UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
12-31-2024
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
Delphi Financial Group, Inc.
Address:
P.O. Box 8985
1105 North Market Street
Wilmington, DE 19899
Form 13F File Number:
028-15443

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Chad W. Coulter
Title:
Executive Vice President, Chief Legal Officer and Secretary
Phone:
(302) 478-5142


Signature, Place, and Date of Signing:

/s/ Chad W. Coulter
                         [Signature]
Philadelphia, PENNSYLVANIA
                 [City, State]
02-06-2025
                           [Date]
                          

Report Type (Check only one.):

☐ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☒ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)



List of Other Managers Reporting for this Manager
[If there are no entries in this list, omit this section.]



Form 13F File NumberNameCIK
028-15442
Delphi Capital Management, Inc.
 
028-18312
Acorn Advisory Capital L.P.
 

Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
2
Form 13F Information table Entry Total:
24
Form 13F Information table Value Total:
189008571
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

No.Form 13F File NumberNameCIK
1
028-15442
Delphi Capital Management, Inc.
 
2
028-18312
Acorn Advisory Capital L.P.
 


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AGNC INVT CORPCOM00123Q1042,845,890309,000SHSOLE12,845,890 0 0
AMAZON.COM INCCOM0231351065,265,36024,000SHSOLE224,000 0 0
BLACKSTONE MORTGAGE TRNOTE 5.500% 3/109257WAE01,918,5242,000,000PRNSOLE22,000,000 0 0
CARTESIAN THERAPEUTICS INCCOM NEW816212302394,52122,028SHSOLE222,028 0 0
CCC INTELLIGENT SOLUTIONS HLCOM12510Q100668,78657,015SHSOLE1668,786 0 0
CHENIERE ENERGY INCCOM NEW16411R2085,419,02125,220SHSOLE225,220 0 0
ELLINGTON FINANCIAL INCCOM28852N1094,704,148388,131SHSOLE2388,131 0 0
ENERGY TRANSFER LPCOM UT LTD PTN29273V10027,855,9031,421,945SHSOLE21,421,945 0 0
EXPAND ENERGY CORPCOM1651677353,655,47636,720SHSOLE236,720 0 0
ISHARES 0-5 YEAR HIGH YIELD C0-5YR HI YL CP46434V40722,608,440530,590SHSOLE2530,590 0 0
ISHARES CHINA LARGE-CAP ETFCHINA LG-CAP ETF4642871843,652,800120,000SHSOLE2120,000 0 0
ISHARES TRPFD AND INCM SEC464288687314,40010,000SHSOLE1314,400 0 0
JANUS HENDERSON AAA CLO ETFHENDRSON AAA CL47103U84520,182,073397,990SHSOLE2397,990 0 0
MFA FINL INCCOM55272X607713,30070,000SHSOLE1713,300 0 0
MICROSOFT CORPCOM5949181044,552,20010,800SHSOLE210,800 0 0
MPLX LPCOM UNIT REP LTD55336V10016,324,041341,079SHSOLE2341,079 0 0
OXFORD LANE CAP CORPCOM6915431022,261,899446,134SHSOLE12,261,899 0 0
PIMCO ETF TR25YR+ ZERO U S72201R882633,9129,238SHSOLE1633,912 0 0
SIXTH STREET SPECIALTY LENDICOM83012A1091,493,25870,106SHSOLE11,493,258 0 0
TSMCSPONSORED ADS8740391009,445,94747,830SHSOLE247,830 0 0
TWO HARBORS INV CORPNOTE 6.250% 1/190187BAB71,490,0921,509,000PRNSOLE21,509,000 0 0
VANGUARD SCOTTSDALE FDSVNG RUS2000IDX92206C664214,3922,400SHSOLE1214,392 0 0
VANGUARD TOTAL STOCK MARKET ETOTAL STK MKT92290876948,714,163168,090SHSOLE2168,090 0 0
XTRACKERS HARVEST CSI 300 CHIXTRACK HRVST CSI2330518793,680,025139,000SHSOLE2139,000 0 0