DELPHI FINANCIAL GROUP, INC.

Delphi Financial Group trimmed its largest holding, the Janus Henderson AAA CLO ETF (JAAA), by $10.07 million in share-flow terms this quarter — and opened a brand-new $10.25 million stake in Rithm Capital, a mortgage REIT, almost matching the reduction dollar-for-dollar. Ellington Financial nearly doubled, shares up 95% to $16.7 million, now the fund's fifth-largest position. Three small crypto-mining names — Hut 8, TeraWulf, and Cipher Digital — entered the book for the first time this quarter, together $5.7 million, a new and coordinated theme rather than an isolated bet. UnitedHealth Group was fully exited.