Delphi Financial Group, Inc. Diversified Active

CIK: 0000859139 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 11, 2026

Total Value ($000): $200,278 (98.3% shares, 1.7% debt)

Holdings (28)

New Positions (5)

WMT WALMART INC 3.2%

Value ($000) $6,324 Shares 56,760 Est. Cost $107.20 Unrealized 0.0%

UNH UNITEDHEALTH GROUP INC 1.4%

Value ($000) $2,720 Shares 8,240 Est. Cost $337.21 Unrealized 0.0%

UPS UNITED PARCEL SERVICE INC 1.1%

Value ($000) $2,229 Shares 22,470 Est. Cost $92.75 Unrealized 0.0%

OXLC OXFORD LANE CAP CORP 1.1%

Value ($000) $2,123 Shares 145,030 Est. Cost $14.64 Unrealized —

ARCC ARES CAPITAL CORP 0.3%

Value ($000) $506 Shares 25,000 Est. Cost $19.79 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WMT	WALMART INC	56,760	$6,324	3.2%	$107.20	0.0%	COM	931142103
UNH	UNITEDHEALTH GROUP INC	8,240	$2,720	1.4%	$337.21	0.0%	COM	91324P102
UPS	UNITED PARCEL SERVICE INC	22,470	$2,229	1.1%	$92.75	0.0%	CL B	911312106
OXLC	OXFORD LANE CAP CORP	145,030	$2,123	1.1%	$14.64	—	COM	691543847
ARCC	ARES CAPITAL CORP	25,000	$506	0.3%	$19.79	0.0%	COM	04010L103

Increased Positions (4)

VTI VANGUARD TOTAL STOCK MARKET E 6.9%

Value ($000) $13,880 (+247.2%) Shares 41,400 (+239.8%) Est. Cost $333.18 Unrealized —

ASHR XTRACKERS HARVEST CSI 300 CHI 9.7%

Value ($000) $19,391 (+32.8%) Shares 590,280 (+33.2%) Est. Cost $29.79 Unrealized —

FXI ISHARES CHINA LARGE-CAP ETF 9.1%

Value ($000) $18,241 (+24.4%) Shares 476,390 (+33.6%) Est. Cost $36.46 Unrealized —

TSLX SIXTH STREET SPECIALTY LENDI 0.3%

Value ($000) $696 (+51.9%) Shares 32,041 (+59.9%) Est. Cost $18.76 Unrealized +16.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTI	VANGUARD TOTAL STOCK MARKET E	41,400 (+239.8%)	$13,880 (+247.2%)	6.9%	$333.18	—	TOTAL STK MKT	922908769
ASHR	XTRACKERS HARVEST CSI 300 CHI	590,280 (+33.2%)	$19,391 (+32.8%)	9.7%	$29.79	—	XTRACK HRVST CSI	233051879
FXI	ISHARES CHINA LARGE-CAP ETF	476,390 (+33.6%)	$18,241 (+24.4%)	9.1%	$36.46	—	CHINA LG-CAP ETF	464287184
TSLX	SIXTH STREET SPECIALTY LENDI	32,041 (+59.9%)	$696 (+51.9%)	0.3%	$18.76	+16.2%	COM	83012A109

Decreased Positions (1)

CZR CAESARS ENTERTAINMENT INC 1.4%

Value ($000) $2,734 (-74.0%) Shares 116,890 (-70.0%) Est. Cost $27.09 Unrealized -17.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CZR	CAESARS ENTERTAINMENT INC	116,890 (-70.0%)	$2,734 (-74.0%)	1.4%	$27.09	-17.0%	COM	12769G100

Unchanged Positions (18)

TSM TSMC 7.3%

Value ($000) $14,535 Shares 47,830 Est. Cost $104.00 Unrealized —

LNG CHENIERE ENERGY INC 2.4%

Value ($000) $4,903 Shares 25,220 Est. Cost $161.33 Unrealized +30.2%

ET ENERGY TRANSFER LP 11.7%

Value ($000) $23,448 Shares 1,421,945 Est. Cost $13.52 Unrealized —

AVAV AEROVIRONMENT INC 1.5%

Value ($000) $2,923 Shares 12,085 Est. Cost $258.71 Unrealized +21.5%

KTOS KRATOS DEFENSE & SECURITY SOL 1.7%

Value ($000) $3,342 Shares 44,030 Est. Cost $64.04 Unrealized +27.8%

EFC ELLINGTON FINANCIAL INC 4.9%

Value ($000) $9,801 Shares 721,757 Est. Cost $12.59 Unrealized —

MSFT MICROSOFT CORP 2.6%

Value ($000) $5,223 Shares 10,800 Est. Cost $206.04 Unrealized +143.0%

AMZN AMAZON.COM INC 2.8%

Value ($000) $5,540 Shares 24,000 Est. Cost $126.86 Unrealized +80.4%

JAAA JANUS HENDERSON AAA CLO ETF 21.4%

Value ($000) $42,826 Shares 846,695 Est. Cost $50.53 Unrealized —

EXE EXPAND ENERGY CORP 2.0%

Value ($000) $4,052 Shares 36,720 Est. Cost $76.01 Unrealized +45.6%

EARN ELLINGTON CREDIT CO 1.6%

Value ($000) $3,208 Shares 608,700 Est. Cost $5.65 Unrealized —

CCC CCC INTELLIGENT SOLUTIONS HL 0.3%

Value ($000) $608 Shares 76,529 Est. Cost $11.28 Unrealized -27.9%

ACRE ARES COML REAL ESTATE CORP 0.5%

Value ($000) $1,027 Shares 214,937 Est. Cost $4.63 Unrealized —

KRMN KARMAN HOLDINGS INC 2.0%

Value ($000) $3,998 Shares 54,645 Est. Cost $54.85 Unrealized +32.0%

— TWO HARBORS INV CORP 0.8%

Value ($000) $1,509 Shares 1,509,000 Est. Cost $0.95 Unrealized —

MFA MFA FINL INC 0.7%

Value ($000) $1,341 Shares 144,000 Est. Cost $10.42 Unrealized —

— BLACKSTONE MORTGAGE TR 1.0%

Value ($000) $1,957 Shares 2,000,000 Est. Cost $0.80 Unrealized —

JBBB JANUS DETROIT STR TR 0.6%

Value ($000) $1,193 Shares 25,000 Est. Cost $48.17 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TSMC	47,830	$14,535	7.3%	$104.00	—	SPONSORED ADS	874039100
LNG	CHENIERE ENERGY INC	25,220	$4,903	2.4%	$161.33	+30.2%	COM NEW	16411R208
ET	ENERGY TRANSFER LP	1,421,945	$23,448	11.7%	$13.52	—	COM UT LTD PTN	29273V100
AVAV	AEROVIRONMENT INC	12,085	$2,923	1.5%	$258.71	+21.5%	COM	008073108
KTOS	KRATOS DEFENSE & SECURITY SOL	44,030	$3,342	1.7%	$64.04	+27.8%	COM NEW	50077B207
EFC	ELLINGTON FINANCIAL INC	721,757	$9,801	4.9%	$12.59	—	COM	28852N109
MSFT	MICROSOFT CORP	10,800	$5,223	2.6%	$206.04	+143.0%	COM	594918104
AMZN	AMAZON.COM INC	24,000	$5,540	2.8%	$126.86	+80.4%	COM	023135106
JAAA	JANUS HENDERSON AAA CLO ETF	846,695	$42,826	21.4%	$50.53	—	HENDRSON AAA CL	47103U845
EXE	EXPAND ENERGY CORP	36,720	$4,052	2.0%	$76.01	+45.6%	COM	165167735
EARN	ELLINGTON CREDIT CO	608,700	$3,208	1.6%	$5.65	—	COM SHS BEN INT	288578107
CCC	CCC INTELLIGENT SOLUTIONS HL	76,529	$608	0.3%	$11.28	-27.9%	COM	12510Q100
ACRE	ARES COML REAL ESTATE CORP	214,937	$1,027	0.5%	$4.63	—	COM	04013V108
KRMN	KARMAN HOLDINGS INC	54,645	$3,998	2.0%	$54.85	+32.0%	COMMON STOCK	485924104
—	TWO HARBORS INV CORP	1,509,000	$1,509	0.8%	$0.95	—	NOTE 6.250% 1/1	90187BAB7
MFA	MFA FINL INC	144,000	$1,341	0.7%	$10.42	—	COM	55272X607
—	BLACKSTONE MORTGAGE TR	2,000,000	$1,957	1.0%	$0.80	—	NOTE 5.500% 3/1	09257WAE0
JBBB	JANUS DETROIT STR TR	25,000	$1,193	0.6%	$48.17	—	B-BBB CLO ETF	47103U753