Delphi Financial Group, Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Delphi Financial Group, Inc. reported 26 stock positions worth $196.8 million. Its top holding was Janus Henderson Aaa Clo ETF (JAAA) at 21.8% of the portfolio, followed by Energy Transfer (ET, 11.9%) and Xtrackers Harvest Csi 300 CH (ASHR, 9.9%). Compared with Q3 2025, it opened 5 new positions, added to 4 and reduced 1. The biggest buy was VG Morningstar TS MKT ETF-US (VTI, shares +240%) and the biggest sale Caesars Entertainment (CZR, shares −70%).

Most Recent 13F
Q2 2026
Location
Wilmington, DE
CIK
0000859139
Portfolio Value
$196.8M (Q4 2025)
SEC Filing
0001193125-26-045693 ↗ filed Feb 11, 2026

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 Q3 2025 Q4 2025: $196.8M $196.8M Q4 2025 Q1 2026: $219.7M Q1 2026 Q2 2026: $200.4M Q2 2026

Holdings 26 stocks · $196.8M
JAAA Janus Henderson Aaa Clo ETF 21.76% 846,695 $42.8M No change
ET Energy Transfer LP 11.91% 1,421,945 $23.4M No change
ASHR Xtrackers Harvest Csi 300 CH 9.85% 590,280 $19.4M Add +33.2%
FXI iShares China Large-Cap ETF 9.27% 476,390 $18.2M Add +33.6%
TSM Taiwan Semiconductor-SP ADR 7.39% 47,830 $14.5M No change
VTI VG Morningstar TS MKT ETF-US 7.05% 41,400 $13.9M Add +239.8%
EFC Ellington Financial Inc. 4.98% 721,757 $9.8M No change
WMT Walmart Inc. 3.21% 56,760 $6.3M New
AMZN Amazon.com Inc. 2.81% 24,000 $5.5M No change
MSFT Microsoft Corp. 2.65% 10,800 $5.2M No change
LNG Cheniere Energy Inc. 2.49% 25,220 $4.9M No change
EXE Expand Energy Corp. 2.06% 36,720 $4.1M No change
KRMN Karman Holdings Inc. 2.03% 54,645 $4.0M No change
KTOS Kratos Defense & Security 1.70% 44,030 $3.3M No change
EARN Ellington Credit Co. 1.63% 608,700 $3.2M No change
AVAV Aerovironment Inc. 1.49% 12,085 $2.9M No change
CZR Caesars Entertainment Inc. 1.39% 116,890 $2.7M Reduce -70.0%
UNH Unitedhealth Group Inc. 1.38% 8,240 $2.7M New
UPS United Parcel Service Class B 1.13% 22,470 $2.2M New
OXLC Oxford Lane Capital Corp. 1.08% 145,030 $2.1M New
MFA Mfa Financial Inc. 0.68% 144,000 $1.3M No change
JBBB Janus Henderson B-BBB Clo Et 0.61% 25,000 $1.2M No change
ACRE Ares Commercial Real Estate 0.52% 214,937 $1.0M No change
TSLX Sixth Street Specialty Lendi 0.35% 32,041 $696K Add +59.9%
CCC CCC Intelligent Solutions Ho 0.31% 76,529 $608K No change
ARCC Ares Capital Corp. 0.26% 25,000 $506K New
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: $200.3M.

Portfolio Sells Q3 2025 → Q4 2025
CZR Caesars Entertainment Inc. Reduce -70.0% 1.39% −4.65

Portfolio Buys Q3 2025 → Q4 2025
VTI VG Morningstar TS MKT ETF-US Add +239.8% 7.05% +4.76
WMT Walmart Inc. New 3.21% +3.21
ASHR Xtrackers Harvest Csi 300 CH Add +33.2% 9.85% +1.48
UNH Unitedhealth Group Inc. New 1.38% +1.38
UPS United Parcel Service Class B New 1.13% +1.13
OXLC Oxford Lane Capital Corp. New 1.08% +1.08
FXI iShares China Large-Cap ETF Add +33.6% 9.27% +0.85
ARCC Ares Capital Corp. New 0.26% +0.26
TSLX Sixth Street Specialty Lendi Add +59.9% 0.35% +0.09

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