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:
12-31-2021
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:
Senior Vice President, General Counsel and Secretary
Phone:
(302) 478-5142


Signature, Place, and Date of Signing:

/s/ Chad W. Coulter
                         [Signature]
Philadelphia, PENNSYLVANIA
                 [City, State]
02-04-2022
                           [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:
27
Form 13F Information table Value Total:
327480
          (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
ARES COML REAL ESTATCOM04013V10823,5891,622,331SHSOLE11,622,331 0 0
ALIBABA GROUP HOLDING LTDSPONSORED ADS01609W1023,33828,100SHSOLE228,100 0 0
ALPHABET INCCAP STK CL C02079K1076,3662,200SHSOLE22,200 0 0
AMAZON.COM INCCOM0231351064,0011,200SHSOLE21,200 0 0
ARBOR REALTY TRUST ICOM0389231089,079495,566SHSOLE1495,566 0 0
ARES CAPITAL CORPCOM04010L1033,965187,110SHSOLE1187,110 0 0
BLACKROCK MUNIHLDS ICOM09254P1081,31688,537SHSOLE188,537 0 0
BLACKSTONE MTG TR INCOM CL A09257W10076925,114SHSOLE125,114 0 0
BROOKFIELD REAL ASST INCSHS BEN INT11283010422810,780SHSOLE110,780 0 0
DWS MUN INCOME TRCOM2333681091,235104,452SHSOLE1104,452 0 0
DYNEX CAPITAL REIT ORDCOM26817Q88638923,303SHSOLE123,303 0 0
EAGLE PT CR CO LLCCOM26980810150436,019SHSOLE136,019 0 0
ENERGY TRANSFER UNTCOM UT LTD PTN29273V10043,0305,228,483SHSOLE1,25,228,483 0 0
GOLUB CAPITAL BDC ORDCOM38173M10290758,746SHSOLE158,746 0 0
INVESCO CALIF MUN INCOM46132P10896756,724SHSOLE156,724 0 0
INVESCO EXCHANGE-TRASR LN ETF46138G5082,877130,200SHSOLE1130,200 0 0
INVESCO TR INVT GRADCOM46131M1062,099150,242SHSOLE1150,242 0 0
ISHARES MSCI CHINA ETFMSCI CHINA ETF46429B67110,868173,143SHSOLE2173,143 0 0
MICROSOFT CORPCOM5949181045,44816,200SHSOLE216,200 0 0
MPLX LPCOM UNIT REP LTD55336V10060,5442,046,079SHSOLE1,22,046,079 0 0
NUVEEN AMT FREE QLTYCOM6706571056,256401,000SHSOLE1401,000 0 0
NUVEEN QUALITY MUNCPCOM67066V1016,403397,452SHSOLE1397,452 0 0
OXFORD LANE CAP CORPCOM6915431022,010260,680SHSOLE1260,680 0 0
SIXTH STREET SPECIALCOM83012A10938,6381,651,913SHSOLE11,651,913 0 0
SNOWFLAKE INCCL A8334451091,8335,412SHSOLE25,412 0 0
VANECK VECTORS ETF TFALLEN ANGEL HG92189F4375,110155,000SHSOLE1155,000 0 0
VANGUARD TOTAL STOCK MARKET ETOTAL STK MKT92290876985,712354,812SHSOLE2354,812 0 0