Monitoring

The Company establishes a valuation allowance to provide for the risk of credit losses inherent in our financing receivables. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost excluding accrued interest receivable and includes reserves for pools of financing receivables with similar risk characteristics. The Company does not measure a credit loss allowance on accrued interest receivable because the Company writes off the uncollectible accrued interest receivable balance to Net investment income in a timely manner, generally within 90 days. The Company incurred no write-offs of commercial mortgage loan accrued interest receivable during the years ended December 31, 2025 and 2024.

For commercial mortgage loans, management’s periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks in the portfolio, adverse situations that may affect a borrower’s ability to repay, the estimated value of the underlying collateral, composition of the portfolio, portfolio delinquency information, underwriting standards, peer group information, current and forecasted economic conditions, loss experience and other relevant factors. For reinsurance recoverables, management’s periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks, adverse situations that may affect a reinsurer’s ability to repay, current and forecasted economic conditions, industry loss experience and other relevant factors.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

The Company’s commercial mortgage loans are pooled by risk rating level with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon historical loss experience for each risk rating level as adjusted for certain current and forecasted environmental factors management believes to be relevant. Environmental factors are forecasted for two years or less with immediate reversion to historical experience. A commercial mortgage is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic commercial mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal “watch list” or that currently is evaluated individually.

The Company’s reinsurance recoverables are pooled by reinsurer risk rating with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon industry historical loss experience and expected recovery timing as adjusted for certain current and forecasted environmental factors management believes to be relevant. A reinsurance recoverable is evaluated individually if it does not continue to share similar risk characteristics of a pool. The Company analyzes the need for an individual evaluation for any reinsurance recoverable based on past due payments and changes in reinsurer risk ratings. The change in the valuation allowance for reinsurance recoverables is included in Other benefits on the Consolidated Statements of Operations.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

A rollforward of our valuation allowance was as follows for the year ended:


	Total
	(in thousands)
Balance at January 1, 2023	$	893
Provision		1,142
Charge-offs		(3	)

Balance at December 31, 2023		2,032
Provision		9,598
Charge-offs		(7,189	)

Balance at December 31, 2024		4,441
Provision		10,216
Charge-offs		(6,416	)

Balance at December 31, 2025	$	8,241

Repurchase Agreements

The Company enters into repurchase agreements, whereby the Company borrows cash from a counterparty at an agreed-upon interest rate for an agreed-upon time frame and pledges collateral in the form of securities. At the end of the agreement, the loan amount is repaid by the Company along with the additional agreed-upon interest, and the securities pledged by the Company are released back to the Company. The Company’s policy requires that, at all times during the term of the repurchase agreement, cash or other forms of collateral provided is sufficient to pay the Company’s obligation to the counterparty. The risks associated with the repurchase agreement program are primarily related to declines in the value of the securities pledged for cash, which, if occurred, results in cash needing to be returned to the original purchasing party or additional securities needing to be posted as collateral. The Company has multiple sources of additional liquidity including additional sources of institutional funding, retail funding, contractual cash flows from the asset portfolio, and sales of investment assets. The Company has approved a Liquidity Risk Policy and associated Liquidity Guidelines to manage the aggregate liquidity risk of the Company. The remaining contractual maturity of the repurchase agreements outstanding as of December 31, 2025 and December 31, 2024 were 16 days to 1.3 years and 36 days to 2.3 years. The carrying value of the securities pledged for the repurchase agreements were $1,513.0 million and $344.7 million as of December 31, 2025 and December 31, 2024, respectively. The repurchase obligations were $1,512.0 million and $328.4 million as of December 31, 2025 and December 31, 2024, respectively, and were included in Repurchase agreements on the Consolidated Balance Sheets.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

4. Variable Interest Entities

Following is a discussion of the Company’s interest in entities that meet the definition of a VIE.

Consolidated Variable Interest Entities

Collateralized Financing Entities

The Company invested in notes issued by collateralized financing entities (“CFE”) for which it was determined to be the primary beneficiary and therefore required to consolidate the CFE. The notes have contractual recourse only to the assets held by the CFE and are entitled to receive payments to the extent that payments are made on the underlying assets.

In consolidating the CFE, the notes were eliminated as an investment while the underlying assets of the CFE were recorded on the Consolidated Balance Sheets as available for sale fixed maturity investments, as well as recording cash and other assets of the CFE. A liability is recorded for other noteholders’ interests in the CFE, which is carried at amortized cost.

The total assets of consolidated CFEs were $532.6 million and $681.9 million at December 31, 2025 and 2024, respectively. There were no total liabilities of consolidated CFEs at December 31, 2025 and there were $47.3 million at December 31, 2024.

Unconsolidated Variable Interest Entities

Collateralized Financing Entities

The Company does not need to consolidate investments in certain CFEs because it is not the primary beneficiary of the VIE as it does not have (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. When the asset manager or general partner is related, a parent of the Company (rather

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

4. Variable Interest Entities (continued)

than the Company itself) would be considered the primary beneficiary due to its common control of both the Company and the asset manager or general partner and substantially all of the activities of the VIE are not conducted on behalf of the Company. The total investment in these unconsolidated CFEs were $206.9 million and $753.2 million at December 31, 2025 and 2024, respectively, which is also the maximum exposure. Substantially all of the investments in unconsolidated CFEs were collateralized loan obligations at December 31, 2025 and 2024.

In the normal course of business, the Company will invest in structured investments, including unconsolidated VIEs, for which we are not considered the primary beneficiary. These structured investments typically invest in fixed income investments and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment including unfunded commitments (see Note 14). See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support to these structures that was not contractually required. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.

Joint Ventures and Partnerships

The Company has a variable interest in a number of joint ventures and partnerships, which were primarily formed for the purpose of purchasing private equity and fixed income securities, for which the Company is not deemed the primary beneficiary as it does not unilaterally have substantive rights to remove the general partner. The Company also has an equity method investment in the holding company of a reinsurer that assumes certain liabilities of SBLIC (see Note 10) in which the Company does not have substantive power to control activities that are most significant to the VIE; therefore, the Company is not deemed the primary beneficiary. The Company’s carrying amount of its investment in these VIEs reported in Other invested assets on

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

4. Variable Interest Entities (continued)

the Consolidated Balance Sheets were $1,520.1 million and $1,616.7 million at December 31, 2025 and 2024, respectively, compared to its maximum exposure to loss of $1,982.5 million and $2,110.5 million at December 31, 2025 and 2024, respectively. The Company’s maximum exposure to loss of these VIEs is based on existing investments in, and additional commitments made to, joint ventures and partnerships. Total carrying value of unconsolidated investments accounted for under the equity method of accounting amounted to $1,270.5 million and $1,495.7 million at December 31, 2025 and 2024, respectively. Total carrying value of unconsolidated investments accounted for under the fair value option amounted to $249.6 million and $121.0 million at December 31, 2025 and 2024, respectively.

The Company is exposed to certain risks relating to its ongoing business operations which it may seek to hedge through the use of derivatives. The Company’s risk of loss when using derivative instruments is typically limited to the fair value of its derivative instruments and not to the notional or contractual amounts of these derivatives. Risk arises from changes in the fair value of the underlying instruments. Such changes in value are generally offset by opposite changes in the value of the hedged item. For non-exchange traded derivative instruments, the Company is exposed to credit losses in the event of nonperformance of the counterparties. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings, daily exchange of collateral, and by establishing and monitoring of transfer threshold amounts.

The primary risks managed by using derivative instruments are equity market risk, foreign currency risk and interest rate risk. The most common types of derivatives used by the Company are call options, foreign currency forwards, exchange traded futures, equity total return swaps, interest rate options, and interest rate swaps.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments

The Company purchases call options to manage the equity and market risk associated with products in which the interest credited is tied to an external equity or other market index. The Company sells fixed index annuity contracts where interest is credited to policyholders based on a percentage of the gain in a specified market index, which cannot be less than zero. Most of the premium received is invested in fixed income securities and a portion is used to purchase derivatives, typically call options, consisting of a range of maturities up to five years to fund the index credits due to the fixed index annuity policyholders. On the applicable anniversary dates of the fixed index annuity, the market index used to compute the index credits is reset and new call options are purchased to fund the next index credit. These call options are highly correlated to the portfolio allocations of the policyholders, such that the Company is economically hedged with respect to equity and/or market returns for the period covering the current policyholder crediting period.

The Company uses foreign currency forwards to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets denominated in foreign currencies. In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date. No cash is exchanged at the time the agreement is entered into.

The Company uses interest rate swaps and interest rate options to reduce market risks from changes in interest rates and to manage interest rate exposure arising from duration mismatches between assets and liabilities. In a swap, the Company agrees with counterparties to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts calculated by reference to an agreed notional amount. The Company uses interest rate swaps to synthetically convert fixed rate liabilities to floating rate liabilities (“fair value hedge”). The Company also uses interest rate swaps to synthetically convert variable rate coupons on existing financial instruments to fixed rates (“cash flow hedge”).

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

Our accounting for the ongoing changes in fair value of a derivative depends on the use of the derivative and whether it is designated in a hedge accounting relationship. Derivatives designated as fair value hedges and which are determined to be a highly effective hedge are reported in the same Consolidated Statement of Operations line item that is used to report the earnings effect of the hedged item. Derivatives that are designated for cash flow hedging and determined to be a highly effective hedge are reported at fair value as a component of OCI. At the time when the variability of cash flows being hedged impact net income, the related portion of the deferred gain or loss on the derivative is reclassified and reported in Net income. For derivatives which either do not qualify or are not designated for hedge accounting, all changes in fair value are reported in Net income.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The Company enters into currency forwards to convert both principal and interest payments of certain foreign denominated assets and liabilities into U.S. dollar denominated fixed rate instruments to eliminate the exposure to future currency volatility on those items.

The Company utilizes derivatives to hedge index credits associated with business reinsured with SkyRidge Re Limited (“SkyRidge Re Bermuda”), an insurance company licensed in Bermuda and SkyRidge Re Cayman Limited (“SkyRidge Re Cayman”), an insurance company licensed in the Cayman Islands (collectively referred to as “SkyRidge Re Reinsurers”). The embedded derivative reinsurance contracts asset of $1,690.0 million and $1,241.8 million at December 31, 2025 and 2024, respectively, is primarily related to the ceded liability to SkyRidge Re Reinsurers and is reflected by the Company within Reinsurance recoverable on the Consolidated Balance Sheets. The embedded derivative reinsurance contracts liability of $421.7 million and $295.8 million as of December 31, 2025 and 2024, respectively, is the fair value of the embedded derivative within the hedging agreement of the reinsurance contract with SkyRidge Re Reinsurers. These amounts are recorded within Other liabilities on the Consolidated Balance Sheets.

The following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges. The amortized cost includes the amortized cost basis and the fair value hedging basis adjustment.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)


					Cumulative amount of fair value
					hedging basis adjustment increase
					(decrease) included in the carrying
Line item in the consolidated balance sheet in	Carrying amount of hedged item				amount of the hedge item
which the hedged item is included	2025		2024		2025		2024
	(in thousands)
Fixed maturities, available for sale:
Active hedging relationships	$	1,781,810	$	2,641,749	$	—	$	—

Total fixed maturities, available for sale in active or discontinued hedging relationships	$	1,781,810	$	2,641,749	$	—	$	—

Policy reserves and annuity account values:
Active hedging relationships	$	2,852,718	$	3,566,674	$	11,643	$	(47,236	)

Total policy reserves and annuity account values in active or discontinued hedging relationships	$	2,852,718	$	3,566,674	$	11,643	$	(47,236	)

The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges for the year ended December 31:


				Location and Amount of Gain or (Loss) Recognized
				in Income on the Fair Value Hedging Relationship
				Hedging Derivatives						Hedged Items
				Gains (losses)			Gains (losses)
				excluded from			included in
				effectiveness			effectiveness			Gains
Derivatives designated as hedging instruments	Hedged Items	Year		testing ^{(1) (2)}			testing⁽²⁾			(losses) ⁽²⁾
				(in thousands)
Foreign currency forwards	Fixed maturity		2025	$	23,306		$	(150,014	)	$	150,014
Interest rate swap	Annuity account		2025		(40,023	)		31,836			(58,879	)
Foreign currency forwards	Fixed maturity		2024		(37,085	)		78,398			(78,398	)
Interest rate swap	Annuity account		2024		19,672			(55,211	)		25,114
Foreign currency forwards	Fixed maturity		2023		(18,077	)		(116,597	)		116,597
Interest rate swap	Annuity account		2023		559			(28,984	)		22,122

(1)	Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards. The Company has elected to record changes in estimated fair value of excluded components in earnings.

(2)	Gains and losses are reported in the Consolidated Statements of Operations as Investment-related gains (losses).

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

Notional amounts are used to express the extent of the Company’s involvement in derivative financial instruments and represent a standard measurement of the volume of the derivative activity. Notional amounts represent those amounts used to calculate contractual cash flows to be exchanged and are not paid or received. Credit exposure represents the gross amount owed to the Company under the derivative contracts as of the valuation date. The maximum amount of economic loss due to the credit exposure is limited by the posting of collateral by the counterparties.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The notional amounts and fair value of the Company’s derivative instruments as of December 31 were as follows:


				2025
	Credit Rating	Credit Rating		Notional		Fair Value
Counterparty	(S&P)	(Moody’s)		Amount		Assets		Liabilities
				(in thousands)
Barclays Bank PLC	A+		A1	$	5,637,896	$	286,367	$	19,594
BNP Paribas	A+		A1		1,014,384		63,506		1,555
Bank of America, N.A.	A+		Aa2		206,632		17,138		—
Bank of Montreal	A+		Aa2		8,994,810		406,308		2,218
Canadian Imperial Bank of Commerce	A+		Aa2		1,610,001		25,221		6,167
Citibank, N.A.	A+		Aa3		4,254,698		67,270		99,467
Deutsche Bank AG	A		A1		1,737,708		19,722		33,859
Goldman Sachs International	A+		A1		472,118		65,371		—
Jefferies Financial Services, Inc.	BBB		Baa2		214,241		9,378		—
JPMorgan Chase Bank, NA	AA-		Aa2		748,191		25,040		1,809
Morgan Stanley & Co International PLC	A+		Aa3		100,000		—		—
Morgan Stanley Capital Services LLC	A+		Aa3		2,750,488		45,748		6,053
Natixis, SA	A+		A1		2,075,541		112,863		6,521
Nomura Bank International PLC	A-		Baa1		645,212		43,058		641
Royal Bank of Canada	AA-		Aa1		2,170,074		95,515		4,607
Societe Generale	A		A1		841,368		21,463		4,851
UBS AG	A+		Aa2		1,704,867		42,028		508
Exchange Traded	N/A		N/A		15,000,861		195,363		12,319

				$	50,179,090	$	1,541,359	$	200,169

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)


					2024
	Credit Rating		Credit Rating		Notional		Fair Value
Counterparty	(S&P)		(Moody’s)		Amount		Assets		Liabilities
					(in thousands)
Barclays Bank PLC		A		A1	$	3,200,419	$	129,319	$	4,568
BNP Paribas		A+		Aa3		2,207,622		84,685		8,258
Bank of America, N.A.		A+		Aa1		513,147		21,365		—
Bank of Montreal		A+		Aa2		3,612,278		199,922		2,696
Canadian Imperial Bank of Commerce		A+		Aa2		2,371,287		78,514		28,658
Citibank, N.A.		A+		Aa3		3,837,859		97,556		30,016
Deutsche Bank AG		A		A1		721,050		5,440		145
Goldman Sachs International		A+		A1		585,347		67,819		—
ICE		A-		A3		—		—		798
Jefferies Financial Services, Inc.		BBB		Baa2		212,757		7,904		—
JPMorgan Chase Bank, N.A.		AA-		Aa2		735,152		24,230		1,970
Morgan Stanley & Co International PLC		A+		Aa3		2,021,048		37,890		—
Morgan Stanley Capital Services LLC		A+		Aa3		403,128		1,379		3,507
Natixis, SA		A+		A1		268,423		17,060		789
Nomura Bank International PLC		BBB+		Baa1		200,695		4,831		41
Royal Bank of Canada		AA-		Aa1		1,718,397		80,782		12,914
Societe Generale		A		A1		2,197,482		100,822		10,623
UBS AG		A+		Aa3		1,520,104		23,413		23
Exchange Traded/Centrally Cleared		N/A		N/A		10,040,683		283,163		26,059

					$	36,366,878	$	1,266,094	$	131,065

Collateral posted by counterparties at December 31, 2025 and 2024, applicable to derivative instruments, was $1,255.3 million and $894.5 million, respectively, and is reflected on the Consolidated Balance Sheets in Cash and cash equivalents, unless rehypothecated into other investments. This collateral is restricted as to its use. The obligation to repay the collateral is reflected in option collateral on the Consolidated Balance Sheets. The Company also maintains a margin account at its clearing broker applicable to exchange traded and cleared derivatives. At December 31, 2025 and 2024, the balance of this account was $126.2 million and $95.3 million, respectively, and is reflected on the Consolidated Balance Sheets in Other assets. The Company has not entered into tri-party arrangements with counterparties, whereby collateral is posted to and held by a third party.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The estimated fair value of net derivatives after the application of master netting agreements and collateral as of December 31 were as follows:


	2025
	Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Amount Recognized		Derivative			Cash Collateral Received/Pledged			Net Amount
	(in thousands)
Derivative asset	$	1,541,359	$	(200,169	)	$	(1,255,282	)	$	85,908
Derivative liabilities		200,169		(200,169	)		46,740			46,740


	2024
	Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Amount Recognized		Derivative			Cash Collateral Received/Pledged			Net Amount
	(in thousands)
Derivative asset	$	1,266,094	$	(131,065	)	$	(894,549	)	$	240,480
Derivative liabilities		131,065		(131,065	)		3,260			3,260

The gross amount recognized for derivative assets are reported in Derivative assets on the Consolidated Balance Sheets. The gross amount recognized for derivative liabilities are reported in Other liabilities on the Consolidated Balance Sheets. The gross amounts of derivative assets and liabilities are not netted for presentation on the Consolidated Balance Sheets. The derivative amount represents the amount of offsetting derivative assets or liabilities that are subject to an enforceable master netting agreement or similar agreement. The net amount primarily represents exposure from cleared derivatives.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The fair value of the Company’s derivative financial instruments classified as assets and liabilities on the Consolidated Balance Sheets was as follows as of December 31:


	Derivative Asset						Derivative Liability
	2025			2024			2025		2024			Balance reported in
	(in thousands)
Derivatives designated as hedging instruments under Subtopic 815-20
Interest rate swaps	$	85,331		$	23,177		$	943	$	11,181		Derivative assets and other liabilities
Currency forwards		5,436			73,002			62,467		1,385		Derivative assets and other liabilities
Foreign currency swap		—			—			6,123		—		Derivative assets and other liabilities
Bond forwards		1,382			—			—		—		Derivative assets and other liabilities
Derivatives not designated as hedging instruments under Subtopic 815-20
Interest rate swaps		(35,626	)	$	29,102			7,483		7,246		Derivative assets and other liabilities
Total return swaps		12,589			2,093			8,945		26,791		Derivative assets and other liabilities
Call options		1,414,615			1,020,039			19,468		12,059		Derivative assets and other liabilities
Currency forwards		56,078			118,356			90,636		63,019		Derivative assets and other liabilities
Futures		178			325			3,893		6,915		Derivative assets and other liabilities
Interest rate cap		—			—			211		2,470		Derivative assets and other liabilities
Bond forwards		1,376			—			—		—		Derivative assets and other liabilities

Total derivative financial instruments	$	1,541,359		$	1,266,094		$	200,169	$	131,066

Embedded derivatives:
Fixed index annuity contracts		—			—			5,218,871		3,939,643		Interest sensitive contract liabilities and future policy benefits
Funds withheld receivable		(403	)		(5,532	)		—		—		Other assets
Funds withheld liability		—			—			87,850		(23,608	)	Funds withheld and held liability
Reinsurance contracts		1,689,988			1,241,785			421,727		295,764		Reinsurance recoverable and other liabilities

Total embedded derivative financial instruments	$	1,689,585		$	1,236,253		$	5,728,448	$	4,211,799

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The following table shows the change in the fair value of the derivative financial instruments, excluding embedded derivatives within fixed index annuity contracts and reinsurance recoverable associated with fixed index annuity contracts, in the Consolidated Statements of Operations for the years ended:


	Year Ended December 31,
	2025			2024			2023			Change of fair value reported in
	(in thousands)
Derivatives:
Interest rate swaps	$	27,377		$	(749	)	$	41,497		Investment-related gains (losses)
Total return swaps		(2,214	)		32,856		$	6,212		Investment-related gains (losses)
Call options		565,889			448,478		$	145,373		Investment-related gains (losses)
Futures		16,969			(23,551	)	$	(15,233	)	Investment-related gains (losses)
Interest rate cap		(802	)		2,446		$	6,477		Investment-related gains (losses)
Bond forward		1,376			—		$	—		Investment-related gains (losses)

Change in fair value of derivatives		608,595			459,480			184,326
Interest rate swaps designated for hedging		(40,023	)		19,672			940		Interest sensitive contract and future policy benefits
Other derivatives		8			(208	)	$	(22,115	)	Investment-related gains (losses)

Change in fair value of options, futures and swaps	$	568,580		$	478,944		$	163,151

Change in currency forwards designated for hedging	$	(128,648	)	$	41,316		$	(134,674	)	Investment-related gains (losses)
Change in currency forwards not designated for hedging		(144,156	)		88,533			6,253		Investment-related gains (losses)
Foreign currency swap		(6,123	)		—			—		Investment-related gains (losses)

Change in currency forwards and swaps	$	(278,927	)	$	129,849		$	(128,421	)

Embedded derivatives:
Funds withheld receivable	$	(28,057	)	$	9,830		$	9,856		Investment-related gains (losses)
Funds withheld liability		(80,865	)		(118,215	)		(285,725	)	Investment-related gains (losses)

Change in embedded derivatives recorded in investment-related gains (losses)		(108,922	)		(108,385	)		(275,869	)
Less: embedded derivatives recorded in benefits
Fixed index annuity contracts	$	403,582		$	241,980		$	179,719		Interest sensitive contract and future policy benefits
Reinsurance contracts		180,813			124,669			44,968		Other benefits

Total change in embedded derivative financial instruments	$	(693,317	)	$	(475,034	)	$	(500,556	)

The Company has no cash flow hedge exposure to variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)


			Amount of gain (loss) recognized in AOCI on
			derivatives for the year ended December 31,
Derivatives in cash flow hedging relationships	Related hedged item		2025		2024			2023
			(in thousands)
Interest rate swaps		Fixed maturities, available for sale	$	27,834	$	(5,542	)	$	18,299
Bond forward		Fixed maturities, available for sale	$	1,381	$	—		$	—

Total			$	29,215	$	(5,542	)	$	18,299

The following tables show the effect of derivatives in fair value and cash flow hedging relationships and the related hedged items on the Consolidated Statements of Operations:


	For the year ended December 31, 2025
							Index credits and
				Net realized			interest credited to
	Net investment			capital gains			account balances
	income related to			(losses) related to			related to hedges
	hedges of fixed			hedges of fixed			of policy reserves
	maturities,			maturities,			and annuity
	available for sale			available for sale			account values
	(in thousands)
Total amounts of Consolidated Statement of Operations line items in which the effects of fair value and cash flow hedges are reported
Gains (losses) on fair value hedging relationships:
Foreign currency forwards:
Gain recognized on derivatives	$	—		$	150,014		$	—
Loss recognized on hedged item		—			(150,014	)		—
Interest rate swaps:
Gain recognized on derivatives		—			—			40,023
Amounts related to periodic settlements on derivatives		—			—			(8,187	)

Total gain (loss) recognized for fair value hedging relationships	$	—		$	—		$	31,836

Gains (losses) on cash flow hedging relationships:
Interest rate swaps:
Amounts related to periodic settlements on derivatives	$	(40,592	)	$	—		$	—
Bond Forwards:
Gain (loss) recognized in AOCI on derivatives		1,381			—			—

Total gain (loss) recognized for cash flow hedging relationships	$	(39,211	)	$	—		$	—

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)


	For the year ended December 31, 2024
							Index credits and
				Net realized			interest credited to
	Net investment			capital gains			account balances
	income related to			(losses) related to			related to hedges
	hedges of fixed			hedges of fixed			of policy reserves
	maturities,			maturities,			and annuity
	available for sale			available for sale			account values
	(in thousands)
Total amounts of Consolidated Statement of Operations line items in which the effects of fair value and cash flow hedges are reported
Gains (losses) on fair value hedging relationships:
Foreign currency forwards:
Loss recognized on hedged item	$	—		$	(78,398	)	$	—
Gain recognized on derivatives		—			78,398			—
Interest rate swaps:
Loss recognized on derivatives		—			—			(19,672	)
Loss related to periodic settlements on derivatives		—			—			(35,539	)

Total gain (loss) recognized for fair value hedging relationships	$	—		$	—		$	(55,211	)

Gains (losses) on cash flow hedging relationships:
Interest rate swaps:
Loss related to periodic settlements on derivatives	$	(12,758	)	$	—		$	—

Total gain (loss) recognized for cash flow hedging relationships	$	(12,758	)	$	—		$	—

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)


	For the year ended December 31, 2023
						Index credits and
			Net realized			interest credited to
	Net investment		capital gains			account balances
	income related to		(losses) related to			related to hedges
	hedges of fixed		hedges of fixed			of policy reserves
	maturities,		maturities,			and annuity
	available for sale		available for sale			account values
	(in thousands)
Total amounts of Consolidated Statement of Operations line items in which the effects of fair value and cash flow hedges are reported
Gains (losses) on fair value hedging relationships:
Foreign currency forwards:
Gain recognized on derivatives	$	—	$	116,597		$	—
Loss recognized on hedged item		—		(116,597	)		—
Interest rate swaps:
Loss recognized on derivatives		—		—			(940	)
Loss related to periodic settlements on derivatives		—		—			(28,044	)

Total gain (loss) recognized for fair value hedging relationships	$	—	$	—		$	(28,984	)

Gains (losses) on cash flow hedging relationships:
Interest rate swaps:
Gains related to periodic settlements on derivatives	$	2,703	$	—		$	—

Total gain (loss) recognized for cash flow hedging relationships	$	2,703	$	—		$	—

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

6. Deferred Policy Acquisition Costs, Deferred Sales Inducement Costs & Value of Business Acquired

An analysis of the DAC asset, the DSI cost asset, and the VOBA asset is presented below for the years ended:


	Deferred Policy			Deferred Sales			Value of Business			Total DAC, DSI &
	Acquisition Costs			Inducement Costs			Acquired			VOBA
	(in thousands)
Balance at January 1, 2023	$	1,059,940		$	336,529		$	1,192,081		$	2,588,550
Capitalization		366,521			183,978			—			550,499
Amortization		(133,853	)		(38,011	)		(146,258	)		(318,122	)

Balance at December 31, 2023		1,292,608			482,496			1,045,823			2,820,927
Capitalization		359,442			261,020			—			620,462
Amortization		(162,605	)		(52,438	)		(136,780	)		(351,823	)

Balance at December 31, 2024		1,489,445			691,078			909,043			3,089,566
Capitalization		427,579			390,374			—			817,953
Amortization		(201,269	)		(85,783	)		(125,179	)		(412,231	)

Balance at December 31, 2025	$	1,715,755		$	995,669		$	783,864		$	3,495,288

Deferred Policy Acquisition Costs

An analysis of the DAC asset balance is presented below for the years ended:


	Fixed Index Annuity			Fixed Annuity			Variable Annuity			Other			Total
	(in thousands)
Balance at January 1, 2023	$	989,086		$	42,573		$	25,506		$	2,775		$	1,059,940
Capitalization		317,163			44,529			5,673			(844	)		366,521
Amortization		(117,303	)		(13,827	)		(2,373	)		(350	)		(133,853	)

Balance at December 31, 2023		1,188,946			73,275			28,806			1,581			1,292,608
Capitalization		327,996			27,039			4,430			(23	)		359,442
Amortization		(142,334	)		(17,420	)		(2,589	)		(262	)		(162,605	)

Balance at December 31, 2024		1,374,608			82,894			30,647			1,296			1,489,445
Capitalization		379,414			43,551			4,347			267			427,579
Amortization		(175,152	)		(23,121	)		(2,740	)		(256	)		(201,269	)

Balance at December 31, 2025	$	1,578,870		$	103,324		$	32,254		$	1,307		$	1,715,755

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

6. Deferred Policy Acquisition Costs, Deferred Sales Inducement Costs & Value of Business Acquired (continued)

All amounts reflected above are net of reinsurance activity ceded (see Note 10).

Deferred Sales Inducement Costs

An analysis of the DSI costs asset balance is presented below for the years ended:


	Fixed Index Annuity			Fixed Annuity			Variable Annuity			Total
	(in thousands)
Balance at January 1, 2023	$	335,733		$	30		$	766		$	336,529
Capitalization		183,963			—			15			183,978
Amortization		(37,922	)		(10	)		(79	)		(38,011	)

Balance at December 31, 2023		481,774			20			702			482,496
Capitalization		261,031			(18	)		7			261,020
Amortization		(52,364	)		(2	)		(72	)		(52,438	)

Balance at December 31, 2024		690,441			—			637			691,078
Capitalization		390,363			—			11			390,374
Amortization		(85,717	)		(1	)		(65	)		(85,783	)

Balance at December 31, 2025	$	995,087		$	(1	)	$	583		$	995,669

All amounts reflected above are net of reinsurance activity ceded (see Note 10).

Value of Business Acquired

The Company recorded VOBA that is being amortized in a similar manner to the deferred policy acquisition costs. An analysis of VOBA and associated amortization is presented below for the years ended:

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

6. Deferred Policy Acquisition Costs, Deferred Sales Inducement Costs & Value of Business Acquired (continued)


	Fixed Index Annuity			Fixed Annuity			Variable Annuity			Life			Total
	(in thousands)
Balance at January 1, 2023	$	1,061,337		$	19,739		$	66,184		$	44,821		$	1,192,081
Amortization		(133,716	)		(4,033	)		(5,702	)		(2,807	)		(146,258	)

Balance at December 31, 2023		927,621			15,706			60,482			42,014			1,045,823
Amortization		(125,936	)		(2,966	)		(5,218	)		(2,660	)		(136,780	)

Balance at December 31, 2024		801,685			12,740			55,264			39,354			909,043
Amortization		(115,414	)		(2,375	)		(4,858	)		(2,532	)		(125,179	)

Balance at December 31, 2025	$	686,271		$	10,365		$	50,406		$	36,822		$	783,864

All amounts reflected above are net of reinsurance activity ceded (see Note 10).

The estimated future amortization schedule for the next five years based on current assumptions is expected to be as follows (in thousands) for the year ending December 31:

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

7. Separate Account Balances

Separate account funding agreements

The Company issued separate account funding agreements whereby the contract holders elect to invest in various investment options offered under the policy. As of December 31, 2025 and 2024, separate account investments funded through these agreements were $3,346.8 million and $3,042.2 million, respectively, and are reported in Separate account assets and Separate account liabilities on the Consolidated Balance Sheets. Investment income and gains or losses arising from the investments in the separate account funding agreements accrue directly to the contract holders and, therefore, are not included in investment income in the accompanying Consolidated Statements of Operations. Revenues to the Company from the separate account funding agreements consist primarily of administrative fees assessed at the time the funding agreement was issued.

Separate account assets

The aggregate fair value of assets, by major investment category, supporting separate accounts were as follows as of December 31:


	2025		2024
	(in thousands)
Common stock	$	3,458,074	$	3,374,151
Other invested assets		3,346,800		3,042,200

Total separate accounts assets	$	6,804,874	$	6,416,351

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

7. Separate Account Balances (continued)

Separate account liabilities

The following tables summarize disaggregated separate account liability amounts and reconcile the totals to Separate account liabilities reported in the Consolidated Balance Sheets as of December 31:


	2025		2024
	(in thousands)
Traditional deferred annuities	$	3,387,902	$	3,316,472
Funding agreements		3,346,800		3,042,200
Other ⁽¹⁾		70,172		57,679

Total separate accounts liabilities	$	6,804,874	$	6,416,351

(1)	Includes separate account immediate annuities and variable universal life.

The balances and changes in traditional deferred annuities separate account liabilities were as follows as of December 31:


	2025			2024
	(in thousands)
Balance at beginning of period	$	3,316,472		$	3,188,175
Deposits		112,869			133,033
Policy charges		(9,677	)		(9,787	)
Withdrawals		(98,798	)		(96,132	)
Benefit payments		(291,064	)		(286,950	)
Net transfers (to) from general account		(18,609	)		(14,935	)
Investment performance		375,580			403,018
Other		1,129			50

Balance at end of period	$	3,387,902		$	3,316,472

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

7. Separate Account Balances (continued)

The following is a rollforward of the funding agreements held in the separate account assets and liabilities for years ended:


	2025		2024
	(in thousands)
Balance at beginning of period	$	3,042,200	$	2,386,900
Unrealized gain (loss)		211,705		619,079
Interest		92,895		36,221

Balance at end of period	$	3,346,800	$	3,042,200

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

8. Other Assets

Property and Equipment

The following is a summary of property and equipment at cost less accumulated depreciation as of December 31:


	2025			2024
	(in thousands)
Land and improvements	$	7,279		$	7,279
Building		52,596			52,545
Leasehold improvements		2,236			2,236
Furniture		109			77
Data processing equipment		599			381

		62,819			62,518
Accumulated depreciation		(19,100	)		(16,642	)

Net property and equipment	$	43,719		$	45,876

Accumulated depreciation deducted from investment in real estate amounted to $18.2 million and $16.1 million at December 31, 2025 and 2024, respectively.

Goodwill

As of December 31, 2025 and 2024, the Company had a carrying value of goodwill of $96.9 million. Impairment of goodwill is evaluated annually. The Company determined for 2025 and 2024 that no impairment of goodwill was necessary.

Airplane

In February 2013, SAILES 2, LLC (“SAILES”), a wholly owned subsidiary of SBLIC, acquired an airplane for other investment purposes. SAILES leased the airplane under an operating lease.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

8. Other Assets (continued)

In 2024, the Company executed an agreement to sell its aircraft for a $50.0 million purchase price. The sale of the aircraft resulted in $19.7 million write-off to the Company. Proceeds from the sale funded selling costs and settlement of all outstanding obligations, resulting in the dissolution of SAILES and full distribution of equity.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

9. Other Comprehensive Income (Loss)

The components of other comprehensive income (loss) are as follows:


	Pretax			Tax			After-Tax
	(in thousands)
Other comprehensive income (loss) for the year ended December 31, 2023:
Net unrealized gains (losses) on available for sale securities	$	1,446,241		$	(303,524	)	$	1,142,717
Foreign exchange adjustments on available for sale and equity method investments		5			(1	)		4
Reclassification adjustment for (gains) losses included in net income		(195,131	)		40,952			(154,179	)
Hedging instruments		18,299			(3,840	)		14,459

Net unrealized gains (losses) on investments and hedging instruments		1,269,414			(266,413	)		1,003,001
Remeasurement gains (losses) on future policy benefits related to discount rate		(5,229	)		1,097			(4,132	)
Remeasurement gains (losses) on market risk benefits related to credit risk		(139,786	)		29,337			(110,449	)

Total other comprehensive income (loss) for the year ended December 31, 2023	$	1,124,399		$	(235,979	)	$	888,420

Other comprehensive income (loss) for the year ended December 31, 2024
Net unrealized gains (losses) on available for sale securities	$	410,356		$	(86,175	)	$	324,181
Foreign exchange adjustments on available for sale and equity method investments		(5,378	)		1,129			(4,249	)
Reclassification adjustment for (gains) losses included in net income		3,440			(722	)		2,718
Hedging instruments		(5,542	)		1,164			(4,378	)

Net unrealized gains (losses) on investments and hedging instruments		402,876			(84,604	)		318,272
Remeasurement gains (losses) on future policy benefits related to discount rate		6,166			(1,295	)		4,871
Remeasurement gains (losses) on market risk benefits related to credit risk		(182,916	)		38,412			(144,504	)

Total other comprehensive income (loss) for the year ended December 31, 2024	$	226,126		$	(47,487	)	$	178,639

Other comprehensive income (loss) for the year ended December 31, 2025:
Net unrealized gains (losses) on available for sale securities	$	322,323		$	(67,710	)	$	254,613
Foreign exchange adjustments on available for sale and equity method investments		8,295			(1,742	)		6,553
Reclassification adjustment for (gains) losses included in net income		(39,274	)		8,248			(31,026	)
Hedging instruments		27,834			(5,845	)		21,989

Net unrealized gains (losses) on investments and hedging instruments		319,178			(67,049	)		252,129
Remeasurement gains (losses) on market risk benefits related to credit risk		(5,361	)		1,126			(4,235	)
Remeasurement gains (losses) on market risk benefits related to credit risk		83,159			(17,463	)		65,696

Total other comprehensive income (loss) for the year ended December 31, 2025	$	396,976		$	(83,386	)	$	313,590

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

9. Other Comprehensive Income (Loss) (continued)

Accumulated Other Comprehensive Income (Loss)


	Foreign Exchange Adjustment			Unrealized Gains (Losses) on Available for Sale Securities			Total Other Comprehensive Income (Loss)
	(in thousands)
Accumulated other comprehensive income (loss) at January 1, 2023	$	(4,991	)	$	(1,129,301	)	$	(1,134,292	)
Other comprehensive income (loss) before reclassifications		4			1,042,595			1,042,599
Amounts reclassified from accumulated other comprehensive income (loss)⁽¹⁾		—			(154,179	)		(154,179	)

Accumulated other comprehensive income (loss) at December 31, 2023		(4,987	)		(240,885	)		(245,872	)
Other comprehensive income (loss) before reclassifications		(4,249	)		180,170			175,921
Amounts reclassified from accumulated other comprehensive income (loss)⁽¹⁾		—			2,718			2,718

Accumulated other comprehensive income (loss) at December 31, 2024		(9,236	)		(57,997	)		(67,233	)
Other comprehensive income (loss) before reclassifications		6,553			338,063			344,616
Amounts reclassified from accumulated other comprehensive income (loss)⁽¹⁾		—			(31,026	)		(31,026	)

Accumulated other comprehensive income (loss) at December 31, 2025	$	(2,683	)	$	249,040		$	246,357

⁽¹⁾	The amounts reclassified from accumulated other comprehensive income (loss) for unrealized gains (losses) on available for sale securities are included in Investment-related gains (losses) and Income tax expense in the Consolidated Statements of Operations.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

10. Reinsurance

Principal reinsurance assumed transactions are summarized as follows for the years ended:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Reinsurance assumed:
Premiums received	$	17,055	$	20,654	$	17,505

Commissions paid	$	2,224	$	2,371	$	3,486

Claims paid	$	17,154	$	18,047	$	19,504

Surrenders paid	$	100,210	$	113,828	$	109,252

Principal reinsurance ceded transactions are summarized as follows for the years ended:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Reinsurance ceded:
Premiums paid	$	2,256,418	$	1,997,759	$	2,492,320

Commissions received	$	172,405	$	162,837	$	206,979

Claim recoveries	$	175,345	$	159,929	$	147,824

Surrenders recovered	$	956,511	$	984,968	$	898,062

At December 31, 2025 and 2024, the Company had reinsurance recoverable receivables totaling $12,507.8 million and $10,682.4 million, respectively, for reserve credits, reinsurance claims, and other receivables from its reinsurers.

The increase in Reinsurance recoverable was primarily related to the ceding of certain fixed annuity and fixed index annuity liabilities to SkyRidge Re Bermuda. The liabilities subject to the agreement are (i) liabilities on policies inforce as of November 30, 2021 and (ii) liabilities on policies as they are written through 2027. As of December 31, 2025, the Company has net business ceded based on statutory reserves of $9.9 billion to SkyRidge Re, and of this amount, $1.7 billion was the ceded premium during the year ended December 31, 2025.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

10. Reinsurance (continued)

In September 2025, the Company entered into a coinsurance with funds withheld reinsurance agreement to cede certain fixed annuity and fixed index annuity liabilities to SkyRidge Re Cayman. The liabilities subject to the agreement are liabilities on policies as they are written through 2027. As of December 31, 2025, the Company has net business ceded based on statutory reserves of $516.5 million to SkyRidge Re Cayman, and $580.1 million of ceded premium during the year ended December 31, 2025.

As of December 31, 2025 and 2024, the value of the Company’s Funds withheld and held liability under all its reinsurance agreements was $11,067.0 million and $9,201.5 million, respectively. The SkyRidge Re reinsurance agreement was the primary driver of the increase in the value of the Company’s funds withheld and held liability.

As of December 31, 2025 and 2024, the Company had $604.1 million and $660.7 million, respectively, of reserves ceded that were uncollateralized by the assuming reinsurer.

Life insurance inforce ceded at December 31, 2025 and 2024 was $1,553.3 million and $1,655.6 million, respectively. Life reserves ceded at December 31, 2025 and 2024 was $582.2 million and $569.4 million, respectively.

Through its consolidated captive reinsurance subsidiary, Sixth Avenue Reinsurance Company (“SARC”), the Company entered into an excess of loss reinsurance agreement with a third party US based reinsurance company. This excess of loss agreement covers fixed index annuities with a GLWB that were issued in 2018 through the first half of 2020. Under this excess of loss agreement, if those annuity holders continue to make lifetime income withdrawals beyond certain dollar thresholds within the excess of loss coverage period (22-24 years from the issue date of each contract cohort), the third party reinsurance company will reimburse the Company for those benefit payments. The Company did not reduce any policy or annuity reserve liability as a result of this excess of loss agreement.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities

Interest sensitive contract liabilities and future policy benefits

The major components of Interest sensitive contract liabilities and future policy benefits on the Consolidated Balance Sheets are summarized as follows as of December 31:


	2025		2024
	(in thousands)
Liabilities for interest sensitive contract liabilities:
Embedded derivatives and host contract balances (fixed index annuities) ⁽¹⁾	$	29,495,707	$	25,803,181
Traditional deferred annuities ⁽²⁾		14,806,179		13,401,698
Funding agreements		528,591		511,011
Other interest sensitive contracts ⁽³⁾		387,716		363,702

Total interest sensitive contract liabilities		45,218,193		40,079,592

Liability for future policy benefits		643,858		614,486
Other future policy benefits reserves ⁽⁴⁾		186,698		202,998

Total interest sensitive contract liabilities and future policy benefits	$	46,048,749	$	40,897,076

(1)

Fixed index annuities (index) policyholder account balance of $29.7 billion and $26.1 billion as of December 31, 2025 and 2024, respectively. The policyholder account balances are derived utilizing long-duration contract accounting while the embedded derivative and host contract balances are derived utilizing derivative accounting.

(2)	Traditional deferred annuities includes fixed annuities and the fixed portion of fixed index annuities and variable annuities.

(3)	Other interest sensitive contracts primarily include group fixed account, MYGA market value adjustments, non-life contingent payout annuities, and other annuities.

(4)	Other future policy benefits reserves primarily include other life insurance which is primarily ceded to reinsurers.

The following represents a rollforward of the policyholder account balance of traditional deferred annuities by product within interest sensitive contract liabilities.


	Fixed Index Annuity (Fixed)			Fixed Annuity			Variable Annuity			Traditional Deferred Annuities			Fixed Index Annuity (Index)			Total
	(in thousands)
Balance at January 1, 2025	$	4,010,209		$	7,758,157		$	1,633,332		$	13,401,698		$	26,053,926		$	39,455,624
Deposits		834,095			2,200,602			51,082			3,085,779			5,004,728			8,090,507
Policy charges		(28,184	)		(3,490	)		(230	)		(31,904	)		(220,004	)		(251,908	)
Withdrawals		(193,058	)		(136,499	)		(85,159	)		(414,716	)		(1,168,903	)		(1,583,619	)
Benefit payments		(189,714	)		(1,201,514	)		(141,255	)		(1,532,483	)		(1,350,693	)		(2,883,176	)
Net transfers		(290,610	)		—			20,352			(270,258	)		290,610			20,352
Interest credited		133,908			382,045			58,533			574,486			1,123,262			1,697,748
Other		(347	)		(6,336	)		260			(6,423	)		95			(6,328	)

Balance at December 31, 2025		4,276,299			8,992,965			1,536,915			14,806,179			29,733,021			44,539,200
Reinsurance		1,242,388			3,176,353			—			4,418,741			7,671,289			12,090,030

Balance at December 31, 2025, net of reinsurance	$	3,033,911		$	5,816,612		$	1,536,915		$	10,387,438		$	22,061,732		$	32,449,170

Weighted-average crediting rate		3.3			4.6			3.8						3.3
Cash surrender value	$	3,753,148		$	8,481,261		$	1,506,852					$	25,999,877

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)


	Fixed Index Annuity (Fixed)			Fixed Annuity			Variable Annuity			Traditional Deferred Annuities			Fixed Index Annuity (Index)			Total
	(in thousands)
Balance at January 1, 2024	$	3,520,899		$	7,515,342		$	1,788,451		$	12,824,692		$	23,649,716		$	36,474,408
Deposits		996,338			1,162,595			53,724			2,212,657			4,243,365			6,456,022
Policy charges		(16,914	)		(3,931	)		(292	)		(21,137	)		(251,839	)		(272,976	)
Withdrawals		(162,915	)		(125,292	)		(87,378	)		(375,585	)		(995,658	)		(1,371,243	)
Benefit payments		(189,260	)		(1,120,174	)		(199,743	)		(1,509,177	)		(1,798,265	)		(3,307,442	)
Net transfers		(246,647	)		(1	)		15,852			(230,796	)		246,647			15,851
Interest credited		108,667			334,421			62,407			505,495			961,267			1,466,762
Other		41			(4,803	)		311			(4,451	)		(1,307	)		(5,758	)

Balance at December 31, 2024		4,010,209			7,758,157			1,633,332			13,401,698			26,053,926			39,455,624
Reinsurance		1,138,059			2,899,018			—			4,037,077			6,209,065			10,246,142
Balance at December 31, 2024, net of reinsurance	$	2,872,150		$	4,859,139		$	1,633,332		$	9,364,621		$	19,844,861		$	29,209,482

Weighted-average crediting rate		3.2			4.6			3.8						3.0
Cash surrender value	$	3,484,277		$	7,240,284		$	1,598,781					$	22,780,140

The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)


		December 31, 2025
		(in thousands)
	Range of guaranteed minimum	At guaranteed minimum		1 basis point - 50 basis points above		51 basis point - 150 basis points above		Greater than 150 basis points above		Total
Fixed	<1.0%	$	—	$	—	$	—	$	—	$	—
Index	1.0% – <2.0%		579,936		2,827,202		7,832,299		18,493,584		29,733,021
Annuity	2.0% and greater		—		—		—		—		—

(Index)	Total		579,936		2,827,202		7,832,299		18,493,584		29,733,021

Fixed	<1.0%		—		—		24,218		232,306		256,524
Index	1.0% – <2.0%		5,574		106,205		1,693,028		639,796		2,444,603
Annuity	2.0% and greater		84,431		763		341,556		1,148,422		1,575,172

(Fixed)	Total		90,005		106,968		2,058,802		2,020,524		4,276,299

Fixed	<1.5%		23,525		9,303		205,588		1,870,050		2,108,466
Annuity	1.5% – <3.0%		194,739		6,028		235,936		4,530,306		4,967,009
	3.0% and greater		268,836		23,110		33,981		1,591,563		1,917,490

	Total		487,100		38,441		475,505		7,991,919		8,992,965

Variable	<3.0%		1,397		5,458		55,020		60,142		122,017
Annuity	3.0% – <6.0%		989,972		310,549		114,377		—		1,414,898
	6.0% and greater		—		—		—		—		—

	Total	$	991,369	$	316,007	$	169,397	$	60,142	$	1,536,915

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)


		December 31, 2024
		(in thousands)
	Range of guaranteed minimum	At guaranteed minimum		1 basis point - 50 basis points above		51 basis point - 150 basis points above		Greater than 150 basis points above		Total
Fixed Index Annuity (Index)	<1.0%	$	—	$	—	$	—	$	—	$	—
	1.0% – <2.0%		741,360		3,641,442		8,315,307		13,355,817		26,053,926
	2.0% and greater		—		—		—		—		—

	Total		741,360		3,641,442		8,315,307		13,355,817		26,053,926

Fixed Index Annuity (Fixed)	<1.0%		—		—		48,434		285,747		334,181
	1.0% – <2.0%		18,985		127,575		1,737,487		639,759		2,523,806
	2.0% and greater		91,944		180		230,384		829,714		1,152,222

	Total		110,929		127,755		2,016,305		1,755,220		4,010,209

Fixed Annuity	<1.5%		28,210		10,459		401,238		2,460,037		2,899,944
	1.5% – <3.0%		230,102		32,833		110,573		3,265,539		3,639,047
	3.0% and greater		297,905		25,945		45,368		849,948		1,219,166

	Total		556,217		69,237		557,179		6,575,524		7,758,157

Variable Annuity	<3.0%		1,488		5,745		47,740		60,579		115,552
	3.0% – <6.0%		1,061,714		340,718		115,331		—		1,517,763
	6.0% and greater		17		—		—		—		17

	Total	$	1,063,219	$	346,463	$	163,071	$	60,579	$	1,633,332

The Company has issued general account funding agreements of $528.6 million and $511.0 million at December 31, 2025 and 2024, respectively, which are classified as investment-type contracts. These liabilities consist of floating interest rate and fixed interest rate contracts. The balance of the general account funding agreements have call provisions that give the holder of the funding agreements the right to require the funding agreement be redeemed by the Company if certain adverse conditions occur.

In May 2021, the Company established a $2.0 billion program for a trust, Security Benefit Global Funding, to periodically issue funding agreement-backed notes. The program was relaunched and increased in size to $5.0 billion in July 2025. Security Benefit Global Funding is not an affiliate or related party of the Company. These notes are backed by funding agreements issued by the Company to the trust. The funding agreement liability had no carrying amount at December 31, 2025 and or December 31, 2024.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

The following is a rollforward of the general account funding agreements within interest sensitive contract liabilities:


	General Account
	Funding Agreements
	(in thousands)
Balance as of January 1, 2024	$	1,003,228
Issuances		525,000
Interest		17,320
Maturities		(1,034,224	)
Other payments		(313	)

Balance as of December 31, 2024		511,011
Interest		19,085
Other payments		(1,505	)

Balance as of December 31, 2025	$	528,591

The following is a reconciliation of future policy benefits to the Consolidated Balance Sheets:


	December 31,
	2025		2024
	(in thousands)
Payout annuities with life contingencies	$	141,731	$	121,349
Payout annuities with life contingencies, deferred profit liability		3,279		3,598
Whole life		497,502		488,503
Whole life, deferred profit liability		1,346		1,036

Liability for future policy benefits	$	643,858	$	614,486

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

The following is a rollforward by product of the liability for future policy benefits, excluding the deferred profit liability:


	Year ended December 31, 2025
	Payout annuities with life contingencies			Whole life			Total
	(in thousands)
Present value of expected net premiums
Balance at January 1, 2025	$	—		$	8,059		$	8,059

Balance at January 1, 2025 at original discount rate		—			7,314			7,314

Effect of changes in cash flow assumptions		—			(227	)		(227	)
Effect of actual variances from expected experience		—			(2,990	)		(2,990	)
Issuances		23,561			—			23,561
Interest accrual		—			322			322
Net premium collected		(23,561	)		(192	)		(23,753	)
Other		—			(241	)		(241	)

Balance at December 31, 2025 at original discount rate		—			3,986			3,986
Effect of changes in discount rate assumptions		—			727			727

Balance at December 31, 2025	$	—		$	4,713		$	4,713

Present value of expected future policy benefits
Balance at January 1, 2025	$	121,349		$	496,561		$	617,910

Balance at January 1, 2025 at original discount rate		124,383			475,108			599,491

Effect of changes in cash flow assumptions		—			(472	)		(472	)
Effect of actual experience to expected experience		—			(4,812	)		(4,812	)
Issuances		23,561			1			23,562
Interest accrual		7,395			26,787			34,182
Benefit payments		(14,789	)		(24,089	)		(38,878	)

Balance at December 31, 2025 at original discount rate		140,550			472,523			613,073
Effect of changes in discount rate assumptions		1,181			29,692			30,873

Balance at December 31, 2025		141,731			502,215			643,946

Liability for future policy benefits, excluding deferred profit liability at December 31, 2025		141,731			497,502			639,233
Reinsurance		31,755			418,982			450,737

Liability for future policy benefits, excluding deferred profit liability,net of reinsurance at December 31, 2025	$	109,976		$	78,520		$	188,496

Weighted-average liability duration (in years)		7.4			8.7

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)


Weighted-average interest accretion rate		5.0		5.8
Weighted-average current discount rate		4.9		5.2
Expected future gross premiums, undiscounted	$	—	$	72,628
Expected future gross premiums, discounted	$	—	$	44,806
Expected future benefit payments, undiscounted	$	213,556	$	150,429

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)


	Year ended December 31, 2024
	Payout annuities with life contingencies			Whole life			Total
	(in thousands)
Present value of expected net premiums
Balance at January 1, 2024	$	—		$	9,430		$	9,430

Balance at January 1, 2024 at original discount rate		—			8,289			8,289

Effect of changes in cash flow assumptions		—			(101	)		(101	)
Effect of actual variances from expected experience		—			(610	)		(610	)
Issuances		9,379			—			9,379
Interest accrual		—			413			413
Net premium collected		(9,379	)		(625	)		(10,004	)
Other		—			(52	)		(52	)

Balance at December 31, 2024 at original discount rate		—			7,314			7,314

Effect of changes in discount rate assumptions		—			745			745

Balance at December 31, 2024	$	—		$	8,059		$	8,059

Present value of expected future policy benefits
Balance at January 1, 2024	$	121,828		$	534,678		$	656,506

Balance at January 1, 2024 at original discount rate		121,551			478,256			599,807

Effect of changes in cash flow assumptions		—			(151	)		(151	)
Effect of actual experience to expected experience		—			(2,708	)		(2,708	)
Issuances		9,379			1			9,380
Interest accrual		6,843			26,349			33,192
Benefit payments		(13,391	)		(26,639	)		(40,030	)

Balance at December 31, 2024 at original discount rate		124,382			475,108			599,490

Effect of changes in discount rate assumptions		(3,033	)		21,454			18,421

Balance at December 31, 2024		121,349			496,562			617,911

Liability for future policy benefits, excluding deferred profit liability at December 31, 2024	$	121,349		$	488,503		$	609,852

Reinsurance	$	32,746		$	409,940		$	442,686
Liability for future policy benefits, excluding deferred profit liability,net of reinsurance at December 31, 2024	$	88,603		$	78,563		$	167,166
Weighted-average liability duration (in years)		7.5			9.1
Weighted-average interest accretion rate		4.9			5.8
Weighted-average current discount rate		5.3			5.1
Expected future gross premiums, undiscounted	$	—		$	79,565
Expected future gross premiums, discounted	$	—		$	49,734
Expected future benefit payments, undiscounted	$	194,383		$	156,657

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

The following is a summary of liability for future policy benefit remeasurement gains (losses) included within Interest sensitive contract and future policy benefits on the Consolidated Statements of Operations:


	December 31,
	2025			2024
	(in thousands)
Reserves		15,968			(1,770	)
Deferred profit liability		(4	)		(269	)

Total remeasurement gains (losses)	$	15,964		$	(2,039	)

Market risk benefits

The following is a reconciliation of Market risk benefits to the Consolidated Balance Sheets. Market risk benefit assets are included in Other assets on the Consolidated Balance Sheets.


	Year ended December 31, 2025						Year ended December 31, 2024
	Asset		Liability		Net Liability		Asset		Liability		Net Liability
	(in thousands)						(in thousands)
Fixed Index Annuity	$	24,256	$	3,293,060	$	3,268,804	$	25,138	$	2,986,826	$	2,961,688
Variable Annuity		4,596		26,490		21,894		4,322		35,377		31,055

Total	$	28,852	$	3,319,550	$	3,290,698	$	29,460	$	3,022,203	$	2,992,743

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

The following is a rollforward of net market risk benefit liabilities by product:


	Year ended December 31, 2025
	Fixed Index Annuity			Variable Annuity			Total
	(in thousands)
Balance at December 31, 2024	$	2,961,688		$	31,055		$	2,992,743
Balance, beginning of period, before changes in instrument-specific credit risk		3,102,718			32,254			3,134,972
Derecognition - transitioned to payout		(16,633	)		(1,014	)		(17,647	)
Decrements		(95,096	)		1,253			(93,843	)
Issuances		—			(25	)		(25	)
Interest accrual		151,563			(2,836	)		148,727
Attributed fees collected		189,819			4,598			194,417
Benefit payments		(8,140	)		(4,070	)		(12,210	)
Effect of changes in interest rates		52,471			(2,273	)		50,198
Effect of changes in equity markets		(114,483	)		(2,238	)		(116,721	)
Inforce updates and other		137,777			(2,342	)		135,435
Effect of changes in policyholder assumptions		92,884			(103	)		92,781
Balance, end of period, before changes in instrument-specific credit risk		3,492,880			23,204			3,516,084

Effect of changes in instrument-specific credit risk		(224,076	)		(1,310	)		(225,386	)

Balance at December 31, 2025		3,268,804			21,894			3,290,698

Reinsurance		—			(6,182	)		(6,182	)
Balance, net of reinsurance	$	3,268,804		$	15,712		$	3,284,516
Net amount at risk		6,856,795			133,186
Weighted-average attained age of contract holders (in years)		73.7			69.7

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)


	Year ended December 31, 2024
	Fixed Index Annuity			Variable Annuity			Total
	(in thousands)
Balance at December 31, 2023	$	2,269,961		$	62,235		$	2,332,196
Balance, beginning of period, before changes in instrument-specific credit risk		2,591,418			66,304			2,657,722
Derecognition - transitioned to payout		(3,425	)		(1,728	)		(5,153	)
Decrements		(101,940	)		(1,324	)		(103,264	)
Issuances		—			(13	)		(13	)
Interest accrual		163,837			(4,842	)		158,995
Attributed fees collected		191,830			4,675			196,505
Benefit payments		(6,005	)		(3,488	)		(9,493	)
Effect of changes in interest rates		(197,298	)		(8,396	)		(205,694	)
Effect of changes in equity markets		(65,831	)		(2,437	)		(68,268	)
Inforce updates and other		195,847			3,037			198,884
Effect of changes in policyholder assumptions		332,125			(19,535	)		312,590
Effect of changes in other assumptions		2,159			—			2,159

Balance, end of period, before changes in instrument-specific credit risk		3,102,717			32,253			3,134,970

Effect of changes in instrument-specific credit risk		(141,029	)		(1,198	)		(142,227	)

Balance at December 31, 2024		2,961,688			31,055			2,992,743

Reinsurance		—			(7,899	)		(7,899	)
Balance, net of reinsurance	$	2,961,688		$	23,156		$	2,984,844
Net amount at risk		6,871,748			163,697
Weighted-average attained age of contract holders (in years)		72.9			69.4

Unlocking

As discussed in Note 1, significant assumptions are used in the calculation of the fixed index annuity embedded derivative, liability for future policy benefits, and market risk benefits. During 2025 and 2024, the Company performed its annual review of assumptions and updated certain assumptions to reflect emerging experience and expectations for future performance. In 2025,

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

revisions primarily related to policyholder behavior assumptions, including utilization rates for rider benefits and full surrender rate, resulting in an increase in embedded derivative of $0.7 million, a decrease in the liability for future policy benefits of $0.8 million, and an increase in MRB of $92.8 million; the combined impacts resulted in a decrease in Income before income tax expense, net of reinsurance, of $90.4 million. In 2024, revisions primarily related to policyholder behavior assumptions, including surrender patterns, rider utilization, and mortality assumptions for certain products, resulting in a decrease in embedded derivative of $36.5 million, a decrease in the liability for future policy benefits of $0.1 million, and an increase in MRB of $314.7 million; the combined impacts resulted in a decrease in Income before income tax expense, net of reinsurance, of $279.8 million. The updates were based on recent experience studies, industry data, and refinements to modeling methodologies.

12. Income Taxes

The Company is included in a consolidated Non-Life/Life federal income tax return filed by Eldridge Wealth Solutions, Inc. (“EWS”, previously Security Benefit Corporation). The Internal Revenue Service is currently examining the Company’s federal tax returns for tax years 2018 through 2019. There are no proposed adjustments. The Company is no longer subject to federal and state examinations by tax authorities for the years before 2018. The State of Florida completed its examination of SBLIC’s 2020 through 2022 Florida income tax returns, resulting in no adjustments.

Under a tax sharing agreement between EWS and certain of its related parties, EWS allocates income tax expenses and benefits to companies in the group generally based upon pro rata contribution of taxable income or operating losses. Through the tax sharing agreement with EWS, the Company had a payable to EWS of $9.0 million and $36.3 million at December 31, 2025 and 2024, respectively, for taxes, which is included in Other liabilities on the Consolidated Balance Sheets.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

12. Income Taxes (continued)

SBLIC’s subsidiary, SARC, has a separate tax sharing agreement with EWS. Under the separate tax sharing agreement, SARC’s losses are benefited only to the extent SARC could otherwise utilize the losses on a stand-alone basis.

The provision for income taxes includes current federal and state income tax expense or benefit and deferred income tax expense or benefit due to temporary differences between the financial reporting and income tax bases of assets and liabilities.

As of December 31, 2025 and 2024, the Company had no gross unrecognized tax benefits. The Company recognizes interest and penalties related to unrecognized tax benefits in interest expense as a component of Other operating expenses in the Consolidated Statements of Operations. The Company recorded no interest expense for unrecognized tax benefits for the years ended December 31, 2025 and 2024.

The Company is subject to Corporate Alternative Minimum Tax (“CAMT”) due to being a member of a controlled group meeting the defined thresholds. This provision had no impact on the results of operations for years ended December 31, 2025, 2024, and 2023.

H.R.1, also referred to as the “One Big Beautiful Bill Act” (the “Tax Act of 2025”) was enacted into law on July 4, 2025. The Tax Act of 2025 does not have a material impact on the Company’s effective tax rate or deferred tax position.

Income tax expense consists of the following for the years ended:


	Year Ended December 31,
	2025		2024			2023
	(in thousands)
Current income tax expense	$	210,024	$	342,456		$	309,268
Deferred income tax (benefit) expense		2,691		(94,620	)		(197,510	)

Income tax expense	$	212,715	$	247,836		$	111,758

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

12. Income Taxes (continued)

The differences between reported income tax expense and the results from applying the statutory federal rate to income before income tax expense are as follows for the years ended:


	Year Ended December 31,
	2025			2024			2023
	(in thousands)
Federal income tax expense computed at statutory rate	$	213,492		$	252,545		$	119,070
Increases (decreases) in taxes resulting from:
Valuation allowance		—			—			—
Dividends received deduction		(3,211	)		(4,167	)		(3,973	)
Changes in uncertain tax positions		—			—			—
Prior period adjustments		603			40			(752	)
Tax exempt interest		(1,139	)		(420	)		(381	)
Non-controlling interest		2,957			(645	)		—
Other ⁽¹⁾		13			483			(2,206	)

Income tax expense	$	212,715		$	247,836		$	111,758

⁽¹⁾	Includes state income taxes, nondeductible meals and entertainment, nondeductible dues and penalties, nondeductible lobbying expenses and other miscellaneous differences and adjustments.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

12. Income Taxes (continued)

Net deferred income tax assets and liabilities consist of the following as of December 31:


	2025			2024
	(in thousands)
Deferred income tax assets:
Policyholder reserves	$	683,255		$	506,789
Net unrealized loss on derivatives		42,918			40,984
Net unrealized loss on investments		—			43,946
Credit carryover		1,983			4,476
Rider fee		7,731			7,973
Net operating loss carryforward		78,569			93,432

Total gross deferred income tax assets before valuation allowance		814,456			697,600
Less valuation allowance		—			—

Total deferred income tax assets		814,456			697,600
Deferred income tax liabilities:
Net unrealized gain on investments		23,083			—
Deferred policy acquisition costs and deferred sales inducements		513,264			409,460
Investments		208,642			110,359
Value of business acquired		164,611			190,899
Depreciation		5,867			3,569
Other		16,281			14,555

Total deferred income tax liabilities		931,748			728,842

Net deferred income tax liability	$	(117,292	)	$	(31,242	)

The oldest credit carryover will expire in 2029 and relates to general business credits.

The Company’s deferred tax asset position includes $374.1 million of federal net operating loss carryforwards related to SARC losses which have no expiration date.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

12. Income Taxes (continued)

The Company assesses the available positive and negative evidence surrounding the recoverability of the deferred income tax assets and applies its judgment in estimating the amount of valuation allowance necessary under the circumstances. The Company recorded no valuation allowance on deferred tax assets as of December 31, 2025 and 2024.

The realization of deferred tax assets related to unrealized loss on our available for sale fixed maturity securities is based on the the Company’s ability and intent to hold the securities for a period of time sufficient to allow for the recovery of the value.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements

Fair Value Hierarchy

In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Company groups its financial assets and liabilities measured at fair value in three levels based on the inputs and assumptions used to determine the fair value. The levels are as follows:

Level 1 – Valuations are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 – Valuations are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, model-based valuation techniques for which significant assumptions are observable in the market, and option pricing models using inputs observable in the market.

Level 3 – Valuations are generated from techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s assumptions that market participants would use in pricing the asset or liability. Valuation techniques include discounted cash flow models, spread-based models, and similar techniques, using the best information available in the circumstances.

Determination of Fair Value

Under ASC 820, the Company bases fair values on the price that would be received to sell an asset (exit price) or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy in ASC 820.

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Cash equivalents

Cash equivalents include highly liquid securities with an original maturity of 90 days or less and money market accounts. The cash equivalents based on quoted market prices are included in Level 1 assets. When quoted prices are not available, the Company utilizes an independent pricing service, and includes those cash equivalents in Level 2 assets.

Fixed maturity investments

The fair values of fixed maturity securities in an active and orderly market are largely determined by utilizing third party pricing services. The Company has regular interactions with pricing services and its investment advisors to understand the pricing methodologies used and to confirm the prices are utilizing observable inputs. The pricing methodologies will vary based on the asset class and include inputs such as estimated cash flows, reported trades, broker quotes, credit quality, industry and economic events. Fixed maturity investments with fair values obtained from pricing services, applicable market indices, or internal models with substantially observable inputs are included in Level 2.

The Company will obtain a broker quote or utilize an internal pricing model specific to the asset utilizing unobservable relevant inputs if the Company is not able to utilize observable inputs. These assets are included in Level 3.

Equity securities

Fair values of equity securities are determined using quoted prices in active markets for identical assets when available, which are included in Level 1. When quoted prices are not available, the Company utilizes internal valuation methodologies appropriate for the specific asset that use observable inputs such as underlying share prices; therefore, the assets are included in Level 2. Fair values might also be determined using broker quotes or through the use of internal models or analysis that incorporates significant assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing such securities. These assets are included in Level 3.

100

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Short-term investments

Fair values of short-term investments are determined using broker quotes or through the use of internal models or analysis that incorporate significant assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing such investments. These assets are included in Levels 2 or 3, depending on the observability of the inputs.

Call options, currency forwards, swaps, and futures

Certain fair values of call options are valued with models that use market observable inputs, which are included in Level 2. Currency forwards with fair values obtained from pricing services with substantially observable inputs are included in Level 2. Swaps with fair values obtained from counterparties with substantially observable inputs are included in Level 2. Futures, swaps, and call options with fair values obtained from unadjusted quoted prices for identical instruments traded in active markets are included in Level 1.

Other invested assets

Certain other invested assets for which the fair value option was elected use inputs which are unobservable in the market and are included in Level 3.

Market risk benefits

Market risk benefits are valued with the use of inputs related to fees, assessments, and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, which impact future policyholder account growth. Market risk benefits are included in Level 3.

101

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Embedded derivatives – reinsurance contracts

The fair value of the embedded derivative reinsurance contracts asset is calculated as described below, under the heading Embedded derivatives—fixed index annuity contracts, where the portion of the liability ceded is held as a reinsurance recoverable asset. These assets are included in Level 3.

The fair value of the embedded derivative reinsurance contracts liability is determined by the expected value of future index credits calculated using call option pricing with current market data and updated fund value allocations for policyholder balances. These liabilities are included in Level 3.

Separate account assets

Separate account assets include equity securities, investments in notes receivable and investments in partnerships. The fair value of the equity securities within the separate accounts is determined using quoted prices in active markets for identical assets and is reflected in Level 1. The fair value of the investments in private notes within the separate accounts was determined using internal pricing models using inputs unobservable in the market. The fair value for partnerships within the separate accounts was determined through the use of an external third party pricing specialist through the use of the market approach, income approach, and underlying assets approach. The investments in private notes and partnerships are reflected in Level 3.

102

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Embedded derivatives – funds withheld liability

The Company estimates the fair value of the embedded derivative based on the change in the fair value of the assets supporting the funds withheld liability under the coinsurance funds withheld agreement. This liability is included in Level 3.

Embedded derivatives – fixed index annuity contracts

Fair values of the Company’s embedded derivative component of the fixed index annuity policy liabilities are determined by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk-free interest rates adjusted for the nonperformance risk related to those liabilities. The projections of policy contract values are based on the Company’s best estimate assumptions for future policy growth and future policy decrements. The Company’s best estimate assumptions for future policy growth include assumptions for the expected index credit on the next policy anniversary date derived from the fair values of the underlying call options purchased to fund such index credits and the expected costs of call options the Company will purchase in the future to fund index credits beyond the next policy anniversary. The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values. These liabilities are included in Level 3.

Assets and Liabilities Measured and Reported at Fair Value

The following table presents categories measured at fair value on a recurring basis:


	December 31, 2025
			Fair Value Hierarchy Level
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash equivalents	$	15,881		15,881	$	—		—
Fixed maturity investments:
U.S. Treasury securities and other U.S. government corporations and agencies		287,519		—		287,519		—
Obligations of government-sponsored enterprises		832,594		—		832,594		—

103

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)


Corporate		24,433,693			—		3,447,823		20,985,870
Municipal obligations		330,991			—		319,809		11,182
Commercial mortgage-backed		153,355			—		152,433		922
Residential mortgage-backed		11,772			—		11,772		—
Collateralized debt obligations		4,437			—		4,437		—
Collateralized loan obligations		8,561,709			—		5,830,641		2,731,068
Redeemable preferred stock		45,973			—		—		45,973
Other asset backed		5,342,280			—		558,675		4,783,605

Total fixed maturity investments, available for sale, including pledged securities ⁽¹⁾		40,004,323			—		11,445,703		28,558,620
Fixed maturity investments, trading:
U.S. Treasury securities and other U.S. government corporations and agencies		5,024			—		5,024		—
Obligations of government-sponsored enterprises		—			—		—		—
Corporate		46,830			—		46,830		—
Obligations of foreign governments		—			—		—		—
Municipal obligations		2,135			—		2,135		—
Commercial mortgage-backed		7,562			—		7,562		—
Residential mortgage-backed		5,551			—		5,551		—
Collateralized debt obligations		—			—		—		—
Collateralized loan obligations		5,266			—		5,266		—
Redeemable preferred stock		—			—		—		—
Other asset backed		13,085			—		13,085		—

Total fixed maturity, trading investments		85,453			—		85,453		—
Equity securities:
Consumer		692,739			101,744		298,241		292,754
Mutual funds		2,879			2,879		—		—
Preferred stocks		721,447			—		80,508		640,939

Total equity securities, including pledged securities ⁽¹⁾		1,417,065			104,623		378,749		933,693
Other invested assets		249,629			—		—		249,629
Short-term investments		320,751			—		173,373		147,378
Derivative assets:
Call options		1,414,615			—		1,414,615		—
Currency forwards and swaps		61,514			—		61,514		—
Interest rate swaps and total return swaps		136,721			—		136,721		—
Bond forwards		2,758					2,758
Futures		178			178		—		—
Other derivatives		14			2		12		—

Total derivative assets		1,615,800			180		1,615,620		—
Market risk benefits		5,983			—		—		5,983
Embedded derivatives:
Reinsurance contracts		1,689,988			—		—		1,689,988
Funds withheld receivable		(403	)		—		—		(403	)
Separate account assets		6,804,874			3,458,074		—		3,346,800

Total assets	$	52,209,344		$	3,578,758	$	13,698,898	$	34,931,688

Liabilities:
Derivative liabilities:
Call options	$	19,468		$	—	$	19,468	$	—
Currency forwards and swaps		153,103			—		153,103		—
Interest rate swaps, foreign currency swaps, and total return swaps		23,494			—		17,371		6,123
Hedge accounting liability for MYGA product		11,643			—		—		11,643
Futures		3,893			3,893		—		—
Interest rate caps		211			—		205		6

Total derivative liabilities		211,812			3,893		190,147		17,772
Market risk benefits		3,319,550			—		—		3,319,550
Embedded derivatives:
Funds withheld liability		87,850			—		—		87,850
Reinsurance contracts		421,727			—		—		421,727
Fixed index annuity contracts		5,218,871			—		—		5,218,871

Total liabilities	$	9,259,810		$	3,893	$	190,147	$	9,065,770

104

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

(1)	As of December 31, 2025, pledged securities fair values accounted for $59.7 million related to Fixed maturity investments, available for sale and $0.3 million related to Equity securities.


	December 31, 2024
				Fair Value Hierarchy Level
	Fair Value			Level 1		Level 2		Level 3
	(unaudited)
	(in thousands)
Assets:
Cash equivalents	$	1,291,999		$	1,291,999	$	—	$	—
Fixed maturity investments:
U.S. Treasury securities and other U.S. government corporations and agencies		7,015			—		7,015		—
Obligations of government-sponsored enterprises		659,472			—		659,472		—
Corporate		23,018,030			—		2,742,492		20,275,538
Municipal obligations		15,220			—		3,888		11,332
Commercial mortgage-backed		43,561			—		43,312		249
Residential mortgage-backed		21,170			—		21,170		—
Collateralized debt obligations		5,111			—		5,111		—
Collateralized loan obligations		11,045,266			—		7,630,322		3,414,944
Redeemable preferred stock		27,861			—		27,861		—
Other asset backed		2,070,134			—		542,650		1,527,484

Total fixed maturity investments		36,912,840			—		11,683,293		25,229,547
Fixed maturity investments: trading		76,221			—		75,963		258

Total fixed maturity trading investments		76,221			—		75,963		258
Equity securities:
Consumer		340,981			76,861		228,177		35,943
Mutual funds		5,115			5,115		—		—
Preferred stocks		645,610			—		312,169		333,441

Total equity securities		991,706			81,976		540,346		369,384
Other invested assets		271,382			—		—		271,382
Short-term investments		91,020			—		91,020		—
Derivative assets:
Call options		1,020,039			—		1,020,039		—
Currency forwards and swaps		191,359			—		191,359		—
Interest rate swaps and total return swaps		42,218			39,572		2,093		553
Futures		325			325		—		—
Other derivatives		6			4		2		—

Total derivative assets		1,253,947			39,901		1,213,493		553
Market risk benefits		5,532			—		—		5,532
Embedded derivatives:
Reinsurance contracts		1,240,395			—		—		1,240,395
Funds withheld receivable		(5,532	)		—		—		(5,532	)
Separate account assets		6,416,351			3,374,151		—		3,042,200

Total assets	$	48,545,861		$	4,788,027	$	13,604,115	$	30,153,719

Liabilities:
Derivative liabilities:
Call options	$	12,059		$	—	$	12,059	$	—
Currency forwards and swaps		64,403			—		64,403		—
Interest rate swaps and total return swaps		45,218			17,377		27,589		252

105

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)


Hedge accounting liability for MYGA product		(47,236	)		—		—		(47,236	)
Futures		6,915			6,915		—		—
Interest rate caps		2,470			—		2,470		—

Total derivative liabilities		83,829			24,292		106,521		(46,984	)
Market risk benefits		3,022,203			—		—		3,022,203
Embedded derivatives:
Funds withheld liability		(23,608	)		—		—		(23,608	)
Reinsurance contracts		295,764			—		—		295,764
Fixed index annuity contracts		3,856,761			—		—		3,856,761

Total liabilities	$	7,234,949		$	24,292	$	106,521	$	7,104,136

106

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Changes in Level 3 Fair Value Measurements

The detail of the Level 3 purchases and issuances was as follows for the year ended December 31:


	2025
	Purchases		Issuances		Total
	(in thousands)
Assets:
Fixed maturity investments, available for sale:
Corporate	$	8,410,533	$	323,220	$	8,733,753
Municipal obligations		2,598		—		2,598
Collateralized loan obligations		665,232		—		665,232
Other asset backed		4,585,104		270		4,585,374
Redeemable preferred stock		35,283		—		35,283

Total fixed maturity investments, available for sale, including pledged securities		13,698,750		323,490		14,022,240
Equity securities:
Consumer		556,753		—		556,753
Preferred stocks		134,552		—		134,552

Total equity securities, including pledged securities		691,305		—		691,305
Short-term investments		947,364		—		947,364
Other invested assets		64,598		—		64,598

Total assets	$	15,402,017	$	323,490	$	15,725,507

Liabilities:
Derivatives and embedded derivatives:
Reinsurance contracts		—		281,418		281,418
Fixed index annuity contracts		—		910,968		910,968

Total liabilities	$	—	$	1,192,386	$	1,192,386

107

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)


	2024
	Purchases		Issuances		Total
	(in thousands)
Assets:
Fixed maturity investments:
Corporate	$	10,587,181	$	410,986	$	10,998,167
Municipal obligations		250		—		250
Collateralized loan obligations		490,734		—		490,734
Other asset backed		47,395		5,150		52,545

Total fixed maturity investments		11,125,560		416,136		11,541,696
Equity securities:
Consumer		27,602		—		27,602
Preferred stock		50,000		—		50,000

Total equity securities		77,602		—		77,602
Other invested assets		156,273		—		156,273
Short-term investments		4,469		—		4,469

Total assets	$	11,363,904	$	416,136	$	11,780,040

Liabilities:
Derivatives and embedded derivatives:
Fixed index annuity contracts	$	—	$	219,727	$	219,727
Reinsurance derivative liability		—		914,999		914,999

Total liabilities	$	—	$	1,134,726	$	1,134,726

108

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Transfers

Transfers into and out of Level 3 of assets and liabilities measured at fair value was as follows for the year ended December 31:


	2025
	Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 2
	(in thousands)
Assets:
Fixed maturity investments, available for sale:
Corporate	$	348,651	$	(1,217	)
Commercial mortgage-backed		650		—
Collateralized loan obligations		728,540		—
Other asset backed		118,413		(1,783	)
Redeemable preferred stock		27,862		—

Total fixed maturity investments, available for sale, including pledged securities		1,224,116		(3,000	)
Equity securities:
Consumer		2		—
Preferred stocks		200,709		—

Total equity securities, including pledged securities		200,711		—

Total asset transfers	$	1,424,827	$	(3,000	)

109

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Transfers into and out of Level 3 of assets and liabilities measured at fair value for the year ended December 31, 2024 are as follows:


	2024
	Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 2
	(in thousands)
Assets:
Fixed maturity investments:
Corporate	$	710,889	$	—
Collateralized loan obligations		32,680		—

Total fixed maturity investments	$	743,569	$	—

Equity securities:
Preferred stock		175,839		(195,769	)

Total equity securities	$	175,839	$	(195,769	)

Other invested assets		—		(97,822	)

Total assets	$	919,408	$	(293,591	)

The majority of the assets transferred into Level 3 during 2025 and 2024 was due to the inability to obtain a price from a recognized third party pricing vendor or due to changes in the observability of inputs or valuation techniques. The majority of assets transferred out of Level 3 during 2025 and 2024 was due to the ability to obtain a price from a recognized third party pricing vendor or due to changes in the observability of inputs or valuation techniques.

Quantitative Information about Level 3 Fair Value Measurements

The following table provides quantitative information about the significant unobservable inputs used for fair value measurements categorized within Level 3, excluding assets and liabilities for which significant unobservable inputs primarily consist of those valued using broker quotes.

As of December 31, 2025

Assets / Liabilities
Measured at Fair Value

Valuation Technique(s)

Unobservable Input Description

Input/Range of Inputs
[Weighted-Average](4)

(in thousands)

Assets:

Fixed maturity investments:

Corporate

16,730,869

Discount Model

Credit Spread

0 - 2,408 [268]
bps

739,231

Discount Model

Credit Spread, discount rate

333 -
642 [424] bps, 9%
- 19% [11%]

110

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)


		63,668		Underlying Pricing Model, waterfall model	Market Value of Underlying Investments, CFs	90.5; 449.3
		4,465		Spread Duration	Credit Spread, recovery rate	345 - 345 [345] bps
		205,561		Black Scholes	Credit Spread, Volatility, Stock Price	1,547.8, 25.9, 0
		13,343		Discounted Cash Flow	Discount Rate	5.4% - 10.1% [10.1%]
Collateralized loan obligations		2,026,282		Discount Model	Credit Spread	141 - 1035 [250] bps
		52,646		Residual Equity	Residual Equity	2,723 - 20,787,313 [17,131,483]
Other asset backed		916,612		Discount Model	Credit Spread	0 - 479 [28] bps
		395,217		Discount Model	Discount Margin	162 - 214 [184] bps
		28,400		Discount Model	Discount Rate	4.37%
		19,989		Spread Duration	Credit Spread	118 - 118 [118] bps
		48,338		Residual Equity and DCF	Residual Equity, Discount Rate	50,334,352.8, 0.1

Total fixed maturity investments		21,244,621
Equity securities:
Equity securities - Financial		25,178		Market Comparables	Price to Adjusted Fund From Operations Multiple, Cap Rate Method	13.62x, 5.8%
		12,281		Cost Valuation	Cost spent to date, principal balance	362,487,563.77
		15,057		Discount Model	Credit Spread	2,493 - 3,913 [3,188] bps
		68,657		Market Comp	P/B ratio	.765x

Total equity securities		121,173
Funds withheld receivable		(403	)	See Note (1)
Embedded derivatives - reinsurance contracts		1,689,988		See FIA contracts below
Market risk benefits		5,983		See Market risk benefits below
Separate account assets		3,346,800		Revenue Multiples	Projected Revenues
				See Note (3)

Total assets	$	26,408,162		See Note (2)

Liabilities:
Derivatives and embedded derivatives:
Interest rate swaps and total return swaps	$	6,123		See Note (4)
Interest rate caps		6		See Note (4)
Market risk benefits		3,319,550		Stochastic Discounted Cash Flow	Own credit spread	1.57%
					Discount rate risk margin	5%
Hedge accounting liability for
MYGA product		11,643		See Note (1)
Funds withheld liability		87,850		See Note (1)
Reinsurance contracts		421,727		Expected value of future index credits
Fixed index annuity contracts		5,218,871		Discounted Cash Flow	Own credit spread	1.57%
					Risk margin	0.06% - 0.30%

Total liabilities	$	9,065,770

111

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

As of December 31, 2024

Assets / Liabilities
Measured at Fair Value

Valuation Technique(s)

Unobservable Input Description

Input/Range of Inputs
[Weighted-Average](4)

(in thousands)

Assets:

Fixed maturity investments:

Corporate

14,835,319

Discount Model

Credit Spread

0 - 2,120.2 [294.5] bps

66,563

Underlying Pricing Model, Waterfall Model

Market Value of Underlying Investments,
CFs

688,867

Spread Duration

Credit Spread

0 - 1,164.5 [432.8] bps

167,503

Black Scholes

Credit Spread, Volatility, Stock Price

73,998

Discount Model

Discount Rate

6.3% - 11.4%

Collateralized loan obligations

3,298,407

Discount Model

Credit Spread

152.0 - 1,200.0 (250.9) bps

63,667

Residual Equity

28,005,814.16

Other asset backed

911,107

Discount Model

Credit Spread

0 - 517.0 (163.9) bps

28,184

Discount Model

Discount Rate

4.68%

24,022

Underlying Pricing Model

Market Value of Underlying Investments,
CFs

19,979

Spread Duration

Credit Spread

113 bps

Total fixed maturity investments

20,177,616

Equity securities:

Equity securities - Financial

25,472

Market Comparables

Price/Adjusted Funds from Operations

Multiple and Cap Rate Method

16.35x 5.2%

5,678

Black Scholes

Volatility

244.00

Preferred stock

15,059

Discount Model

Credit Spread

2,342.9-3,295.9 [2,749.5] bps

72,879

Market Comparables

Price, Market Cap, P/B ratio

.81x

Total equity securities

119,088

Interest rate swaps and total return swaps

553

See Note (4)

Funds withheld receivable

(5,532

)

See Note (1)

Embedded derivatives—reinsurance contracts

1,241,785

See FIA contracts below

Market risk benefits

5,532

See Market risk benefits below

Separate account assets

3,042,200

Revenue Multiples

Projected Revenues

See Note (3)

Total assets

24,581,242

See Note (2)

Liabilities:

Market risk benefits

3,022,203

Stochastic Discounted Cash Flow

Own credit spread

1.4%

Discount rate risk margin

Embedded derivatives:

Interest rate swaps and total return swaps

252

See Note (4)

Hedge accounting MYGA products

(47,236

)

See Note (1)

Funds withheld liability

(23,608

)

See (1) below

Reinsurance contracts

295,764

Expected value of future index credits

Fixed index annuity contracts

3,856,761

Discounted Cash Flow

Own credit spread

1.4%

Risk margin

0.06% - 0.30%

Total liabilities

7,104,136

(1)	Equal to the net unrealized gains or losses on the underlying assets held in trust to support the funds withheld liability.

(2)	The tables above exclude certain securities for which the fair value of $8,523.5 million and $5,573.9 million as of December 31, 2025 and 2024, respectively, was based on non-binding broker quotes.

(3)	Separate account investments in partnerships for which the fair value as of December 31, 2025 and 2024 was determined through a third party valuation of the fair value of the underlying investments.

(4)	Unobservable inputs were weighted by the relative fair value of the instruments.

112

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Market comparable discount rates are used as the base rate in the discounted cash flows used to determine the fair value of certain assets. Increases or decreases in the credit spreads on the comparable assets could cause the fair value of assets to significantly decrease or increase, respectively. Additionally, the Company may adjust the base discount rate or the modeled price by applying an illiquidity premium given the highly structured nature of certain assets. Increases or decreases in this illiquidity premium could cause significant decreases or increases, respectively, in the fair value of the asset.

Increases or decreases in market volatilities could cause significant increases or decreases, respectively, in the fair value of market risk benefits and fixed index annuity contract embedded derivative. Long duration interest rates are used as the mean return when projecting the growth in the value of associated account value. The amount of claims will increase if account value is not sufficient to cover guaranteed withdrawals.

Increases or decreases in risk free rates could cause the fair value of market risk benefits and fixed index annuity contract embedded derivatives to significantly decrease or increase, respectively. Increases or decreases in the Company’s credit risk, which impacts the rates used to discount future cash flows, could significantly decrease or increase, respectively, the fair value of market risk benefits and embedded derivatives. All of these changes in fair value would impact Net income, except the change in fair value of market risk benefits related to credit risk which goes through Other comprehensive income.

Increases or decreases in market volatilities of the underlying assets supporting the funds withheld liability could cause significant increases or decreases, respectively, in the fair value of the embedded derivatives.

113

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

14. Commitments and Contingencies

In connection with the Company’s investments in certain limited partnerships, the Company committed to invest additional capital of $470.7 million, of which $120.8 million was with related parties, at December 31, 2025, as required by the general partner compared to $493.9 million and $7.9 million at December 31, 2024. The Company had committed up to $10,070.6 million and $3,934.9 million in unfunded bridge loans, unfunded revolvers, and other private investments, of which $3,590.5 million and $1,762.0 million is with related parties or securitizations in which related parties act as collateral managers, as of December 31, 2025 and December 31, 2024 respectively. The portion of the total unfunded commitments that are considered to be on-demand funding obligations not controlled by the Company or its affiliated parties was $5,668.3 million as of December 31, 2025. As per the Company’s Liquidity Guidelines, the Company maintains sufficient liquidity capacity to fund the segment of the total unfunded commitments that are considered to be on-demand funding obligations not controlled by the Company or its affiliated parties.

Other legal and regulatory matters: SBLIC is a defendant in a putative class action, Ella Clinton, et al., v. Security Benefit Life Insurance Company, initially filed in the United States District Court, Southern District of Florida, on November 20, 2019. A First Amended Class Action Complaint (“FAC”) that includes additional named plaintiffs and causes of action was filed on January 21, 2020. The action was transferred to the United States District Court, District of Kansas. The allegations of the FAC arise out of the marketing and sale of SBLIC’s leading FIA products at the time. In their FAC, Plaintiffs assert claims for violation of the federal Racketeer Influenced and Corrupt Organizations Act, violations of California’s, Illinois’, and Arizona’s respective unfair competition, consumer fraud, and/or deceptive business practices acts, and common law fraud under the laws of Florida, California, Illinois, and Arizona. SBLIC’s motion to dismiss was granted by the District Court on February 12, 2021, but the dismissal was reversed by the United States Court of Appeals for the Tenth Circuit on March 28, 2023 in a split decision, and SBLIC’s request for a rehearing en banc was denied. The Tenth Circuit’s decision to reverse and remand the case was not based on the merits of any issue; on the contrary, the applicable Federal Rules of Civil Procedure required the Court to assume the truth of Plaintiffs’ allegations and to view the facts in a light most favorable to Plaintiffs. The issues will be decided on an evidentiary record established at the District Court level. On November 20, 2023, SBLIC filed its Answer and Affirmative Defenses to the FAC, and the parties thereafter commenced discovery.

114

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

14. Commitments and Contingencies (continued)

On June 13, 2025, the parties substantially completed discovery, and Plaintiffs filed their Motion for Class Certification. On September 29, 2025, SBLIC filed its Opposition to Plaintiffs’ Motion for Class Certification and its motions to exclude Plaintiffs’ experts’ opinions. On December 15, 2025, Plaintiffs filed a reply in support of their Motion for Class Certification, as well as Oppositions to SBLIC’s motions to exclude Plaintiffs’ experts’ opinions. SBLIC filed replies in support of its motions to exclude, along with motions to strike and exclude Plaintiffs’ rebuttal expert declarations and a Motion for Leave to file a sur-reply in opposition to class certification with a proposed sur-reply attached, on February 13, 2026. On March 6, 2026, Plaintiffs filed their Opposition to SBLIC’s Motion for Leave to file a sur-reply. SBLIC filed a reply in support of its Motion for Leave to file a sur-reply on March 13, 2026. Briefing on all motions related to class certification and class certification experts is now complete. A date has not yet been set for a hearing on the Motion for Class Certification or SBLIC’s motions to exclude Plaintiffs’ experts’ opinions. Although potential liability is reasonably possible for SBLIC from this lawsuit, no reasonable estimate can be made at this time regarding the amount or range of any possible loss that may result. SBLIC believes that it has substantial defenses to the claims alleged and intends to continue to defend itself vigorously in the lawsuit.

In addition, the Company is periodically party to legal and arbitral proceedings and subject to complaints and the like, and is periodically examined by its regulators and may discuss certain subjects with its regulators that come up during such examinations or otherwise. Management currently does not believe that any of the foregoing matters in this paragraph will, alone or collectively, materially adversely affect the Company’s results of operations or financial condition. In addition, the Company is subject to extensive regulation by, among others, governmental authorities and the NAIC, and it is subject to the effects of periodic changes in laws, regulations, and other standards that apply to it.

115

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

14. Commitments and Contingencies (continued)

Line of credit with FHLB

At December 31, 2025, the Company has access to a $575.4 million line of revolving credit facility from the Federal Home Loan Bank of Topeka (FHLB). Overnight borrowings in connection with this line of credit bear interest at 0.25% over the Federal Funds rate (3.64% at December 31, 2025). The Company had no borrowings under this line of credit at December 31, 2025 and 2024. The amount of the line of credit is determined by the fair market value of the Company’s available collateral held by FHLB, primarily mortgage-backed securities and commercial mortgage loans, not already pledged as collateral under existing contracts as of December 31, 2025.

Surplus notes

The Company has outstanding surplus notes with a carrying value of $112.0 million and $113.2 million at December 31, 2025 and 2024, respectively, issued by SBLIC. The surplus notes consist of $100.0 million of 7.45% notes issued in October 2003 and maturing on October 1, 2033. The surplus notes were issued pursuant to Rule 144A under the Securities Act of 1933. The surplus notes have repayment conditions and restrictions, whereby each payment of interest or principal on the surplus notes may be made only with the prior approval of the Commissioner of the Kansas Department of Insurance (“Kansas Commissioner”) and only out of SBLIC surplus funds that the Kansas Commissioner determines to be available for such payment under the Kansas Insurance Code.

Future principal payments

At December 31, 2025, future principal payments for the years ending December 31 are as follows:

116

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

15. Debt (continued)


	Surplus Notes
	(in thousands)
2026	$	—
2027		—
2028		—
2029		—
2030		—
Thereafter		100,000

Total amount of future principal payments	$	100,000

Interest expense as presented in the Consolidated Statements of Operations consisted of the following for the years ended:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Debt/notes payable:
Surplus note interest	$	6,258	$	6,321	$	6,381
Debt from consolidated VIE interest		11,100		103,459		98,592
Note payable - SAILES 2, LLC interest		—		52		14

Total debt/notes payable interest		17,358		109,832		104,987
Repurchase agreement interest		23,458		58,768		23,990
Other interest		41,321		43,425		29,191

Total	$	82,137	$	212,025	$	158,168

16. Related-Party Transactions

There are numerous transactions between the Company and entities related to the Company. Following are those the Company considers material (0.5% of total assets) that are not otherwise discussed (see Notes 1, 3, and 10). Transactions that are deemed to be immaterial (less than 0.5% of total assets) are not disclosed herein.

117

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

As of December 31, 2025 and 2024, the Company had investments in collateral loans of $13.8 billion and $12.6 billion, respectively, issued by related parties. These investments are included in Fixed maturities, available for sale on the Consolidated Balance Sheets, and are fully secured through the assets of each borrower. As of December 31, 2025 and 2024, $11.3 billion and $10.0 billion, respectively, of these loans were subject to cross-collateralization agreements and a separate master guaranty. Through the cross-collateralization agreements, the Company has the ability to exercise remedies against the assets of any related borrower to satisfy a loan in default. Under the master guaranty, collateral must be retained by the related party borrowers and certain of their parent entities, providing additional credit enhancement to the Company. No individual issuers were above 0.5% of assets threshold.

As of December 31, 2025 and 2024, the Company had the following investments in notes receivables with interest rates ranging from 4.8% to 8.5% and maturity dates ranging from February 2026 through December 2026. These investments are included in Notes receivable from related parties on the Consolidated Balance Sheets and are typically fully collateralized by assets of the debtor:


	December 31,
	2025		2024
	(in thousands)
Mine Creek, LLC	$	1,125,000	$	—
Winward Portfolio Trust, LLC		797,000		—
Holliday Park, LLC		760,000		565,000
Auburndale, LLC		647,000		402,000
Chain Bridge Opportunistic Funding Holdings, LLC		567,000		119,000
Nicodemus Place, LLC		494,000		347,000

118

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

As of December 31, 2025 and 2024, the Company had investments in commercial and residential mortgage loans with related parties in the amount of $2,836.8 million and $2,234.5 million, respectively. The Company had the following individually material investments in commercial and residential mortgage loans:


	December 31,
	2025		2024
	(in thousands)
OBH HoldCo	$	1,745,258	$	1,579,899

As of December 31, 2025 and 2024, the Company had investments in joint ventures and partnerships of $1,266.0 million and $1,138.1 million, respectively, accounted for under the equity method pursuant to ASC 970-323-25-6. These equity method investments are considered to be with related parties.

SBL Holdings, Inc. (SBLH), the Company’s immediate parent, acquired an equity method investment in SkyRidge Cayman Holdings LLC, which is the ultimate parent company of SkyRidge Re Reinsurers (see Note 5). SBLIC entered into coinsurance with funds withheld reinsurance agreements to cede certain fixed annuity and fixed index annuity liabilities to the SkyRidge Re Reinsurers (see Note 10). SBLIC also entered into investment management agreements with the SkyRidge Re Reinsurers to manage their investments. As a result of these relationships, the SkyRidge Re Reinsurers are considered related parties for purposes of GAAP.

119

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

As of December 31, 2025 and 2024, the Company had total investments in securitizations in which related parties act as one or more of the collateral managers or sub-collateral managers of $3,111.2 million and $4,565.5 million, respectively. The repayment of these investments is provided by unrelated party assets and the Company does not have recourse to the related collateral manager or in the case of non-performance on the unrelated assets. These investments are included in Fixed maturities, available for sale and Short-term investments on the Consolidated Balance Sheets, aggregated at the issuer level. The Company had the following individually material investments in securitizations in which related parties act as on or more of the collateral managers or sub-collateral managers:


	December 31,
	2025		2024
	(in thousands)
Binney Park Capital LLC	$	537,184	$	525,280
Shawnee 2025-1 LLC		450,750		91,000
Cedar Crest 2022-1, LLC		425,307		745,620
Cedar Crest 2021-2, LLC		220,650		501,849
Gage Park, LLC		217,493		388,547
Shawnee 2022-2 LLC		196,962		455,188
Cedar Crest 2021-1, LLC		132,106		390,801

120

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

As of December 31, 2025 and 2024, the Company had total investments in other related parties of $3,159.9 million and $3,720.8 million, respectively. These investments are included in Fixed maturity investments available for sale, Equity securities at fair value and Short-term investments on the Consolidated Balance Sheets. The Company had the following individually material investments in other related parties:


	December 31,
	2025		2024
	(in thousands)
Crawford Park Capital, LLC	$	682,000	$	—
American Media Productions, LLC		371,503		349,911
Cain Re LLC		266,263		259,173
Banner Creek Bridge, LLC		—		684,000
Laisah, LLC		—		429,579

Pursuant to an agreement effective January 1, 2017 (as amended effective November 1, 2020), the Company paid $165.0 million, $152.3 million, and $140.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, to Eldridge Business Services, LLC for providing investment services and business development services related to investment strategy, asset origination, developing new and differentiated products, enhancing existing or developing new marketing and distribution strategies, and assisting in capital planning and rating agency support.

The Company has a portfolio of collateral loan obligations (“CLOs”) it owns, which portfolio is managed by Eldridge Structured Credit Advisors, LLC (previously, Panagram Structured Asset Management, LLC). The Company also invests in warehouses for CLOs and loan and mezzanine investment funds managed by related parties. The manager of the CLO is entitled to senior, subordinated and incentive management fees payable by the CLO issuer; in some cases, the manager of the warehouse entity is entitled to management fees payable by the warehouse entity and the manager of the fund is entitled to fees. The Company is not directly liable for such fees,

121

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

but, insofar as the Company directly or indirectly owns any portion of the most subordinate or residual tranche of a CLO or a warehouse entity or investment in a fund, the Company may be considered to bear the portion of such fees indirectly. The aggregate of such portions of such fees borne by the Company indirectly for periods in which any such manager was a related party were $0.7 million, $0.5 million, and $7.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company paid fees of $247.1 million, $241.5 million and $223.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, to SBBS for providing management and administrative services.

The Company received $0.0 million, $0.0 million, and $435.0 million in capital contributions from SBLH during 2025, 2024, and 2023 respectively. The Company paid $642.2 million, $855.0 million, and $350.0 million in dividends to SBLH during 2025 and 2024, and 2023, respectively.

The Company has noncontrolling interest of $92.1 million as a result of an investment transaction which consolidates within the Company with a minority interest held by EWS.

122

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

17. Statutory Financial Information and Regulatory Net Capital Requirements

The Company’s statutory-basis financial statements are prepared on the basis of accounting practices prescribed or permitted by the Kansas Department of Insurance and the Vermont Department of Financial Regulation, as applicable. Kansas and Vermont have adopted the National Association of Insurance Commissioners’ accounting practices and procedures manual of statutory accounting practices (“NAIC SAP”) as the basis of its statutory accounting practices. In addition, the Kansas Commissioner and the Vermont Commissioner have the right to prescribe or permit other specific practices that may deviate from NAIC SAP. Permitted statutory accounting practices encompass all accounting practices that are not prescribed; such practices may differ from state to state, may differ from company to company within a state, and may change in the future.

Effective July 1, 2019, the State of Kansas adopted a statute for eligible derivative assets that differ from NAIC SAP which allows SBLIC, to the extent the hedging program is and continues to be economically effective, to report the eligible derivative assets at amortized cost. Eligible derivative assets consist of call and put options used to hedge the fixed index annuity index credits. In addition, under NAIC SAP, the corresponding reserve liabilities that are hedged by the call and put options are calculated under Actuarial Guideline 35, whereas the statute allows the reserves to assume the market value of the eligible derivative assets associated with the current interest crediting periods to be zero. At the conclusion of each interest crediting period, interest credited is reflected in reserves as realized. In addition, effective December 31, 2016, the Kansas Commissioner granted SBLIC approval of a permitted practice to reset unassigned surplus to zero in accordance with SSAP No. 72—Surplus and Quasi-Reorganizations.

123

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

17. Statutory Financial Information and Regulatory Net Capital Requirements (continued)

The following table presents the impact of SBLIC’s permitted and prescribed practices as of December 31:


	2025		2024		2023
	(in thousands)
Net income	$	110,425	$	245,834	$	298,155
Capital and surplus		134,059		289,562		140,255

Redundant statutory reserves relating to GLWB benefits on fixed index annuity contracts were ceded by SBLIC to SARC, an SBLIC subsidiary, in the amount of $546.4 million and $556.8 million as of December 31, 2025 and 2024, respectively. The assumed reserves on SARC were supported by an excess of loss receivable asset permitted by the Vermont Department of Financial Regulation which increased statutory capital and surplus for SARC by $457.3 million and $513.7 million as of December 31, 2025 and 2024, respectively. The permitted practice had no impact on SARC’s statutory net income.

SBLIC total adjusted capital, including surplus notes (see Note 15), was $8,203.8 million and $7,217.9 million at December 31, 2025 and 2024, respectively. Statutory net income of the insurance operations was $1,015.1 million, $1,181.8 million, and $1,202.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Life insurance companies are subject to certain risk-based capital (“RBC”) requirements as specified by state law. The NAIC SAP has a standard formula for calculating RBC based on the risk factors relating to an insurance company’s capital and surplus, including asset risk, credit risk, underwriting risk, and business risk. State laws specify regulatory actions if any insurance company’s adjusted capital falls below certain levels, including the company action-level RBC and the authorized control-level RBC.

124

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

17. Statutory Financial Information and Regulatory Net Capital Requirements (continued)

The Company may not, without notice to the Kansas Commissioner and (A) the expiration of 30 days without disapproval by the Kansas Commissioner or (B) the Kansas Commissioner’s earlier approval, pay a dividend or distribution of cash or other property whose fair market value together with that of other dividends or distributions made within the preceding 12 months exceeds the greater of (1) 10% of its surplus as regards to policyholders as of the preceding December 31 or (2) the net gain from operations, not including realized capital gains, for the 12-month period ending on the preceding December 31. Any dividends paid must be paid from unassigned surplus.

SD is subject to the SEC Uniform Net Capital Rule (Rule 15c3-1 under the Securities Exchange Act of 1934). SD computes its net capital requirements under the basic method, which requires the maintenance of minimum net capital (greater of $25,000 or 6 2/3% of aggregated indebtedness) and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Advances to related parties, dividend payments, and other equity withdrawals are subject to certain notification and other provisions of the SEC Uniform Net Capital Rule or other regulatory bodies.

At December 31, 2025, SD had net capital of $7.4 million, which was $7.0 million in excess of its required net capital of $0.4 million. SD claims exemption from Rule 15c3-3, which requires a reserve with respect to customer funds, pursuant to Paragraph (k)(2)(i) thereof. SD’s ratio of aggregate indebtedness to net capital was 0.77 to 1 at December 31, 2025.

18. Subsequent Events

Subsequent events have been evaluated through April 24, 2026, which is the date the financial statements were issued.

125

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

18. Subsequent Events (continued)

Effective January 19, 2026, SBLIC, and Eldridge Credit Advisers, LLC (“ECA”) entered into an investment management agreement (the “ECA IMA”). ECA is a subsidiary of Eldridge Capital Management, LLC (“ECM”), which is a subsidiary of Eldridge, LLC, our indirect parent. Under the ECA IMA, ECA became the overall investment adviser to SBLIC with investment authority in various investment types and the ability to engage subadvisers. Personnel responsible for the Company’s investments were transferred to ECM or subsidiaries of ECM, with the exception of, among others, certain investment operations personnel. The transferred personnel will perform substantially the same functions at ECM, ECA or other subsidiaries of ECM as they did previously at the Company, subject to the oversight of, as applicable, the Board of Directors, its Investment Committee, and the newly established Conflicts Committee, the members of which include two independent advisory directors of SBLH.

In February 2026, the Company received a contribution of $600.0 million from SBLH.

The Company paid SBLH a $40.0 million ordinary cash dividend on March 31, 2026.

The Company declared a $170 million ordinary cash dividend on April 13, 2026 to be paid to SBLH in May 2026.

126

Exhibits and Financial Statement Schedules

Security Benefit Life Insurance Company and Subsidiaries

Exhibits and Financial Statement Schedules

Years Ended December 31, 2025, 2024 and 2023

Contents


Report of Independent Auditors on Schedules			129

Exhibits and Financial Statement Schedules

Schedule I - Summary of Investments Other Than Investments in Related Parties as of December 31, 2025			130

Schedule III - Supplementary Insurance Information for the years ended December 31, 2025, 2024 and 2023			131

Schedule IV - Reinsurance for the year ended December 31, 2025, 2024 and 2023			132

LOGO

Report of Independent Auditors

The Board of Directors

Security Benefit Life Insurance Company

We have audited the consolidated financial statements of Security Benefit Life Insurance Company and Subsidiaries (the Company) as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and have issued our report thereon dated April 24, 2026 (included elsewhere in this Registration Statement). Our audits of the consolidated financial statements included the financial statement schedules listed in Item 24(a)(2) of this Registration Statement. These schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s schedules, based on our audits.

In our opinion, the schedules present fairly, in all material respects, the information set forth therein when considered in conjunction with the consolidated financial statements.

/s/ Ernst & Young LLP

Kansas City, Missouri

April 24, 2026


2603-10001-CS		129

A member firm of Ernst & Young Global Limited

Security Benefit Life Insurance Company and Subsidiaries

Schedule I - Summary of Investments

Other Than Investments in Related Parties

As of December 31, 2025


	December 31, 2025
	Cost adjusted for related party		Value adjusted for related party		Amount at which shown in the balance sheet adjusted for related party
	(in thousands)
Securities available for sale:
Fixed maturity investments:
U.S. Treasury securities and other U.S. government corporations and agencies	$	282,127	$	287,519	$	287,519
Obligations of government-sponsored enterprises		820,280		832,594		832,594
Corporate		9,236,980		9,298,473		9,298,473
Municipal obligations		325,607		330,991		330,991
Commercial mortgage-backed		154,042		153,355		153,355
Residential mortgage-backed		12,616		11,772		11,772
Collateralized debt obligations		4,103		4,437		4,437
Collateralized loan obligations		6,162,333		6,188,701		6,188,701
Redeemable preferred stock		39,475		45,973		45,973
Other asset backed		3,853,311		3,856,444		3,856,444

Total fixed maturity investments	$	20,890,874	$	21,010,259	$	21,010,259

Equity securities:
Consumer	$	381,254	$	465,632	$	465,632
Mutual funds		3,115		2,879		2,879
Preferred stocks		186,953		182,597		182,597

Total equity securities	$	571,322	$	651,108	$	651,108

Securities Fair Value Option:
Fixed maturities	$	1,084,408	$	1,069,141	$	1,069,141
Mortgage loans		1,084,408		1,069,141		1,069,141
Cash and cash equivalents		2,131,843		2,131,843		2,131,843
Short-term investments		320,751		320,751		320,751
Derivative assets		1,541,359		1,541,359		1,541,359

	$	27,624,965	$	27,793,602	$	27,793,602

See accompanying Report of Independent Auditors

130

Security Benefit Life Insurance Company and Subsidiaries

Schedule III - Supplementary Insurance Information

As of December 31, 2025 and 2024


	Deferred policy acquisition cost		Future policy benefits, losses, claims and loss expenses		Unearned premiums		Other policy claims and benefits payable
	(in thousands)
As of December 31, 2025:
Life, health, and annuity	$	1,715,755	$	53,605,353	$	—	$	7,544,982
As of December 31, 2024:
Life, health, and annuity		1,316,270		54,792,373		—		6,098,188

	Premium revenue		Net investment income		Benefits, claims, losses and settlement expenses		Amortization of deferred policy acquisition costs		Other operating expenses
	(in thousands)
As of December 31, 2025:
Life, health, and annuity	$	257,374	$	2,745,131	$	1,875,261	$	201,013	$	496,839
As of December 31, 2024:
Life, health, and annuity		273,050		3,026,091		1,713,678		291,295		643,190

See accompanying Report of Independent Auditors

131

Security Benefit Life Insurance Company and Subsidiaries

Schedule IV - Reinsurance

Years Ended December 31, 2025, 2024 and 2023


	December 31, 2025
	Gross amount		Ceded to other companies		Assumed from companies		Net amount		Percent of amount assumed to net
	(in thousands)
Life insurance in force	$	1,554,577	$	1,553,344	$	426,186	$	427,420		100	%
Premiums:
Life insurance		15,394		15,394		8,773		8,773		100	%
Annuity		7,685,970		2,241,025		8,245		5,453,190		0	%
Accident and health insurance		—		—		37		37		100	%

Total premiums	$	7,701,364	$	2,256,419	$	17,055	$	5,462,000		0	%


	December 31, 2024
	Gross amount		Ceded to other companies		Assumed from companies		Net amount		Percent of amount assumed to net
	(in thousands)
Life insurance in force	$	1,662,273	$	1,655,611	$	444,788	$	451,450		99	%
Premiums:
Life insurance		16,289		16,289		9,748		9,748		100	%
Annuity		6,796,955		1,981,470		10,790		4,826,275		0	%
Accident and health insurance		—		—		45		45		100	%

Total premiums	$	6,813,244	$	1,997,759	$	20,583	$	4,836,068		0	%


	December 31, 2023
	Gross amount		Ceded to other companies		Assumed from companies		Net amount		Percent of amount assumed to net
	(in thousands)
Life insurance in force	$	1,739,427	$	1,733,372	$	474,049	$	480,104		99	%
Premiums:
Life insurance		17,299		17,299		7,125		7,125		100	%
Annuity		6,721,795		2,475,021		10,292		4,257,066		0	%
Accident and health insurance		—		—		50		50		0	%

Total premiums	$	6,739,094	$	2,492,320	$	17,467	$	4,264,241		0	%

132

FINANCIAL STATEMENTS

SBL Variable Annuity Account XI

Year Ended December 31, 2025

With Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Security Benefit Life Insurance Company

and Contract Owners of SBL Variable Annuity Account XI

Opinion on the Financial Statements

We have audited the accompanying statements of net assets of each of the subaccounts listed in the Appendix that comprise SBL Variable Annuity Account XI (the Separate Account), as of December 31, 2025 and the related statements of operations and change in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Separate Account’s auditor since 1998.

Kansas City, Missouri

April 24, 2026

Appendix

Subaccounts comprising SBL Variable Annuity Account XI


Subaccounts		Statements of operations and changes in net assets
Goldman Sachs VIT Small Cap Equity Insights		For each of the two years in the period ended December 31, 2025
Goldman Sachs VIT Strategic Growth		For each of the two years in the period ended December 31, 2025
Invesco V.I. EVQ International Equity Fund		For each of the two years in the period ended December 31, 2025
Invesco V.I. Global Real Estate		For each of the two years in the period ended December 31, 2025
Janus Henderson VIT Research		For each of the two years in the period ended December 31, 2025
NAA All Cap Value Series		For each of the two years in the period ended December 31, 2025
NAA Large Cap Value Series		For each of the two years in the period ended December 31, 2025
NAA Smid-Cap Value Series		For each of the two years in the period ended December 31, 2025
NAA World Equity Income Series		For each of the two years in the period ended December 31, 2025
Neuberger Berman AMT Quality Equity Portfolio		For each of the two years in the period ended December 31, 2025
PIMCO VIT Real Return		For each of the two years in the period ended December 31, 2025
PIMCO VIT Total Return		For each of the two years in the period ended December 31, 2025
Rydex VIF Energy Services		For each of the two years in the period ended December 31, 2025
T. Rowe Price Mid-Cap Growth		For each of the two years in the period ended December 31, 2025

SBL Variable Annuity Account XI

Statements of Net Assets

December 31, 2025


Subaccount	Number of Shares		Cost		Assets at Market Value		Net Assets		Units Outstanding		Unit Values
Goldman Sachs VIT Small Cap Equity Insights		33,965	$	441,566	$	485,018	$	485,018		8,843	$	54.83
Goldman Sachs VIT Strategic Growth		157,377		2,186,243		2,437,774		2,437,774		31,582		77.21
Invesco V.I. EVQ International Equity Fund		7,627		271,309		275,397		275,397		8,879		31.01
Invesco V.I. Global Real Estate		6,783		102,966		96,053		96,053		4,236		22.67
Janus Henderson VIT Research		10,109		413,626		619,065		619,065		6,632		93.33
NAA All Cap Value Series		49,741		1,463,406		1,482,279		1,482,279		15,671		94.62
NAA Large Cap Value Series		25,987		1,002,607		992,186		992,186		18,526		53.55
NAA Smid-Cap Value Series		7,896		530,720		484,975		484,975		8,877		54.79
NAA World Equity Income Series		48,280		621,060		726,607		726,607		16,456		44.17
Neuberger Berman AMT Quality Equity Portfolio (a)		13,294		367,899		569,262		569,262		8,074		70.49
PIMCO VIT Real Return		14,838		189,127		178,208		178,208		11,390		15.64
PIMCO VIT Total Return		29,799		308,193		281,597		281,597		18,771		15.01
Rydex VIF Energy Services		293		74,040		90,159		90,159		19,593		4.60
T. Rowe Price Mid-Cap Growth		129,406		3,639,150		3,390,445		3,390,445		26,234		129.17

(a)	Name change. See Note 1.

The accompanying notes are an integral part of these financial statements.

SBL Variable Annuity Account XI

Statements of Operations and Change in Net Assets

Years Ended December 31, 2025 and 2024, Except as Noted


	Goldman Sachs VIT Small Cap Equity Insights			Goldman Sachs VIT Strategic Growth			Invesco V.I. EVQ International Equity Fund
Net assets as of December 31, 2023	$	375,149		$	2,236,690		$	277,006

Investment income (loss):
Dividend distributions		4,097			—			4,907
Investment Expenses:
Mortality and expense risk and administrative charges		(5,643	)		(33,684	)		(3,828	)

Net investment income (loss)		(1,546	)		(33,684	)		1,079

Increase (decrease) in net assets from operations:
Capital gain distributions		33,875			180,791			1,459
Realized capital gain (loss) on investments		1,318			76,008			(293	)
Change in unrealized appreciation (depreciation)		31,923			434,534			(3,710	)

Net gain (loss) on investments		67,116			691,333			(2,544	)

Net increase (decrease) in net assets from operations		65,570			657,649			(1,465	)

Contract owner transactions:
Variable annuity deposits		722			18,200			10,942
Terminations, withdrawals and annuity payments		(5,818	)		(103,964	)		(27,886	)
Transfers between subaccounts, net		(1,441	)		(317,971	)		2,574

Increase (decrease) in net assets from contract transactions		(6,537	)		(403,735	)		(14,370	)

Total increase (decrease) in net assets		59,033			253,914			(15,835	)

Net assets as of December 31, 2024	$	434,182		$	2,490,604		$	261,171

Investment income (loss):
Dividend distributions		3,300			—			3,828
Investment Expenses:
Mortality and expense risk and administrative charges		(5,999	)		(31,826	)		(3,641	)

Net investment income (loss)		(2,699	)		(31,826	)		187

Increase (decrease) in net assets from operations:
Capital gain distributions		37,558			370,279			16,992
Realized capital gain (loss) on investments		4,142			79,422			413
Change in unrealized appreciation (depreciation)		21,767			(55,582	)		20,074

Net gain (loss) on investments		63,467			394,119			37,479

Net increase (decrease) in net assets from operations		60,768			362,293			37,666

Contract owner transactions:
Variable annuity deposits		3,062			38,455			18,707
Terminations, withdrawals and annuity payments		(34,576	)		(442,326	)		(41,977	)
Transfers between subaccounts, net		21,582			(11,252	)		(170	)

Increase (decrease) in net assets from contract transactions		(9,932	)		(415,123	)		(23,440	)

Total increase (decrease) in net assets		50,836			(52,830	)		14,226

Net assets as of December 31, 2025	$	485,018		$	2,437,774		$	275,397

The accompanying notes are an integral part of these financial statements.

SBL Variable Annuity Account XI

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted


	Invesco V.I. Global Real Estate			Janus Henderson VIT Research			NAA All Cap Value Series
Net assets as of December 31, 2023	$	100,348		$	384,415		$	1,261,939

Investment income (loss):
Dividend distributions		2,538			—			21,352
Investment Expenses:
Mortality and expense risk and administrative charges		(1,332	)		(6,191	)		(13,585	)

Net investment income (loss)		1,206			(6,191	)		7,767

Increase (decrease) in net assets from operations:
Capital gain distributions		—			13,051			67,670
Realized capital gain (loss) on investments		(1,963	)		6,601			9,649
Change in unrealized appreciation (depreciation)		(2,110	)		111,627			26,690

Net gain (loss) on investments		(4,073	)		131,279			104,009

Net increase (decrease) in net assets from operations		(2,867	)		125,088			111,776

Contract owner transactions:
Variable annuity deposits		6,904			683			9,780
Terminations, withdrawals and annuity payments		(15,977	)		(909	)		(53,434	)
Transfers between subaccounts, net		(16	)		22,456			48,300

Increase (decrease) in net assets from contract transactions		(9,089	)		22,230			4,646

Total increase (decrease) in net assets		(11,956	)		147,318			116,422

Net assets as of December 31, 2024	$	88,392		$	531,733		$	1,378,361

Investment income (loss):
Dividend distributions		2,017			—			20,871
Investment Expenses:
Mortality and expense risk and administrative charges		(1,312	)		(7,807	)		(14,182	)

Net investment income (loss)		705			(7,807	)		6,689

Increase (decrease) in net assets from operations:
Capital gain distributions		—			45,490			306,409
Realized capital gain (loss) on investments		(1,132	)		18,650			10,855
Change in unrealized appreciation (depreciation)		6,354			33,209			(167,652	)

Net gain (loss) on investments		5,222			97,349			149,612

Net increase (decrease) in net assets from operations		5,927			89,542			156,301

Contract owner transactions:
Variable annuity deposits		6,914			3,758			16,021
Terminations, withdrawals and annuity payments		(13,017	)		(46,132	)		(42,137	)
Transfers between subaccounts, net		7,837			40,164			(26,267	)

Increase (decrease) in net assets from contract transactions		1,734			(2,210	)		(52,383	)

Total increase (decrease) in net assets		7,661			87,332			103,918

Net assets as of December 31, 2025	$	96,053		$	619,065		$	1,482,279

The accompanying notes are an integral part of these financial statements.

SBL Variable Annuity Account XI

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted


	NAA Large Cap Value Series			NAA Smid-Cap Value Series			NAA World Equity Income Series
Net assets as of December 31, 2023	$	932,701		$	504,696		$	580,745

Investment income (loss):
Dividend distributions		17,337			6,870			16,239
Investment Expenses:
Mortality and expense risk and administrative charges		(10,103	)		(5,145	)		(6,129	)

Net investment income (loss)		7,234			1,725			10,110

Increase (decrease) in net assets from operations:
Capital gain distributions		71,399			14,007			—
Realized capital gain (loss) on investments		9,619			4,571			7,553
Change in unrealized appreciation (depreciation)		27,412			18,112			45,142

Net gain (loss) on investments		108,430			36,690			52,695

Net increase (decrease) in net assets from operations		115,664			38,415			62,805

Contract owner transactions:
Variable annuity deposits		6,270			1,556			3,525
Terminations, withdrawals and annuity payments		(106,879	)		(53,307	)		(48,775	)
Transfers between subaccounts, net		21,783			16,461			14,907

Increase (decrease) in net assets from contract transactions		(78,826	)		(35,290	)		(30,343	)

Total increase (decrease) in net assets		36,838			3,125			32,462

Net assets as of December 31, 2024	$	969,539		$	507,821		$	613,207

Investment income (loss):
Dividend distributions		15,420			5,410			13,109
Investment Expenses:
Mortality and expense risk and administrative charges		(9,531	)		(4,839	)		(6,654	)

Net investment income (loss)		5,889			571			6,455

Increase (decrease) in net assets from operations:
Capital gain distributions		179,193			116,985			109,806
Realized capital gain (loss) on investments		16,421			2,345			10,428
Change in unrealized appreciation (depreciation)		(81,700	)		(90,434	)		2,181

Net gain (loss) on investments		113,914			28,896			122,415

Net increase (decrease) in net assets from operations		119,803			29,467			128,870

Contract owner transactions:
Variable annuity deposits		27,188			10,402			9,627
Terminations, withdrawals and annuity payments		(128,254	)		(72,113	)		(45,985	)
Transfers between subaccounts, net		3,910			9,398			20,888

Increase (decrease) in net assets from contract transactions		(97,156	)		(52,313	)		(15,470	)

Total increase (decrease) in net assets		22,647			(22,846	)		113,400

Net assets as of December 31, 2025	$	992,186		$	484,975		$	726,607

The accompanying notes are an integral part of these financial statements.

SBL Variable Annuity Account XI

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted


	Neuberger Berman AMT Quality Equity Portfolio (a)			PIMCO VIT Real Return			PIMCO VIT Total Return
Net assets as of December 31, 2023	$	383,235		$	117,929		$	418,295

Investment income (loss):
Dividend distributions		—			4,011			16,084
Investment Expenses:
Mortality and expense risk and administrative charges		(6,003	)		(2,012	)		(5,477	)

Net investment income (loss)		(6,003	)		1,999			10,607

Increase (decrease) in net assets from operations:
Capital gain distributions		21,509			—			—
Realized capital gain (loss) on investments		11,736			(741	)		(13,541	)
Change in unrealized appreciation (depreciation)		64,570			166			8,135

Net gain (loss) on investments		97,815			(575	)		(5,406	)

Net increase (decrease) in net assets from operations		91,812			1,424			5,201

Contract owner transactions:
Variable annuity deposits		446			115			8,583
Terminations, withdrawals and annuity payments		(14,304	)		(4,145	)		(39,251	)
Transfers between subaccounts, net		16,559			37,090			(31,256	)

Increase (decrease) in net assets from contract transactions		2,701			33,060			(61,924	)

Total increase (decrease) in net assets		94,513			34,484			(56,723	)

Net assets as of December 31, 2024	$	477,748		$	152,413		$	361,572

Investment income (loss):
Dividend distributions		—			5,539			10,914
Investment Expenses:
Mortality and expense risk and administrative charges		(6,903	)		(2,277	)		(3,649	)

Net investment income (loss)		(6,903	)		3,262			7,265

Increase (decrease) in net assets from operations:
Capital gain distributions		32,336			—			—
Realized capital gain (loss) on investments		6,604			(328	)		(28,495	)
Change in unrealized appreciation (depreciation)		25,531			6,995			39,877

Net gain (loss) on investments		64,471			6,667			11,382

Net increase (decrease) in net assets from operations		57,568			9,929			18,647

Contract owner transactions:
Variable annuity deposits		3,006			50			32,842
Terminations, withdrawals and annuity payments		(11,744	)		(2,579	)		(163,941	)
Transfers between subaccounts, net		42,684			18,395			32,477

Increase (decrease) in net assets from contract transactions		33,946			15,866			(98,622	)

Total increase (decrease) in net assets		91,514			25,795			(79,975	)

Net assets as of December 31, 2025	$	569,262		$	178,208		$	281,597

(a)	Name change. See Note 1.

The accompanying notes are an integral part of these financial statements.

SBL Variable Annuity Account XI

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted


	Rydex VIF Energy Services			T. Rowe Price Mid- Cap Growth
Net assets as of December 31, 2023	$	74,518		$3,423,673
Investment income (loss):
Dividend distributions		—			—
Investment Expenses:
Mortality and expense risk and administrative charges		(983	)		(48,966	)

Net investment income (loss)		(983	)		(48,966	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			325,312
Realized capital gain (loss) on investments		3,860			21,294
Change in unrealized appreciation (depreciation)		(9,497	)		(31,629	)

Net gain (loss) on investments		(5,637	)		314,977

Net increase (decrease) in net assets from operations		(6,620	)		266,011

Contract owner transactions:
Variable annuity deposits		7,202			37,400
Terminations, withdrawals and annuity payments		(12,846	)		(251,941	)
Transfers between subaccounts, net		(8	)		48,840

Increase (decrease) in net assets from contract transactions		(5,652	)		(165,701	)

Total increase (decrease) in net assets		(12,272	)		100,310

Net assets as of December 31, 2024	$	62,246		$	3,523,983

Investment income (loss):
Dividend distributions		45			—
Investment Expenses:
Mortality and expense risk and administrative charges		(884	)		(45,814	)

Net investment income (loss)		(839	)		(45,814	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			427,798
Realized capital gain (loss) on investments		930			4,413
Change in unrealized appreciation (depreciation)		1,998			(320,038	)

Net gain (loss) on investments		2,928			112,173

Net increase (decrease) in net assets from operations		2,089			66,359

Contract owner transactions:
Variable annuity deposits		7,184			48,697
Terminations, withdrawals and annuity payments		(9,189	)		(222,393	)
Transfers between subaccounts, net		27,829			(26,201	)

Increase (decrease) in net assets from contract transactions		25,824			(199,897	)

Total increase (decrease) in net assets		27,913			(133,538	)

Net assets as of December 31, 2025	$	90,159		$	3,390,445

The accompanying notes are an integral part of these financial statements.

SBL Variable Annuity Account XI

Notes to Financial Statements

December 31, 2025

1. Organization and Significant Accounting Policies

SBL Variable Annuity Account XI (the Account) is a separate account of Security Benefit Life Insurance Company (SBL). The Account is an investment company as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 946. The Account follows the accounting guidance as outlined in ASC 946. The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended. As directed by the owners, amounts directed to each subaccount are invested in a designated mutual fund as follows:


Subaccount/Mutual Fund	Class	Investment Adviser	Sub-Adviser
Goldman Sachs VIT Small Cap Equity Insights	Institutional	Goldman Sachs Asset Management, LP	—
Goldman Sachs VIT Strategic Growth	Institutional	Goldman Sachs Asset Management, LP	—
Invesco V.I. EVQ International Equity Fund	Series I	Invesco Advisers, Inc	—
Invesco V.I. Global Real Estate	Series I	Invesco Advisers, Inc	Invesco Asset Management Ltd
Janus Henderson VIT Research	Service	Janus Capital Management LLC	—
NAA All Cap Value Series	—	Security Investors, LLC	—
NAA Large Cap Value Series	—	Security Investors, LLC	—
NAA Smid-Cap Value Series	—	Security Investors, LLC	—
NAA World Equity Income Series	—	Security Investors, LLC	—
Neuberger Berman AMT Quality Equity Portfolio	Class S	Neuberger Berman Investment Advisers LLC	—
PIMCO VIT Real Return	Administrative	Pacific Investment Management Company, LLC	—
PIMCO VIT Total Return	Administrative	Pacific Investment Management Company, LLC	—
Rydex VIF Energy Services	—	Security Investors, LLC	—
T. Rowe Price Mid-Cap Growth	—	T. Rowe Price Associates, Inc	T. Rowe Price Investment Management,Inc.

Fourteen subaccounts are currently offered by the Account, all of which had activity.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from SBL’s other assets and liabilities. The portion of the Account’s assets applicable to the variable annuity contracts is not chargeable with liabilities arising out of any other business SBL may conduct.

SBL Variable Annuity Account XI

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

During the current year the following subaccount name change was made effective:


Date	New Name	Old Name
July 28, 2025	Neuberger Berman AMT Quality Equity Portfolio	Neuberger Berman AMT Sustainable Equity

Investment Valuation

Investments in mutual fund shares are carried in the Statements of Net Assets at market value (net asset value of the underlying mutual fund). Investment transactions are accounted for on the trade date. Realized capital gains and losses on sales of investments are determined based on the average cost of investments sold. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

The cost of investment purchases and proceeds from investments sold for the year ended December 31, 2025 were as follows:


Subaccount	Cost of Purchases		Proceeds from Sales
Goldman Sachs VIT Small Cap Equity Insights	$	69,076	$	44,149
Goldman Sachs VIT Strategic Growth		460,494		537,164
Invesco V.I. EVQ International Equity Fund		37,484		43,745
Invesco V.I. Global Real Estate		16,462		14,023
Janus Henderson VIT Research		91,531		56,058
NAA All Cap Value Series		348,750		88,035
NAA Large Cap Value Series		255,494		167,568
NAA Smid-Cap Value Series		140,912		75,669
NAA World Equity Income Series		151,459		50,668
Neuberger Berman AMT Quality Equity Portfolio (a)		77,638		18,259
PIMCO VIT Real Return		23,953		4,825
PIMCO VIT Total Return		75,088		166,445
Rydex VIF Energy Services		34,935		9,950
T. Rowe Price Mid-Cap Growth		538,001		355,914

(a)	Name change. See Note 1.

Market Risk

Each subaccount invests in shares of a single underlying fund. The investment performance of each subaccount will reflect the investment performance of the underlying fund less separate account expenses. There is no assurance that the investment objective of any underlying fund will be met. A fund calculates a daily net asset value per share (“NAV”) which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contractholders’ investments in the funds and the amounts reported in the Statements of Net Assets. The contractholder assumes all of the investment performance risk for the subaccounts selected.

Annuity Assets

As of December 31, 2025, annuity reserves have not been established, as there are no contracts that have matured and are in the payout stage. Such reserves would be computed on the basis of published mortality tables using assumed interest rates that will provide reserves as prescribed by law. In cases where the payout option selected is life contingent, SBL periodically recalculates the required annuity reserves, and any resulting adjustment is either charged or credited to SBL and not to the Account.

SBL Variable Annuity Account XI

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

Reinvestment of Dividends

Dividend and capital gain distributions paid by the mutual funds to the Account are reinvested in additional shares of each respective fund. Dividend income and capital gain distributions are recorded as income on the ex-dividend date.

Federal Income Taxes

The operations of the Account are included in the federal income tax return of SBL, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, SBL does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under contracts. Based on this, no charge is being made currently to the Account for federal income taxes. SBL will review periodically the status of this policy in the event of changes in the tax law.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

The Account invests in shares of open-end mutual funds, which process contractholders directed purchases, sales and transfers on a daily basis at the funds’ computed NAVs. The fair value of the Account’s assets is based on the NAVs of mutual funds, which are obtained from the custodians and reflect the fair values of the mutual fund investments. The NAV is calculated daily and is based on the fair values of the underlying securities.

Because the fund provides liquidity for the investments through purchases and redemptions at NAV, this may represent the fair value of the investment in the fund. That is, for an open-ended mutual fund, the fair value of an investment in the fund would not be expected to be higher than the amount that a new investor would be required to spend in order to directly invest in the mutual fund. Similarly, the hypothetical seller of the investment would not be expected to accept less in proceeds than it could receive by directly redeeming its investment with the fund.

The Account had no financial liabilities as of December 31, 2025.

Segment Disclosures

An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Brian Beckett, Chief Financial Officer. The subaccount represents a single operating segment, as the CODM monitors the operating results of the subaccount and as a whole, the subaccount’s long-term strategic asset allocation is pre-determined based on a defined investment strategy. The net increase (decrease) in net assets from operations, which is used by the CODM to assess the segment’s performance is consistent with that presented within the subaccount’s financial statements. Segment assets are reflected on the accompanying Statements of Net Assets as “Net Assets” and significant segment expenses are listed on the accompanying Statements of Operations and Change in Net Assets.

SBL Variable Annuity Account XI

Notes to Financial Statements (continued)

2. Variable Annuity Contract Charges

Mortality and Expense Risk Charge: Mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate of 0.45% of the average daily net assets of each subaccount.

Administration and Distribution Charge: SBL is currently charging an annual rate of 0.91% of each subaccount’s average daily net assets, except the NAA All Cap Value Series, NAA Large Cap Value Series, NAA SMid Cap Value Series and NAA World Equity Income Series subaccounts, which are being charged an annual rate of 0.56%. SBL may deduct a maximum daily administration and distribution charge equal to an annual rate of 0.94% of each subaccount’s average daily net assets, except the NAA All Cap Value Series, NAA Large Cap Value Series, NAA SMid Cap Value Series and NAA World Equity Income Series subaccounts, for which the maximum annual rate is 0.59%.

These charges are presented as expenses on the Statements of Operations and Change in Net Assets under Mortality and expense risk and administrative charges line item.

Premium Tax Charge: When applicable, an amount for state premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the amount applied to affect an annuity at the time annuity payments commence.

SBL Variable Annuity Account XI

Notes to Financial Statements (continued)

3. Summary of Unit Transactions

The changes in units outstanding for the periods December 31, 2025 and 2024 were as follows:


	2025								2024
						Net								Net
	Units		Units			Increase			Units		Units			Increase
Subaccount	Issued		Redeemed			(Decrease)			Issued		Redeemed			(Decrease)
Goldman Sachs VIT Small Cap Equity Insights		536		(763	)		(227	)		22		(155	)		(133	)
Goldman Sachs VIT Strategic Growth		1,382		(7,332	)		(5,950	)		1,733		(8,207	)		(6,474	)
Invesco V.I. EVQ International Equity Fund		615		(1,413	)		(798	)		467		(977	)		(510	)
Invesco V.I. Global Real Estate		666		(577	)		89			315		(728	)		(413	)
Janus Henderson VIT Research		525		(529	)		(4	)		563		(313	)		250
NAA All Cap Value Series		279		(889	)		(610	)		701		(687	)		14
NAA Large Cap Value Series		1,290		(3,222	)		(1,932	)		424		(2,070	)		(1,646	)
NAA Smid-Cap Value Series		383		(1,381	)		(998	)		339		(1,056	)		(717	)
NAA World Equity Income Series		751		(1,171	)		(420	)		528		(1,465	)		(937	)
Neuberger Berman AMT Quality Equity Portfolio(a)		669		(177	)		492			488		(437	)		51
PIMCO VIT Real Return		1,191		(165	)		1,026			2,570		(284	)		2,286
PIMCO VIT Total Return		4,453		(11,568	)		(7,115	)		944		(5,344	)		(4,400	)
Rydex VIF Energy Services		8,322		(2,297	)		6,025			1,449		(2,639	)		(1,190	)
T. Rowe Price Mid-Cap Growth		969		(2,587	)		(1,618	)		1,094		(2,420	)		(1,326	)

(a) Name change. See Note 1.

SBL Variable Annuity Account XI

Notes to Financial Statements (continued)

4. Financial Highlights

A summary of units outstanding, unit values, net assets, expense ratios, investment income ratios and total return ratios for each of the five years in the period ended December 31, 2025 were as follows:


Subaccount	Units		Unit Values ($) (4)		Net Assets ($)		Investment Income Ratios (1)		Expense Ratios (%) (2)		Total Returns (%) (3)(4)
Goldman Sachs VIT Small Cap Equity Insights
2025		8,843		54.83		485,018		0.72		1.36		14.56
2024		9,070		47.86		434,182		0.01		1.36		17.42
2023		9,203		40.76		375,149		0.01		1.36		17.67
2022		11,123		34.64		385,338		0.00		1.36		(20.48	)
2021		10,627		43.56		462,961		0.00		1.36		22.12
Goldman Sachs VIT Strategic Growth
2025		31,582		77.21		2,437,774		—		1.36		16.33
2024		37,532		66.37		2,490,604		—		1.36		30.55
2023		44,006		50.84		2,236,690		—		1.36		40.02
2022		44,947		36.31		1,631,534		—		1.36		(33.43	)
2021		46,625		54.54		2,542,396		—		1.36		20.26
Invesco V.I. EVQ International Equity Fund
2025		8,879		31.01		275,397		1.43		1.36		14.94
2024		9,677		26.98		261,171		0.02		1.36		(0.77	)
2023		10,187		27.19		277,006		0.00		1.36		16.55
2022		10,870		23.33		253,617		0.02		1.36		(19.41	)
2021		10,922		28.95		316,211		0.01		1.36		4.47
Invesco V.I. Global Real Estate
2025		4,236		22.67		96,053		2.19		1.36		6.38
2024		4,147		21.31		88,392		0.03		1.36		(3.14	)
2023		4,560		22.00		100,348		0.01		1.36		7.58
2022		5,613		20.45		114,808		0.02		1.36		(25.96	)
2021		7,340		27.62		202,738		0.03		1.36		24.02

SBL Variable Annuity Account XI

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values ($) (4)		Net Assets ($)		Investment Income Ratios (1)		Expense Ratios (%) (2)		Total Returns (%) (3)(4)
Janus Henderson VIT Research
2025		6,632		93.33		619,065		—		1.36		16.49
2024		6,636		80.12		531,733		—		1.36		33.11
2023		6,386		60.19		384,415		0.00		1.36		40.89
2022		6,015		42.72		257,004		—		1.36		(31.02	)
2021		6,339		61.93		392,587		0.00		1.36		18.41
NAA All Cap Value Series
2025		15,671		94.62		1,482,279		1.46		1.01		11.73
2024		16,281		84.69		1,378,361		0.02		1.01		9.14
2023		16,267		77.60		1,261,939		0.02		1.01		7.43
2022		15,808		72.23		1,141,492		0.01		1.01		(2.17	)
2021		15,920		73.83		1,174,987		0.02		1.01		25.67
NAA Large Cap Value Series
2025		18,526		53.55		992,186		1.57		1.01		13.00
2024		20,458		47.39		969,539		0.02		1.01		12.33
2023		22,104		42.19		932,701		0.02		1.01		8.15
2022		20,842		39.01		813,027		0.01		1.01		(2.30	)
2021		21,863		39.93		873,056		0.02		1.01		25.76
NAA Smid-Cap Value Series
2025		8,877		54.79		484,975		1.09		1.01		6.26
2024		9,875		51.56		507,821		0.01		1.01		7.93
2023		10,592		47.77		504,696		0.02		1.01		8.64
2022		10,781		43.97		472,890		0.01		1.01		(2.85	)
2021		12,552		45.26		566,948		0.02		1.01		22.49
NAA World Equity Income Series
2025		16,456		44.17		726,607		1.96		1.01		21.51
2024		16,876		36.35		613,207		0.03		1.01		11.43
2023		17,813		32.62		580,745		0.03		1.01		11.18
2022		18,525		29.34		543,386		0.02		1.01		(10.06	)
2021		18,316		32.62		597,157		0.01		1.01		20.50

SBL Variable Annuity Account XI

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values ($) (4)		Net Assets ($)		Investment Income Ratios (1)		Expense Ratios (%) (2)		Total Returns (%) (3)(4)
Neuberger Berman AMT Quality Equity Portfolio (a)
2025		8,074		70.49		569,262		—		1.36		11.91
2024		7,582		62.99		477,748		—		1.36		23.80
2023		7,531		50.88		383,235		0.00		1.36		24.86
2022		6,603		40.75		269,144		0.00		1.36		(19.75	)
2021		6,835		50.78		347,172		0.00		1.36		21.48
PIMCO VIT Real Return
2025		11,390		15.64		178,208		3.35		1.36		6.39
2024		10,364		14.70		152,413		0.03		1.36		0.68
2023		8,078		14.60		117,929		0.03		1.36		2.31
2022		11,742		14.27		167,603		0.08		1.36		(13.09	)
2021		13,268		16.42		217,948		0.05		1.36		4.12
PIMCO VIT Total Return
2025		18,771		15.01		281,597		3.39		1.36		7.44
2024		25,886		13.97		361,572		0.04		1.36		1.09
2023		30,286		13.82		418,295		0.03		1.36		4.54
2022		30,743		13.22		406,325		0.02		1.36		(15.47	)
2021		44,199		15.64		691,120		0.02		1.36		(2.62	)
Rydex VIF Energy Services
2025		19,593		4.60		90,159		0.06		1.36		0.44
2024		13,568		4.58		62,246		—		1.36		(9.13	)
2023		14,758		5.04		74,518		—		1.36		3.07
2022		16,489		4.89		80,812		—		1.36		40.52
2021		15,680		3.48		54,648		0.00		1.36		16.00
T. Rowe Price Mid-Cap Growth
2025		26,234		129.17		3,390,445		—		1.36		2.14
2024		27,852		126.46		3,523,983		—		1.36		7.82
2023		29,178		117.29		3,423,673		—		1.36		18.34
2022		33,918		99.11		3,362,913		—		1.36		(23.63	)
2021		34,320		129.78		4,455,587		—		1.36		13.30

(a)	Name change. See Note 1.

SBL Variable Annuity Account XI

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

(1)

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. Average net assets is a simple average of net assets and will not reflect offsetting changes in net assets occurring within a year. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.

(2)

These ratios represent the annualized contract expenses of the Account, consisting primarily of administrative, distribution, and mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to the unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

(3)

These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The total return is calculated for the period indicated or from the inception date through the end of the reporting period.

(4)	Unit value information is calculated on a daily basis regardless of whether or not the subaccount has contractholders.

5. Subsequent Events

The Account has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure.

PART C
OTHER INFORMATION

Item 27. Exhibits

Exhibit Number	Description	Location
(a)	Resolution of the Board of Directors of Security Benefit Life Insurance Company authorizing establishment of the Separate Account	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-84159 (filed July 30, 1999)
(b)	Form of Custody Agreements	Not Applicable
(c)(1)	Facilities Agreement	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed April 30, 2019)
(c)(2)	Form of Master Agreement	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-84159 (filed May 1, 2000)
(c)(3)	Distribution Agreement – Scarborough	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-84159 (filed October 26, 1999)
(c)(4)	Distribution Agreement – SDL	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed April 28, 2017)
(d)(1)	Group Unallocated Policy Form (GV6059 1-99)	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-84159 (filed July 30, 1999)
(e)(1)	Application (GV7624 6-99)	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-84159 (filed May 1, 2000)
f(1)	Composite of Articles of Incorporation of SBL	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-52114 (filed February 23, 2005)
f(2)	Application (GV7624 6-99)	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-84159 (filed May 1, 2000)
(g)	Reinsurance Contracts	Not Applicable
(h)(1)	Participation Agreement – AIM	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed February 21, 2013)
(h)(2)	Participation Agreement – Goldman Sachs	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed April 28, 2023)
(h)(3)	Participation Agreement – Janus	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed April 30, 2022)
(h)(4)	Participation Agreement – New Age Alpha – Variable Trust	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed April 30, 2025)
(h)(5)	Participation Agreement – Neuberger Berman	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed April 30, 2022)
(h)(6)	Participation Agreement – PIMCO	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed April 29, 2020)
(h)(7)	Participation Agreement – Rydex	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-52114 (filed April 28, 2006)
(h)(7)(i)	Participation Agreement – Rydex - Amendment No. 6	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed March 9, 2007)
(h)(8)	Participation Agreement – T. Rowe Price	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed April 30, 2022)
(h)(9)	Information Sharing Agreement – AIM	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 033-85592 (filed April 27, 2007)
(h)(10)	Information Sharing Agreement – Goldman Sachs	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-41180 (filed April 27, 2007)
(h)(11)	Information Sharing Agreement – Janus	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-41180 (filed April 27, 2007)
(h)(12)	Information Sharing Agreement – Neuberger Berman	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 033-85592 (filed April 27, 2007)
(h)(13)	Information Sharing Agreement – PIMCO	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 033-85592 (filed April 27, 2007)

Exhibit Number	Description	Location
(h)(14)	Information Sharing Agreement – Rydex	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 033-85592 (filed April 27, 2007)
(h)(15)	Information Sharing Agreement – T. Rowe Price	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-41180 (filed April 27, 2007)
(i)	Administrative Contracts	Not applicable
(j)	Other Material Contracts	Not applicable
(k)	Opinion of Counsel	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-84159 (filed April 30, 2015)
(l)(1)	Consent of Independent Registered Public Accounting Firm	Filed herewith
(l)(2)	Consent of Counsel	Filed herewith
(m)	Omitted Financial Statements	Not Applicable
(n)	Initial Capital Agreements	Not Applicable
(o)	Powers of Attorney of Brian J. Beckett, Rui Guo, John F. Guyot, Joseph W. Wittrock and Douglas G. Wolff	Incorporated herein by reference to the Exhibits filed with Registration Statement No. 333-138540 (filed April 30, 2025).
(p)	Letter Regarding Change in Certifying Accountant	Not Applicable
(q)	Historical Current Limits on Index Gains	Not Applicable

Item 28.

Directors and Officers of the Insurance Company

The directors and principal officers of Security Benefit Life Insurance Company are set forth below.

Name and Principal Business Address*	Positions and Offices with Insurance Company
Douglas G. Wolff	Chief Executive Officer and Director
Brian J. Beckett	Senior Vice President, Chief Financial Officer, and Director
Rui Guo	Senior Vice President, Chief Actuary, Chief Product Officer, and Director
John F. Guyot	Senior Vice President, Chief Legal Officer, and Director
Joseph W. Wittrock	Senior Vice President, Chief Investment Officer, and Director
David G. Byrnes	Senior Vice President and Chief Distribution Officer
Justin F. Carroll	Senior Vice President, General Counsel, and Secretary
Lisa J. Flanary	Senior Vice President, Chief Growth Officer
Melinda Lebofsky	Senior Vice President and Chief Human Resources Officer
Sean O’Donoghue	Senior Vice President, Chief Digital and Technology Officer
Richard J. Wells	Senior Vice President, Head of Operations
Kurt E. Auleta	Vice President
Amy L. Chandler	Vice President, Head of Agile Center of Excellence, Six Sigma Master Black Belt
Amy L. Comer	Vice President and Assistant General Counsel
Matt A. Dinkel	Vice President, Chief Risk Officer
Joseph J. Elmy	Vice President, Tax Director
Jilliane R. Erlbacher	Vice President, Head of FP&A
Jackie R. Fox	Vice President – Portfolio Strategy and Delivery
Jennifer L. Fulks	Vice President, Head of HR Operations
Michael M. Grimmett	Vice President, Investments
Duc X. Ho	Vice President, Appointed Actuary
Cherie L. Huffman	Vice President, Chief Compliance Officer and Head of Asset Services
Justin A. Jacquinot	Vice President
James J. Kiley	Vice President
Greg D. Kratz	Vice President
Michael T. Maghini	Vice President
William J. McDonough	Vice President, Investments
Andrea D. Piepho	Vice President, Product Actuary

Name and Principal Business Address*	Positions and Offices with Insurance Company
Aaron Prieksat	Vice President, Chief Accounting Officer
Matthew V. Rocha	Vice President
Lyle S. Semchyshyn	Vice President, Corporate Actuary
Jeanne R. Slusher	Vice President, Chief Auditor
David P. Steffens	Vice President, Centers of Excellence
Aaron M. Tallen	Vice President, Inside Sales, 401k and Defined Contributions
Bhupesh Trivedi	Vice President, Head of Solution Development
Craig P. Weishaar	Vice President, Direct Relationships
Lisa M. Young	Vice President and Treasurer
Gregory C. Garhart	Assistant Vice President, Associate Chief Compliance Officer and AML Chief Compliance Officer
Alison J. Pollock	Second Vice President, Assistant General Counsel, and Assistant Secretary
*Located at One Security Benefit Place, Topeka, KS 66636-0001

Item 29.

Persons Controlled by or Under Common Control with the Insurance Company or Registered Separate Account

Security Benefit Life Insurance Company (“SBL” or “the Company”), is a wholly-owned subsidiary of SBL Holdings, LLC. The Registered Separate Account is a segregated asset account of SBL. The list of companies controlled by or under common control with SBL Holdings, LLC is set forth below.

Name	Jurisdiction	Percent of Voting Securities Owned
Todd L. Boehly, Individual
100 N. Crescent Holdings LLC	DE	100%	by Mayfair Portfolio Trust, LLC
100 N. Crescent LLC	DE	100%	by 100 N. Cresent Holdings LLC
125 West 57th Street Holdings LLC	DE	85.0%	by CI W57th Street Holdings LLC
125 West 57th Street Mezz 2, LLC	DE	100%	by 125 West 57th Street Holdings LLC
125 West 57th Street Mezz, LLC	DE	100%	by 125 West 57th Street Mezz 2, LLC
125 West 57th Street Property Owner LLC	DE	100%	by 125 West 57th Street Holdings LLC
125 West 57th Street Property Owner LLC	DE	100%	by 125 West 57th Street Sole Member, LLC
125 West 57th Street Sole Member, LLC	DE	100%	by 125 West 57th Street Mezz, LLC
13 FEG Alamo Production, LLC	DE	100%	by 13 FEG Asset Production, LLC
13 FEG Asset Production, LLC	DE	100%	by 13FEG Ops, LLC
13 FEG Columbus Holdings, LLC	DE	100%	by 13 FEG Haunted Holdings, LLC
13 FEG Haunted Holdings, LLC	DE	100%	by 13FEG Ops, LLC
13 FEG Haunted Prison, LLC	IL	100%	by 13 FEG Haunted Holdings, LLC
13 FEG Minneapolis LLC	DE	100%	by 13 FEG Haunted Holdings, LLC
13 FEG New Orleans, LLC	DE	100%	by 13 FEG Haunted Holdings, LLC
13 FEG Touring Events, LLC	DE	100%	by 13FEG Ops, LLC
13FEG Houston Holdings, LLC	TN	100%	by 13 FEG Haunted Holdings, LLC
13FEG Immersive Theater, LLC	CA	100%	by 13 FEG Haunted Holdings, LLC
13FEG IP, LLC	DE	100%	by Thirteenth Floor Entertainment Group, LLC
13FEG Jacksonville Holdings, LLC	DE	100%	by 13 FEG Haunted Holdings, LLC
13FEG LA Holdings, LLC	DE	100%	by 13 FEG Haunted Holdings, LLC
13FEG Ops, LLC	DE	100%	by Thirteenth Floor Entertainment Group, LLC
13th Fl Investor, LLC	DE	100%	by Eldridge Sports and Entertainment GP, LP
13th Floor Denver Holdings, LLC	CO	100%	by 13 FEG Haunted Holdings, LLC
1861 Capital, LLC	KS	100%	by Sherwood Park, Inc.
3030 Chain Bridge Road, LLC	DE	90.0%	by SBT Investors, LLC
333 Fish Tacos NY 1, LLC	NY	100%	by Fish Tacos NY 1, LLC
37-41 Mortimer GP LTD	GBR	100%	by Maslow's Group LLP
37-41 Mortimer LP	GBR	99.99%	by 37-41 Mortimer Unit Trust
37-41 Mortimer Nominee 1 Ltd	GBR	100%	by 37-41 Mortimer GP LTD
37-41 Mortimer Nominee 2 Ltd	GBR	100%	by 37-41 Mortimer GP LTD

Name	Jurisdiction	Percent of Voting Securities Owned
37-41 Mortimer Opco Ltd	GBR	100%	by Maslow's Group LLP
37-41 Mortimer Street LLP	GBR	0%	Board rights held by CH Capital A Holdings LLc
37-41 Mortimer Unit Trust	JEY	99.99%	by Maslow's Group LLP
4AIR, LLC	DE	100%	by Lenticular Energy Holdings, LLC
688 Bronx Commissary, LLC	NY	100%	by MPQ 688 Bronx HoldCo, LLC
700 Edgewater Development Mezz, LLC	DE	100%	by CHE Edgewater LLC
700 Edgewater Development Parent, LLC	DE	45.0%	by CHE Edgewater LLC
700 Edgewater Development, LLC	DE	100%	by CHE Edgewater LLC
720 NE Street Holdco LLC	DE	100%	by CHE NE Street LLC
720 NE Street LLC	DE	50.0%	by CHE NE Street LLC
720 NE Street PropCo LLC	DE	100%	by CHE NE Street LLC
9350 Civic Center Drive, LLC	DE	100%	by 9350 Civic Center JV, LLC
9350 Civic Center JV, LLC	DE	50.0%	by SBC Civic Center LLC
A Cigar is Just a Cigar Limited	GBR	100%	by A24 Films LLC
A Cigar is Just a Cigar LLC	DE	100%	by A24 Films LLC
A24 Analytics LLC	DE	100%	by A24 Films LLC
A24 CLT LLC	GBR	100%	by A24 Films LLC
A24 Commerce St LLC	DE	100%	by A24 Films LLC
A24 Distribution, LLC	DE	100%	by A24 Films LLC
A24 Films, LLC	DE	32.1%	by Valence A24, LLC
A24 International LLC	DE	100%	by A24 Films LLC
A24 Investments LLC	DE	100%	by A24 Films LLC
A24 Investor, LLC	DE	100%	by Eldridge Sports and Entertainment GP, LP
A24 Merch LLC	DE	100%	by A24 Films LLC
A24 Music LLC	DE	100%	by A24 Films LLC
A24 Publishing LLC	DE	100%	by A24 Films LLC
A24 Services, LLC	DE	100%	by A24 Films LLC
A24 Studios Limited	GBR	100%	by A24 Films LLC
A24 Studios LLC	DE	100%	by A24 Films LLC
A24 Sunset LLC	DE	100%	by A24 Films LLC
A24 TV Inc.	DE	100%	by After The Fact LLC
A24 TV LLC	DE	100%	by A24 Films LLC
A24 Ventures LLC	DE	100%	by A24 Films LLC
ABM JG Greenwich, LLC	DE	100%	by Aurify Brands Management, LLC
Acre Capital Advisors, LLC	DE	100%	by Eldridge Acre Partners, LP
ACZ Investments LP	DE	0%	Mgmt. by Eldridge CH GP LLC
ACZ PB Holdings, LLC	DE	100%	by ACZ Investments LP
ACZ Students LLC	DE	100%	by ACZ Investments LP
Adore Matchmaking LLC	DE	100%	by After The Fact LLC
Adore Rights LLC	DE	100%	by A24 Films LLC
Adult Braces LLC	DE	100%	by A24 Films LLC
Adult Braces Rights LLC	DE	100%	by A24 Films LLC
AECOM Capital Real Estate Fund II GP, LLC	DE	100%	by Eldridge Acre Partners GP, LLC
Aero Solutions Srl	Italy	100%	by Sirio S.p.A.
After The Fact LLC	DE	100%	by A24 Films LLC
AG JapanResorts Management K.K.	Japan	100%	by AP Hakone Pte. Limited
Air Eldridge LLC	DE	100%	by Eldridge Corporate Services, LLC
Aircraft Hangar Services LLC	DE	100%	by Air Eldridge LLC
Allbright Collective Limited	GBR	100%	by EW InvestCo Limited
AltAlpha Vintage, L.P.	DE	0%	Mgmt. by CAIS AltAlpha Vintage LLC
Altar Pictures LLC	DE	100%	by A24 Films LLC
Altar Productions MB Inc.	CAN	99.0%	by Altar Pictures LLC
Aman Group S.a.r.l.	Switzerland	100%	by Mana OpCo Limited

Name	Jurisdiction	Percent of Voting Securities Owned
Aman Miami Hotel LLC	DE	100%	by Aman North America
Aman Miami Residences LLC	DE	100%	by Aman North America
Aman New York Hotel LLC	DE	100%	by Aman North America
Aman New York Residences LLC	DE	100%	by Aman North America
Aman North America	DE	100%	by Aman Group S.a.r.l.
Aman Property Corp	DE	100%	by Aman North America
Amanresorts International Pte Ltd	Singapore	100%	by Aman Group S.a.r.l.
Amanresorts Management B.V.	Netherlands	100%	by Aman Group S.a.r.l.
Amicross Ltd	Cyprus	35.0%	by Amrit Venture Limited
Amrit Investment Limited	UAE	100%	by Mana Holdco Limited
Amrit Venture Limited	UAE	100%	by Amrit Investment Limited
AOG, LLC	OH	100%	by Fairgrave Omlie, LLC
AP Hakone Pte. Limited	Singapore	100%	by Mana Holdco Limited
Apocalypse Events LLC	CO	100%	by 13 FEG Touring Events, LLC
APQ 1131 Madison Avenue NY, LLC	DE	100%	by LPQ USA, LLC
APQ 1399 Madison NY, LLC	DE	100%	by LPQ USA, LLC
APQ 1592 First Avenue NY, LLC	DE	100%	by LPQ USA, LLC
APQ 17th Street DC, LLC	DE	100%	by LPQ USA, LLC
APQ 33 Bakery Annex NY, LLC	DE	100%	by LPQ USA, LLC
APQ 33 Street Bakery NY, LLC	DE	100%	by LPQ USA, LLC
APQ 85 Broad NY, LLC	DE	100%	by LPQ USA, LLC
APQ 8th and Walnut PA, LLC	DE	100%	by LPQ USA, LLC
APQ Americana CA, LLC	DE	100%	by LPQ USA, LLC
APQ Beverly Hills CA, LLC	DE	100%	by LPQ USA, LLC
APQ Blaine Mansion DC, LLC	DE	100%	by LPQ USA, LLC
APQ Bleecker NY, LLC	DE	100%	by LPQ USA, LLC
APQ Bryant Park Kiosk NY, LLC	DE	100%	by LPQ USA, LLC
APQ Bryant Park NY, LLC	DE	100%	by LPQ USA, LLC
APQ Capitol Hill DC, LLC	DE	100%	by LPQ USA, LLC
APQ Carnegie Hill NY, LLC	DE	100%	by LPQ USA, LLC
APQ Carroll Square DC, LLC	DE	100%	by LPQ USA, LLC
APQ Claremont CA, LLC	DE	100%	by LPQ USA, LLC
APQ Coconut Grove FL, LLC	DE	100%	by LPQ USA, LLC
APQ E65 NY, LLC	DE	100%	by LPQ USA, LLC
APQ Encino Bakery CA, LLC	DE	100%	by LPQ USA, LLC
APQ First Avenue NY, LLC	DE	100%	by LPQ USA, LLC
APQ Florence Bakery Annex CA, LLC	DE	100%	by LPQ USA, LLC
APQ Garden City NY, LLC	DE	100%	by LPQ USA, LLC
APQ Grand Central West NY, LLC	DE	100%	by LPQ USA, LLC
APQ Greenwich CT, LLC	DE	100%	by LPQ USA, LLC
APQ Larchmont CA, LLC	DE	100%	by LPQ USA, LLC
APQ Lincoln Square NY, LLC	DE	100%	by LPQ USA, LLC
APQ Manhattan Beach CA, LLC	DE	100%	by LPQ USA, LLC
APQ Merrifield VA, LLC	DE	100%	by LPQ USA, LLC
APQ Mineral Springs NY, LLC	DE	100%	by LPQ USA, LLC
APQ New Canaan CT, LLC	DE	100%	by LPQ USA, LLC
APQ Rye NY, LLC	DE	100%	by LPQ USA, LLC
APQ Sailboat Pond NY, LLC	DE	100%	by LPQ USA, LLC
APQ South End Avenue NY, LLC	DE	100%	by LPQ USA, LLC
APQ South Gayley CA, LLC	DE	100%	by LPQ USA, LLC
APQ Studio City CA, LLC	DE	100%	by LPQ USA, LLC
APQ Tribeca NY, LLC	DE	100%	by LPQ USA, LLC
APQ Tuxedo Bakery MD, LLC	DE	100%	by LPQ USA, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
APQ Verdi Park NY, LLC	DE	100%	by LPQ USA, LLC
APQ Villa Marina CA, LLC	DE	100%	by LPQ USA, LLC
APQ Westlake CA, LLC	DE	100%	by LPQ USA, LLC
APQ Westport CT, LLC	DE	100%	by LPQ USA, LLC
APQ Wildwood MD, LLC	DE	100%	by LPQ USA, LLC
Arch Portfolio Trust, LLC	DE	100%	by EPH, LLC
Armstrong Portfolio Trust, LLC	DE	100%	by EPH, LLC
Arstar Productions, LLC	CA	100%	by Keshet/dcp LLC
Asbury Boss, LLC	DE	100%	by Eldridge IP Holdings LLC
Asian Perspective Media, LLC	DE	85.0%	by Valence APM, LLC
Associated Aircraft Group, LLC	DE	100%	by Flexjet Vertical Lift, LLC
Asylum Holdings, LLC	CO	100%	by 13 FEG Haunted Holdings, LLC
Async Pictures Inc.	CAN	100%	by Backrooms Rights LLC
Atlas Funding, LLC	DE	100%	by Lenox Portfolio Trust, LLC
Atlas FundingCo GP LLC	DE	100%	by Eldridge Industries, LLC
Atlas HI GP LLC	DE	100%	by CI AM LP
Atlas IntermediateCo LLC	DE	100%	by Atlas Venture Holdings LP
Atlas MezzCo GP LLC	DE	100%	by Eldridge Industries, LLC
Atlas Venture Holdings LP	DE	50.0%	by ACZ Investments LP
Atlas Venture Investment CIP LP	DE	50.0%	by CI AM LP
Atlas Venture Investment LP	DE	100%	by Atlas Venture Holdings LP
Auburndale, LLC	KS	100%	by Sherwood Park, Inc.
Augusta Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Auld Fella UK Limited	GBR	100%	by MRC II Holdings, LP
Auld Fella, LLC	CA	100%	by MRC II Holdings, LP
Aurify Brands Holdings, LLC	NY	100%	by Aurify Brands, LLC
Aurify Brands Management, LLC	DE	100%	by Aurify Brands, LLC
Aurify Brands, LLC	NY	89.98%	by Eldridge Convive Holdings, LLC
Aurify Fish Tacos Holdings LLC	NY	100%	by Aurify Brands Holdings, LLC
Ausenco Bidco, LLC	DE	100%	by Ausenco Holdings, LLC
Ausenco Funding, LLC	DE	100%	by Eldridge Industries, LLC
Ausenco Holdings, LLC	DE	100%	by Ausenco Funding, LLC
Ausenco Investors, LLC	DE	50.0%	by Eldridge Ausenco Holdings, LLC
Avon Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
B.L. Bluepro Holdings Ltd	Cyprus	100%	by Devenetco Ltd
Backrooms Rights LLC	DE	100%	by A24 Films LLC
Baia Waterviews LLC	DE	100%	by CHE Edgewater LLC
Baldwin Portfolio Trust, LLC	DE	100%	by EPH, LLC
Ballinshire Asset Holdings, LLC	DE	100%	by Ballinshire Capital Funding Trust
Ballinshire Asset Holdings, LLC	DE	100%	by EPH Holdings, LLC
Ballinshire Capital Funding Trust	DE	100%	by EPH Holdings, LLC
Ballinshire FA Holdings, LLC	NJ	100%	by Ballinshire Capital Funding Trust
Bambino Films LLC	DE	100%	by MRC II Holdings, LP
Bambino Films UK Limited	GBR	100%	by MRC II Holdings, LP
Banner Creek Bridge, LLC	KS	100%	by Sherwood Park, Inc.
BBMA Holdings I, LLC	DE	100%	by DCP Holdings DE, LLC
BBMA Holdings, LLC	DE	100%	by DCP Rights, LLC
BBMA Parent, LLC	DE	100%	by CP Investment Holdings, LLC
BCAP AMZ POZ 2 sp. z o.o	LUX	100%	by Blackbrook Property Holdings SARL
BCAP DF 1 Aps	LUX	100%	by BCAP DF 1 Holdings ApS
BCAP DF 1 Holdings ApS	LUX	100%	by Blackbrook Property Holdings SARL
BCAP DF 6 ApS	LUX	100%	by BCAP DF 1 Holdings ApS
BCAP EK SBRY 3 Ltd	LUX	100%	by Blackbrook Property Holdings SARL

Name	Jurisdiction	Percent of Voting Securities Owned
BCAP ERFURT 2 SARL	LUX	100%	by BCAP GE Holdings 3 SARL
BCAP ERFURT SARL	LUX	100%	by BCAP GE Holdings 2 SARL
BCAP EROS 5 SLU	LUX	100%	by Fental Investments SLU
BCAP FW 12 Holdings Ltd	LUX	100%	by Blackbrook Property Holdings SARL
BCAP FW 12 Ltd	LUX	100%	by BCAP FW 12 Holdings Ltd
BCAP GE Holdings 2 SARL	LUX	100%	by Blackbrook Property Holdings SARL
BCAP GE Holdings 3 SARL	LUX	100%	by Blackbrook Property Holdings SARL
BCAP GE Holdings SARL	LUX	100%	by Blackbrook Property Holdings SARL
BCAP GX 11 Holdings Ltd	LUX	100%	by Blackbrook Property Holdings SARL
BCAP GX Ltd	LUX	100%	by BCAP GX 11 Holdings Ltd
BCAP ILLE 9 Holdings S.L.	LUX	100%	by Blackbrook Property Holdings SARL
BCAP Illescas9 Property S.L.	LUX	95.0%	by BCAP ILLE 9 Holdings S.L.
BCAP Ketsch SARL	LUX	100%	by BCAP GE Holdings SARL
BCAP NL Holdings SARL	LUX	100%	by Blackbrook Property Holdings SARL
BCAP RD 13 Holdings Ltd	LUX	100%	by Blackbrook Property Holdings SARL
BCAP RD 13 Ltd	LUX	100%	by BCAP RD 13 Holdings Ltd
BCAP Sens GP SARL	LUX	100%	by Blackbrook Capital (Europe) SARL
BCAP Sens SAS	LUX	100%	by BCAP Sens SCSP
BCAP Sens SCSP	LUX	0%	Mgmt. by BCAP Sens GP SARL
BCAP Sens SCSP	LUX	99.0%	by Blackbrook Property Trading SARL
BCAP SG 7 Holdings Ltd	LUX	100%	by Blackbrook Property Holdings SARL
BCAP SG 7 Ltd	LUX	100%	by BCAP SG 7 Holdings Ltd
BCAP TAP 10 Holdings Sp.zo.o	LUX	100%	by Blackbrook Property Holdings SARL
BCAP TAP 10 Sp.zo.o	LUX	95.0%	by BCAP TAP 10 Holdings Sp.zo.o
BCAP VM 8 SARL	LUX	100%	by BCAP NL Holdings SARL
BCM 625 Broadway Holdco LLC	DE	93.0%	by CI San Diego Holdings LLC
BCM 625 Broadway LLC	DE	100%	by BCM 625 Broadway Mezz, LLC
BCM 625 Broadway Mezz, LLC	DE	100%	by BCM 625 Broadway Holdco LLC
Beach Hotel Associates LLC	DE	100%	by EC 17th Street MezzCo LLC
Bear Season Productions Inc.	CAN	100%	by A24 Films LLC
Bedford Portfolio Trust, LLC	DE	100%	by EPH, LLC
Beef LLC	DE	100%	by A24 Films LLC
Bellwether Alternative Income Access Fund LLC	DE	100%	by Capital Integration Systems LLC
Bellwether Global Real Estate & Infrastructure Access Fund LLC	DE	100%	by Capital Integration Systems LLC
Bend & Snap LLC	DE	100%	by A24 Films LLC
Benedict White, LLC	CA	100%	by MRC II Holdings, LP
Bentley Park, LLC	DE	100%	by Security Benefit Life Insurance Company
BF Dining Limited	GBR	100%	by Brava Hospitality Group Limited
BH Luxury Residences, LLC	DE	100%	by BHLR Intermediate Co, LLC
BHLR Intermediate Co, LLC	DE	100%	by BHLR Investco, LLC
BHLR Investco, LLC	DE	65.0%	by OBH HoldCo LLC
Big Springs, LLC	KS	100%	by Dayton Funding, LLC
Bilbao Asset Holdings, LLC	DE	100%	by Bilbao Capital, LLC
Bilbao Capital, LLC	DE	100%	by SBT Investors, LLC
Bilbao-KCI, LLC	DE	90.0%	by Bilbao Capital, LLC
Billboard IP Holdings LLC	DE	50.0%	by Billboard Media, LLC
Billboard IP Holdings, LLC	DE	50.0%	by BBMA Holdings, LLC
Billboard Media, LLC	DE	100%	by PME Music, LLC
Binney Park Capital, LLC	DE	0%	Mgmt. by Panagram Structured Asset Management, LLC
Birdie 3 Limited	GBR	100%	by Eagle 2 Limited
Blackbrook Capital (Europe) Carry LP	GBR	0%	Mgmt. by Blackbrook Capital (Europe) GP, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Blackbrook Capital (Europe) GP, LLC	DE	100%	by Eldridge BB Holdings, LLC
Blackbrook Capital (Europe) Limited	GBR	100%	by Blackbrook Capital (Europe) LP
Blackbrook Capital (Europe) LP	GBR	0%	Mgmt. by Blackbrook Capital (Europe) GP, LLC
Blackbrook Capital (Europe) LP	GBR	96.03%	by Eldridge BBLP, LLC
Blackbrook Capital (Europe) SARL	LUX	100%	by Blackbrook Capital (Europe) LP
Blackbrook Property Holdings SARL	LUX	100%	by Blackbrook Capital (Europe) SARL
Blackbrook Property Trading SARL	LUX	100%	by Blackbrook Capital (Europe) SARL
BlackRock Impact Opportunities (CAIS), L.P.	DE	0%	Mgmt. by CAIS BlackRock Impact Opportunities GP LLC
Blue Cat Productions, LLC	DE	100%	by MRC II Holdings, LP
Bluefin Tuna LLC	LA	100%	by A24 Films LLC
Bluefin Tuna Rights LLC	DE	100%	by A24 Films LLC
Bombshow Productions, LLC	CA	100%	by Keshet/dcp LLC
Brava Hospitality Group Limited	GBR	90.00%	by Cain PE (UK) Limited
Brewskee Limited	GBR	100%	by Competitive Socialising Limited
Bridge Road Southall 2 Limited	GBR	100%	by Bridge Road Southall Limited
Bridge Road Southall Limited	GBR	100%	by HoneyMonster HoldCo 2 Limited
Bridge Road Southall NewCo Limited	GBR	100%	by Bridge Road Southall Limited
Brief Recess LLC	DE	100%	by A24 Films LLC
Brightside CDN Productions Inc.	CAN	100%	by MRC II Holdings, LP
Brightside Productions LLC	CA	100%	by MRC II Holdings, LP
Brightside Productions LLC	NJ	100%	by MRC II Holdings, LP
Bronx to Brooklyn LLC	DE	100%	by A24 Films LLC
Brook Creek Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Brooks Portfolio Trust, LLC	DE	100%	by EPH, LLC
Brookville Industries, LLC	KS	100%	by Dayton Funding, LLC
Bruce Park Portfolio Trust, LLC	DE	100%	by EPH, LLC
Buda Hills JV B.V.	Netherlands	90.0%	by CIEF1 UK Holdings Limited
Businesswoman Special LLC	DE	100%	by A24 Films LLC
Businesswoman Special Productions Inc.	CAN	100%	by BWS Rights LLC
BWS Rights LLC	DE	100%	by A24 Films LLC
Caboletix Lda	LUX	50.0%	by Simpatica Decisao Unipessoal Lda.
Caboletix Lda	LUX	50.0%	by Simples Rotina Unipessoal Lda.
Caesars Request LLC	DE	100%	by A24 Films LLC
Cain Development GP LLC	DE	100%	by Cain International II LP
Cain Development LP	DE	100%	by Cain International II LP
Cain FinCo LLC	DE	100%	by Cain International LP
Cain Global Real Estate Fund 1 LP	DE	31.77%	by Cain RE LLC
Cain Hoy Finance Limited	GBR	100%	by Cain PE LLC
Cain Hoy UK Holdings Limited	MLT	100%	by CHE UK Holdings LP
Cain Hoy US LLC	DE	100%	by Cain International LP
Cain International Advisers Ltd	GBR	100%	by CI UK Master Holdings Limited
Cain International Agent Ltd	GBR	100%	by CI AM LP
Cain International European Real Estate Opportunity Fund I GP Limited	GBR	100%	by CI AM LP
Cain International European Real Estate Opportunity Fund I GP Limited	JEY	100%	by CI AM LP
Cain International European Real Estate Opportunity Fund I LP	GBR	0%	Mgmt. by Cain International European Real Estate Opportunity Fund I GP Limited
Cain International European Real Estate Opportunity Fund I LP	JEY	0%	Mgmt. by Cain International European Real Estate Opportunity Fund I GP Limited
Cain International II LP	DE	0%	Mgmt. by Eldridge CH GP LLC
Cain International LP	DE	0%	Mgmt. by Eldridge CH GP LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Cain International Management Ltd	GBR	100%	by CI AM LP
Cain International UK Services Ltd	GBR	100%	by CI UK Master Holdings Limited
Cain International US Services LP	DE	0%	Mgmt. by CI US Services GP LLC
Cain PE (UK) Limited	GBR	100%	by Cain PE LLC
Cain PE LLC	DE	100%	by Cain International LP
Cain RE LLC	DE	100%	by Cain International LP
Cain Title Holdings LLC	DE	60.0%	by Cain Title Holdings LLC
Cain Title Holdings LLC	DE	100%	by CI AM LP
CAIS 26North Private Equity Fund I GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS 26North Private Equity Fund I, L.P.	DE	0%	Mgmt. by CAIS 26North Private Equity Fund I GP LLC
CAIS Access Fund - Asia Fund IV GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Access Fund - Asia Fund IV LP	DE	0%	Mgmt. by CAIS Access Fund - Asia Fund IV GP LLC
CAIS Access Fund - BCRE I GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Access Fund - BCRE I LP	DE	0%	Mgmt. by CAIS Access Fund - BCRE I GP LLC
CAIS Access Fund - BCRE II GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Access Fund - BCRE II LP	DE	0%	Mgmt. by CAIS Access Fund - BCRE II GP LLC
CAIS Access Fund - MMC 2018 (Offshore) LP	CYM	0%	Mgmt. by CAIS Access Fund - MMC 2018 GP LLC
CAIS Access Fund - MMC 2018 GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Access Fund - MMC 2018 LP	DE	0%	Mgmt. by CAIS Access Fund - MMC 2018 GP LLC
CAIS Adams Street Private Income Fund LLC	DE	100%	by Capital Integration Systems LLC
CAIS Alkeon Innovation Private Series II GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Alkeon Innovation Private Series II LP	DE	0%	Mgmt. by CAIS Alkeon Innovation Private Series II GP LLC
CAIS AltAlpha Vintage LLC	DE	100%	by Capital Integration Systems LLC
CAIS Apollo Aligned Alternatives Fund (TE) LLC	DE	100%	by Capital Integration Systems LLC
CAIS Apollo Aligned Alternatives Offshore Fund Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
CAIS Apollo Debt Solutions BDC Offshore Fund Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
CAIS Apollo HV Access Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Apollo Hybrid Value Access Fund LP	DE	0%	Mgmt. by CAIS Apollo HV Access Fund GP LLC
CAIS Apollo Infrastructure Opportunities II Access Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Apollo Infrastructure Opportunities II Access Fund LP	DE	0%	Mgmt. by CAIS Apollo Infrastructure Opportunities II Access Fund GP LLC
CAIS Apollo Investment Fund X GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Apollo Investment Fund X Offshore GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Apollo Investment Fund X Offshore, LP	CYM	0%	Mgmt. by CAIS Apollo Investment Fund X Offshore GP LLC
CAIS Apollo Investment Fund X, LP	DE	0%	Mgmt. by CAIS Apollo Investment Fund X GP LLC
CAIS Apollo S3 Equity & Hybrid Solutions Fund (TE) GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Apollo S3 Equity & Hybrid Solutions Fund (TE), L.P.	DE	0%	Mgmt. by CAIS Apollo S3 Equity & Hybrid Solutions Fund (TE) GP LLC
CAIS Apollo S3 Equity & Hybrid Solutions Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Apollo S3 Equity & Hybrid Solutions Fund Offshore GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Apollo S3 Equity & Hybrid Solutions Fund Offshore, L.P.	CYM	0%	Mgmt. by CAIS Apollo S3 Equity & Hybrid Solutions Fund Offshore GP LLC
CAIS Apollo S3 Equity & Hybrid Solutions Fund, L.P.	DE	0%	Mgmt. by CAIS Apollo S3 Equity & Hybrid Solutions Fund GP LLC

Name	Jurisdiction	Percent of Voting Securities Owned
CAIS Ares Corporate Opportunities Fund VII GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Ares Corporate Opportunities Fund VII, L.P.	DE	0%	Mgmt. by CAIS Ares Corporate Opportunities Fund VII GP LLC
CAIS Ares Senior Direct Lending II (TE) GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Ares Senior Direct Lending II (TE) LP	DE	0%	Mgmt. by CAIS Ares Senior Direct Lending II (TE) GP LLC
CAIS Ares Senior Direct Lending II GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Ares Senior Direct Lending II LP	DE	0%	Mgmt. by CAIS Ares Senior Direct Lending II GP LLC
CAIS Ares Senior Direct Lending III GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Ares Senior Direct Lending III TE GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Ares Senior Direct Lending III TE, L.P.	DE	0%	Mgmt. by CAIS Ares Senior Direct Lending III TE GP LLC
CAIS Ares Senior Direct Lending III, L.P.	DE	0%	Mgmt. by CAIS Ares Senior Direct Lending III GP LLC
CAIS Avenue Venture Opportunities Fund II GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Avenue Venture Opportunities Fund II, L.P.	DE	0%	Mgmt. by CAIS Avenue Venture Opportunities Fund II GP LLC
CAIS BC Fund XIII, GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS BC Fund XIII, LP	DE	0%	Mgmt. by CAIS BC Fund XIII, GP LLC
CAIS BlackRock Impact Opportunities GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Blackstone Growth GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Blackstone Growth LP	DE	0%	Mgmt. by CAIS Blackstone Growth GP LLC
CAIS Blackstone Tactical Opportunities Fund IV GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Blackstone Tactical Opportunities Fund IV LP	DE	0%	Mgmt. by CAIS Blackstone Tactical Opportunities Fund IV GP LLC
CAIS Blackstone TAS V GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Blackstone TAS V LP	DE	0%	Mgmt. by CAIS Blackstone TAS V GP LLC
CAIS Blackstone TAS VI GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Blackstone TAS VI LP	DE	0%	Mgmt. by CAIS Blackstone TAS VI GP LLC
CAIS Blue Owl GP Stakes VI (TE) GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Blue Owl GP Stakes VI (TE), L.P.	DE	0%	Mgmt. by CAIS Blue Owl GP Stakes VI (TE) GP LLC
CAIS Blue Owl GP Stakes VI GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Blue Owl GP Stakes VI, L.P.	DE	0%	Mgmt. by CAIS Blue Owl GP Stakes VI GP LLC
CAIS Blue Owl Real Estate Fund VII GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Blue Owl Real Estate Fund VII, L.P.	DE	0%	Mgmt. by CAIS Blue Owl Real Estate Fund VII GP LLC
CAIS Blue Owl Strategic Equity GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Blue Owl Strategic Equity, L.P.	DE	0%	Mgmt. by CAIS Blue Owl Strategic Equity GP LLC
CAIS Bonaccord Capital Partners III GP LLC		100%	by Capital Integration Systems LLC
CAIS Bonaccord Capital Partners III, L.P.	DE	0%	CAIS Bonaccord Capital Partners III GP LLC
CAIS Bridge Net Lease Income Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Bridge Net Lease Income Fund, L.P.	DE	0%	Mgmt. by CAIS Bridge Net Lease Income Fund GP LLC
CAIS BSP SSP II GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS BSP SSP II, L.P.	DE	0%	Mgmt. by CAIS BSP SSP II GP LLC
CAIS BTAS VIII Access Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS BTAS VIII Access Fund, LP	DE	0%	Mgmt. by CAIS BTAS VIII Access Fund GP LLC
CAIS Capital LLC	DE	100%	by Capital Integration Systems LLC
CAIS Carlyle Direct Access GP LLC	DE	100%	by Capital Integration Systems LLC

Name	Jurisdiction	Percent of Voting Securities Owned
CAIS Carlyle Direct Access II GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Carlyle Direct Access II LP	DE	0%	Mgmt. by CAIS Carlyle Direct Access II GP LLC
CAIS Carlyle Direct Access LP	DE	0%	Mgmt. by CAIS Carlyle Direct Access GP LLC
CAIS Carlyle Realty Partners IX Access Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Carlyle Realty Partners IX Access Fund LP	DE	0%	Mgmt. by CAIS Carlyle Realty Partners IX Access Fund GP LLC
CAIS Carlyle Renewable and Sustainable Energy Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Carlyle Renewable and Sustainable Energy Fund LP	DE	0%	Mgmt. by CAIS Carlyle Renewable and Sustainable Energy Fund GP LLC
CAIS Commerce Street Private Credit Fund I GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Commerce Street Private Equity Fund I GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Crawford Lake Fund Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
CAIS Crow Holdings Fund X GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Crow Holdings Fund X, L.P.	DE	0%	Mgmt. by CAIS Crow Holdings Fund X GP LLC
CAIS Davidson Kempner Opportunities Fund VII GP LLC		100%	by Capital Integration Systems LLC
CAIS Davidson Kempner Opportunities Fund VII, L.P.	DE	0%	Mgmt. by CAIS Davidson Kempner Opportunities Fund VII GP LLC
CAIS Davidson Kempner Partners Fund LLC	DE	100%	by Capital Integration Systems LLC
CAIS Davidson Kempner Real Estate Opportunities Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Davidson Kempner Real Estate Opportunities Fund, L.P.	DE	0%	Mgmt. by CAIS Davidson Kempner Real Estate Opportunities Fund GP LLC
CAIS DES Composite Fund LLC	DE	100%	by Capital Integration Systems LLC
CAIS DES Lithic LLC	DE	100%	by Capital Integration Systems LLC
CAIS DES Oculus LLC	DE	100%	by Capital Integration Systems LLC
CAIS DES Oculus Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
CAIS Financial Credit Investment IV Access Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Financial Credit Investment IV Access Fund LP	DE	0%	Mgmt. by CAIS Financial Credit Investment IV Access Fund GP LLC
CAIS Franklin BSP Real Estate Opportunistic Debt Fund II GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Franklin BSP Real Estate Opportunistic Debt Fund II, L.P.	DE	0%	Mgmt. by CAIS Franklin BSP Real Estate Opportunistic Debt Fund II GP LLC
CAIS GLT Private Alts Fund I GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS HPS Strategic Investment Partners V GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS HPS Strategic Investment Partners V, L.P.	DE	0%	Mgmt. by CAIS HPS Strategic Investment Partners V GP LLC
CAIS ICG Core Private Equity Fund, LLC	DE	100%	by Capital Integration Systems LLC
CAIS ICG LP Secondaries Fund I GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS ICG LP Secondaries Fund I, L.P.	DE	0%	Mgmt. by CAIS ICG LP Secondaries Fund I GP LLC
CAIS ICG LP Secondaries Fund II GP LLC		100%	by Capital Integration Systems LLC
CAIS ICG LP Secondaries Fund II, L.P.	DE	0%	CAIS ICG LP Secondaries Fund II GP LLC
CAIS ICG Strategic Equity III GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS ICG Strategic Equity III LP	DE	0%	Mgmt. by CAIS ICG Strategic Equity III GP LLC
CAIS ICG Strategic Equity IV GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS ICG Strategic Equity IV LP	DE	0%	Mgmt. by CAIS ICG Strategic Equity IV GP LLC
CAIS ICG Strategic Equity V GP LLC	DE	100%	by Capital Integration Systems LLC

Name	Jurisdiction	Percent of Voting Securities Owned
CAIS ICG Strategic Equity V, L.P.	DE	0%	Mgmt. by CAIS ICG Strategic Equity V GP LLC
CAIS ICGSEIV Offshore GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS ICGSEIV Offshore, L.P.	CYM	0%	Mgmt. by CAIS ICGSEIV Offshore GP LLC
CAIS ICGSEV Offshore GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS ICGSEV Offshore, L.P.	CYM	0%	Mgmt. by CAIS ICGSEV Offshore GP LLC
CAIS Insurance Solutions LLC	DE	100%	by Capital Integration Systems LLC
CAIS Jain Global Fund LLC	DE	100%	by Capital Integration Systems LLC
CAIS KKR Ascendant Fund I GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS KKR Ascendant Fund I, L.P.	DE	0%	Mgmt. by CAIS KKR Ascendant Fund I GP LLC
CAIS KKR Asset Based Finance Partners Access Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS KKR Asset Based Finance Partners Access Fund, LP	DE	0%	Mgmt. by CAIS KKR Asset Based Finance Partners Access Fund GP LLC
CAIS KKR Asset Based Finance Partners Offshore Access Fund, LP	CYM	0%	Mgmt. by CAIS KKR Asset Based Finance Partners Access Fund GP LLC
CAIS KKR North America Fund XIV GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS KKR North America Fund XIV, L.P.	DE	0%	Mgmt. by CAIS KKR North America Fund XIV GP LLC
CAIS Lead Edge Capital VII GP LLC		100%	by Capital Integration Systems LLC
CAIS Lead Edge Capital VII, L.P.	DE	0%	CAIS Lead Edge Capital VII GP LLC
CAIS Leonard Green Equity Investors X GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Leonard Green Equity Investors X, L.P.	DE	0%	Mgmt. by CAIS Leonard Green Equity Investors X GP LLC
CAIS Lexington Middle Market Investors V GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Lexington Middle Market Investors V, L.P.	DE	0%	Mgmt. by CAIS Lexington Middle Market Investors V GP LLC
CAIS LGP Sage Equity Investors GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS LGP Sage Equity Investors, L.P.	DE	0%	Mgmt. by CAIS LGP Sage Equity Investors GP LLC
CAIS Mercer Private Equity Vintage Fund (TE) I LP	DE	0%	Mgmt. by CM PEVF I GP LLC
CAIS Mercer Private Equity Vintage Fund I LP	DE	0%	Mgmt. by CM PEVF I GP LLC
CAIS Mercer Private Equity Vintage Fund II LP	DE	0%	Mgmt. by CM PEVF II GP LLC
CAIS Mercer Private Equity Vintage Fund III LP	DE	0%	Mgmt. by CM PEVF III GP LLC
CAIS Mercer Private Equity Vintage Fund IV LP	DE	0%	Mgmt. by CM PEVF IV GP LLC
CAIS Mercer Private Investments Partners VIII Feeder GP LLC		100%	by Capital Integration Systems LLC
CAIS Mercer Private Investments Partners VIII Feeder, L.P.	DE	0%	Mgmt. by CAIS Mercer Private Investments Partners VIII Feeder GP LLC
CAIS Millennium Intl. Commitment Fund III Ltd. Offshore	CYM	100%	by Capital Integration Systems LLC
CAIS Millennium Intl. Commitment Fund Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
CAIS Millennium Intl. Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
CAIS Millennium USA Commitment Fund III GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Millennium USA Commitment Fund III LLC	DE	100%	by Capital Integration Systems LLC
CAIS Millennium USA Commitment Fund LLC	DE	100%	by Capital Integration Systems LLC
CAIS Millennium USA LLC	DE	100%	by Capital Integration Systems LLC
CAIS Monroe PCF V (Onshore) GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Monroe PCF V (Onshore), L.P.	DE	0%	Mgmt. by CAIS Monroe PCF V (Onshore) GP LLC
CAIS North Rock Fund LLC	DE	100%	by Capital Integration Systems LLC
CAIS North Rock Fund, Ltd.	CYM	100%	by Capital Integration Systems LLC

Name	Jurisdiction	Percent of Voting Securities Owned
CAIS OT Opportunities XII CAIS (Onshore) Access Fund GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Paloma International Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
CAIS Paloma Partners LLC	DE	100%	by Capital Integration Systems LLC
CAIS Partners Group Secondary Fund VIII GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Partners Group Secondary Fund VIII, L.P.	DE	0%	Mgmt. by CAIS Partners Group Secondary Fund VIII GP LLC
CAIS Pinegrove Capital Partners I Access GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Private Equity Core I GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Private Equity Core I, L.P.	DE	0%	Mgmt. by CAIS Private Equity Core I GP LLC
CAIS Private Equity Core III GP LLC		100%	by Capital Integration Systems LLC
CAIS Private Equity Core III, L.P.	DE	0%	Mgmt. by CAIS Private Equity Core III GP LLC
CAIS Radnor Equity Partners GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Related Fund IV (TE) GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Related Fund IV (TE), L.P.	DE	0%	Mgmt. by CAIS Related Fund IV (TE) GP LLC
CAIS Related Fund IV GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Related Fund IV, L.P.	DE	0%	Mgmt. by CAIS Related Fund IV GP LLC
CAIS Reverence Capital Partners Credit Opportunities Fund II GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Reverence Capital Partners Credit Opportunities Fund II, L.P.	DE	0%	Mgmt. by CAIS Reverence Capital Partners Credit Opportunities Fund II GP LLC
CAIS Reverence Partners Opportunities Fund V (PE Fund III) GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Reverence Partners Opportunities Fund V (PE Fund III) L.P.	DE	0%	Mgmt. by CAIS Reverence Partners Opportunities Fund V (PE Fund III) GP LLC
CAIS SAM Alternative Investment Opportunities Fund I GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Sculptor Master Fund LLC	DE	100%	by Capital Integration Systems LLC
CAIS Sculptor Master Fund Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
CAIS SL Alpine II, GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS SL Alpine II, LP	DE	0%	Mgmt. by CAIS SL Alpine II, GP LLC
CAIS SSA Strategic Partners LLC	DE	100%	by Capital Integration Systems LLC
CAIS Stonepeak Infrastructure Fund V GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Stonepeak Infrastructure Fund V, L.P.	DE	0%	Mgmt. by CAIS Stonepeak Infrastructure Fund V GP LLC
CAIS Strategic Investors Fund XI GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Strategic Investors Fund XI, L.P.	DE	100%	by CAIS Strategic Investors Fund XI GP LLC
CAIS TCG Private Credit (Offshore) 2024 GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS TCG Private Credit 2024 GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS TCG Private Equity 2022 GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Third Point Offshore Fund Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
CAIS Third Point Partners LLC	DE	100%	by Capital Integration Systems LLC
CAIS Veritas PE IX GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Veritas PE IX, L.P.	DE	0%	Mgmt. by CAIS Veritas PE IX GP LLC
CAIS Vista Equity Partners Fund VIII GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Vista Equity Partners Fund VIII Offshore GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Vista Equity Partners Fund VIII Offshore, L.P.	CYM	0%	Mgmt. by CAIS Vista Equity Partners Fund VIII Offshore GP LLC
CAIS Vista Equity Partners Fund VIII, L.P.	DE	0%	Mgmt. by CAIS Vista Equity Partners Fund VIII GP LLC

Name	Jurisdiction	Percent of Voting Securities Owned
CAIS Vista Foundation Fund V (Offshore) GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Vista Foundation Fund V (Offshore), L.P.	CYM	0%	Mgmt. by CAIS Vista Foundation Fund V (Offshore) GP LLC
CAIS Vista Foundation Fund V GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS Vista Foundation Fund V, L.P.	DE	0%	Mgmt. by CAIS Vista Foundation Fund V GP LLC
CAIS Warburg Pincus Global Growth (Fund XIV) , L.P.	DE	0%	Mgmt. by CAIS Warburg Pincus Global Growth (Fund XIV) GP LLC
CAIS Warburg Pincus Global Growth (Fund XIV) GP LLC	DE	100%	by Capital Integration Systems LLC
CAIS WorldQuant Millennium SEALS Fund LLC	DE	100%	by Capital Integration Systems LLC
CAIS WorldQuant Millennium SEALS Offshore Fund Ltd.	CYM	0%	Mgmt. by Capital Integration Systems LLC
Cajalco - Corona, LP	DE	0%	Mgmt. by SB-HS LOJV GP, LLC
California Pizza Kitchen LLC	DE	100%	by CPK Holdings LLC
California Pizza Kitchen of Annapolis LLC	MD	98.0%	by California Pizza Kitchen LLC
Camp Blood LLC	DE	100%	by A24 Films LLC
Camp Blood Productions LLC	DE	100%	by A24 Films LLC
Candy House LLC	LA	100%	by A24 Films LLC
Canon Portfolio Trust, LLC	KS	100%	by EPH, LLC
Capital Integration Systems LLC	DE	23.0%	by Eldridge CG Holdings LLC
CardCash Holdings, LLC	DE	86.0%	by Wanamaker Portfolio Trust, LLC
Carlostron, LLC	DE	100%	by Media Rights Capital II, LLC
Carlton Portfolio Trust, LLC	DE	100%	by EPH, LLC
Cary Street Capital, LLC	DE	0%	Mgmt. by EEH 2017 Prefered Member, LLC
Cavalcade Productions, LLC	DE	100%	by MRC II Holdings, LP
CBAM Credit Opportunities Fund GP, LLC	DE	100%	by CBAM Partners, LLC
CBAM Credit Opportunities Fund, LP	DE	100%	by CBAM Partners, LLC
CBAM Holdings, LLC	DE	56.5%	by Eldridge Capital Management, LLC
CBAM Partners, LLC	DE	100%	by CBAM Holdings, LLC
CF-G Funding II, LLC	DE	100%	by Gennessee Insurance Agency, LLC
CF-G Funding III, LLC	DE	100%	by Gennessee Insurance Agency, LLC
CF-G Funding, LLC	DE	100%	by Gennessee Insurance Agency, LLC
CG 109-Fairburn, LP	DE	0%	Mgmt. by SB-HS LOJV GP, LLC
CGREF 1 GP LLC	DE	100%	by CI AM LP
CGREF AIV 1 GP LLC	GBR	100%	by CI AM LP
CGREF AIV 1 Holdco Brand LLC	DE	100%	by CGREF AIV 1 LP
CGREF AIV 1 Holdco Hotel LLC	DE	100%	by CGREF AIV 1 LP
CGREF AIV 1 LP	DE	31.77%	by Cain RE LLC
CGREF CIP (UK) SLP	JEY	100%	by CI AM LP
CGREF CIP GP LLC	DE	100%	by CI AM LP
CGREF CIP LP	DE	100%	by CI AM LP
CH Capital A Holdings LLC	DE	100%	by Cain RE LLC
CH McCourt (The Stage) LLC	DE	50.46%	by CH Capital A Holdings LLc
Chain Bridge Opportunistic Funding Holdings, LLC	KS	100%	by Sherwood Park, Inc.
Chain Bridge Opportunistic Funding, LLC	KS	100%	by Chain Bridge Opportunistic Funding Holdings, LLC
CHE 830 Brickell LLC	DE	100%	by CHE Miami Holdings LLC
CHE Edgewater LLC	DE	100%	by CHE Miami Holdings LLC
CHE Miami Holdings LLC	DE	100%	by Cain RE LLC
CHE NE Street LLC	DE	100%	by CHE Miami Holdings LLC
CHE SJG Holdings LLC	DE	100%	by Cain PE LLC

Name	Jurisdiction	Percent of Voting Securities Owned
CHE SJG LLC	DE	100%	by CHE SJG Holdings LLC
CHE South Brickell LLC	DE	100%	by CHE Miami Holdings LLC
CHE UK GP Limited	JEY	100%	by Cain International LP
CHE UK Holdings LP	JEY	0%	Mgmt. by CHE UK GP Limited
CHE US Holdings LLC	DE	100%	by Cain International LP
Chisholm Trail, LLC	KS	100%	by Security Benefit Life Insurance Company
CI UK Newco Holdings Limited	GBR	100%	by CI AM LP
CI AM CIP (UK) SLP	JEY	0%	Mgmt. by CI AM CIP GP LLC
CI AM CIP GP LLC	DE	0%	Mgmt. by Cain International LP
CI AM GP Ltd	GBR	100%	by Cain International II LP
CI AM Holdings LLP	GBR	100%	by CI AM LP
CI AM LLC	GBR	100%	by CI AM LP
CI AM LP	DE	100%	by CI AM GP Ltd
CI BH Holdings II LLC	DE	71.5%	by Cain RE LLC
CI BH Holdings II LLC	DE	28.51%	by Mason Portfolio Trust, LLC
CI BH Holdings LLC	DE	71.5%	by One BH Investors LLC
CI BH Holdings LLC	DE	28.50%	by Wanamaker Portfolio Trust, LLC
CI Boston Holdings LLC	DE	100%	by Cain RE LLC
CI CB3 Subfund	Ireland	100%	by Cain International European Real Estate Opportunity Fund I LP
CI Co-Invest I LLP	GBR	75.0%	by Cain International Management Ltd
CI Diplomat Holdings LLC	DE	1.0%	by Cain International LP
CI EREO I CIP GP Limited	GBR	100%	by CI AM LP
CI EREO I CIP GP Limited	JEY	100%	by CI AM LP
CI EREO I CIP LP	GBR	0%	Mgmt. by CI EREO I CIP GP Limited
CI EREO I CIP LP	JEY	0%	Mgmt. by CI EREO I CIP GP Limited
CI ExchangeCo Limited	GBR	100%	by Cain FinCo LLC
CI FCL Funding 1 Limited	GBR	100%	by CI FCL Investor LP
CI FCL Investor GP Limited	GBR	100%	by Cain International LP
CI FCL Investor LP	GBR	100%	by CI FCL Investor GP Limited
CI FLL Holdings, LLC	DE	100%	by Cain RE LLC
CI Founder Partner GP LLC	DE	100%	by Cain RE LLC
CI Founder Partner LP	DE	0%	Mgmt. by Cain RE LLC
CI GGL Limited	GBR	100%	by CH Capital A Holdings LLC
CI HM Holdings LLP	GBR	100%	by Cain RE LLC
CI HM InvestCo Limited	GBR	100%	by CI HM Holdings LLP
CI Koryfeum Sarl	LUX	100%	by CIEF1 UK Holdings Limited
CI Logistics Strat 1 CIP GP Limited	JEY	100%	by CI AM LP
CI Logistics Strat 1 CIP LP	JEY	100%	by CI AM LP
CI Logistics Strat 1 GP Limited	JEY	60.0%	by ACZ Investments LP
CI Logistics Strat 1 LP	JEY	60.0%	by ACZ Investments LP
CI Lux Services S.a.r.l.	DE	100%	by CI AM LP
CI Milan Limited	GBR	97.5%	by Cain PE (UK) Limited
CI Roman Holdings Sarl	LUX	100%	by CIEF1 UK Holdings Limited
CI San Diego Holdings LLC	DE	14.26%	by Cain RE LLC
CI SF Holdings Limited	GBR	100%	by Cain RE LLC
CI Student Strat 1 CIP GP Limited	JEY	100%	by CI AM LP
CI Student Strat 1 CIP LP	JEY	100%	by CI AM LP
CI Student Strat 1 GP Limited	JEY	100%	by CI AM LP
CI Student Strat 1 LP	JEY	100%	by ACZ Students LLC
CI UK Master Holdings Limited	GBR	100%	by CI AM LP
CI US Services GP LLC	DE	100%	by CI AM LP
CI W57th Street Holdings LLC	DE	100%	by CGREF AIV 1 LP

Name	Jurisdiction	Percent of Voting Securities Owned
CIEF1 UK Holdings Limited	GBR	100%	by Cain International European Real Estate Opportunity Fund I LP
CI-F Zenith GP Limited	JEY	100%	by CI Student Strat 1 LP
CI-F Zenith LP	JEY	95.0%	by ACZ Investments LP
CI-F Zenith UK Holdings Limited	GBR	100%	by CI-F Zenith LP
CILS Barnsley Limited	GBR	100%	by CILS 1 UK Holdings Limited
CILS Belvedere Limited	GBR	100%	by CILS 1 UK Holdings Limited
CILS Ellesmere Port Limited	GBR	100%	by CILS 1 UK Holdings Limited
CILS Leighton Buzzard Limited	GBR	100%	by CILS 1 UK Holdings Limited
CILS Milton Limited	GBR	100%	by CILS 1 UK Holdings Limited
CILS Petersborough Limited	GBR	100%	by CILS 1 UK Holdings Limited
CILS Sherburn Limited	GBR	100%	by CILS 1 UK Holdings Limited
CILS1 UK Holdings Limited	GBR	100%	by CI Logistics Strat 1 LP
CIM Zenith Master Holdings Ltd	JEY	100%	by CI Student Strat 1 LP
CIM Bristol Co-Living Holdings Limited	GBR	100%	by CIM Zenith UK Holdings III Limited
CIM Bristol Holdings Limited	GBR	100%	by CIM Zenith UK Holdings III Limited
CIM Leeds Holdings Limited	GBR	100%	by CIM Zenith UK Holdings II Limited
CIM Leeds OpCo Limited	GBR	100%	by CIM Zenith UK Holdings II Limited
CIM Liverpool OpCo Limited	GBR	100%	by CIM Zenith UK Holdings Limited
CIM Manchester Holdings Limited	GBR	100%	by CIM Zenith UK Holdings Limited
CIM Manchester OpCo Limited	GBR	100%	by CIM Zenith UK Holdings Limited
CIM Nottingham Holdings 2 Limited	GBR	100%	by CIM Zenith UK Holdings Limited
CIM Nottingham OpCo Limited	GBR	100%	by CIM Zenith UK Holdings Limited
CIM York Holdings Limited	GBR	100%	by CIM Zenith UK Holdings II Limited
CIM York OpCo Limited	GBR	100%	by CIM Zenith UK Holdings II Limited
CIM Zenith UK Holdings II Limited	GBR	100%	by CIM Zenith Master Holdings Ltd
CIM Zenith UK Holdings III Limited	GBR	100%	by CIM Zenith Master Holdings Ltd
CIM Zenith UK Holdings Limited	GBR	100%	by CIM Zenith Master Holdings Ltd
Clearcover, Inc.	DE	37.99%	by Eldridge Clearcover Holdings LLC
Click Records, Inc.	DE	100%	by DCP Holdco I LLC
CLIO Investor, LLC	DE	100%	by Eldridge Sports and Entertainment GP, LP
CLT Devco LLC	DE	100%	by A24 Commerce St LLC
CLT Leasing LLC	DE	100%	by A24 Commerce St LLC
CM PEVF I GP LLC	DE	100%	by Capital Integration Systems LLC
CM PEVF II GP LLC	DE	100%	by Capital Integration Systems LLC
CM PEVF III GP LLC	DE	100%	by Capital Integration Systems LLC
CM PEVF IV GP LLC	DE	100%	by Capital Integration Systems LLC
Collins Park, LLC	KS	100%	by Dayton Funding, LLC
Commerce Street Private Credit Fund I, L.P.	DE	0%	Mgmt. by CAIS Commerce Street Private Credit Fund I GP LLC
Commerce Street Private Equity Fund I, L.P.	DE	0%	Mgmt. by CAIS Commerce Street Private Equity Fund I GP LLC
Competitive Socialising Group Limited	GBR	90.2%	by Cain PE (UK) Limited
Competitive Socialising Limited	GBR	100%	by Cain PE (UK) Limited
Competitive Socializing US LLC	DE	100%	by Competitive Socialising Limited
Constant Aviation, LLC	OH	100%	by Fairgrave Omlie, LLC
Convergent Financial Technologies LLC	DE	100%	by Zinnia Tech Solutions LLC
Convive Brands, LLC	DE	92.55%	by Aurify Brands, LLC
Convive Commissary Holdings, LLC	DE	100%	by Convive Brands, LLC
Convive PK Funding, LLC	DE	67.67%	by Convive Brands, LLC
Convive PK Funding, LLC	DE	33.33%	by Eldridge CPK Holdings, LLC
Convive PK Holdings, LLC	DE	92.5%	by Convive PK Funding, LLC
Convive PK Intermediate, LLC	DE	100%	by Convive PK Holdings, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Cooper Portfolio Trust, LLC	DE	100%	by Eldridge Corporate Portfolio Holdings, LLC
Core Complexity Fund GP LLC	DE	100%	by Capital Integration Systems LLC
Core Complexity Fund, L.P.	DE	0%	Mgmt. by Core Complexity Fund GP LLC
Core Convexity International Fund, Ltd.	CYM	100%	by Capital Integration Systems LLC
Coronado Heights, LLC	KS	100%	by Security Benefit Life Insurance Company
Corporate Wings Technical Services LLC	OH	100%	by Fairgrave Omlie, LLC
Cottonwood Pioneer Capital, LLC	KS	100%	by Sherwood Park, Inc.
CP Investment Holdings, LLC	DE	100%	by dcp Holdco II, LLC
CPI Productions, Inc.	DE	100%	by DCP Holdco I LLC
CPK Franchise LLC	DE	100%	by CPK Holdings LLC
CPK Holdings LLC	DE	100%	by Convive PK Intermediate, LLC
CPK Hospitality LLC	TX	100%	by California Pizza Kitchen LLC
CPK Hunt Valley LLC	MD	98.0%	by California Pizza Kitchen LLC
CPK Management LLC	CA	100%	by California Pizza Kitchen LLC
CPK Spirits LLC	TX	100%	by CPK Texas LLC
CPK Texas LLC	TX	100%	by CPK Hospitality LLC
Crack in the Earth Limited	GBR	100%	by A24 Films LLC
Crawford Park Capital, LLC	DE	100%	by Orlando Portfolio Trust, LLC
Crescent Portfolio Trust, LLC	DE	100%	by EPH, LLC
Crestview Park, LLC	KS	100%	by Sherwood Park, Inc.
Croatan Holdings, LLC	DE	0%	Mgmt. by EEH 2017 Prefered Member, LLC
CSL (Canada) Limited	GBR	100%	by Competitive Socialising Limited
CSL (Jam) Limited	GBR	100%	by Competitive Socialising Limited
CSL Investor, LLC	DE	100%	by Eldridge Sports and Entertainment GP, LP
Culper211 LLC	DE	65.0%	by SCF Aviation Capital LLC
Cyrus Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Davis Portfolio Trust, LLC	DE	100%	by EPH, LLC
Dawn Acres V, LLC	DE	100%	by Chain Bridge Opportunistic Funding Holdings, LLC
Dawson 1967, LLC	KS	100%	by Sherwood Park, Inc.
Dayton Funding II, LLC	DE	100%	by Sherwood Park, Inc.
Dayton Funding, LLC	DE	100%	by Dayton Funding II, LLC
DC Company Music, LLC	CA	100%	by Dick Clark Productions, LLC
dcp Corp.	DE	100%	by DCP Holdco I LLC
dcp Disc Inc.	DE	100%	by DCP Holdco I LLC
DCP Funding LLC	DE	81.5%	by EMG HoldCo, LLC
DCP Guaranty Services, LLC	DE	100%	by Dick Clark Productions, LLC
DCP Holdco I LLC	DE	100%	by DCP Funding LLC
dcp Holdco II, LLC	DE	100%	by Valence Media, LLC
DCP Holdings DE, LLC	DE	100%	by CP Investment Holdings, LLC
DCP Rights, LLC	DE	100%	by DCP Guaranty Services, LLC
dcp TL Funding LLC	DE	50.0%	by CP Investment Holdings, LLC
Dcpg investco, LLC	DE	100%	by Eldridge Media Group, LLC
Dcpl investco, LLC	DE	100%	by Eldridge Media Group, LLC
Death By Pretzel Productions Ltd.	CAN	100%	by Eternity Productions LLC
Death Match LLC	DE	100%	by A24 Films LLC
Death Yell LLC	DE	100%	by A24 Films LLC
Deer Creek Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Delano Brand Holdings LLC	DE	33.34%	by ECD Brand Holdings LLC
Delano Portfolio Trust, LLC	DE	100%	by EPH, LLC
Denver Zombie Crawl, LLC	CO	100%	by 13 FEG Touring Events, LLC
Desert Screams LLC	AZ	100%	by 13 FEG Haunted Holdings, LLC
Devenetco Ltd	Cyprus	100%	by Amicross Ltd

Name	Jurisdiction	Percent of Voting Securities Owned
Dick Clark Communications, Inc.	DE	100%	by DCP Holdco I LLC
Dick Clark Features, Inc.	CA	100%	by DCP Holdco I LLC
Dick Clark Film Group, Inc.	CA	100%	by DCP Holdco I LLC
Dick Clark Kids, Inc.	DE	100%	by DCP Holdco I LLC
Dick Clark Media Archives, LLC	CA	100%	by Dick Clark Productions, LLC
Dick Clark Productions, LLC	DE	100%	by DCP Holdings DE, LLC
Dick Clark Restaurants, Inc.	DE	100%	by DCP Holdco I LLC
Digital Media Asset Holdings, LLC	DE	100%	by EMG AH LLC
Direct Holdings Americas LLC	DE	100%	by Direct Holdings Global LLC
Direct Holdings Customer Service Inc.	DE	100%	by Direct Holdings Americas LLC
Direct Holdings Global LLC	DE	100%	by Mosaic Media Investment Partners, LLC
Direct Holdings Libraries Inc.	DE	100%	by DCP Holdco I LLC
Dishwasher LLC	DE	100%	by A24 Films LLC
Dishwasher Productions Inc.	CAN	100%	by Dishwasher Rights LLC
Dishwasher Rights LLC	DE	100%	by A24 Films LLC
DLICT, LLC	DE	75.0%	by Eldridge Industries, LLC
DNBR Funding II, LLC	DE	100%	by Dunbarre Insurance Agency, LLC
DNBR Funding, LLC	KS	100%	by Dunbarre Insurance Agency, LLC
Do It Live LLC	DE	100%	by A24 Films LLC
Doc Lobster, LLC	CA	100%	by MRC Documentary Holdings, LLC
Donkey Elephant Productions, LLC	DE	100%	by Mayfair Portfolio Trust, LLC
Dopamine Sparkle LLC	DE	100%	by A24 Films LLC
Double Yew LLC	DE	100%	by A24 Films LLC
Dover Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
DPL Financial Partners, LLC	DE	47.0%	by Eldridge DPL Holdings LLC
Dramatic Movie LA LLC	LA	100%	by A24 Films LLC
Dramatic Movie LLC	DE	100%	by A24 Films LLC
Dramatic Movie Rights LLC	DE	100%	by A24 Films LLC
DS MB Holdings LLC	DE	100%	by Steamboat Portfolio Trust, LLC
Dunbarre Insurance Agency, LLC	DE	100%	by SBL Holdings, Inc.
Dust Bowl Capital, LLC	KS	100%	by Sherwood Park, Inc.
Dynamo 1C S.a.r.l.	DE	100%	by Cain PE LLC
E10 Holdings Kft	Hungary	100%	by Buda Hills JV B.V.
E10 Project Kft	Hungary	100%	by E10 Holdings Kft
EA Wellness FL LLC	DE	0%	Mgmt. by EA Wellness MSO LLC
EA Wellness Holdings LLC	DE	55.98%	by Eldridge MSO Holdings LLC
EA Wellness Intermendiate LLC	DE	100%	by EA Wellness Holdings LLC
EA Wellness MSO LLC	DE	100%	by EA Wellness Intermendiate LLC
EACS II, LLC	DE	100%	by Eldridge Industries, LLC
EACS LLC	DE	100%	by Eldridge Industries, LLC
Eagle 2 Limited	GBR	19.1%	by Cain PE (UK) Limited
Eagle 2 Limited	GBR	57.6%	by Competitive Socialising Group Limited
Earhart Capital, LLC	KS	100%	by Security Benefit Life Insurance Company
Easy Mark CDN Productions Inc	CAN	100%	by MRC II Holdings, LP
Easy Mark, LLC	CA	100%	by MRC II Holdings, LP
EBBH, LLC	DE	100%	by Eldridge Industries, LLC
EC 17th Street Holdings LLC	DE	54.9%	by Delano Portfolio Trust, LLC
EC 17th Street MezzCo LLC	DE	100%	by EC 17th Street Holdings LLC
ECD Brand Holdings LLC	DE	50.0%	by CGREF AIV 1 Holdco Brand LLC
ECD Brands Holdings LLC	DE	50.0%	by Delano Portfolio Trust, LLC
Echidna Capital LLC	DE	70.0%	by Anthony D. Minella, Individual
ECM AH 2025-1, LLC	DE	100%	by Eldridge Capital Management, LLC
ECM UK Holdings Limited	GBR	100%	by CI AM LP

Name	Jurisdiction	Percent of Voting Securities Owned
EDCF I AB Assetco, LLC	DE	100%	by Dayton Funding, LLC
EDCF I Assetco Trust	DE	0%	Mgmt. by EDCF I AB Assetco, LLC
EDCF I Assetco, LLC	KS	100%	by Mine Creek, LLC
EDCF II AssetCo (U) LLC	DE	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
EDCF II AssetCo Offshore (U) LLC	DE	100%	by Eldridge Diversified Credit Fund II GP, LP
EDCF II Assetco, LLC	KS	100%	by Mine Creek, LLC
EDCF II Offshore Assetco, LLC	KS	100%	by Mine Creek, LLC
EDCFX Assetco, LLC	DE	100%	by Dayton Funding, LLC
Edgewood Portfolio Trust, LLC	DE	100%	by EPH, LLC
EEH 2017 Preferred Member, LLC	DE	100%	by SBT Investors, LLC
EEH 2017, LLC	DE	0%	Mgmt. by EEH 2017 Prefered Member, LLC
EEH 2017-AHC, LLC	DE	0%	Mgmt. by EEH 2017 Prefered Member, LLC
EEH 2017-EC, LLC	DE	100%	by EEH 2017 Prefered Member, LLC
EH Rockets Holdings LLC	DE	100%	by Eldridge Industries, LLC
EH Rockets Master Holdings LLC	DE	100%	by Eldridge Industries, LLC
EH2021, LLC	DE	100%	by Zinnia Corporate Holdings, LLC
EHA 100 DE LP	DE	60.0%	by EH Rockets Holdings LLC
EHA 100 GP LLC	DE	0%	Mgmt. by EH Rockets Holdings LLC
EISCP Co-Invest Holdings, LLC	DE	100%	by Crawford Park Capital, LLC
EKW Holdings II LLC	DE	100%	by Wanamaker Portfolio Trust, LLC
EKW Holdings III LLC	DE	100%	by Wanamaker Portfolio Trust, LLC
EKW Holdings IV LLC	DE	100%	by Wanamaker Portfolio Trust, LLC
EKW Holdings LLC	DE	100%	by Vista Portfolio Trust, LLC
EKW Holdings V LLC	DE	100%	by Carlton Portfolio Trust, LLC
Eldridge 17th Street Holdings LLC	DE	100%	by Delano Portfolio Trust, LLC
Eldridge 4AIR Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge 625 Broadway, LLC	DE	100%	by Mason Portfolio Trust, LLC
Eldridge A24 Holdings, LLC	DE	100%	by Tuttle Portfolio Trust, LLC
Eldridge Accelerant Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Acre Holdings LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Acre Infrastructure Partners, LP	DE	60.0%	by Eldridge Industries, LLC
Eldridge Acre Partners GP, LLC	DE	60.0%	by Eldridge Acre Holdings LLC
Eldridge Acre Partners, LP	DE	60.0%	by Eldridge Acre Holdings LLC
Eldridge ACZ Funding, LLC	DE	100%	by Ruby Portfolio Trust, LLC
Eldridge Aircraft Services LLC	DE	100%	by EPH II, LLC
Eldridge Al Maryah, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Alpaca Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge AMD Holdings LLC	DE	100%	by Ridge Media Holdings, LLC
Eldridge ARK Crypto US Fund Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Asset Allocation, LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge Atlas Investor, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Ausenco Holdings, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Ballotready Holdings LLC	DE	25.43%	by Mayfair Portfolio Trust, LLC
Eldridge BB Holdings, LLC	DE	100%	by EBBH, LLC
Eldridge BBLP, LLC	DE	100%	by Eldridge BB Holdings, LLC
Eldridge Bilt Holdings LLC	DE	100%	by Dayton Funding, LLC
Eldridge Blink Holdings LLC	DE	100%	by Wanamaker Portfolio Trust, LLC
Eldridge Blockchain.com Funding LLC	DE	100%	by Maple Portfolio Trust, LLC
Eldridge Buckle Funding, LLC	DE	100%	by Primrose Portfolio Trust, LLC
Eldridge Business Services LLC	DE	99.0%	by Eldridge Corporate Services, LLC
Eldridge C9E Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Capital Management (Singapore) PTE. LTD	Singapore	100%	by ESCA Holdings, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Eldridge Capital Management Services (UK) Limited	GBR	100%	by Eldridge Capital Management, LLC
Eldridge Capital Management Services, LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge Capital Management, LLC	DE	100%	by Eldridge, LLC
Eldridge Carry Holdings, LP	DE	100%	by Eldridge Industries Manager, LLC
Eldridge CDS Holdings, LLC	KS	100%	by Sherwood Park, Inc.
Eldridge CEC Funding, LLC	DE	100%	by Hillcrest Holdings, LLC
Eldridge CG Holdings LLC	DE	0%	Mgmt. by Eldridge CGCI, LLC
Eldridge CG Holdings LLC	DE	0%	Mgmt. by Eldridge FS Holdings, LLC
Eldridge CGCI, LLC	DE	100%	by Eldridge FS Holdings, LLC
Eldridge CH GP LLC	DE	100%	by Eldridge CH Holdings, LLC
Eldridge CH Holdings, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge CH LP LLC	DE	100%	by Eldridge CH Holdings, LLC
Eldridge CI Holdings II LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge CI LP LLC	DE	100%	by Eldridge CI Holdings II LLC
Eldridge CIC Holdings LLC	DE	17.35%	by Palmer Portfolio Trust, LLC
Eldridge CILP Funding II, LLC	DE	12.51%	by Eldridge Finco, LLC
Eldridge CILP Funding II, LLC	DE	87.49%	by EPH, LLC
Eldridge CILP Funding III, LLC	DE	100%	by Eldridge Finco, LLC
Eldridge CILP Funding IV, LLC	DE	100%	by Grigg Portfolio Trust, LLC
Eldridge CILP Funding, LLC	DE	100%	by Skylark Portfolio Trust, LLC
Eldridge CIREF Holdings, LLC	DE	70.846%	by Potwin Place, LLC
Eldridge CIREF Holdings, LLC	DE	29.154%	by Skyline Portfolio Trust, LLC
Eldridge Clark Funding, LLC	DE	100%	by Gladstone Portfolio Trust, LLC
Eldridge Clearcover Holdings LLC	DE	62.99%	by Edgewood Portfolio Trust, LLC
Eldridge Clearcover Holdings LLC	DE	37.01%	by Vista Portfolio Trust, LLC
Eldridge CLIO Holdings LLC	DE	100%	by Collins Park, LLC
Eldridge CLO Manager, LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge Cloudframe Holdings LLC	DE	100%	by Madison Portfolio Trust, LLC
Eldridge Cobalt Funding, LLC	DE	100%	by Armstrong Portfolio Trust, LLC
Eldridge Co-Invest Holdings LLC	DE	100%	by Eldridge Industries, LLC
Eldridge College Sports Holdings, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Convive Holdings II, LLC	DE	27.9%	by Arch Portfolio Trust, LLC
Eldridge Convive Holdings II, LLC	DE	36.33%	by Palmer Portfolio Trust, LLC
Eldridge Convive Holdings II, LLC	DE	35.77%	by Putnam Asset Holdings, LLC
Eldridge Convive Holdings, LLC	DE	100%	by The Eldridge Convive Irrevocable Trust, LLC
Eldridge Corporate Funding LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge Corporate Portfolio Holdings, LLC	DE	100%	by EPH, LLC
Eldridge Corporate Services, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge CPK Holdings II, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge CPK Holdings III, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge CPK Holdings, LLC	DE	100%	by Eldridge CPK Holdings II, LLC
Eldridge CRB Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Credit Advisers (UK) Limited	GBR	100%	by Eldridge Capital Management, LLC
Eldridge Credit Advisers, LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge Cutover Holdings LLC	DE	100%	by Maple Portfolio Trust, LLC
Eldridge CVPF II Holdings, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Datamarx Holdings, LLC	DE	100%	by Perry Portfolio Trust, LLC
Eldridge Dataminr Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge DBDK Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge DBZ Holdings, LLC	DE	13.463%	by Bentley Park, LLC
Eldridge DCF II Aggregator LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge DCF II Aggregator LP	DE	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP

Name	Jurisdiction	Percent of Voting Securities Owned
Eldridge DCF II AIV LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge DCF II AIV LP	DE	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge DCF II AIV LP Series I-Levered	DE	0%	Mgmt. by Eldridge DCF II AIV LP
Eldridge DCF II AIV LP Series I-Unlevered	DE	0%	Mgmt. by Eldridge DCF II AIV LP
Eldridge DCF II AIV Series Program I Blocker LLC	DE	100%	by Eldridge Diversified Credit Fund II GP, LP
Eldridge DCF II Holdings, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge DCP Holdings LLC	DE	100%	by Ridge Media Holdings, LLC
Eldridge Defense & Security, LLC	DE	69.83%	by Eldridge EDS Holdings II, LLC
Eldridge Defense & Security, LLC	DE	15.08%	by Eldridge EDS Holdings, LLC
Eldridge Digital Asset Holdings, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Diversified Credit Feeder Fund II LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge Diversified Credit Feeder Fund II LP	DE	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge Diversified Credit Feeder Fund II LP - Series I-Levered	DE	0%	Mgmt. by Eldridge Diversified Credit Feeder Fund II LP
Eldridge Diversified Credit Feeder Fund II LP - Series I-Unlevered	DE	0%	Mgmt. by Eldridge Diversified Credit Feeder Fund II LP
Eldridge Diversified Credit Feeder Fund LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge Diversified Credit Feeder Fund LP	DE	0%	Mgmt. by Eldridge GP, LLC
Eldridge Diversified Credit Fund HoldCo, LP	DE	0%	Mgmt. by Eldridge Diversified Credit Fund I, LP
Eldridge Diversified Credit Fund HoldCo, LP	DE	0%	Mgmt. by Eldridge GP, LLC
Eldridge Diversified Credit Fund I GP, LP	DE	0%	Mgmt. by Eldridge GP, LLC
Eldridge Diversified Credit Fund I, LP	DE	0%	Mgmt. by Eldridge Diversified Credit Fund I GP, LP
Eldridge Diversified Credit Fund II (Offshore) Levered HoldCo, LP	CYM	0%	Mgmt. by Eldridge Diversified Credit Fund II (Offshore) LP – Series I - Levered
Eldridge Diversified Credit Fund II (Offshore) Levered HoldCo, LP	CYM	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge Diversified Credit Fund II (Offshore) LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge Diversified Credit Fund II (Offshore) LP	CYM	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge Diversified Credit Fund II (Offshore) LP – Series I - Levered	CYM	100%	by Eldridge Diversified Credit Fund II (Offshore) LP
Eldridge Diversified Credit Fund II (Offshore) LP – Series I - Unlevered	CYM	100%	by Eldridge Diversified Credit Fund II (Offshore) LP
Eldridge Diversified Credit Fund II (Offshore) Unlevered HoldCo, LP	CYM	0%	Mgmt. by Eldridge Diversified Credit Fund II (Offshore) LP – Series I - Unlevered
Eldridge Diversified Credit Fund II (Offshore) Unlevered HoldCo, LP	CYM	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge Diversified Credit Fund II GP, LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Diversified Credit Fund II GP, LP	DE	0%	Mgmt. by Eldridge GP, LLC
Eldridge Diversified Credit Fund II Levered HoldCo (L), LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge Diversified Credit Fund II Levered HoldCo (L), LP	DE	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge Diversified Credit Fund II Levered HoldCo, LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge Diversified Credit Fund II Levered HoldCo, LP	DE	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge Diversified Credit Fund II LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge Diversified Credit Fund II LP	CYM	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge Diversified Credit Fund II LP – Series I - Levered	CYM	100%	by Eldridge Diversified Credit Fund II LP
Eldridge Diversified Credit Fund II LP – Series I - Unlevered	CYM	100%	by Eldridge Diversified Credit Fund II LP

Name	Jurisdiction	Percent of Voting Securities Owned
Eldridge Diversified Credit Fund II Unlevered HoldCo (L), LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge Diversified Credit Fund II Unlevered HoldCo (L), LP	DE	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge Diversified Credit Fund II Unlevered HoldCo, LP	DE	0%	Mgmt. by Eldridge DCF II Holdings, LLC
Eldridge Diversified Credit Fund II Unlevered HoldCo, LP	DE	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge Diversified Credit Fund Rated Note Feeder LLC	DE	100%	by Eldridge Diversified Credit RNF GP, LP
Eldridge Diversified Credit Fund RNF Master LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Diversified Credit Fund RNF Master LP	DE	0%	Mgmt. by Eldridge Diversified Credit RNF GP, LP
Eldridge Diversified Credit RNF GP, LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Diversified Credit RNF GP, LP	DE	0%	Mgmt. by Eldridge GP, LLC
Eldridge Diversified Credit Series Program I Blocker LP	CYM	0%	Mgmt. by Eldridge Diversified Credit Feeder Fund II LP - Series I-Levered
Eldridge Diversified Credit Series Program I Blocker LP	CYM	0%	Mgmt. by Eldridge Diversified Credit Feeder Fund II LP - Series I-Unlevered
Eldridge Diversified Credit Series Program I Blocker LP	CYM	0%	Mgmt. by Eldridge Diversified Credit Fund II GP, LP
Eldridge DMO, LLC	DE	100%	by Wanamaker Portfolio Trust, LLC
Eldridge DPL Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge EA Holdings, LLC	DE	84.5%	by SBT Investors, LLC
Eldridge EAIP Holdings, LLC	KS	100%	by Holliday Park, LLC
Eldridge Ediphy Holdings, LLC	DE	100%	by Bruce Park Portfolio Trust, LLC
Eldridge EDS Holdings II, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge EDS Holdings, LLC	DE	99.0%	by Baldwin Portfolio Trust, LLC
Eldridge EDS Holdings, LLC	DE	1.0%	by Perry Portfolio Trust, LLC
Eldridge ELO Funding LLC	DE	100%	by Mason Portfolio Trust, LLC
Eldridge Epic Holdings, LLC	DE	100%	by EPH, LLC
Eldridge Equine Holdings LLC	DE	100%	by Bedford Portfolio Trust, LLC
Eldridge Equine II Holdings LLC	DE	87.34%	by Bedford Portfolio Trust, LLC
Eldridge Equine II Holdings LLC	DE	12.66%	by Wanamaker Portfolio Trust, LLC
Eldridge Equipment Finance LLC	DE	100%	by EPH, LLC
Eldridge Esports Funding II LLC	DE	100%	by Wanamaker Portfolio Trust, LLC
Eldridge Executive Services LLC	DE	99.0%	by Eldridge Corporate Services, LLC
Eldridge FEG Holdings	DE	100%	by Steamboat Portfolio Trust, LLC
Eldridge Fevo Funding, LLC	DE	97.54%	by Carlton Portfolio Trust, LLC
Eldridge Fevo Funding, LLC	DE	2.46%	by Madison Portfolio Trust, LLC
Eldridge FGNY Holdings, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge FGNY LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge FHI Investor II, LLC	DE	100%	by Dayton Funding II, LLC
Eldridge FHI Investor LLC	DE	100%	by Dayton Funding II, LLC
Eldridge Finco Holdings, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Finco, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Fixated Holdings, LLC	DE	100%	by Eldridge AMD Holdings LLC
Eldridge FS Holdings, LLC	DE	18.75%	by Bruce Park Portfolio Trust, LLC
Eldridge FS Holdings, LLC	DE	81.75%	by Montgomery Portfolio Trust, LLC
Eldridge Fund Aggregator, LLC	DE	100%	by Eldridge Fund Investor II, LLC
Eldridge Fund Investor I, LLC	DE	100%	by Wallace Portfolio Trust, LLC
Eldridge Fund Investor II, LLC	DE	100%	by Cooper Portfolio Trust, LLC
Eldridge Gamma Holdings, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge G-Form Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Gizer Funding LLC	DE	100%	by Maple Portfolio Trust, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Eldridge goPuff Holdings LLC	DE	11.43%	by Crawford Park Capital, LLC
Eldridge GP 1 SEF Holdings, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge GP, LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge GP1 Advisers, LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge GP1 Atlas Aggregator LP	DE	0%	Mgmt. by Eldridge Atlas Investor, LLC
Eldridge GP1 Atlas Aggregator LP	DE	0%	Mgmt. by Eldridge GP1 Atlas GP LLC
Eldridge GP1 Atlas Cayman LP	CYM	0%	Mgmt. by Eldridge GP1 Atlas Co-Investors Offshore LP
Eldridge GP1 Atlas Cayman LP	CYM	0%	Mgmt. by Eldridge GP1 Atlas GP, LLC
Eldridge GP1 Atlas Co-Investors Offshore LP	CYM	0%	Mgmt. by Eldridge Atlas Investor, LLC
Eldridge GP1 Atlas Co-Investors Offshore LP	CYM	0%	Mgmt. by Eldridge GP1 Atlas GP LLC
Eldridge GP1 Atlas Co-Investors, LP	DE	0%	Mgmt. by Eldridge Atlas Investor, LLC
Eldridge GP1 Atlas Co-Investors, LP	DE	0%	Mgmt. by Eldridge GP1 Atlas GP, LLC
Eldridge GP1 Atlas FundingCo LP	DE	0%	Mgmt. by Atlas FundingCo GP LLC
Eldridge GP1 Atlas FundingCo LP	DE	0%	Mgmt. by Eldridge GP1 Atlas MezzCo LP
Eldridge GP1 Atlas GP LLC	DE	100%	by Eldridge GP1 Strategic Equity Fund GP LP
Eldridge GP1 Atlas GP, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge GP1 Atlas I LLC	DE	100%	by Eldridge GP1 Atlas FundingCo LP
Eldridge GP1 Atlas II LLC	DE	100%	by Eldridge GP1 Atlas FundingCo LP
Eldridge GP1 Atlas MezzCo LP	DE	0%	Mgmt. by Atlas MezzCo GP LLC
Eldridge GP1 Atlas MezzCo LP	DE	0%	Mgmt. by Eldridge GP1 Atlas Aggregator LP
Eldridge GP1 Atlas Offshore LP	CYM	0%	Mgmt. by Eldridge GP1 Atlas GP LLC
Eldridge GP1 Atlas Offshore LP	CYM	0%	Mgmt. by Eldridge GP1 Atlas US LLC
Eldridge GP1 Atlas US LLC	DE	100%	by Eldridge GP1 Atlas Co-Investors Offshore LP
Eldridge GP1 IPS Aggregator LP	DE	0%	Mgmt. by Eldridge GP1 SEF Holding, LLC
Eldridge GP1 IPS Aggregator LP	DE	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 IPS Holdings LLC	DE	100%	by Eldridge Industries, LLC
Eldridge GP1 Puris Aggregator LP	DE	0%	Mgmt. by Eldridge GP1 SEF Holding, LLC
Eldridge GP1 Puris Aggregator LP	DE	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 Puris Holdings LLC	DE	100%	by Eldridge Industries, LLC
Eldridge GP1 Raven Aggregator LP	DE	0%	Mgmt. by Eldridge GP1 SEF Holding, LLC
Eldridge GP1 Raven Aggregator LP	DE	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 Raven Holdings LLC	DE	100%	by Eldridge Industries, LLC
Eldridge GP1 SEF Atlas Cayman LP	CYM	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 SEF Atlas Cayman LP	CYM	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund Offshore LP – Series I
Eldridge GP1 SEF Holding, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge GP1 Strategic Equity Fund CIP LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge GP1 Strategic Equity Fund CIP LP	CYM	0%	Mgmt. by Eldridge GP, LLC
Eldridge GP1 Strategic Equity Fund Co-Invest LP	DE	0%	Mgmt. by Eldridge Industries Manager, LLC
Eldridge GP1 Strategic Equity Fund Co-Invest LP	DE	0%	Mgmt. by Eldridge Industries, LLC
Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1	CYM	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge GP1 Strategic Equity Fund GP LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge GP1 Strategic Equity Fund GP LP	CYM	0%	Mgmt. by Eldridge GP, LLC
Eldridge GP1 Strategic Equity Fund L.P.	CYM	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge GP1 Strategic Equity Fund L.P.	CYM	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 Strategic Equity Fund LP	DE	0%	Mgmt. by Eldridge GP1 SEF Holding, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Eldridge GP1 Strategic Equity Fund LP	DE	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 Strategic Equity Fund LP – Series I	CYM	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 Strategic Equity Fund LP – Series I	CYM	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund L.P.
Eldridge GP1 Strategic Equity Fund Offshore LP	DE	0%	Mgmt. by Eldridge GP1 SEF Holding, LLC
Eldridge GP1 Strategic Equity Fund Offshore LP	DE	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 Strategic Equity Fund Offshore LP – Series I	CYM	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 Strategic Equity Fund Offshore LP – Series I	CYM	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund Offshore LP
Eldridge GP1 Strategic Equity Fund-A L.P.	CYM	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge GP1 Strategic Equity Fund-A L.P.	CYM	0%	Mgmt. by Eldridge GP1 Strategic Equity Fund GP L.P. - Series 1
Eldridge GP1 Tandem Holdings, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge HBF II Holdings, LLC	DE	100%	by Hawk Trail, LLC
Eldridge HCC Investor LLC	DE	100%	by PD Holdings LLC
Eldridge HCC, LLC	DE	6.25%	by Eldridge HCC Investor LLC
Eldridge HI Funding, LLC	DE	100%	by Gladstone Portfolio Trust, LLC
Eldridge HIP Riverport Holdings LLC	DE	100%	by Skylark Portfolio Trust, LLC
Eldridge HNSF V Holdings, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Homodeus Funding LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge HS Funding LLC	DE	87.69%	by Morningside Portfolio Trust, LLC
Eldridge HS Funding LLC	DE	12.31%	by Walker Portfolio Trust, LLC
Eldridge HSCM Holdings, LLC	DE	100%	by Mammoth Ridge Discovery, LLC
Eldridge HZACS LLC	DE	100%	by Eldridge Industries, LLC
Eldridge IE Funding LLC	DE	60.39%	by Pinecrest Portfolio Trust, LLC
Eldridge IE Funding LLC	DE	100%	by Walker Portfolio Trust, LLC
Eldridge India Holdings II, LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge India Holdings, LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge Industries Manager, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Industries, LLC	DE	2.1%	by Bilbao-KCI, LLC
Eldridge Industries, LLC	DE	0%	by Echidna Capital LLC
Eldridge Industries, LLC	DE	2.7%	by EEH 2017, LLC
Eldridge Industries, LLC	DE	5.4%	by EEH 2017-EC, LLC
Eldridge Industries, LLC	DE	74.1%	by SBT Investors, LLC
Eldridge International Management Limited	Abu Dhabi	100%	by Eldridge Al Maryah, LLC
Eldridge Investors Holdings, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Investors, LLC	DE	100%	by Eldridge Investors Holdings, LLC
Eldridge IP Holdings II LLC	DE	81.75%	by Eldridge IP Holdings III LLC
Eldridge IP Holdings III LLC	DE	7.96%	by Armstrong Portfolio Trust, LLC
Eldridge IP Holdings III LLC	DE	22.88%	by Bedford Portfolio Trust, LLC
Eldridge IP Holdings III LLC	DE	69.17%	by Pinecrest Portfolio Trust, LLC
Eldridge IP Holdings LLC	DE	11.84%	by Armstrong Portfolio Trust, LLC
Eldridge IP Holdings LLC	DE	22.88%	by Bedford Portfolio Trust, LLC
Eldridge IP Holdings LLC	DE	65.29%	by Pinecrest Portfolio Trust, LLC
Eldridge IP Investor, LLC	DE	100%	by Eldridge Sports and Entertainment GP, LP
Eldridge Isar Funding LLC	DE	100%	by Winchester Portfolio Trust, LLC
Eldridge Kamerra Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Kindbody Holdings LLC	DE	1.91%	by Canon Portfolio Trust, LLC
Eldridge Koho Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge KRNL Funding LLC	DE	100%	by Crawford Park Capital, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Eldridge LAD Holdings, LLC	DE	1.0%	by Eldridge Industries, LLC
Eldridge LAD Holdings, LLC	DE	99.0%	by SBC LAD Holdings, LLC
Eldridge Laylo Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge LPC Funding, LLC	DE	100%	by Primrose Portfolio Trust, LLC
Eldridge Lynx Funding LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Management Carry Holdings, LP	DE	0%	Mgmt. by Eldridge GP, LLC
Eldridge Management Carry Holdings, LP	DE	0%	Mgmt. by Eldridge Industries, LLC
Eldridge Management Holdings, LLC	DE	0%	Mgmt. by Eldridge GP, LLC
Eldridge Management Holdings, LLC	DE	0%	Mgmt. by Eldridge Industries, LLC
Eldridge MasterClass Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Media Group, LLC	DE	1.0%	by DCP Holdco I LLC
Eldridge Media Group, LLC	DE	99.0%	by Eldridge Media Holdings, LLC
Eldridge Media Holdings, LLC	DE	58.67%	by Ridge Media Holdings, LLC
Eldridge Media Publishing, LLC	DE	100%	by Eldridge Media Holdings, LLC
Eldridge MetroTech Holdings II LLC	DE	100%	by Eldridge Sharp Holdings LLC
Eldridge MetroTech Holdings, LLC	DE	100%	by Eldridge Sharp Holdings LLC
Eldridge MM CLO WH 2026-2, LLC	KS	100%	by SCF SB Investor, LLC
Eldridge Mojo Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge MSO Holdings LLC	DE	90.0%	by Eldridge Industries, LLC
Eldridge Netomi Holdings LLC	DE	100%	by Bedford Portfolio Trust, LLC
Eldridge Nexus Funding, LLC	DE	100%	by Note Funding 1892-2, LLC
Eldridge Odyssey Holdings, LLC	DE	100%	by Maple Portfolio Trust, LLC
Eldridge OOSTO Holdings, LLC	DE	100%	by Eldridge Sharp Holdings LLC
Eldridge PayActiv Holdings LLC	DE	12.31%	by Canon Portfolio Trust, LLC
Eldridge PayActiv Holdings LLC	DE	11.72%	by Maple Portfolio Trust, LLC
Eldridge PayActiv Holdings LLC	DE	9.21%	by Mason Portfolio Trust, LLC
Eldridge PayActiv Holdings LLC	DE	11.72%	by Newton Portfolio Trust, LLC
Eldridge PayActiv Holdings LLC	DE	55.03%	by Oakridge Portfolio Trust, LLC
Eldridge PCH Holdings, LLC	DE	100%	by Vista Portfolio Trust, LLC
Eldridge Pixion Funding LLC	DE	100%	by Wanamaker Portfolio Trust, LLC
Eldridge Powerboard Holdings LLC	DE	100%	by Madison Portfolio Trust, LLC
Eldridge PPRO Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Puris Holdings, LLC	DE	100%	by Oakridge Portfolio Trust, LLC
Eldridge PVIII Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Qcode Holdings, LLC	DE	100%	by Eldridge AMD Holdings LLC
Eldridge Qloo Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge QuantaDT Holdings LLC	DE	100%	by Putnam Asset Holdings, LLC
Eldridge Raven Holdings LLC	DE	100%	by Eldridge GP1 Raven Holdings LLC
Eldridge RBUSA Holdings LLC	DE	30.87%	by Armstrong Portfolio Trust, LLC
Eldridge RBUSA Holdings LLC	DE	1.91%	by Canon Portfolio Trust, LLC
Eldridge RBUSA Holdings LLC	DE	9.17%	by Steamboat Portfolio Trust, LLC
Eldridge RBUSA Holdings LLC	DE	58.06%	by Wanamaker Portfolio Trust, LLC
Eldridge RDCP II Holdings, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge RDE Holdings, LLC	DE	100%	by Bedford Portfolio Trust, LLC
Eldridge Resilience Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge RJPC Holdings, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge ROS Holdings LLC	DE	100%	by Carlton Portfolio Trust, LLC
Eldridge Route Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge RV Holdings, LLC	KS	100%	by Sherwood Park, Inc.
Eldridge S3-H Holdings LLC	DE	100%	by Dayton Funding II, LLC
Eldridge S3-R Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge SamCart Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge SCIH Holdings II LLC	DE	100%	by Dayton Funding II, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Eldridge SCIH Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge SCIH-P Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge SCIH-S Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge SCPH Investor II LLC	DE	100%	by Dayton Funding II, LLC
Eldridge SCPH Investor LLC	DE	100%	by Mason Portfolio Trust, LLC
Eldridge SCPH, LLC	DE	3.06%	by Eldridge SCPH Investor LLC
Eldridge SCPH, LLC	DE	46.94%	by Eldridge SCPH Investor II LLC
Eldridge SE Co-Invest E, LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge SE Co-Invest E, LP	DE	100%	by Eldridge GP, LLC
Eldridge Services, LLC	DE	100%	by Eldridge Corporate Services, LLC
Eldridge SFLY Funding, LLC	DE	100%	by Potwin Place, LLC
Eldridge Sharp D LLC	DE	100%	by Eldridge Sharp Holdings LLC
Eldridge Sharp FC LLC	DE	100%	by Eldridge Sharp Holdings LLC
Eldridge Sharp FundingCo II GP LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Sharp FundingCo II LP	DE	0%	Mgmt. by Eldridge Sharp D LLC
Eldridge Sharp FundingCo II LP	DE	0%	Mgmt. by Eldridge Sharp FundingCo II GP LP
Eldridge Sharp Holdings II LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Sharp Holdings II LLC	DE	100%	by Eldridge Sharp Holdings III LLC
Eldridge Sharp Holdings III LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Sharp Holdings LLC	DE	100%	by Eldridge Sharp Holdings II LLC
Eldridge Sharp PB LLC	DE	100%	by Eldridge Sharp Holdings LLC
Eldridge Sharp PC LLC	DE	100%	by Eldridge Sharp Holdings LLC
Eldridge SHDG Holdings LLC	DE	100%	by Potwin Place, LLC
Eldridge SkyHive Holdings LLC	DE	100%	by Primrose Portfolio Trust, LLC
Eldridge SLCF IV Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge SME Advisers, LLC	DE	100%	by Eldridge Capital Management, LLC
Eldridge SME Co-Invest E, LLC	DE	100%	by Eldridge Industries, LLC
Eldridge SMT Holdings LLC	DE	100%	by Glenville Portfolio Trust, LLC
Eldridge Snap! Holdings II LLC	DE	100%	by Oakridge Portfolio Trust, LLC
Eldridge Snap! Holdings LLC	DE	90.0%	by Oakridge Portfolio Trust, LLC
Eldridge Sports and Entertainment C GP, LLC	DE	0%	Mgmt. by Eldridge Sports and Entertainment GP, LP
Eldridge Sports and Entertainment Fund Aggregator A, LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Sports and Entertainment Fund Aggregator A, LP	DE	0%	Mgmt. by Eldridge Sports and Entertainment GP, LP
Eldridge Sports and Entertainment Fund Aggregator B, LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Sports and Entertainment Fund Aggregator B, LP	DE	0%	Mgmt. by Eldridge Sports and Entertainment C GP, LLC
Eldridge Sports and Entertainment Fund C, LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Sports and Entertainment Fund C, LP	DE	0%	Mgmt. by Eldridge Sports and Entertainment C GP, LLC
Eldridge Sports and Entertainment Fund LL, LP	DE	100%	by Eldridge Industries, LLC
Eldridge Sports and Entertainment Fund Offshore, LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Sports and Entertainment Fund Offshore, LP	DE	0%	Mgmt. by Eldridge Sports and Entertainment GP, LP
Eldridge Sports and Entertainment Fund, LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Sports and Entertainment Fund, LP	DE	0%	Mgmt. by Eldridge Sports and Entertainment GP, LP
Eldridge Sports and Entertainment GP, LP	DE	0%	Mgmt. by Eldridge Carry Holdings, LP
Eldridge Sports and Entertainment GP, LP	DE	0%	Mgmt. by Eldridge GP, LLC
Eldridge SpotOn Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge StandardVision Holdings, LLC	DE	100%	by Vista Portfolio Trust, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Eldridge Stash Funding LLC	DE	100%	by Maple Portfolio Trust, LLC
Eldridge Structured Credit Advisers, LLC	DE	100%	by ESCA Holdings, LLC
Eldridge Stucki Holdings, LLC	DE	100%	by Perry Park, LLC
Eldridge Tax Services Inc.	DE	100%	by Eldridge Business Services LLC
Eldridge TG Funding, LLC	CYM	100%	by Chain Bridge Opportunistic Funding Holdings, LLC
Eldridge Trent Rockets Holdings LLC	DE	100%	by Eldridge Industries, LLC
Eldridge Tripledot Holdings LLC	DE	100%	by Maple Portfolio Trust, LLC
Eldridge Truebill Funding, LLC	DE	20.0%	by Armstrong Portfolio Trust, LLC
Eldridge Truebill Funding, LLC	DE	80.0%	by Mason Portfolio Trust, LLC
Eldridge TTV VI Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge TTV-GL Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Tuvoli Holdings LLC	DE	100%	by Wanamaker Portfolio Trust, LLC
Eldridge Unqork Holdings II, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Unqork Holdings LLC	DE	70.0%	by Eldridge Unqork Holdings II, LLC
Eldridge Util Holdings, LLC	DE	100%	by Carlton Portfolio Trust, LLC
Eldridge Vanguard Holdings II, LLC	DE	100%	by Eldridge Defense & Security, LLC
Eldridge Vanguard Holdings, LLC	DE	100%	by Eldridge Vanguard Holdings II, LLC
Eldridge VG Funding, LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Viral Nation Holdings LLC	DE	96.27%	by Bedford Portfolio Trust, LLC
Eldridge Viral Nation Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Viral Nation Purchaseco Ltd.	CAN	100%	by Eldridge Viral Nation Holdings LLC
Eldridge VM Holdings LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge Wealth Solutions, Inc.	KS	100%	by Eldridge, LLC
Eldridge Wellthy Funding LLC	DE	100%	by Crawford Park Capital, LLC
Eldridge, LLC	DE	100%	by Eldridge Industries, LLC
Elia Management LLC	DE	100%	by A24 Films LLC
Elia Services LLC	DE	100%	by A24 Films LLC
Elm Portfolio Trust LLC	DE	100%	by EPH II, LLC
Elo Entertainment Inc.	DE	28.0%	by Eldridge ELO Funding LLC
ELPW Project Limited	GBR	100%	by A24 Films LLC
ELPW Rights LLC	GBR	100%	by A24 Films LLC
EMG AH LLC	DE	99.0%	by Eldridge Media Group, LLC
EMG HoldCo, LLC	DE	0%	Mgmt. by Eldridge Media Holdings, LLC
EMH AH LLC	DE	100%	by EMH II, LLC
EMH I, LLC	DE	100%	by Eldridge Media Holdings, LLC
EMH II, LLC	DE	100%	by Eldridge Media Holdings, LLC
EMH-PME Holdings, LLC	DE	100%	by Valence Media, LLC
EMH-PME LLC	DE	100%	by Eldridge Media Group, LLC
EMO Holdings, LLC	DE	0%	Mgmt. by EEH 2017 Prefered Member, LLC
Empty Suit, LLC	CA	100%	by MRC II Holdings, LP
Endless Encore LLC	DE	100%	by A24 Films LLC
Enemies LLC	DE	100%	by A24 Films LLC
Enemies Rights LLC	DE	100%	by A24 Films LLC
EPH Holdings II, LLC	DE	100%	by Eldridge Industries, LLC
EPH Holdings, LLC	DE	100%	by EPH Holdings II, LLC
EPH II, LLC	DE	100%	by EPH Holdings, LLC
EPH, LLC	DE	100%	by EPH II, LLC
Epic Aero, Inc.	DE	100%	by Flexjet, Inc.
Epic Preferred Holdings II LLC	DE	84.595%	by Eldridge Epic Holdings, LLC
Epic Preferred Holdings II LLC	DE	15.405%	by Hillcrest Holdings, LLC
Epic Preferred Holdings LLC	DE	82.28%	by Harold Portfolio Trust, LLC
Epic Preferred Holdings LLC	DE	17.72%	by Madison Portfolio Trust, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Equinox Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
ESCA Capital Administrator, LLC	DE	100%	by ESCA Holdings, LLC
ESCA Capital, LLC	DE	100%	by ESCA Holdings, LLC
ESCA Holdings, LLC	DE	100%	by Eldridge Capital Management, LLC
ESCA Services Holdings, LLC	DE	100%	by ESCA Holdings, LLC
ESCA Services, LLC	DE	99.0%	by ESCA Holdings, LLC
ESCA Services, LLC	DE	1.0%	by Panagram Services Holdings, LLC
Eternal Springs Productions LLC	NY	100%	by MRC II Holdings, LP
Eternity Film Productions Limited	GBR	100%	by A24 Films LLC
Eternity Productions LLC	DE	100%	by A24 Films LLC
Even Older CLT LLC	DE	100%	by A24 Films LLC
Everest Fuel Management, LLC	DE	100%	by Lenticular Energy Holdings, LLC
Evergreen Portfolio Trust, LLC	DE	100%	by EPH, LLC
Everly Holdings, LLC	DE	100%	by SBL Holdings, Inc.
Everly Incentive Plan, LLC	DE	100%	by Everly Holdings, LLC
Everly Life Insurance Company	WI	100%	by Everly Holdings, LLC
Everly, LLC	KS	100%	by Everly Holdings, LLC
Everywoman Limited	GBR	100%	by EW InvestCo Limited
EW InvestCo Limited	GBR	90.6%	by Cain PE LLC
EWM Private Equity Access I GP LLC	DE	100%	by Capital Integration Systems LLC
EWM Private Equity Access I, L.P.	DE	0%	Mgmt. by EWM Private Equity Access I GP LLC
Faces Off LLC	DE	100%	by After The Fact LLC
Fairchild Place Ltd	GBR	100%	by The Stage Shoreditch (Master) Unit Trust
Fairfield Portfolio Trust, LLC	DE	100%	by EPH, LLC
Fairgrave Omlie, LLC	OH	100%	by One Sky Flight, LLC
Falcon Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
False Positive LLC	DE	100%	by After The Fact LLC
Family Secret Productions, Inc.	DE	100%	by DCP Holdco I LLC
Fang Shui, LLC	DE	100%	by MRC II Holdings, LP
FC Virginia Soccer Club LLC	VA	100%	by Cain International LP
FDC Investment Partners VIII GP LLC	DE	100%	by Capital Integration Systems LLC
FDC Investment Partners VIII, L.P.	DE	0%	Mgmt. by FDC Investment Partners VIII GP LLC
Fear Farm Holdings, LLC	AZ	100%	by 13 FEG Haunted Holdings, LLC
Fental Investments SLU	LUX	100%	by Blackbrook Property Holdings SARL
Fever Lake LLC	LA	100%	by After The Fact LLC
Fevo Czech s.r.o.	Czech Republic	100%	by Fevo, Inc.
Fevo d.o.o. Beograd	Serbia	100%	by Fevo, Inc.
Fevo, Inc.	DE	20.19%	by Wanamaker Portfolio Trust, LLC
FGC 101 Maiden, LLC	NY	100%	by Fields GC, LLC
FGC 24 E12, LLC	DE	100%	by Fields GC, LLC
FGC 275 Madison, LLC	NY	100%	by Fields GC, LLC
FGC 304 PAS, LLC	NY	100%	by Fields GC, LLC
FGC 599 Lexington, LLC	NY	100%	by Fields GC, LLC
FGNY ParentCo Holdings, LLC	DE	86.5%	by Eldridge FGNY LLC
FHI Holdings LLC	DE	100%	by FHI Investor, LLC
FHI Investor, LLC	DE	37.81%	by Eldridge FHI Investor II, LLC
FHI Investor, LLC	DE	62.19%	by Eldridge FHI Investor LLC
Field Point Portfolio Trust, LLC	DE	100%	by Eldridge Industries, LLC
Fields GC, LLC	NY	56.0%	by Aurify Brands, LLC
Film Expo Group Holdings LLC	DE	85.7%	by Eldridge FEG Holdings LLC
Film Expo Group Intermediate Holdings, LLC	DE	100%	by Film Expo Group Holdings LLC
Film Expo Group LLC	DE	99.0%	by Film Expo Group Holdings LLC

Name	Jurisdiction	Percent of Voting Securities Owned
FilmNation Partners, LLC	DE	20.2%	by MRC II Distribution Company, L.P.
First Security Benefit Life Insurance and Annuity Company of New York	NY	100%	by SBL Holdings, Inc.
Fish Tacos NY 1, LLC	NY	61.6%	by Aurify Fish Tacos Holdings, LLC
Flexjet Holdings Malta Limited	Malta	100%	by Flexjet International, DAC
Flexjet International, DAC	Ireland	49.0%	by Flexjet Limited
Flexjet Limited	GBR	100%	by One Sky Flight, LLC
Flexjet Operations Ltd.	GBR	100%	by Flexjet International, DAC
Flexjet Operations Malta Limited	Malta	100%	by Flexjet Malta Holdings Limited
Flexjet Vertical Lift, LLC	DE	100%	by One Sky Flight, LLC
Flexjet, Inc.	DE	5.17%	by Big Springs, LLC
Flexjet, Inc.	DE	15.67%	by Eldridge EA Holdings, LLC
Flexjet, Inc.	DE	6.89%	by Epic Preferred Holdings II LLC
Flexjet, Inc.	DE	3.41%	by Epic Preferred Holdings LLC
Flexjet, LLC	GBR	100%	by One Sky Flight, LLC
FLF Invest EOOD	Bulgaria	100%	by Grayalfa Holdings Ltd
Flight Options, LLC	DE	100%	by One Sky Flight, LLC
Flint Rock Portfolio Trust, LLC	DE	100%	by EPH, LLC
Flip the Script, LLC	DE	100%	by Sugar23, Inc.
Fort Pruf Rock Mezz LLC	DE	100%	by Fort Pruf Rock Parent LLC
Fort Pruf Rock Parent LLC	DE	50.0%	by CI FLL Holdings, LLC
Fort Pruf Rock Trustee LLC	DE	100%	by Fort Pruf Rock Mezz LLC
Fortwell Capital Limited	GBR	95.0%	by ECM UK Holdings Limited
Fortwick 1 LP	Scotland	71.25%	by Fortwell Capital Limited
Fox River Investments, LLC	DE	100%	by Spoon River Investments, LLC
FPR 1 Member LLC	DE	100%	by Fort Pruf Rock Parent LLC
FPR 1 Mezz LLC	DE	100%	by FPR Investor LLC
FPR 1 PropCo LLC	DE	100%	by FPR 1 Mezz LLC
FPR Investor LLC	DE	100%	by FPR 1 Member LLC
FPR US 1 LLC	DE	100%	by Fort Pruf Rock Parent LLC
Franklin Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Free State Funding, LLC	KS	100%	by Sherwood Park, Inc.
FreezeCorp LLC	DE	100%	by A24 Films LLC
Frimpse Film Productions Ltd	CAN	100%	by Frimpse LLC
Frimpse LLC	CA	100%	by MRC II Holdings, LP
Fulwell Cain Studios Limited	GBR	100%	by CI SF Holdings Limited
Fulwell Investor, LP	DE	100%	by Eldridge Sports and Entertainment GP, LP
Fulwell Member U.S. Holdco, Inc.	GBR	32.0%	by Valence FW73, LLC
Fulwell Member UK Holdco Limited	GBR	32.0%	by Valence FW73, LLC
Fusion PBSA Platform Limited	GBR	33.3%	by CI UK Master Holdings Limited
Future Autumn LLC	DE	100%	by After The Fact LLC
Future to the Back Limited	GBR	100%	by A24 Films LLC
FX Leasing, LLC	DE	100%	by SCF Aviation Capital LLC
FX Notes LLC	DE	100%	by SCF Aviation Capital LLC
FXSolutions, LLC	DE	100%	by One Sky Flight, LLC
Galinda Park, LLC	DE	100%	by Chain Bridge Opportunistic Funding Holdings, LLC
Galliard Developments Ltd	GBR	100%	by GDL Holdco Limited
Galliard Group Limited	GBR	4.8%	by CI GGL Limited
Gamma Media Holdings UK LTD	GBR	100%	by Gamma Media Holdings, LLC
Gamma Media Holdings, LLC	DE	43.50%	by Flint Rock Portfolio Trust, LLC
Garfield Park, LLC	KS	100%	by Sherwood Park, Inc.
GC Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
GDL (Millharbour) Ltd	GBR	100%	by Galliard Developments Ltd
GDL (Romford) Limited	GBR	100%	by Galliard Developments Ltd
GDL (TCRW) Limited	GBR	100%	by Galliard Developments Ltd
GDL (Tower Bridge Road) Limited	GBR	70.0%	by Galliard Developments Ltd
GDL Holdco Limited	GBR	0%	Board rights held by CH Capital A Holdings LLc
GEC Finance, LLC	DE	100%	by Eldridge Industries, LLC
Generate Entertainment, LLC	DE	100%	by DCP Holdings DE, LLC
Gennessee Insurance Agency, LLC	DE	100%	by SBL Holdings, Inc.
G-Form Incentive Plan, LLC	DE	100%	by Eldridge G-Form Holdings LLC
G-Form, LLC	RI	23.50%	by Wanamaker Portfolio Trust, LLC
Ghost Shift LLC	DE	100%	by A24 Films LLC
Ghost Shift Rights LLC	DE	100%	by A24 Films LLC
Gizer Inc.	DE	26.23%	by Eldridge Gizer Funding LLC
Gladstone Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Glenville Portfolio Trust, LLC	DE	100%	by EPH, LLC
Glow Holdings, LLC	DE	100%	by Pumpkin Fest Holdings, LLC
GLT Private Alts Fund I, L.P.	DE	0%	Mgmt. by CAIS GLT Private Alts Fund I GP LLC
Golden Dragons, LLC	CA	100%	by MRC II Holdings, LP
Golden Globes Holdings, LLC	DE	33.3%	by EMH-PME LLC
Golden Globes, LLC	DE	60.0%	by Golden Globes Holdings, LLC
Got a Little Sloppy LLC	DE	100%	by A24 Films LLC
Got A Little Sloppy Productions Inc.	CAN	100%	by Mother Mary Rights LLC
Granger Portfolio Trust, LLC	DE	100%	by EPH, LLC
Grayalfa Holdings Ltd	Cyprus	100%	by Devenetco Ltd
GRE Austin, LLC	DE	100%	by Great Room Escape, LLC
GRE Chicago, LLC	DE	100%	by Great Room Escape, LLC
GRE Cincinnati, LLC	DE	100%	by Great Room Escape, LLC
GRE Cleveland, LLC	DE	100%	by Great Room Escape, LLC
GRE Columbus, LLC	OH	100%	by Great Room Escape, LLC
GRE Dallas, LLC	DE	100%	by Great Room Escape, LLC
GRE Denver, LLC	DE	100%	by Great Room Escape, LLC
GRE Houston, LLC	TX	100%	by Great Room Escape, LLC
GRE Jacksonville, LLC	FL	100%	by Great Room Escape, LLC
GRE Nashville, LLC	TN	100%	by Great Room Escape, LLC
GRE San Antonio, LLC	DE	100%	by Great Room Escape, LLC
GRE Tempe, LLC	DE	100%	by Great Room Escape, LLC
Great Green Room, LLC	CA	100%	by MRC II Holdings, LP
Great Room Escape, LLC	CO	100%	by 13FEG Ops, LLC
Greatest Night, LLC	CA	100%	by MRC Documentary, L.P.
Greenview Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Grigg Portfolio Trust, LLC	DE	100%	by EPH, LLC
Grove Lane Portfolio Trust, LLC	DE	100%	by EPH, LLC
Guacamole Airlines LLC	DE	100%	by A24 Films LLC
Gun & Radio, LLC	CA	100%	by MRC Documentary, L.P.
GV 667, LLC	DE	100%	by Air Eldridge LLC
GVI 6109, LLC	DE	100%	by Air Eldridge LLC
GVI 6274, LLC	DE	100%	by Air Eldridge LLC
GVI 7019, LLC	DE	100%	by Air Eldridge LLC
GYKIT, LLC	CA	100%	by MRC Documentary Holdings, LLC
Halfnelson Films UK Limited	GBR	100%	by MRC II Holdings, LP
Halfnelson Films, LLC	CA	100%	by MRC II Holdings, LP
Halo Aviation Ltd.	GBR	100%	by Flexjet Operations Ltd.
Hamilton Portfolio Trust LLC	DE	100%	by EPH, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Hamilton Portfolio Trust LLC	DE	100%	by EPH, LLC
Harold Portfolio Trust, LLC	DE	100%	by EPH, LLC
Harsh Times, LLC	DE	30.0%	by MRC Investments, LLC
Hawk Trail, LLC	DE	100%	by Security Benefit Life Insurance Company
Hibernation Season Inc.	CAN	100%	by A24 Films LLC
High Roller Productions LLC	CA	100%	by MRC II Holdings, LP
Highland Peak Asset Holdings, LLC	DE	100%	by Highland Peak Trust
Highland Peak FA Holdings, LLC	NJ	100%	by Highland Peak Trust
Highland Peak Trust	DE	100%	by EPH Holdings, LLC
Hillcrest Holdings, LLC	KS	100%	by Dayton Funding, LLC
Hillside Portfolio Trust, LLC	DE	100%	by EPH, LLC
HM DevCo Limited	GBR	100%	by Honey Monster Limited
Holliday Park, LLC	KS	100%	by Dayton Funding, LLC
Honey Monster Limited	GBR	100%	by CI HM InvestCo Limited
HoneyMonster HoldCo 1 Limited	GBR	100%	by Honey Monster Limited
HoneyMonster HoldCo 2 Limited	GBR	100%	by HoneyMonster HoldCo 1 Limited
Horizon Sponsor, LLC	DE	30.33%	by Eldridge HZACS LLC
Horseball Enterprises LLC	DE	100%	by A24 Films LLC
Horseball Rights LLC	DE	100%	by A24 Films LLC
Hot Costs LLC	DE	100%	by A24 Films LLC
Hot Sauce LLC	CA	100%	by MRC II Holdings, LP
Hotel Sales Services (Private) Limited	Sri Lanka	100%	by Amanresorts Management B.V.
House Claw LLC	LA	100%	by After The Fact LLC
House of Torment LLC	TX	100%	by 13 FEG Haunted Holdings, LLC
Hungry City, LLC	DE	100%	by MRC II Holdings, LP
Hypercolor, LLC	CA	100%	by MRC II Holdings, LP
Hyphen Hyphen LLC	DE	100%	by After The Fact LLC
HZACS CI, LLC	DE	0%	Mgmt. by Eldridge HZACS LLC
IDF V, LLC	DE	100%	by Security Benefit Life Insurance Company
IDF VI, LLC	DE	100%	by Security Benefit Life Insurance Company
Illuminarium Investor, LLC	DE	100%	by Eldridge Sports and Entertainment GP, LP
Industry Standard Pictures LLC	DE	100%	by A24 Films LLC
Into Drama LLC	DE	100%	by A24 Films LLC
ITE Equipment Leasing Access Fund GP LLC	DE	100%	by Capital Integration Systems LLC
ITE Equipment Leasing Access Fund, L.P.	DE	0%	Mgmt. by ITE Equipment Leasing Access Fund GP LLC
ITTF LLC	DE	100%	by A24 Films LLC
ITTF Rights LLC	DE	100%	by A24 Films LLC
Ivory Fort, LLC	KS	100%	by Sherwood Park, Inc.
Janu Boat (Cayman) Limited	CYM	100%	by Mana Holdco Limited
JANU BOAT FINCO LIMITED	GBR	100%	by Mana Holdco Limited
Jazz Hands Motion Picture Group LLC	DE	100%	by A24 Films LLC
Jefferson Square 1892, LLC	DE	100%	by Dayton Funding, LLC
Jellybean Ghost LLC	DE	100%	by A24 Films LLC
JetCorp Technical Services, Inc.	MO	100%	by Fairgrave Omlie, LLC
JJ Concepts Limited	GBR	50.0%	by Cain PE (UK) Limited
JJ ISQ Limited	GBR	100%	by JJ Concepts Limited
Joe Cross For Mayor LLC	DE	92.5%	by A24 Films LLC
Joe Cross For Mayor Rights LLC	DE	100%	by A24 Films LLC
Jola20, LLC	DE	0%	Mgmt. by EEH 2017 Prefered Member, LLC
JP Initiative, LLC	DE	100%	by Eldridge Business Services LLC
Juno Albatros, S.L.U.	Spain	100%	by Juno Holdings Spain 1, S.L.U.
Juno CB 1, S.L.U.	Spain	100%	by Juno Holdings Spain 2, S.L.U.

Name	Jurisdiction	Percent of Voting Securities Owned
Juno Corn, S.L.U.	Spain	100%	by Juno Holdings Spain 1, S.L.U.
Juno Holdings Lux 2 S.a.r.l	LUX	100%	by Juno Holdings Lux I S.a.r.l
Juno Holdings Lux 3 S.a.r.l.	LUX	100%	by Juno Holdings Lux I S.a.r.l
Juno Holdings Lux I S.a.r.l	LUX	95.0%	by Juno Holdings Lux Sarl
Juno Holdings Lux M Sarl	LUX	100%	by Juno Holdings Lux Sarl
Juno Holdings Lux Sarl	LUX	100%	by CIEF1 UK Holdings Limited
Juno Holdings Spain 1, S.L.U.	Spain	100%	by Juno Holdings Lux 2 S.a.r.l
Juno Holdings Spain 2, S.L.U.	Spain	100%	by Juno Holdings Lux 3 S.a.r.l.
Katana Rights LLC	DE	100%	by A24 Films LLC
Kaw Valley Capital, LLC	DE	100%	by Eldridge Wealth Solutions, Inc.
Kebramatix Lda	LUX	50.0%	by Simpatica Decisao Unipessoal Lda.
Keep Spitballing LLC	DE	100%	by A24 Films LLC
Keshet/dcp LLC	DE	50.0%	by PME-DCP HoldCo, LLC
KMA Gems LLC	DE	100%	by After The Fact LLC
Knight Takes King Productions, LLC	DE	100%	by MRC II Holdings, LP
Knoema IT Solutions India Private Limited	India	100%	by Seek Data LLC
Koryfeum GmbH	LUX	10.1%	by CI Koryfeum Sarl
Krakow Office Park B.V.	Netherlands	90.0%	by CIEF1 UK Holdings Limited
KV IX Access GP LLC		100%	by Capital Integration Systems LLC
KV IX Access, L.P.	DE	0%	Mgmt. by KV IX Access GP LLC
KWCI GP	Ireland	50.0%	by Cain International European Real Estate Opportunity Fund I GP Limited
KWCI LP	NJ	50.0%	by CI CB3 Subfund
KWSB Real Estate Venture I, LLC	DE	80.0%	by EKW Holdings LLC
KWSB Real Estate Venture II, LLC	DE	80.0%	by EKW Holdings II LLC
KWSB Real Estate Venture III, LLC	DE	80.0%	by EKW Holdings III LLC
KWSB Real Estate Venture IV, LLC	DE	80.0%	by EKW Holdings IV LLC
Last Rider Productions UK Limited	GBR	100%	by MRC Documentary, L.P.
Last Rider Productions, LLC	CA	100%	by MRC Documentary, L.P.
LB 1140 Broadway, LLC	NY	100%	by Little Beet, LLC
LB 125 Park, LLC	NY	100%	by Little Beet, LLC
LB 1291 First Avenue, LLC	DE	100%	by Little Beet, LLC
LB 148 Madison, LLC	NY	100%	by Little Beet, LLC
LB 320 Park, LLC	NY	100%	by Little Beet, LLC
LB Bryant Park, LLC	NY	100%	by Little Beet, LLC
LB City Vista, LLC	DE	100%	by Little Beet, LLC
LB Newport Center, LLC	NY	100%	by Little Beet, LLC
LB Roosevelt Field, LLC	NY	100%	by Little Beet, LLC
LB Sub W50, LLC	NY	100%	by LB W50, LLC
LB W50, LLC	NY	100%	by Little Beet, LLC
LB Westchester, LLC	NY	100%	by Little Beet, LLC
LB Westport, LLC	DE	100%	by Little Beet, LLC
Leadoff Investments, LLC	DE	100%	by SBT Investors, LLC
Legs Film Rights LLC	DE	100%	by A24 Films LLC
Lenox Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Lenticular Energy Holdings, LLC	DE	11.73%	by Eldridge 4AIR Holdings LLC
Lenticular Energy Holdings, LLC	DE	7.17%	by Eldridge EA Holdings, LLC
Lenticular Energy Holdings, LLC	DE	1.04%	by Eldridge Tuvoli Holdings LLC
Lenticular Energy Holdings, LLC	DE	5.52%	by Epic Preferred Holdings II LLC
Lenticular Energy Holdings, LLC	DE	1.56%	by Epic Preferred Holdings LLC
Let Them Comes LLC	DE	100%	by A24 Films LLC
Life is Beautiful Holdings, LLC	DE	32.32%	by Rolling Stone LLC
Life Products Solutions Group, LLC	FL	100%	by Zinnia Tech Solutions LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Life.io, LLC	DE	100%	by Zinnia Tech Solutions LLC
Linda Margaret Rae LLC	DE	100%	by After The Fact LLC
Little Beet Brands Holdings, LLC	DE	100%	by Aurify Brands Holdings, LLC
Little Beet Table, LLC	NY	100%	by Aurify Brands Holdings, LLC
Little Beet, LLC	NY	98.0%	by Aurify Brands Holdings, LLC
Little Bluestem, LLC	KS	100%	by Sherwood Park, Inc.
Liverpool Holdings Limited	GBR	100%	by CI-F Zenith UK Holdings Limited
Livingston Portfolio Trust, LLC	DE	100%	by Ruby Portfolio Trust, LLC
LME1 Limited	GBR	100%	by Competitive Socialising Limited
Lockwood Portfolio Trust, LLC	DE	100%	by EPH, LLC
Locust Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Lost in the Andes, LLC	CA	100%	by MRC Documentary, L.P.
LPQ Sailboat Pond, Inc.	DE	100%	by APQ Sailboat Pond NY, LLC
LPQ USA, LLC	DE	100%	by Aurify Brands, LLC
LR Special Limited	GBR	100%	by A24 Films LLC
LSPW Project Limited	GBR	100%	by A24 Films LLC
LSPW Rights LLC	DE	100%	by A24 Films LLC
Luminate Data Holdings, LLC	DE	100%	by PME TopCo, LLC
Luminate Data, LLC	DE	100%	by Luminate Data Holdings, LLC
Luxury Linoleum LLC	DE	100%	by A24 Films LLC
Madison Portfolio Trust, LLC	DE	100%	by EPH, LLC
MAG Finance, LLC	KS	100%	by Dornwood Park,LLC
Magnolia Portfolio Trust, LLC	DE	100%	by EPH, LLC
Maman sait mieux Productions Inc.	CAN	100%	by A24 Sunset LLC
Mammoth Ridge Discovery, LLC	KS	100%	by Sherwood Park, Inc.
Mana BH LLC	DE	100%	by Mana Holdco Limited
Mana Holdco Limited	GBR	100%	by Moto Investco Limited
Mana OpCo Limited	GBR	100%	by Moto Investco Limited
Maple Hill, LLC	KS	100%	by Sherwood Park, Inc.
Maple Portfolio Trust, LLC	DE	100%	by EPH, LLC
Maranon Capital Ultimate General Partner LLC	DE	100%	by Eldridge Capital Management, LLC
Maranon Centre Street Executive Fund LP	DE	99.00%	by Eldridge Credit Advisers, LLC
Maranon Centre Street General Partner, LP	DE	100%	by Maranon Capital Ultimate General Partner LLC
Maranon Centre Street Partnership LP	DE	0%	Mgmt. by Maranon Centre Street General Partner, LP
Maranon Centre Street SPV LLC	DE	100%	by Maranon Centre Street Partnership LP
Maranon Centre-B Street Partnership LP	DE	0%	Mgmt. by Maranon Centre Street General Partner, LP
Maranon Centre-B Street SPV LLC	DE	100%	by Maranon Centre-B Street Partnership LP
Maranon Holdings, LLC	DE	100%	by Eldridge Capital Management, LLC
Maranon Loan Funding 2026-1 WH, LLC	KS	100%	by Ruby Slipper Pair, LLC
Maranon Management LLC	DE	100%	by Eldridge Credit Advisers, LLC
Maranon Mezzanine Fund II, LP	DE	0%	Mgmt. by Maranon Mezzanine GP II, LP
Maranon Mezzanine GP II, LP	DE	0%	Mgmt. by Maranon Capital Ultimate General Partner LLC
Maranon Mezzanine Offshore Fund II, LP	CYM	0%	Mgmt. by Maranon Mezzanine GP II, LP
Maranon Partners, LLC	KS	60.98%	by Eldridge Capital Management, LLC
Maranon Senior Credit Fund II-B, LP	DE	0%	Mgmt. by Maranon Senior Credit GP II, L.P.
Maranon Senior Credit Fund IX DB, L.P.	DE	0%	Mgmt. by Maranon Capital Ultimate General Partner LLC
Maranon Senior Credit Fund IX GP, L.P.	DE	100%	by Maranon Capital Ultimate General Partner LLC
Maranon Senior Credit Fund IX, LLC	DE	100%	by Maranon Senior Credit Fund IX DB, L.P.
Maranon Senior Credit Fund IX, LLC	DE	0%	Mgmt. by Maranon Senior Credit Fund IX GP, L.P.
Maranon Senior Credit Fund V-Onshore SPV LLC	DE	100%	by Maranon Senior Credit Strategies Fund V-Levered, LP

Name	Jurisdiction	Percent of Voting Securities Owned
Maranon Senior Credit GP II, L.P.	DE	0%	Mgmt. by Maranon Capital Ultimate General Partner LLC
Maranon Senior Credit IV, LLC	KS	100%	by Sherwood Park, Inc.
Maranon Senior Credit Opportunities Fund SPV GP, LP	DE	0%	Mgmt. by Maranon Capital Ultimate General Partner LLC
Maranon Senior Credit Opportunities Fund SPV II, LLC	DE	0%	Mgmt. by Maranon Senior Credit Opportunities Fund SPV II, LP
Maranon Senior Credit Opportunities Fund SPV II, LP	DE	0%	Mgmt. by Maranon Senior Credit Opportunities Fund SPV GP, LP
Maranon Senior Credit Opportunities Fund SPV III, LLC	DE	0%	Mgmt. by Maranon Senior Credit Opportunities Fund SPV II, LP
Maranon Senior Credit Opportunities Fund SPV III, LP	DE	0%	Mgmt. by Maranon Senior Credit Opportunities Fund SPV GP, LP
Maranon Senior Credit Opportunities Fund SPV, LLC	DE	0%	Mgmt. by Maranon Senior Credit Opportunities Fund SPV, LP
Maranon Senior Credit Opportunities Fund SPV, LP	DE	100%	by Maranon Senior Credit Opportunities Fund SPV GP, LP
Maranon Senior Credit Strategies Fund V-Levered, LP	DE	0%	Mgmt. by Maranon Senior Credit Strategies GP V, LP
Maranon Senior Credit Strategies Fund V-Unlevered, LP	DE	0%	Mgmt. by Maranon Senior Credit Strategies GP V, LP
Maranon Senior Credit Strategies Fund X GP, L.P.	DE	0%	Mgmt. by Maranon Capital Ultimate General Partner LLC
Maranon Senior Credit Strategies Fund XIII DB, LLC	DE	0%	Mgmt. by Maranon Senior Strategies Fund XIII GP, L.P.
Maranon Senior Credit Strategies Fund XIV GP, L.P.	DE	0%	Mgmt. by Maranon Capital Ultimate General Partner LLC
Maranon Senior Credit Strategies Fund XIV, L.P.	DE	0%	Mgmt. by Maranon Senior Credit Strategies Fund XIV GP, L.P.
Maranon Senior Credit Strategies Fund X-Levered, L.P.	DE	0%	Mgmt. by Maranon Senior Credit Strategies Fund X GP, L.P.
Maranon Senior Credit Strategies Fund X-Unlevered, L.P.	DE	0%	Mgmt. by Maranon Senior Credit Strategies Fund X GP, L.P.
Maranon Senior Credit Strategies GP V, LP	DE	0%	Mgmt. by Maranon Capital Ultimate General Partner LLC
Maranon Senior Credit X-Levered SPV, LLC	DE	100%	by Maranon Senior Credit Strategies Fund X-Levered, L.P.
Maranon Senior Rated Fund I LLC	DE	0%	Mgmt. by Eldridge Credit Advisers, LLC
Maranon Senior Strategies Fund XIII GP, L.P.	DE	100%	by Maranon Capital Ultimate General Partner LLC
Maranon Senior Strategies Fund XIII, L.P.	DE	100%	by Maranon Senior Credit Strategies Fund XIII DB, LLC
Maranon Services Corp.	DE	100%	by Eldridge Credit Advisers, LLC
Maranon Services, LLC	DE	99.9%	by Eldridge Credit Advisers, LLC
Maranon Services, LLC	DE	0.1%	by Maranon Services Corp.
Mark the Squid Limited	GBR	100%	by A24 Films LLC
Marty Post Inc.	CAN	100%	by ITTF Rights LLC
MASH EI Holdco, LLC	DE	0%	Mgmt. by EEH 2017 Prefered Member, LLC
Maslow's Group LLP	GBR	0%	Board rights held by Cain PE LLC
Maslow's Kensington Employee Co Limited	GBR	100%	by Maslow's UK Services Ltd
Maslow's UK Services Ltd	GBR	100%	by Maslow's Group LLP
Mason Portfolio Trust, LLC	DE	100%	by EPH, LLC
Massive Noise Holdings, LLC	DE	100%	by 13FEG Ops, LLC
Massive Noise LLC	CO	100%	by Massive Noise Holdings, LLC
Mayfair Portfolio Trust, LLC	DE	100%	by EPH, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
McBride Portfolio Trust, LLC	DE	100%	by Eldridge Finco, LLC
Meadowlark Funding LLC	KS	100%	by Dayton Funding, LLC
Media Rights Capital II, LLC	DE	100%	by MRC III Holdings, LLC
Media Rights Capital III, LLC	DE	0.94%	by DCP Holdco I LLC
Media Rights Capital III, LLC	DE	36.56%	by EMG HoldCo, LLC
Meez Culinary Solutions, Inc.	DE	14.9%	by Aurify Brands Management, LLC
Meez Culinary Solutions, Inc.	DE	85.1%	by Aurify Brands, LLC
Mellotron, LLC	DE	40.0%	by Carlostron, LLC
Melt Shop Enterprises, LLC	NY	100%	by Melt Shop, LLC
Melt Shop, LLC	NY	96.5%	by Aurify Brands Holdings, LLC
Meriden Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Merriam Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
MF Master Seed Co., LLC	DE	100%	by Wanamaker Portfolio Trust, LLC
MF Seed Co, LLC	DE	100%	by MF Master Seed Co, LLC
MG Warwick Street HoldCo Limited	GBR	100%	by Maslow's Group LLP
MG Warwick Street OpCo Limited	GBR	100%	by MG Warwick Street HoldCo Limited
MG Warwick Street PropCo Limited	GBR	100%	by MG Warwick Street HoldCo Limited
Miami Waterfront Ventures Mezz, LLC	DE	100%	by CHE South Brickell LLC
Miami Waterfront Ventures Parent, LLC	DE	60.0%	by CHE South Brickell LLC
Miami Waterfront Ventures, LLC	DE	100%	by CHE South Brickell LLC
Millway Drive LLC	DE	100%	by A24 Films LLC
Mine Creek, LLC	KS	100%	by Sherwood Park, Inc.
Ministry of Arts and Interrogation LLC	DE	100%	by A24 Films LLC
Ministry of Creative Reasoning LLC	DE	100%	by After The Fact LLC
Miss Gabler Productions LLC	DE	100%	by A24 Films LLC
Misty Green LLC	DE	100%	by A24 Films LLC
Misty Rights LLC	DE	100%	by A24 Films LLC
MK Debt, LLC	DE	100%	by LPQ USA, LLC
MK USA, LLC	DE	100%	by LPQ USA, LLC
Momijigaoka Shukusha Jigyo Tokutei Mokuteki Kaisha	Japan	74.0%	by AP Hakone Pte. Limited
Monarch Field, LLC	KS	100%	by Security Benefit Life Insurance Company
Monoceros Media LLC	DE	100%	by A24 Films LLC
Monoceros Post Inc.	CAN	100%	by A24 Sunset LLC
Monroe Portfolio Trust, LLC	DE	100%	by Eldridge Industries, LLC
Monsters of God LLC	DE	100%	by A24 Films LLC
Monterey Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Monterra Asset Holdings, LLC	DE	100%	by Monterra Trust
Monterra FA Holdings, LLC	NJ	100%	by Monterra Trust
Monterra Trust	DE	100%	by EPH Holdings, LLC
Montgomery Portfolio Trust, LLC	DE	100%	by EPH, LLC
Moore Portfolio Trust, LLC	DE	100%	by EPH, LLC
Morning People LLC	DE	100%	by Elia Management LLC
Morningside Portfolio Trust, LLC	DE	100%	by EPH, LLC
Morse Code UK Films Limited	GBR	100%	by MRC II Holdings, LP
Morse Code, LLC	CA	100%	by MRC II Holdings, LP
Mosaic Media Investment Partners, LLC	DE	100%	by DCP Holdings DE, LLC
Mother Knows Post LLC	DE	100%	by A24 Films LLC
Mother Mary Rights LLC	DE	100%	by A24 Films LLC
Moto Investco Limited	GBR	13.33%	by Atlas Venture Investment LP
Mountains & Rivers LLC	DE	100%	by A24 Films LLC
MPQ 1377 Sixth Avenue, LLC	NY	100%	by MK USA, LLC
MPQ 1400 Broadway, LLC	NY	100%	by MK USA, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
MPQ 1535 Third Avenue LLC	NY	100%	by MK USA, LLC
MPQ 1800 Broadway, LLC	NY	100%	by MK USA, LLC
MPQ 2161 Broadway, LLC	NY	100%	by MK USA, LLC
MPQ 339 Seventh Avenue, LLC	NY	100%	by MK USA, LLC
MPQ 370 Lexington, LLC	NY	100%	by MK USA, LLC
MPQ 400 Fifth Avenue, LLC	NY	100%	by MK USA, LLC
MPQ 685 Third Avenue, LLC	NY	100%	by MK USA, LLC
MPQ 688 Bronx HoldCo, LLC	DE	100%	by MK USA, LLC
MPQ 921 Broadway, LLC	NY	100%	by MK USA, LLC
MPQ Bronx Commissary, LLC	NY	100%	by MK USA, LLC
MRC Documentary Holdings, LLC	DE	100%	by Media Rights Capital II, LLC
MRC Documentary, L.P.	DE	99.9%	by Media Rights Capital II, LLC
MRC I Hedge Co, LLC	DE	100%	by MRC II Holdings, LP
MRC I Project Co, LLC	DE	100%	by MRC II Holdings, LP
MRC II Distribution Company, L.P.	DE	99.9%	by Media Rights Capital II, LLC
MRC II Holdings, LP	DE	99.9%	by MRC II Distribution Company, L.P.
MRC II Sub GP, LLC	DE	100%	by Media Rights Capital II, LLC
MRC III Holdings, LLC	DE	100%	by Media Rights Capital III, LLC
MRC International Distribution Company, Inc.	DE	100%	by MRC II Distribution Company, L.P.
MRC Investments, LLC	DE	100%	by Media Rights Capital II, LLC
MRC360, LLC	CA	100%	by MRC II Holdings, LP
MS 101 Maiden, LLC	NY	100%	by Melt Shop, LLC
MS Menlo Park, LLC	NY	100%	by Melt Shop, LLC
MS Roosevelt Field, LLC	NY	100%	by Melt Shop, LLC
MS Smith Haven, LLC	NY	100%	by Melt Shop, LLC
MS Special Events, LLC	NY	100%	by Melt Shop, LLC
MS Staten Island, LLC	NY	100%	by Melt Shop, LLC
MS Sub W50, LLC	NY	100%	by MS W50, LLC
MS W26, LLC	NY	100%	by Melt Shop, LLC
MS W50, LLC	NY	100%	by Melt Shop, LLC
MS W52, LLC	NY	100%	by Melt Shop, LLC
MS Westchester, LLC	NY	100%	by Melt Shop, LLC
Mulberry Portfolio Trust LLC	DE	100%	by EPH, LLC
Music Business Worldwide Limited (UK)	GBR	50.0%	by PME Holdings, LLC
N318MM, LLC	KS	50.0%	by Eldridge Wealth Solutions, Inc.
Nashville Nightmare, LLC	TN	100%	by Nightmare Holdings, LLC
NBT Holdings, LLC	DE	97.0%	by Venture Brand Management LLC
Neptune Co.	CYM	50.0%	by Janu Boat (Cayman) Limited
Net-Net Worldwide LLC	DE	100%	by A24 Films LLC
New Fortwick 1 GP Limited	Scotland	100%	by ECM UK Holdings Limited
NewPoint Impact Fund I Access GP LLC	DE	100%	by Capital Integration Systems LLC
NewPoint Impact Fund I Access, L.P.	DE	0%	Mgmt. by NewPoint Impact Fund I Access GP LLC
Newton Portfolio Trust, LLC	DE	100%	by EPH, LLC
Nextant Aerospace, LLC	OH	100%	by Nextant Sales, LLC
Nextant Sales, LLC	OH	100%	by Fairgrave Omlie, LLC
Nice Playground LLC	DE	100%	by A24 Films LLC
Nicodemus Place, LLC	KS	100%	by Sherwood Park, Inc.
Nightmare Holdings, LLC	DE	100%	by 13 FEG Haunted Holdings, LLC
No Commas LLC	DE	100%	by A24 Films LLC
North City Screams LLC	IL	100%	by 13 FEG Haunted Holdings, LLC
Northwest TCI Holdings Ltd.	Turks and Caicos	100%	by TCI FINCO LIMITED
Note Funding 1892-2, LLC	KS	100%	by EPH, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
NZC Capital LLC	DE	89.5%	by Todd L. Boehly, Individual
Oakridge Portfolio Trust, LLC	DE	100%	by EPH, LLC
Oaktree Entertainment, LLC	DE	100%	by MRC II Holdings, LP
Oaktree Opportunities XII CAIS (Onshore) Access Fund, L.P.	DE	0%	Mgmt. by CAIS OT Opportunities XII CAIS (Onshore) Access Fund GP LLC
Oasis BH, LLC	DE	29.33%	by CI BH Holdings II LLC
Oasis BH, LLC	DE	58.22%	by CI BH Holdings LLC
Oasis West Realty LLC	DE	100%	by OWR Mezz II Borrower LLC
OBH FB Issuer LLC	DE	100%	by OBH PE Issuer II LLC
OBH HoldCo LLC	DE	100%	by OBH HoldCo Pledgor LLC
OBH HoldCo Pledgor LLC	DE	100%	by OBH FB Issuer LLC
OBH Intermediate Holdco, LLC	DE	100%	by Oasis BH, LLC
OBH PE Issuer II LLC	DE	100%	by OBH PE Issuer LLC
OBH PE Issuer LLC	DE	100%	by Oasis BH, LLC
Ocarina Incident LLC	DE	100%	by After The Fact LLC
OCM Private Wealth Alternative Opportunities Fund I GP LLC	DE	100%	by Capital Integration Systems LLC
OCM Private Wealth Alternative Opportunities Fund I, L.P.	DE	0%	Mgmt. by OCM Private Wealth Alternative Opportunities Fund I GP LLC
OGS London Limited	GRB	100%	by Mana OpCo Limited
On The Rocks LLC	DE	100%	by After The Fact LLC
One BH Investors LLC	DE	77.5%	by Cain RE LLC
One BH Investors LLC	DE	22.5%	by Mana BH LLC
One Brick Select Private Equity 2024 GP LLC	DE	100%	by Capital Integration Systems LLC
One Brick Select Private Equity 2024, L.P.	DE	0%	Mgmt. by One Brick Select Private Equity 2024 GP LLC
One Brick Select Private Real Estate 2025 GP LLC	DE	100%	by Capital Integration Systems LLC
One Brick Select Private Real Estate 2025, L.P.	DE	0%	Mgmt. by One Brick Select Private Real Estate 2025 GP LLC
One For All Productions LLC	DE	100%	by A24 Films LLC
One For All Rights LLC	DE	100%	by A24 Films LLC
One Sky Flight Holdings, LLC	DE	100%	by Epic Aero, Inc.
One Sky Flight, LLC	DE	100%	by One Sky Flight Holdings, LLC
Onslaught Productions Inc.	CAN	100%	by Onslaught Rights LLC
Onslaught Rights LLC	DE	100%	by A24 Films LLC
Orlando Portfolio Trust, LLC	DE	100%	by Rocky Portfolio Trust, LLC
Osler Media Inc.	CAN	100%	by A24 Sunset LLC
Osler Media Quebec Inc.	CAN	100%	by A24 Sunset LLC
Oso Season LLC	DE	100%	by A24 Films LLC
Owl Capital, LLC	DE	0%	Mgmt. by EEH 2017 Prefered Member, LLC
OWR Hotel Owner LLC	DE	100%	by OWR Intermediate Co LLC
OWR Intermediate Co LLC	DE	100%	by OWR InvestCo LLC
OWR InvestCo LLC	DE	100%	by OBH HoldCo LLC
OWR Mezz II Borrower LLC	DE	100%	by OBH Intermediate Holdco, LLC
Ozawkie LLC	KS	100%	by Dayton Funding, LLC
Paderna sp.zo.o	Poland	100%	by PZO JV B.V.
Palm Beach Ambassador Fee Borrower LLC	DE	100%	by Palm Beach Ambassador Fee Pledgor LLC
Palm Beach Ambassador Fee Pledgor LLC	DE	100%	by The Ambassador Hotel Cooperative Apartments Corp.
Palm Beach Ambassador Holdco LLC	DE	100%	by Palm Beach Edgewater/Ambassador JV LLC
Palm Beach Ambassador Leasehold Borrower LLC	DE	100%	by Palm Beach Ambassador Leasehold Pledgor LLC
Palm Beach Ambassador Leasehold Pledgor LLC	DE	100%	by Palm Beach Ambassador Holdco LLC

Name	Jurisdiction	Percent of Voting Securities Owned
Palm Beach Edgewater Fee Borrower LLC	DE	100%	by Palm Beach Edgewater Fee Pledgor LLC
Palm Beach Edgewater Fee Pledgor LLC	DE	100%	by The Edgewater House Corporation
Palm Beach Edgewater Holdco LLC	DE	100%	by Palm Beach Edgewater/Ambassador JV LLC
Palm Beach Edgewater Leasehold Borrower LLC	DE	100%	by Palm Beach Edgewater Leasehold Pledgor LLC
Palm Beach Edgewater Leasehold Pledgor LLC	DE	100%	by Palm Beach Edgewater Holdco LLC
Palm Beach Edgewater/Ambassador JV LLC	DE	50.0%	by ACZ PB Holdings, LLC
Palmer Portfolio Trust, LLC	DE	100%	by Primrose Portfolio Trust, LLC
Palouse Productions LLC	DE	100%	by A24 Films LLC
Panagram Senior Loan Fund I GP, LLC	DE	100%	by ESCA Holdings, LLC
Panagram Senior Loan Fund I, LP	DE	0%	Mgmt. by Panagram Senior Loan Fund I GP, LLC
Panagram Senior Loan Fund II GP, LLC	DE	100%	by ESCA Holdings, LLC
Panagram Senior Loan Fund II, LP	DE	0%	Mgmt. by Panagram Senior Loan Fund II GP, LLC
Panagram Senior Loan Fund III GP, LLC	DE	100%	by ESCA Holdings, LLC
Panagram Senior Loan Fund III, LP	DE	0%	Mgmt. by Panagram Senior Loan Fund III GP, LLC
Panagram Senior Loan Fund IV GP, LLC	DE	100%	by ESCA Holdings, LLC
Panagram Senior Loan Fund IV, LP	DE	0%	Mgmt. by Panagram Senior Loan Fund IV GP, LLC
Panagram Senior Loan Fund V GP, LLC	DE	100%	by ESCA Holdings, LLC
Panagram Senior Loan Fund V, LP	DE	0%	Mgmt. by Panagram Senior Loan Fund V GP, LLC
Panagram Senior Loan Fund VI GP, LLC	DE	100%	by ESCA Holdings, LLC
Panagram Senior Loan Fund VI, LP	DE	0%	Mgmt. by Panagram Senior Loan Fund VI GP, LLC
Parks and Haites Limited	GBR	100%	by A24 Films LLC
PayActiv, Inc.	DE	17.65%	by Eldridge PayActiv Holdings LLC
PD Holdings LLC	DE	100%	by Dayton Funding, LLC
Peasant Productions LLC	DE	100%	by A24 Films LLC
Peasant Rights LLC	DE	100%	by A24 Films LLC
Perry Park, LLC	KS	100%	by Security Benefit Life Insurance Company
Perry Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
PG Senior Loan Fund VIII Issuer, LLC	DE	100%	by Merriam Portfolio Trust, LLC
PG32OS LLC	DE	100%	by Policygenius LLC
Pickleback NOLA, LLC	LA	100%	by MRC II Holdings, LP
Pickleback, LLC	CA	100%	by MRC II Holdings, LP
Pinckney Holdings, LLC	DE	100%	by Security Benefit Life Insurance Company
Pinecrest Portfolio Trust, LLC	DE	100%	by EPH, LLC
Pinegrove Capital Partners I Access, L.P.	DE	0%	Mgmt. by CAIS Pinegrove Capital Partners I Access GP LLC
Pink Chair Productions LLC	DE	100%	by After The Fact LLC
Pink Opaque LLC	DE	100%	by After The Fact LLC
Pixion Games Limited	GBR	11.62%	by Eldridge Pixion Funding LLC
PME AH LLC	DE	100%	by EMH II, LLC
PME Holdings, LLC	DE	100%	by PME TopCo, LLC
PME Investor, LLC	DE	100%	by Eldridge Sports and Entertainment GP, LP
PME Music, LLC	DE	100%	by PME Holdings, LLC
PME TopCo, LLC	DE	40.0%	by EMH-PME Holdings, LLC
PME-DCP HoldCo, LLC	DE	100%	by PME TopCo, LLC
Poker Face CDN Productions Inc.	CAN	100%	by MRC II Holdings, LP
Policygenius BGA LLC	DE	100%	by Zinnia Tech Solutions LLC
Policygenius LLC	DE	100%	by Zinnia Tech Solutions LLC
Poppy Field Productions, LLC	CA	100%	by MRC II Holdings, LP
Portsmouth Zenith Holdings Limited	GBR	100%	by CI-F Zenith UK Holdings Limited
Post Portfolio Trust, LLC	DE	100%	by Monroe Portfolio Trust, LLC
Potwin Place, LLC	KS	100%	by Dayton Funding, LLC
Prairie Hill, LLC	KS	100%	by Sherwood Park, Inc.
PrescientCo Holdings, LLC	DE	16.58%	by Eldridge PCH Holdings, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
PrescientCo Holdings, LLC	DE	15.25%	by Mayfair Portfolio Trust, LLC
PrescientCo Holdings, LLC	DE	23.50%	by Palmer Portfolio Trust, LLC
PrescientCo Holdings, LLC	DE	24.82%	by Steamboat Portfolio Trust, LLC
PrescientCo LLC	DE	100%	by PrescientCo Holdings, LLC
Prezzo Trading Limited	GBR	100%	by Brava Hospitality Group Limited
Priest Lake Haunted Woods, LLC	TN	100%	by Nightmare Holdings, LLC
Primary Issue Anchor Separate Account LLC	DE	100%	by Sherwood Park, Inc.
Primrose Portfolio Trust, LLC	DE	100%	by EPH, LLC
Princess Klepto LLC	DE	100%	by After The Fact LLC
PrivateFly Limited	GBR	100%	by Skyjet Europe Limited
Procyon Evergreen I GP LLC	DE	100%	by Capital Integration Systems LLC
Procyon Evergreen I, L.P.	DE	0%	Mgmt. by Procyon Evergreen I GP LLC
Procyon Vintage I GP LLC	DE	100%	by Capital Integration Systems LLC
Procyon Vintage I, L.P.	DE	0%	Mgmt. by Procyon Vintage I GP LLC
Prospect Portfolio Trust, LLC	DE	100%	by EPH, LLC
Public House Productions LLC	DE	100%	by A24 Films LLC
Pumpkin Fest Holdings, LLC	DE	100%	by 13FEG Ops, LLC
Putnam Asset Holdings, LLC	DE	100%	by EPH, LLC
PZO JV B.V.	Netherlands	90.0%	by CIEF1 UK Holdings Limited
Queen Morgan, LLC	CA	100%	by MRC Documentary Holdings, LLC
Queens LLC	DE	100%	by After The Fact LLC
Quinton Heights, LLC	KS	100%	by Dayton Funding, LLC
RA 1537 Holding Limited	GBR	100%	by Mana Holdco Limited
Radnor Equity Partners, L.P.	DE	0%	Mgmt. by CAIS Radnor Equity Partners GP LLC
Raging Bear, LLC	DE	100%	by MRC II Holdings, LP
Raising Destiny, LLC	CA	100%	by MRC Documentary, L.P.
Ramy Rights LLC	DE	100%	by A24 Films LLC
Randolph Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Ravenwood Portfolio Trust, LLC	DE	100%	by Dayton Funding, LLC
Razor's Edge Fund IV Access GP LLC	DE	100%	by Capital Integration Systems LLC
Razor's Edge Fund IV Access, L.P.	DE	0%	Mgmt. by Razor's Edge Fund IV Access GP LLC
Real American Hero LLC	DE	100%	by A24 Films LLC
Real American Hero Productions Ltd.	CAN	100%	by Real Hero Rights LLC
Real American Hero Quebec Productions Ltd.	CAN	100%	by Real American Hero LLC
Real Hero Rights LLC	DE	100%	by A24 Films LLC
Red Sea 2022-1, LLC	KS	100%	by Sherwood Park, Inc.
Red Sea 2024-1, LLC	KS	100%	by Sherwood Park, Inc.
Red Sea 2024-6, LLC	DE	100%	by Eldridge Wealth Solutions, Inc.
Renegade Brands USA, INC.	DE	20.0%	by Canon Portfolio Trust, LLC
Ride or Die CDN Productions Inc.	CAN	100%	by MRC II Holdings, LP
Ride or Die Productions, LLC	CA	100%	by MRC II Holdings, LP
Ridge Media Holdings, LLC	DE	100%	by GEC Finance, LLC
Rights By Lloyd LLC	DE	100%	by A24 Films LLC
Ring Finger LLC	DE	100%	by A24 Films LLC
Ring Finger Rights LLC	DE	100%	by A24 Films LLC
Riot Going On, LLC	CA	100%	by MRC Documentary, L.P.
Ripley Park, LLC	DE	70.0%	by Sherwood Park, Inc.
Ripple Effects CDN Productions Inc.	CAN	100%	by MRC II Holdings, LP
Ripple Effects Productions, LLC	CA	100%	by MRC II Holdings, LP
Rivabella sp.zo.o	Poland	100%	by Krakow Office Park B.V.
Riverside Portfolio Trust, LLC	DE	100%	by EPH, LLC
RJPC Holdings LLC	DE	95.0%	by RJPC Investor, LLC
RJPC Investor, LLC	DE	50.0%	by Eldridge RJPC Holdings, LLC

Name	Jurisdiction	Percent of Voting Securities Owned
RJPC Investor, LLC	DE	50.0%	by Stonebriar Commercial Finance LLC
RJPC Lender LLC	DE	100%	by RJPC Holdings LLC
RNF AB Assetco, LLC	DE	100%	by Dayton Funding, LLC
RNF Assetco, LLC	KS	100%	by Mine Creek, LLC
Rocky Portfolio Trust, LLC	DE	100%	by McBride Portfolio Trust, LLC
Roll Down, LLC	CA	100%	by MRC II Holdings, LP
Rolling Stone Licensing LLC	DE	100%	by Rolling Stone LLC
Rolling Stone LLC	DE	100%	by Rolling Stone Media, LLC
Rolling Stone Media, LLC	DE	100%	by PME Music, LLC
Roman 1 Sarl	LUX	100%	by Roman JV Sarl
Roman 2 Sarl	LUX	100%	by Roman JV Sarl
Roman JV Sarl	LUX	100%	by CI Roman Holdings Sarl
Roman SNC	France	99.9%	by Roman 1 Sarl
Roman SNC	France	0.01%	by Roman 2 Sarl
Rosa Alpina 1537 S.R.L.	Italy	49.0%	by RA 1537 Holding Limited
Round About Bar LLC	DE	100%	by After The Fact LLC
Round About Pub Limited	GBR	100%	by A24 Films LLC
Royalty Rights LLC	DE	100%	by A24 Films LLC
RoyaltyHL5 LLC	DE	100%	by After The Fact LLC
RS Branding, LLC	DE	100%	by Rolling Stone LLC
Ruby Portfolio Trust, LLC	DE	100%	by EPH, LLC
Ruby Slipper Pair, LLC	KS	100%	by Sherwood Park, Inc.
Rules Beauty, Inc.	DE	36.57%	by A24 Ventures LLC
Rush Job LLC	DE	100%	by A24 Films LLC
S (BOS) LLC	MA	100%	by Competitive Socializing US LLC
S (CHI) LLC	DE	100%	by Competitive Socializing US LLC
S(LSV) LLC	NV	100%	by Competitive Socializing US LLC
S(WBP)LLC	DC	100%	by Competitive Socializing US LLC
S(WDC) LLC	DC	100%	by Competitive Socializing US LLC
S(WMB) LLC	NY	100%	by Competitive Socializing US LLC
Sable River Capital, LLC	DE	0%	Mgmt. by EEH 2017 Prefered Member, LLC
Sager House (Almeida) Limited	GBR	100%	by CH Capital A Holdings LLC
SAILES 2, LLC	DE	100%	by Security Benefit Life Insurance Company
Salsa Cruiseline Limited	GBR	100%	by A24 Films LLC
SAM Alternative Investment Opportunities Fund I, L.P.	DE	0%	Mgmt. by CAIS SAM Alternative Investment Opportunities Fund I GP LLC
SAM Alternative Investment Opportunities Fund II GP LLC	DE	100%	by Capital Integration Systems LLC
SAM Alternative Investment Opportunities Fund II, L.P. Offshore	CYM	0%	Mgmt. by SAM Alternative Investment Opportunities Fund II GP LLC
Sapphire NY Hotel (Corp) LLC	DE	100%	by Sapphire NY Hotel HoldCo LLC
Sapphire NY Hotel Dining LLC	DE	100%	by Sapphire NY Hotel HoldCo LLC
Sapphire NY Hotel HoldCo LLC	DE	100%	by CGREF AIV 1 LP
Sapphire NY Hotel MezzCo LLC	DE	99.0%	by Sapphire NY Hotel PropCo HoldCo LLC
Sapphire NY Hotel OpCo GP LLC	DE	100%	by Sapphire NY Hotel OpCo HoldCo LLC
Sapphire NY Hotel OpCo HoldCo LLC	DE	99.0%	by Sapphire NY Hotel HoldCo LLC
Sapphire NY Hotel OpCo LP	DE	100%	by Sapphire NY Hotel OpCo HoldCo LLC
Sapphire NY Hotel PropCo HoldCo LLC	DE	100%	by Sapphire NY Hotel HoldCo LLC
Sapphire NY Hotel PropCo LLC	DE	100%	by Sapphire NY Hotel MezzCo LLC
Saving The World LLC	DE	100%	by A24 Films LLC
SB 625 Madison Holding, LLC	DE	100%	by Security Benefit Life Insurance Company
SB Corporate Funding LLC	DE	100%	by Eldridge Wealth Solutions, Inc.
SB Corporate Funding LLC	DE	100%	by Eldridge Wealth Solutions, Inc.

	Page
General Information and History	2
The Company	2
The Separate Account	2
Principal Underwriter	2
General Information	2
Safekeeping of Assets	2
Non-Principal Risks of Investing in the Contract	2
Performance Information	2
Mixed and Shared Funding Conflicts	3
Independent Registered Public Accounting Firm	3
Financial Statements	3


Report of Independent Registered Public Accounting Firm			1

Audited Financial Statements

Statements of Net Assets			3

Statements of Operations and Change in Net Assets			4

Notes to Financial Statements			9

1. Organization and Significant Accounting Policies			9

2. Variable Annuity Contract Charges			12

3. Summary of Unit Transactions			13

4. Financial Highlights			14

5. Subsequent Events			17

(a)(1)	Security Distributors, LLC (“SDL”), a subsidiary of SBL, acts as principal underwriter for the following separate accounts of SBL:

	SBL Variable Annuity Account I SBL Variable Annuity Account III SBL Variable Annuity Account IV Security Varilife Separate Account (Security Elite Benefit) Security Varilife Separate Account (Security Varilife) SBL Variable Universal Life Insurance Account (Varilife) Parkstone Advantage Variable Annuity Variflex Separate Account (Variflex) Variflex Separate Account (Variflex ES) SBL Variable Annuity Account VIII (Variflex Extra Credit) SBL Variable Annuity Account VIII (Variflex LS) SBL Variable Annuity Account VIII (Variflex Signature) Variable Annuity Account XI (Scarborough Advantage Variable Annuity) SBL Variable Annuity Account XIV (AdvisorDesigns Variable Annuity) SBL Variable Annuity Account XIV (AEA Variable Annuity) SBL Variable Annuity Account XIV (AdvanceDesigns Variable Annuity) SBL Variable Annuity Account XIV (EliteDesigns Variable Annuity) SBL Variable Annuity Account XIV (EliteDesigns II Variable Annuity) SBL Variable Annuity Account XIV (NEA Valuebuilder) SBL Variable Annuity Account XIV (NEA Valuebuilder Retirement Income Director Variable Annuity) SBL Variable Annuity Account XIV (SecureDesigns Variable Annuity) SBL Variable Annuity Account XIV (Security Benefit Advisor Variable Annuity) SBL Variable Annuity Account XVII (ClassicStrategies Variable Annuity) SBL Variable Annuity Account XVII (ThirdFed Variable Annuity) T. Rowe Price Variable Annuity Account

(a)(2)	SDL acts as principal underwriter for the following separate accounts of First Security Benefit Life Insurance and Annuity Company of New York (“FSBL”):

	Variable Annuity Account A (AdvisorDesigns Variable Annuity) Variable Annuity Account A (EliteDesigns Variable Annuity) Variable Annuity Account A (EliteDesigns II Variable Annuity) Variable Annuity Account B (SecureDesigns Variable Annuity) Variable Annuity Account B (AdvanceDesigns Variable Annuity) T. Rowe Price Variable Annuity Account of First Security Benefit Life Insurance and Annuity Company of New York

(a)(3)	SDL acts as principal underwriter for the following Nationwide Life Insurance Company Separate Accounts:

	Nationwide Multi-Flex Variable Account Nationwide Variable Account 9

(b)	Name and Principal Business Address*	Position and Offices with Underwriter
	David G. Byrnes	President and Head of Distribution
	Colin W. Bishop	Chief Financial Officer, Treasurer, and Finance and Operations Principal
	Kurt E. Auleta	Senior Vice President, Sales Manager West
	Justin A. Jacquinot	Senior Vice President, Direct Relationships
	James J. Kiley	Senior Vice President, Education Market and Affiliates
	Michael T. Maghini	Senior Vice President, National Accounts
	Michael K. Reidy	Senior Vice President
	Matthew V. Rocha	Senior Vice President, Sales Manager East
	Richard J. Wells	Senior Vice President

(c)	(1)	(2)	(3)	(4)	(5)
	Name of Principal Underwriter	Net Underwriting Discounts and Commissions	Compensation on Redemption	Brokerage Commissions	Other Compensation
	Security Distributors, LLC	$342,9981	N/A	$0	N/A
	1 Security Benefit Life Insurance Company pays commissions to broker-dealers through SDL. This is the amount paid to SDL in connection with all contracts sold through the Separate Account. SDL passes through to the selling broker-dealers all such amounts.

By:	Security Benefit Life Insurance Company
	(the Insurance Company)
	*
	Douglas G. Wolff, Chief Executive Officer and Director

By:	Variable Annuity Account XI
	(The Registered Separate Account)
	*
	Douglas G. Wolff, Chief Executive Officer and Director

By:	*
	Douglas G. Wolff, Chief Executive Officer and Director
By:	*
	Brian J. Beckett, Senior Vice President, Chief Financial Officer, and Director
By:	*
	Rui Guo, Senior Vice President, Chief Actuary, Chief Product Officer, and Director
By:	*
	John F. Guyot, Senior Vice President, Chief Legal Officer, and Director
By:	*
	Joseph W. Wittrock, Senior Vice President, Chief Investment Officer, and Director
*By:	/s/ Alison Pollock
	Alison Pollock, as Attorney-in-Fact

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document