Infrastructure Capital Advisors, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Infrastructure Capital Advisors, LLC reported 111 stock positions worth $591.1 million. Its top holding was MPLX (MPLX) at 11.3% of the portfolio, followed by Sunoco (SUN, 10.8%) and Energy Transfer (ET, 10.7%). Compared with Q3 2024, it opened 27 new positions, sold out of 33, added to 47 and reduced 34. The biggest buy was Sunoco (SUN, shares +14%) and the biggest sale Ugi (UGI, shares −93%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001621802
Portfolio Value
$591.1M (Q4 2024)
SEC Filing
0000919574-25-001409 ↗ filed Feb 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $626.8M Q1 2024 Q2 2024: $637.9M Q2 2024 Q3 2024: $612.4M Q3 2024 Q4 2024: $591.1M $591.1M Q4 2024 Q1 2025: $585.5M Q1 2025 Q2 2025: $609.5M Q2 2025 Q3 2025: $560.9M Q3 2025 Q4 2025: $606.5M Q4 2025 Q1 2026: $703.8M Q1 2026 Q2 2026: $732.9M Q2 2026

Holdings 111 stocks · $591.1M

MPLX MPLX LP 11.26% 1,390,353 $66.5M Reduce -4.5%
SUN Sunoco LP 10.77% 1,237,288 $63.6M Add +13.8%
ET Energy Transfer LP 10.72% 3,233,920 $63.4M Reduce -6.3%
PAA Plains All Amer Pipeline LP 10.37% 3,587,792 $61.3M Reduce -4.8%
EPD Enterprise Products Partners 9.24% 1,741,859 $54.6M Reduce -9.1%
WES Western Midstream Partners L 9.18% 1,412,125 $54.3M No change
HESM Hess Midstream LP Class A 3.82% 610,146 $22.6M Reduce -0.8%
CQP Cheniere Energy Partners LP 3.69% 410,601 $21.8M Reduce -3.9%
LNG Cheniere Energy Inc. 2.00% 55,001 $11.8M Add +8.9%
ENLC Enlink Midstream LLC 1.82% 761,678 $10.8M Reduce -43.6%
WMB Williams Cos Inc. 1.46% 159,101 $8.6M Reduce -30.5%
DKL Delek Logistics Partners LP 1.43% 199,798 $8.4M Reduce -21.0%
PFFA Virtus Infracap US Pref STCK 1.28% 345,412 $7.6M Add +8.9%
GLP Global Partners LP 1.11% 141,147 $6.6M No change
GEL Genesis Energy L.P. 1.08% 630,212 $6.4M Reduce -19.2%
VLO Valero Energy Corp. 1.04% 49,963 $6.1M No change
USAC USA Compression Partners LP 1.00% 251,080 $5.9M Add +28.0%
AQN Algonquin Power & Utilities 0.99% 1,313,996 $5.8M Add +17.5%
TRGP Targa Resources Corp. 0.98% 32,465 $5.8M Reduce -35.5%
OKE Oneok Inc. 0.88% 52,026 $5.2M Reduce -1.9%
ENB Enbridge Inc. 0.78% 108,779 $4.6M Reduce -7.1%
DTM DT Midstream Inc. 0.73% 43,323 $4.3M Add +73.3%
MPC Marathon Petroleum Corp. 0.68% 28,907 $4.0M Reduce -14.8%
KMI Kinder Morgan Inc. 0.62% 133,139 $3.6M Reduce -59.1%
GS Goldman Sachs Group Inc. 0.60% 6,226 $3.6M Reduce -7.1%
AVGO Broadcom Inc. 0.58% 14,878 $3.4M Add +0.6%
CVX Chevron Corp. 0.50% 20,304 $2.9M Add +92.5%
KRC Kilroy Realty Corp. 0.49% 71,144 $2.9M Reduce -5.3%
AMZN Amazon.com Inc. 0.47% 12,606 $2.8M Add +64.3%
MS Morgan Stanley 0.45% 21,001 $2.6M New
EQIX Equinix Inc. 0.38% 2,393 $2.3M Reduce -11.3%
C Citigroup Inc. 0.36% 29,829 $2.1M Reduce -36.9%
HON Honeywell International Inc. 0.35% 9,147 $2.1M New
TRP TC Energy Corp. 0.29% 37,434 $1.7M Reduce -67.8%
AMZA Infracap MLP ETF 0.28% 39,100 $1.7M New
XOM Exxon Mobil Corp. 0.28% 15,306 $1.6M Add +287.1%
DLR Digital Realty Trust Inc. 0.28% 9,272 $1.6M Add +35.4%
AB Alliancebernstein Holding LP 0.28% 44,079 $1.6M Add +7.0%
BXP BXP Inc. 0.27% 21,847 $1.6M Reduce -18.8%
MTB M & T Bank Corp. filed as M & T BK CORP 0.27% 8,528 $1.6M Reduce -19.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.27% 36,404 $1.6M Reduce -25.3%
PM Philip Morris International 0.23% 11,196 $1.3M New
UGI Ugi Corp. 0.22% 47,100 $1.3M Reduce -93.1%
CFG Citizens Financial Group 0.22% 30,301 $1.3M Reduce -39.9%
MCD McDonald's Corp. 0.21% 4,203 $1.2M Add +146.1%
SCAP Infrastructure Capital Small 0.21% 35,032 $1.2M Add +586.9%
REXR Rexford Industrial Realty Inc. 0.20% 30,142 $1.2M Add +7.9%
TFC Truist Financial Corp. 0.19% 26,409 $1.1M Add +4.8%
SAFE Safehold Inc. 0.19% 60,910 $1.1M Add +8.6%
ARE Alexandria Real Estate Equit 0.19% 11,319 $1.1M Add +4.8%
KHC The Kraft Heinz Co. 0.18% 34,119 $1.0M Add +4.8%
PFF iShares Preferred & Income S 0.16% 31,000 $975K New
RTX RTX Corp. 0.16% 8,130 $941K Add +313.3%
ICAP Infrastructure Capital Equit 0.16% 34,930 $920K Add +13.2%
ARES Ares Management Corp. Class A 0.15% 5,177 $916K Add +4.8%
PSX Phillips 66 0.14% 7,490 $853K Reduce -66.7%
IWM iShares Russell 2000 ETF 0.14% 3,792 $838K Reduce -59.5%
VOD Vodafone Group PLC-SP ADR 0.14% 97,969 $832K Add +4.8%
EIX Edison International 0.14% 9,994 $798K Reduce -13.5%
BLMN Bloomin' Brands Inc. 0.13% 65,003 $794K Reduce -3.5%
FANG Diamondback Energy Inc. 0.13% 4,820 $790K New
CAT Caterpillar Inc. 0.13% 2,159 $783K New
SPH Suburban Propane Partners LP 0.12% 42,210 $726K Reduce -11.6%
O Realty Income Corp. 0.12% 13,552 $720K Add +4.8%
SO The Southern Co. 0.12% 8,690 $715K New
DOW Dow Inc. 0.11% 15,679 $629K Reduce -34.6%
CRM Salesforce Inc. 0.10% 1,801 $602K Add +1701.0%
USB US Bancorp 0.10% 12,156 $581K New
CCI Crown Castle Inc. 0.10% 6,221 $565K Add +4.8%
FITB Fifth Third Bancorp 0.10% 13,304 $562K Add +4.8%
SOBO South Bow Corp. 0.09% 21,959 $518K Reduce -5.6%
MRK Merck & Co. Inc. 0.09% 5,154 $513K Add +4.8%
KO The Coca-Cola Co. 0.08% 7,713 $480K New
TPR Tapestry Inc. 0.08% 7,094 $463K New
HR Healthcare Realty Trust Inc. 0.07% 26,046 $441K Add +4.8%
NWN Northwest Natural Holding Co. 0.07% 10,875 $430K Add +4.8%
CASY Casey's General Stores Inc. 0.07% 1,065 $422K Add +83.9%
FRT Federal Realty Invs Trust 0.07% 3,697 $410K Reduce -74.7%
HRI Herc Holdings Inc. filed as HERC HLDGS INC 0.07% 2,112 $400K Add +21.4%
MKSI MKS Inc. filed as MKS INSTRS INC 0.07% 3,685 $385K New
EWBC East West Bancorp Inc. 0.06% 3,946 $378K Add +27.6%
PFBC Preferred Bank/Los Angeles 0.06% 4,165 $360K New
WWD Woodward Inc. 0.06% 2,122 $353K New
PAGP Plains GP Holdings LP 0.06% 18,595 $342K Add +70.6%
JNJ Johnson & Johnson 0.06% 2,354 $340K New
MMM 3M Co. 0.06% 2,597 $335K Add +75.3%
MUR Murphy Oil Corp. 0.06% 10,822 $327K New
PNFP Pinnacle Financial Partners 0.06% 2,852 $326K Add +38.1%
SM SM Energy Co. 0.05% 8,304 $322K New
CHRD Chord Energy Corp. 0.05% 2,729 $319K Add +71.3%
ASIX Advansix Inc. 0.05% 11,184 $319K New
NTB Bank of N.T. Butterfield&son 0.05% 8,447 $309K Add +44.4%
MCBS Metrocity Bankshares Inc. 0.05% 9,659 $309K New
AMT American Tower Corp. 0.05% 1,673 $307K Add +4.8%
CSCO Cisco Systems Inc. 0.05% 5,136 $304K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.05% 2,500 $278K Add +25.0%
UNH Unitedhealth Group Inc. 0.05% 535 $271K Add +27.1%
BRX Brixmor Property Group Inc. 0.04% 9,324 $260K Add +23.3%
RITM Rithm Capital Corp. 0.04% 22,812 $247K Add +23.3%
AVNT Avient Corp. 0.04% 6,041 $247K Add +51.4%

Show all 111 holdings

Options reported separately and not counted above: SPY calls ($679.1M), DIA calls ($445K).

Other holdings (13): bonds, preferreds, convertibles and warrants · $155.7M (not counted above)
SecurityClassShares / PrincipalValueChange
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 1,412,372$34.7MAdd +10.4%
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 654,181$26.8MAdd +1374.6%
FLAGSTAR BANK NA (FLG 6 11/01/51) UNIT 05/07/2051 667,556$25.1MAdd +30.1%
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 511,629$13.9MReduce -0.6%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 146,441$12.7MAdd +522.6%
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 204,325$12.4MNew
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 190,088$11.9MNew
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 140,911$7.8MNew
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B 384,453$5.3MAdd +10.6%
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) PFD CONV SER C 36,025$1.8MAdd +10.6%
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 64,460$1.3MReduce -35.2%
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 16,623$1.2MReduce -94.0%
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 16,684$814KAdd +10.6%

Total filed on the 13F, all lines: $746.8M.

Portfolio Sells Q3 2024 → Q4 2024

UGI Ugi Corp. Reduce -93.1% 0.22% −2.56
ENLC Enlink Midstream LLC Reduce -43.6% 1.82% −1.38
GEL Genesis Energy L.P. Reduce -19.2% 1.08% −0.63
TRP TC Energy Corp. Reduce -67.8% 0.29% −0.61
KMI Kinder Morgan Inc. Reduce -59.1% 0.62% −0.56
AES AES Corp. Sold out 0.00% −0.52
DKL Delek Logistics Partners LP Reduce -21.0% 1.43% −0.38
PSX Phillips 66 Reduce -66.7% 0.14% −0.34
PAA Plains All Amer Pipeline LP Reduce -4.8% 10.37% −0.32
ORCL Oracle Corp. Sold out 0.00% −0.30
WMB Williams Cos Inc. Reduce -30.5% 1.46% −0.25
TRGP Targa Resources Corp. Reduce -35.5% 0.98% −0.24
MPC Marathon Petroleum Corp. Reduce -14.8% 0.68% −0.22
FRT Federal Realty Invs Trust Reduce -74.7% 0.07% −0.20
IWM iShares Russell 2000 ETF Reduce -59.5% 0.14% −0.20
MSFT Microsoft Corp. Sold out 0.00% −0.17
SPG Simon Property Group Inc. Sold out 0.00% −0.15
C Citigroup Inc. Reduce -36.9% 0.36% −0.13
JPM JPMorgan Chase & Co. Sold out 0.00% −0.12
HPE Hewlett Packard Enterprise Sold out 0.00% −0.12
CFG Citizens Financial Group Reduce -39.9% 0.22% −0.11
DOW Dow Inc. Reduce -34.6% 0.11% −0.11
DUK Duke Energy Corp. Sold out 0.00% −0.10
MO Altria Group Inc. Sold out 0.00% −0.10
ADBE Adobe Inc. Sold out 0.00% −0.08
BXP BXP Inc. Reduce -18.8% 0.27% −0.08
HHH Howard Hughes Holdings Inc. Sold out 0.00% −0.06
IRM Iron Mountain Inc. Sold out 0.00% −0.06
BLMN Bloomin' Brands Inc. Reduce -3.5% 0.13% −0.05
BAC Bank of America Corp. Reduce -25.3% 0.27% −0.05
D Dominion Energy Inc. Sold out 0.00% −0.04
WAL Western Alliance Bancorp Sold out 0.00% −0.04
BPOP Popular Inc. Sold out 0.00% −0.04
MTCH Match Group Inc. Sold out 0.00% −0.04
MTB M & T Bank Corp. Reduce -19.2% 0.27% −0.04
EPRT Essential Properties Realty Sold out 0.00% −0.04
EIX Edison International Reduce -13.5% 0.14% −0.03
AMD Advanced Micro Devices Sold out 0.00% −0.03
MGM MGM Resorts International Sold out 0.00% −0.03
SBUX Starbucks Corp. Sold out 0.00% −0.02
EMR Emerson Electric Co. Sold out 0.00% −0.02
FXI iShares China Large-Cap ETF Sold out 0.00% −0.02
HAFN Hafnia Ltd. Sold out 0.00% −0.02
SPH Suburban Propane Partners LP Reduce -11.6% 0.12% −0.02
NVDA Nvidia Corp. Sold out 0.00% −0.02
TM Toyota Motor Corp. -Spon ADR Sold out 0.00% −0.01
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −0.01
EQIX Equinix Inc. Reduce -11.3% 0.38% −0.01
META Meta Platforms Inc. Class A Reduce -21.6% 0.04% −0.01
VNO Vornado Realty Trust Sold out 0.00% −0.01

Portfolio Buys Q3 2024 → Q4 2024

SUN Sunoco LP Add +13.8% 10.77% +1.24
LNG Cheniere Energy Inc. Add +8.9% 2.00% +0.52
MS Morgan Stanley New 0.45% +0.45
DTM DT Midstream Inc. Add +73.3% 0.73% +0.41
HON Honeywell International Inc. New 0.35% +0.35
AMZA Infracap MLP ETF New 0.28% +0.28
USAC USA Compression Partners LP Add +28.0% 1.00% +0.27
CVX Chevron Corp. Add +92.5% 0.50% +0.24
AMZN Amazon.com Inc. Add +64.3% 0.47% +0.23
PM Philip Morris International New 0.23% +0.23
XOM Exxon Mobil Corp. Add +287.1% 0.28% +0.20
SCAP Infrastructure Capital Small Add +586.9% 0.21% +0.18
AVGO Broadcom Inc. Add +0.6% 0.58% +0.17
PFF iShares Preferred & Income S New 0.16% +0.16
FANG Diamondback Energy Inc. New 0.13% +0.13
CAT Caterpillar Inc. New 0.13% +0.13
MCD McDonald's Corp. Add +146.1% 0.21% +0.12
SO The Southern Co. New 0.12% +0.12
RTX RTX Corp. Add +313.3% 0.16% +0.12
USB US Bancorp New 0.10% +0.10
CRM Salesforce Inc. Add +1701.0% 0.10% +0.10
PFFA Virtus Infracap US Pref STCK Add +8.9% 1.28% +0.10
DLR Digital Realty Trust Inc. Add +35.4% 0.28% +0.10
KO The Coca-Cola Co. New 0.08% +0.08
TPR Tapestry Inc. New 0.08% +0.08
MKSI MKS Inc. New 0.07% +0.07
PFBC Preferred Bank/Los Angeles New 0.06% +0.06
WWD Woodward Inc. New 0.06% +0.06
JNJ Johnson & Johnson New 0.06% +0.06
MUR Murphy Oil Corp. New 0.06% +0.06
SM SM Energy Co. New 0.05% +0.05
ASIX Advansix Inc. New 0.05% +0.05
MCBS Metrocity Bankshares Inc. New 0.05% +0.05
CSCO Cisco Systems Inc. New 0.05% +0.05
AB Alliancebernstein Holding LP Add +7.0% 0.28% +0.04
POR Portland General Electric Co. New 0.04% +0.04
NYT New York Times Co. Class A New 0.04% +0.04
JEF Jefferies Financial Group Inc. New 0.04% +0.04
SLM SLM Corp. New 0.04% +0.04
CASY Casey's General Stores Inc. Add +83.9% 0.07% +0.04
ESI Element Solutions Inc. New 0.03% +0.03
ARES Ares Management Corp. Class A Add +4.8% 0.15% +0.03
PK Park Hotels & Resorts Inc. New 0.03% +0.03
PAGP Plains GP Holdings LP Add +70.6% 0.06% +0.02
MMM 3M Co. Add +75.3% 0.06% +0.02
HRI Herc Holdings Inc. Add +21.4% 0.07% +0.02
PNFP Pinnacle Financial Partners Add +38.1% 0.06% +0.02
EWBC East West Bancorp Inc. Add +27.6% 0.06% +0.02
CHRD Chord Energy Corp. Add +71.3% 0.05% +0.02
ICAP Infrastructure Capital Equit Add +13.2% 0.16% +0.02

Options Activity Q3 2024 → Q4 2024

SPY SS SPDR S&P 500 ETF Trust-US call Add +2726.3% 1,158,800 $679.1M
QQQ Invesco QQQ Trust Series 1 call Sold out 4,000 $2.0Mbefore exit
DIA SS SPDR Dow Jones Indus Avg call Reduce -93.3% 1,000 $445K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024

RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A Add +10.4% 1,412,372 $34.7M
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Add +1374.6% 654,181 $26.8M
FLAGSTAR BANK NA (FLG 6 11/01/51) UNIT 05/07/2051 Add +30.1% 667,556 $25.1M
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E Reduce -0.6% 511,629 $13.9M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Add +522.6% 146,441 $12.7M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A New 204,325 $12.4M
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV New 190,088 $11.9M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD New 140,911 $7.8M
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B Add +10.6% 384,453 $5.3M
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) PFD CONV SER C Add +10.6% 36,025 $1.8M
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Reduce -35.2% 64,460 $1.3M
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B Reduce -94.0% 16,623 $1.2M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Add +10.6% 16,684 $814K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 154$732.9MET, SUN, PAA, EPD, WES
Q1 2026 124$703.8MET, PAA, SUN, MPLX, EPD
Q4 2025 127$606.5MMPLX, PAA, ET, HESM, WES
Q3 2025 121$560.9MMPLX, PAA, ET, HESM, EPD
Q2 2025 114$609.5MET, MPLX, WES, PAA, EPD
Q1 2025 104$585.5MOKE, HESM, ET, SOBO, USAC
Q4 2024 111$591.1MMPLX, SUN, ET, PAA, EPD
Q3 2024 116$612.4MPAA, MPLX, SUN, EPD, ET
Q2 2024 82$637.9MMPLX, PAA, ET, WES, EPD
Q1 2024 86$626.8MET, MPLX, EPD, PAA, NS