Delphi Financial Group, Inc.

Name: Delphi Financial Group, Inc. 13F holdings, Q2 2025
Creator: Delphi Financial Group, Inc.
Published: 2025-08-13

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Delphi Financial Group, Inc. reported 20 stock positions worth $138.4 million. Its top holding was Janus Henderson Aaa Clo ETF (JAAA) at 31.0% of the portfolio, followed by Energy Transfer (ET, 18.6%) and Taiwan Semiconductor-SP ADR (TSM, 7.8%). Compared with Q1 2025, it opened 2 new positions, sold out of 2, added to 4 and reduced 2. The biggest buy was Ellington Financial (EFC, shares +29%) and the biggest sale an exit from MPLX (MPLX).

Most Recent 13F: Q2 2026
Location: Wilmington, DE
CIK: 0000859139
Portfolio Value: $138.4M (Q2 2025)
SEC Filing: 0000950123-25-007716 ↗ filed Aug 13, 2025

Holdings Value

Holdings 20 stocks · $138.4M


JAAA Janus Henderson Aaa Clo ETF	31.05%	846,695	$43.0M	No change
ET Energy Transfer LP	18.63%	1,421,945	$25.8M	No change
TSM Taiwan Semiconductor-SP ADR	7.83%	47,830	$10.8M	No change
EFC Ellington Financial Inc.	6.77%	721,757	$9.4M	Add +28.9%
FXI iShares China Large-Cap ETF	6.20%	233,510	$8.6M	No change
ASHR Xtrackers Harvest Csi 300 CH	5.73%	288,030	$7.9M	No change
LNG Cheniere Energy Inc.	4.44%	25,220	$6.1M	No change
MSFT Microsoft Corp.	3.88%	10,800	$5.4M	No change
AMZN Amazon.com Inc.	3.80%	24,000	$5.3M	No change
EXE Expand Energy Corp.	3.10%	36,720	$4.3M	No change
EARN Ellington Credit Co.	2.53%	608,700	$3.5M	Add +230.8%
OXFORD LANE CAP CORP	1.70%	560,153	$2.4M	Reduce -6.1%
MFA Mfa Financial Inc.	0.98%	144,000	$1.4M	Add +53.2%
PFF iShares Preferred & Income S	0.92%	41,499	$1.3M	Add +69.4%
ACRE Ares Commercial Real Estate	0.74%	214,937	$1.0M	No change
CCC CCC Intelligent Solutions Ho	0.52%	76,529	$720K	No change
AGNC AGNC Investment Corp.	0.41%	62,500	$574K	New
TSLX Sixth Street Specialty Lendi	0.34%	20,041	$477K	Reduce -55.6%
OPITQ Office Properties Income Tru	0.25%	1,399,800	$346K	New
RNAC Cartesian Therapeutics Inc.	0.17%	22,028	$229K	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: $141.8M.

Portfolio Sells Q1 2025 → Q2 2025


MPLX MPLX LP	Sold out	0.00%	−11.24
VTI VG Morningstar TS MKT ETF-US	Sold out	0.00%	−10.03
TSLX Sixth Street Specialty Lendi	Reduce -55.6%	0.34%	−0.28
OXFORD LANE CAP CORP	Reduce -6.1%	1.70%	−0.03

Portfolio Buys Q1 2025 → Q2 2025


EFC Ellington Financial Inc.	Add +28.9%	6.77%	+2.20
EARN Ellington Credit Co.	Add +230.8%	2.53%	+1.92
PFF iShares Preferred & Income S	Add +69.4%	0.92%	+0.46
AGNC AGNC Investment Corp.	New	0.41%	+0.41
MFA Mfa Financial Inc.	Add +53.2%	0.98%	+0.39
OPITQ Office Properties Income Tru	New	0.25%	+0.25

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