Delphi Financial Group, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Delphi Financial Group, Inc. reported 21 stock positions worth $174.4 million. Its top holding was Janus Henderson Aaa Clo ETF (JAAA) at 24.7% of the portfolio, followed by Energy Transfer (ET, 14.0%) and iShares China Large-Cap ETF (FXI, 8.4%). Compared with Q2 2025, it opened 6 new positions, sold out of 5 and added to 2. The biggest buy was a new position in Caesars Entertainment (CZR) and the biggest sale an exit from Oxford Lane Cap.

Most Recent 13F
Q2 2026
Location
Wilmington, DE
CIK
0000859139
Portfolio Value
$174.4M (Q3 2025)
SEC Filing
0001193125-25-281563 ↗ filed Nov 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $151.5M Q1 2024 Q2 2024: $174.4M Q2 2024 Q3 2024: $173.7M Q3 2024 Q4 2024: $185.6M Q4 2024 Q1 2025: $162.4M Q1 2025 Q2 2025: $138.4M Q2 2025 Q3 2025: $174.4M $174.4M Q3 2025 Q4 2025: $196.8M Q4 2025 Q1 2026: $219.7M Q1 2026 Q2 2026: $200.4M Q2 2026

Holdings 21 stocks · $174.4M
JAAA Janus Henderson Aaa Clo ETF 24.66% 846,695 $43.0M No change
ET Energy Transfer LP 14.00% 1,421,945 $24.4M No change
FXI iShares China Large-Cap ETF 8.41% 356,550 $14.7M Add +52.7%
ASHR Xtrackers Harvest Csi 300 CH 8.37% 443,060 $14.6M Add +53.8%
TSM Taiwan Semiconductor-SP ADR 7.66% 47,830 $13.4M No change
CZR Caesars Entertainment Inc. 6.04% 389,580 $10.5M New
EFC Ellington Financial Inc. 5.37% 721,757 $9.4M No change
LNG Cheniere Energy Inc. 3.40% 25,220 $5.9M No change
MSFT Microsoft Corp. 3.21% 10,800 $5.6M No change
AMZN Amazon.com Inc. 3.02% 24,000 $5.3M No change
KTOS Kratos Defense & Security 2.31% 44,030 $4.0M New
VTI VG Morningstar TS MKT ETF-US 2.29% 12,182 $4.0M New
KRMN Karman Holdings Inc. 2.26% 54,645 $3.9M New
EXE Expand Energy Corp. 2.24% 36,720 $3.9M No change
AVAV Aerovironment Inc. 2.18% 12,085 $3.8M New
EARN Ellington Credit Co. 1.90% 608,700 $3.3M No change
MFA Mfa Financial Inc. 0.76% 144,000 $1.3M No change
JBBB Janus Henderson B-BBB Clo Et 0.69% 25,000 $1.2M New
ACRE Ares Commercial Real Estate 0.56% 214,937 $969K No change
CCC CCC Intelligent Solutions Ho 0.40% 76,529 $697K No change
TSLX Sixth Street Specialty Lendi 0.26% 20,041 $458K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.5M (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) NOTE 5.500% 3/1 · principal 2,000,000$2.0MNo change
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 1,509,000$1.5MNo change

Total filed on the 13F, all lines: $177.8M.

Portfolio Sells Q2 2025 → Q3 2025
OXFORD LANE CAP CORP Sold out 0.00% −1.70
PFF iShares Preferred & Income S Sold out 0.00% −0.92
AGNC AGNC Investment Corp. Sold out 0.00% −0.41
OPITQ Office Properties Income Tru Sold out 0.00% −0.25
RNAC Cartesian Therapeutics Inc. Sold out 0.00% −0.17

Portfolio Buys Q2 2025 → Q3 2025
CZR Caesars Entertainment Inc. New 6.04% +6.04
ASHR Xtrackers Harvest Csi 300 CH Add +53.8% 8.37% +2.64
KTOS Kratos Defense & Security New 2.31% +2.31
VTI VG Morningstar TS MKT ETF-US New 2.29% +2.29
KRMN Karman Holdings Inc. New 2.26% +2.26
FXI iShares China Large-Cap ETF Add +52.7% 8.41% +2.21
AVAV Aerovironment Inc. New 2.18% +2.18
JBBB Janus Henderson B-BBB Clo Et New 0.69% +0.69

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 25$200.4MASHR, ET, VTI, EFC, TSM
Q1 2026 31$219.7MJAAA, ET, ASHR, FXI, EFC
Q4 2025 26$196.8MJAAA, ET, ASHR, FXI, TSM
Q3 2025 21$174.4MJAAA, ET, FXI, ASHR, TSM
Q2 2025 20$138.4MJAAA, ET, TSM, EFC, FXI
Q1 2025 20$162.4MJAAA, ET, MPLX, VTI, FXI
Q4 2024 22$185.6MVTI, ET, SHYG, JAAA, MPLX
Q3 2024 19$173.7MVTI, SHYG, ET, JAAA, MPLX
Q2 2024 21$174.4MVTI, ET, SHYG, JAAA, MPLX
Q1 2024 21$151.5MET, SHYG, JAAA, MPLX, TSM