We establish a connection between the algebraic geometry of the type B permutohedral toric variety and the combinatorics of delta-matroids. Using this connection, we compute the volume and lattice point counts of type B generalized permutohedra. Applying tropical Hodge theory to a new framework of "tautological classes of delta-matroids," modeled after certain vector bundles associated to realizable delta-matroids, we establish the log-concavity of a Tutte-like invariant for a broad family of delta-matroids that includes all realizable delta-matroids. Our results include new log-concavity statements for all (ordinary) matroids as special cases.