# Delphi Financial Group, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 859139. Source: https://holderbook.com/funds/859139-delphi-financial-group-inc/

- Reported value: $202.3M
- Positions: 26
- Weight of the ten largest: 81.3%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| DBX ETF TR | [ASHR](https://holderbook.com/stocks/ASHR/) | $36.4M | 992,880 | 18.0% | 7 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $27.2M | 1,421,945 | 13.4% | 31 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $25.5M | 68,900 | 12.6% | 4 |
| ELLINGTON FINANCIAL INC | [EFC](https://holderbook.com/stocks/EFC/) | $19.2M | 1,408,396 | 9.5% | 7 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $15.1M | 31,569 | 7.5% | 11 |
| JANUS DETROIT STR TR | [JAAA](https://holderbook.com/stocks/JAAA/) | $11.0M | 217,672 | 5.4% | 12 |
| RITHM CAPITAL CORP | [RITM](https://holderbook.com/stocks/RITM/) | $10.2M | 1,081,000 | 5.0% | 2 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $7.8M | 69,260 | 3.9% | 3 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $6.2M | 117,450 | 3.1% | 1 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $6.0M | 25,220 | 3.0% | 12 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $5.7M | 24,000 | 2.8% | 23 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $5.3M | 14,950 | 2.6% | 2 |
| HUT 8 CORP | [HUT](https://holderbook.com/stocks/HUT/) | $5.0M | 42,900 | 2.4% | 2 |
| CIPHER DIGITAL INC | [CIFR](https://holderbook.com/stocks/CIFR/) | $3.5M | 140,845 | 1.7% | 2 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $3.3M | 36,720 | 1.7% | 14 |
| TERAWULF INC | [WULF](https://holderbook.com/stocks/WULF/) | $3.2M | 130,720 | 1.6% | 2 |
| SIXTH STREET SPECIALTY LENDI | [TSLX](https://holderbook.com/stocks/TSLX/) | $2.0M | 116,141 | 1.0% | 25 |
| BLACKSTONE MORTGAGE TRUST IN | - | $2.0M | 2,000,000 | 1.0% | 14 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $1.6M | 17,400 | 0.8% | 2 |
| ARES COML REAL ESTATE CORP | [ACRE](https://holderbook.com/stocks/ACRE/) | $1.5M | 334,937 | 0.7% | 6 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $1.4M | 77,000 | 0.7% | 3 |
| OXFORD LANE CAP CORP | [OXLC](https://holderbook.com/stocks/OXLC/) | $1.3M | 145,030 | 0.6% | 3 |
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $593.1K | 7,775 | 0.3% | 1 |
| LADDER CAP CORP | [LADR](https://holderbook.com/stocks/LADR/) | $447.8K | 45,000 | 0.2% | 2 |
| GOLDMAN SACHS BDC INC | [GSBD](https://holderbook.com/stocks/GSBD/) | $447.2K | 47,177 | 0.2% | 2 |
| CCC INTELLIGENT SOLUTIONS HL | [CCC](https://holderbook.com/stocks/CCC/) | $394.9K | 76,529 | 0.2% | 7 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.4% | +14.8% | -8.5% | 99% |
| Q1 2026 | +0.7% | -4.6% | +5.3% | 98% |
| Q4 2025 | -2.6% | +2.4% | -5.0% | 98% |
| Q3 2025 | +7.5% | +7.8% | -0.3% | 98% |
| Q2 2025 | +3.6% | +10.5% | -6.8% | 98% |
| Q1 2025 | -1.6% | -4.6% | +2.9% | 98% |
| Q4 2024 | +6.4% | +2.1% | +4.2% | 98% |
| Q3 2024 | +5.0% | +5.4% | -0.5% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $202.3M | 26 |
| Q1 2026 | $221.6M | 32 |
| Q4 2025 | $200.3M | 28 |
| Q3 2025 | $177.8M | 23 |
| Q2 2025 | $141.8M | 22 |
| Q1 2025 | $165.8M | 22 |
| Q4 2024 | $189.0M | 24 |
| Q3 2024 | $177.1M | 21 |
| Q2 2024 | $177.7M | 23 |
| Q1 2024 | $154.7M | 23 |
| Q4 2023 | $170.6M | 20 |
| Q3 2023 | $206.8M | 20 |