Delphi Financial Group, Inc.

Name: Delphi Financial Group, Inc. 13F holdings, Q1 2025
Creator: Delphi Financial Group, Inc.
Published: 2025-05-12

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

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Delphi Financial Group, Inc. reported 20 stock positions worth $162.4 million. Its top holding was Janus Henderson Aaa Clo ETF (JAAA) at 26.4% of the portfolio, followed by Energy Transfer (ET, 16.3%) and MPLX (MPLX, 11.2%). Compared with Q4 2024, it opened 2 new positions, sold out of 4, added to 8 and reduced 2. The biggest buy was Janus Henderson Aaa Clo ETF (JAAA, shares +113%) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −65%).

Most Recent 13F: Q2 2026
Location: Wilmington, DE
CIK: 0000859139
Portfolio Value: $162.4M (Q1 2025)
SEC Filing: 0000950123-25-004568 ↗ filed May 12, 2025

Holdings Value

Holdings 20 stocks · $162.4M


JAAA Janus Henderson Aaa Clo ETF	26.44%	846,695	$42.9M	Add +112.7%
ET Energy Transfer LP	16.28%	1,421,945	$26.4M	No change
MPLX MPLX LP	11.24%	341,079	$18.3M	No change
VTI VG Morningstar TS MKT ETF-US	10.03%	59,280	$16.3M	Reduce -64.7%
FXI iShares China Large-Cap ETF	5.15%	233,510	$8.4M	Add +94.6%
TSM Taiwan Semiconductor-SP ADR	4.89%	47,830	$7.9M	No change
ASHR Xtrackers Harvest Csi 300 CH	4.72%	288,030	$7.7M	Add +107.2%
EFC Ellington Financial Inc.	4.57%	560,057	$7.4M	Add +44.3%
LNG Cheniere Energy Inc.	3.59%	25,220	$5.8M	No change
AMZN Amazon.com Inc.	2.81%	24,000	$4.6M	No change
EXE Expand Energy Corp.	2.52%	36,720	$4.1M	No change
MSFT Microsoft Corp.	2.50%	10,800	$4.1M	No change
OXFORD LANE CAP CORP	1.73%	596,687	$2.8M	Add +33.8%
TSLX Sixth Street Specialty Lendi	0.62%	45,106	$1.0M	Reduce -35.7%
EARN Ellington Credit Co.	0.61%	184,000	$995K	New
ACRE Ares Commercial Real Estate	0.61%	214,937	$995K	New
MFA Mfa Financial Inc.	0.59%	94,000	$964K	Add +34.3%
PFF iShares Preferred & Income S	0.46%	24,499	$753K	Add +145.0%
CCC CCC Intelligent Solutions Ho	0.43%	76,529	$691K	Add +34.2%
RNAC Cartesian Therapeutics Inc.	0.18%	22,028	$290K	No change

Other holdings (2): bonds, preferreds, convertibles and warrants · $3.4M (not counted above)

Security	Class	Shares / Principal	Value	Change
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27)	NOTE 5.500% 3/1 · principal	2,000,000	$1.9M	No change
TWO HARBORS INV CORP (TWO 6.25 01/15/26)	NOTE 6.250% 1/1 · principal	1,509,000	$1.5M	No change

Total filed on the 13F, all lines: $165.8M.

Portfolio Sells Q4 2024 → Q1 2025


VTI VG Morningstar TS MKT ETF-US	Reduce -64.7%	10.03%	−16.21
SHYG iShares 0-5 YR HY Corp. Bond	Sold out	0.00%	−12.18
AGNC AGNC Investment Corp.	Sold out	0.00%	−1.53
ZROZ PIMCO 25+ YR Zero CPN US Tif	Sold out	0.00%	−0.34
TSLX Sixth Street Specialty Lendi	Reduce -35.7%	0.62%	−0.18
VTWO Vanguard Russell 2000 ETF	Sold out	0.00%	−0.12

Portfolio Buys Q4 2024 → Q1 2025


JAAA Janus Henderson Aaa Clo ETF	Add +112.7%	26.44%	+15.57
FXI iShares China Large-Cap ETF	Add +94.6%	5.15%	+3.19
ASHR Xtrackers Harvest Csi 300 CH	Add +107.2%	4.72%	+2.73
EFC Ellington Financial Inc.	Add +44.3%	4.57%	+2.04
EARN Ellington Credit Co.	New	0.61%	+0.61
ACRE Ares Commercial Real Estate	New	0.61%	+0.61
OXFORD LANE CAP CORP	Add +33.8%	1.73%	+0.52
PFF iShares Preferred & Income S	Add +145.0%	0.46%	+0.29
MFA Mfa Financial Inc.	Add +34.3%	0.59%	+0.21
CCC CCC Intelligent Solutions Ho	Add +34.2%	0.43%	+0.07

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	25	$200.4M	ASHR, ET, VTI, EFC, TSM
Q1 2026	31	$219.7M	JAAA, ET, ASHR, FXI, EFC
Q4 2025	26	$196.8M	JAAA, ET, ASHR, FXI, TSM
Q3 2025	21	$174.4M	JAAA, ET, FXI, ASHR, TSM
Q2 2025	20	$138.4M	JAAA, ET, TSM, EFC, FXI
Q1 2025	20	$162.4M	JAAA, ET, MPLX, VTI, FXI
Q4 2024	22	$185.6M	VTI, ET, SHYG, JAAA, MPLX
Q3 2024	19	$173.7M	VTI, SHYG, ET, JAAA, MPLX
Q2 2024	21	$174.4M	VTI, ET, SHYG, JAAA, MPLX
Q1 2024	21	$151.5M	ET, SHYG, JAAA, MPLX, TSM