Infrastructure Capital Advisors, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Infrastructure Capital Advisors, LLC reported 104 stock positions worth $585.5 million. Its top holding was Oneok (OKE) at 12.9% of the portfolio, followed by Hess Midstream Class A (HESM, 12.2%) and Energy Transfer (ET, 11.1%). Compared with Q4 2024, it opened 8 new positions, sold out of 15, added to 65 and reduced 31. The biggest buy was Oneok (OKE, shares +7133%) and the biggest sale Plains All Amer Pipeline (PAA, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001621802
- Portfolio Value
- $585.5M (Q1 2025)
- SEC Filing
- 0000919574-25-003245 ↗ filed May 15, 2025
Holdings Value
Holdings 104 stocks · $585.5M
| OKE Oneok Inc. | 12.85% | 3,762,803 | $75.3M | Add +7132.5% |
| HESM Hess Midstream LP Class A | 12.19% | 1,333,688 | $71.4M | Add +118.6% |
| ET Energy Transfer LP | 11.09% | 3,493,887 | $65.0M | Add +8.0% |
| SOBO South Bow Corp. | 11.03% | 1,112,162 | $64.6M | Add +4964.7% |
| USAC USA Compression Partners LP | 10.92% | 1,561,663 | $64.0M | Add +522.0% |
| GLP Global Partners LP | 5.17% | 716,383 | $30.3M | Add +407.5% |
| CQP Cheniere Energy Partners LP | 2.81% | 248,819 | $16.4M | Reduce -39.4% |
| LNG Cheniere Energy Inc. | 2.61% | 65,997 | $15.3M | Add +20.0% |
| MPLX MPLX LP | 2.43% | 163,775 | $14.2M | Reduce -88.2% |
| VLO Valero Energy Corp. | 2.31% | 226,209 | $13.5M | Add +352.8% |
| DKL Delek Logistics Partners LP | 1.47% | 199,562 | $8.6M | Reduce -0.1% |
| KMI Kinder Morgan Inc. | 1.45% | 58,087 | $8.5M | Reduce -56.4% |
| EPD Enterprise Products Partners | 1.43% | 533,448 | $8.4M | Reduce -69.4% |
| DINO HF Sinclair Corp. | 1.41% | 288,609 | $8.2M | New |
| SUN Sunoco LP | 1.37% | 296,442 | $8.0M | Reduce -76.0% |
| GEL Genesis Energy L.P. | 1.31% | 144,159 | $7.7M | Reduce -77.1% |
| SPH Suburban Propane Partners LP | 1.26% | 36,690 | $7.4M | Reduce -13.1% |
| PFFA Virtus Infracap US Pref STCK | 1.25% | 344,941 | $7.3M | Reduce -0.1% |
| TRP TC Energy Corp. | 1.16% | 659,382 | $6.8M | Add +1661.5% |
| TRGP Targa Resources Corp. | 1.12% | 49,703 | $6.6M | Add +53.1% |
| MPC Marathon Petroleum Corp. | 0.85% | 40,061 | $5.0M | Add +38.6% |
| MS Morgan Stanley | 0.58% | 29,264 | $3.4M | Add +39.4% |
| AMZN Amazon.com Inc. | 0.48% | 14,769 | $2.8M | Add +17.2% |
| GS Goldman Sachs Group Inc. | 0.45% | 4,800 | $2.6M | Reduce -22.9% |
| PM Philip Morris International | 0.42% | 15,654 | $2.5M | Add +39.8% |
| HON Honeywell International Inc. | 0.42% | 11,683 | $2.5M | Add +27.7% |
| KRC Kilroy Realty Corp. | 0.40% | 72,046 | $2.4M | Add +1.3% |
| C Citigroup Inc. | 0.39% | 32,075 | $2.3M | Add +7.5% |
| XOM Exxon Mobil Corp. | 0.33% | 16,356 | $1.9M | Add +6.9% |
| CVX Chevron Corp. | 0.32% | 11,245 | $1.9M | Reduce -44.6% |
| AB Alliancebernstein Holding LP | 0.32% | 48,880 | $1.9M | Add +10.9% |
| AMZA Infracap MLP ETF | 0.31% | 38,787 | $1.8M | Reduce -0.8% |
| AVGO Broadcom Inc. | 0.31% | 10,984 | $1.8M | Reduce -26.2% |
| BXP BXP Inc. | 0.31% | 27,301 | $1.8M | Add +25.0% |
| EQIX Equinix Inc. | 0.31% | 2,193 | $1.8M | Reduce -8.4% |
| UGI Ugi Corp. | 0.28% | 50,290 | $1.7M | Add +6.8% |
| ENB Enbridge Inc. | 0.24% | 32,039 | $1.4M | Reduce -70.5% |
| FANG Diamondback Energy Inc. | 0.23% | 8,275 | $1.3M | Add +71.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.23% | 31,584 | $1.3M | Reduce -13.2% |
| CSCO Cisco Systems Inc. | 0.22% | 21,248 | $1.3M | Add +313.7% |
| SAFE Safehold Inc. | 0.21% | 65,400 | $1.2M | Add +7.4% |
| KHC The Kraft Heinz Co. | 0.20% | 38,471 | $1.2M | Add +12.8% |
| TFC Truist Financial Corp. | 0.20% | 28,227 | $1.2M | Add +6.9% |
| RTX RTX Corp. | 0.20% | 8,678 | $1.1M | Add +6.7% |
| PAA Plains All Amer Pipeline LP | 0.19% | 54,310 | $1.1M | Reduce -98.5% |
| ARE Alexandria Real Estate Equit | 0.19% | 12,099 | $1.1M | Add +6.9% |
| SCAP Infrastructure Capital Small | 0.18% | 31,706 | $1.0M | Reduce -9.5% |
| AQN Algonquin Power & Utilities | 0.18% | 199,783 | $1.0M | Reduce -84.8% |
| REXR Rexford Industrial Realty Inc. | 0.17% | 26,002 | $1.0M | Reduce -13.7% |
| VOD Vodafone Group PLC-SP ADR | 0.17% | 104,725 | $981K | Add +6.9% |
| KO The Coca-Cola Co. | 0.16% | 13,351 | $956K | Add +73.1% |
| DLR Digital Realty Trust Inc. | 0.15% | 6,204 | $889K | Reduce -33.1% |
| SO The Southern Co. | 0.15% | 9,284 | $854K | Add +6.8% |
| ICAP Infrastructure Capital Equit | 0.14% | 33,705 | $843K | Reduce -3.5% |
| O Realty Income Corp. | 0.14% | 14,482 | $836K | Add +6.9% |
| T AT&T Inc. | 0.14% | 29,449 | $833K | New |
| ARES Ares Management Corp. Class A | 0.14% | 5,531 | $811K | Add +6.8% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.13% | 4,356 | $779K | Reduce -48.9% |
| CAT Caterpillar Inc. | 0.13% | 2,297 | $758K | Add +6.4% |
| MCD McDonald's Corp. | 0.13% | 2,425 | $757K | Reduce -42.3% |
| CCI Crown Castle Inc. | 0.12% | 6,647 | $693K | Add +6.8% |
| DOW Dow Inc. | 0.10% | 16,759 | $585K | Add +6.9% |
| PSX Phillips 66 | 0.10% | 22,427 | $572K | Add +199.4% |
| FITB Fifth Third Bancorp | 0.10% | 14,216 | $557K | Add +6.9% |
| USB US Bancorp | 0.09% | 12,990 | $548K | Add +6.9% |
| CASY Casey's General Stores Inc. | 0.09% | 1,177 | $511K | Add +10.5% |
| NWN Northwest Natural Holding Co. | 0.08% | 11,625 | $497K | Add +6.9% |
| PAGP Plains GP Holdings LP | 0.08% | 22,103 | $472K | Add +18.9% |
| WWD Woodward Inc. | 0.08% | 2,580 | $471K | Add +21.6% |
| HR Healthcare Realty Trust Inc. | 0.08% | 27,840 | $470K | Add +6.9% |
| RRR Red Rock Resorts Inc. Class A | 0.08% | 10,673 | $463K | New |
| MKSI MKS Inc. filed as MKS INSTRS INC | 0.07% | 4,986 | $400K | Add +35.3% |
| EWBC East West Bancorp Inc. | 0.07% | 4,370 | $392K | Add +10.8% |
| AMT American Tower Corp. | 0.07% | 1,787 | $389K | Add +6.8% |
| PFBC Preferred Bank/Los Angeles | 0.07% | 4,613 | $386K | Add +10.8% |
| TPR Tapestry Inc. | 0.06% | 5,296 | $373K | Reduce -25.4% |
| HRI Herc Holdings Inc. filed as HERC HLDGS INC | 0.06% | 2,739 | $368K | Add +29.7% |
| NTB Bank of N.T. Butterfield&son | 0.06% | 9,359 | $364K | Add +10.8% |
| IWM iShares Russell 2000 ETF | 0.06% | 1,742 | $348K | Reduce -54.1% |
| SLM SLM Corp. | 0.06% | 11,715 | $344K | Add +45.9% |
| CHRD Chord Energy Corp. | 0.06% | 3,021 | $341K | Add +10.7% |
| AVNT Avient Corp. | 0.06% | 8,985 | $334K | Add +48.7% |
| ASIX Advansix Inc. | 0.06% | 14,614 | $331K | Add +30.7% |
| FCFS Firstcash Holdings Inc. | 0.06% | 2,750 | $331K | New |
| POR Portland General Electric Co. | 0.05% | 7,088 | $316K | Add +26.3% |
| AGNC AGNC Investment Corp. | 0.05% | 32,228 | $309K | Add +24.3% |
| PNFP Pinnacle Financial Partners | 0.05% | 2,801 | $297K | Reduce -1.8% |
| MCBS Metrocity Bankshares Inc. | 0.05% | 10,703 | $295K | Add +10.8% |
| RITM Rithm Capital Corp. | 0.05% | 25,276 | $289K | Add +10.8% |
| BRX Brixmor Property Group Inc. | 0.05% | 10,332 | $274K | Add +10.8% |
| MUR Murphy Oil Corp. | 0.05% | 9,490 | $270K | Reduce -12.3% |
| CRM Salesforce Inc. | 0.05% | 1,001 | $269K | Reduce -44.4% |
| UNH Unitedhealth Group Inc. | 0.04% | 501 | $262K | Reduce -6.4% |
| VZ Verizon Communications Inc. | 0.04% | 5,678 | $258K | Add +6.9% |
| ESI Element Solutions Inc. | 0.04% | 11,318 | $256K | Add +42.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.04% | 1,020 | $254K | New |
| NYT New York Times Co. Class A | 0.04% | 5,097 | $252K | Add +10.8% |
| NRG NRG Energy Inc. | 0.04% | 2,600 | $248K | New |
| NTST Netstreit Corp. | 0.04% | 14,606 | $232K | Add +10.8% |
| EPRT Essential Properties Realty | 0.04% | 6,932 | $226K | New |
Options reported separately and not counted above: SPY calls ($550.6M), DIA calls ($16.8M), MSTR calls ($576K).
Other holdings (17): bonds, preferreds, convertibles and warrants · $208.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 1,495,264 | $36.5M | Add +5.9% |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 789,159 | $29.4M | Add +18.2% |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 713,485 | $29.0M | Add +9.1% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 472,479 | $28.3M | Add +131.2% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 301,765 | $22.1M | Add +106.1% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 504,356 | $15.1M | Reduce -1.4% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 575,038 | $10.6M | New |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 199,710 | $9.9M | New |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 157,437 | $7.6M | Add +11.7% |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 413,881 | $5.4M | Add +7.7% |
| RITHM PROPERTY TRUST (RPT V9.875 PERP) | 9.875 FXD-FLT C | 199,710 | $5.0M | New |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 99,077 | $4.4M | New |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 38,769 | $1.8M | Add +7.6% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 85,891 | $1.3M | New |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 17,958 | $859K | Add +7.6% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 14,976 | $715K | Reduce -92.1% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 21,660 | $500K | Reduce -66.4% |
Total filed on the 13F, all lines: $793.9M.
Portfolio Sells Q4 2024 → Q1 2025
| PAA Plains All Amer Pipeline LP | Reduce -98.5% | 0.19% | −10.17 |
| SUN Sunoco LP | Reduce -76.0% | 1.37% | −9.40 |
| WES Western Midstream Partners L | Sold out | 0.00% | −9.18 |
| MPLX MPLX LP | Reduce -88.2% | 2.43% | −8.83 |
| EPD Enterprise Products Partners | Reduce -69.4% | 1.43% | −7.81 |
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −1.82 |
| WMB Williams Cos Inc. | Sold out | 0.00% | −1.46 |
| CQP Cheniere Energy Partners LP | Reduce -39.4% | 2.81% | −0.88 |
| AQN Algonquin Power & Utilities | Reduce -84.8% | 0.18% | −0.81 |
| DTM DT Midstream Inc. | Sold out | 0.00% | −0.73 |
| ENB Enbridge Inc. | Reduce -70.5% | 0.24% | −0.54 |
| AVGO Broadcom Inc. | Reduce -26.2% | 0.31% | −0.27 |
| CFG Citizens Financial Group | Sold out | 0.00% | −0.22 |
| CVX Chevron Corp. | Reduce -44.6% | 0.32% | −0.18 |
| PFF iShares Preferred & Income S | Sold out | 0.00% | −0.16 |
| GS Goldman Sachs Group Inc. | Reduce -22.9% | 0.45% | −0.16 |
| MTB M & T Bank Corp. | Reduce -48.9% | 0.13% | −0.14 |
| EIX Edison International | Sold out | 0.00% | −0.14 |
| BLMN Bloomin' Brands Inc. | Sold out | 0.00% | −0.13 |
| DLR Digital Realty Trust Inc. | Reduce -33.1% | 0.15% | −0.13 |
| IWM iShares Russell 2000 ETF | Reduce -54.1% | 0.06% | −0.08 |
| MCD McDonald's Corp. | Reduce -42.3% | 0.13% | −0.08 |
| EQIX Equinix Inc. | Reduce -8.4% | 0.31% | −0.08 |
| FRT Federal Realty Invs Trust | Sold out | 0.00% | −0.07 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.06 |
| MMM 3M Co. | Sold out | 0.00% | −0.06 |
| CRM Salesforce Inc. | Reduce -44.4% | 0.05% | −0.06 |
| SM SM Energy Co. | Sold out | 0.00% | −0.05 |
| MRK Merck & Co. Inc. | Reduce -51.3% | 0.04% | −0.05 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.05 |
| BAC Bank of America Corp. | Reduce -13.2% | 0.23% | −0.05 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.04 |
| JEF Jefferies Financial Group Inc. | Sold out | 0.00% | −0.04 |
| PFFA Virtus Infracap US Pref STCK | Reduce -0.1% | 1.25% | −0.03 |
| SCAP Infrastructure Capital Small | Reduce -9.5% | 0.18% | −0.03 |
| REXR Rexford Industrial Realty Inc. | Reduce -13.7% | 0.17% | −0.02 |
| TPR Tapestry Inc. | Reduce -25.4% | 0.06% | −0.01 |
| ICAP Infrastructure Capital Equit | Reduce -3.5% | 0.14% | −0.01 |
| MUR Murphy Oil Corp. | Reduce -12.3% | 0.05% | −0.01 |
| PNFP Pinnacle Financial Partners | Reduce -1.8% | 0.05% | −0.00 |
| UNH Unitedhealth Group Inc. | Reduce -6.4% | 0.04% | −0.00 |
| AMZA Infracap MLP ETF | Reduce -0.8% | 0.31% | +0.03 |
| DKL Delek Logistics Partners LP | Reduce -0.1% | 1.47% | +0.05 |
| GEL Genesis Energy L.P. | Reduce -77.1% | 1.31% | +0.24 |
| KMI Kinder Morgan Inc. | Reduce -56.4% | 1.45% | +0.83 |
| SPH Suburban Propane Partners LP | Reduce -13.1% | 1.26% | +1.13 |
Portfolio Buys Q4 2024 → Q1 2025
| OKE Oneok Inc. | Add +7132.5% | 12.85% | +11.97 |
| SOBO South Bow Corp. | Add +4964.7% | 11.03% | +10.94 |
| USAC USA Compression Partners LP | Add +522.0% | 10.92% | +9.92 |
| HESM Hess Midstream LP Class A | Add +118.6% | 12.19% | +8.37 |
| GLP Global Partners LP | Add +407.5% | 5.17% | +4.06 |
| DINO HF Sinclair Corp. | New | 1.41% | +1.41 |
| VLO Valero Energy Corp. | Add +352.8% | 2.31% | +1.27 |
| TRP TC Energy Corp. | Add +1661.5% | 1.16% | +0.87 |
| LNG Cheniere Energy Inc. | Add +20.0% | 2.61% | +0.61 |
| ET Energy Transfer LP | Add +8.0% | 11.09% | +0.38 |
| PM Philip Morris International | Add +39.8% | 0.42% | +0.20 |
| CSCO Cisco Systems Inc. | Add +313.7% | 0.22% | +0.17 |
| MPC Marathon Petroleum Corp. | Add +38.6% | 0.85% | +0.17 |
| T AT&T Inc. | New | 0.14% | +0.14 |
| TRGP Targa Resources Corp. | Add +53.1% | 1.12% | +0.14 |
| MS Morgan Stanley | Add +39.4% | 0.58% | +0.14 |
| FANG Diamondback Energy Inc. | Add +71.7% | 0.23% | +0.09 |
| KO The Coca-Cola Co. | Add +73.1% | 0.16% | +0.08 |
| RRR Red Rock Resorts Inc. Class A | New | 0.08% | +0.08 |
| HON Honeywell International Inc. | Add +27.7% | 0.42% | +0.07 |
| UGI Ugi Corp. | Add +6.8% | 0.28% | +0.06 |
| FCFS Firstcash Holdings Inc. | New | 0.06% | +0.06 |
| XOM Exxon Mobil Corp. | Add +6.9% | 0.33% | +0.05 |
| AB Alliancebernstein Holding LP | Add +10.9% | 0.32% | +0.04 |
| IBM Intl Business Machines Corp. | New | 0.04% | +0.04 |
| NRG NRG Energy Inc. | New | 0.04% | +0.04 |
| EPRT Essential Properties Realty | New | 0.04% | +0.04 |
| BXP BXP Inc. | Add +25.0% | 0.31% | +0.04 |
| RTX RTX Corp. | Add +6.7% | 0.20% | +0.04 |
| C Citigroup Inc. | Add +7.5% | 0.39% | +0.03 |
| LYFT LYFT Inc. Class A | New | 0.03% | +0.03 |
| VOD Vodafone Group PLC-SP ADR | Add +6.9% | 0.17% | +0.03 |
| SO The Southern Co. | Add +6.8% | 0.15% | +0.02 |
| CCI Crown Castle Inc. | Add +6.8% | 0.12% | +0.02 |
| PAGP Plains GP Holdings LP | Add +18.9% | 0.08% | +0.02 |
| KHC The Kraft Heinz Co. | Add +12.8% | 0.20% | +0.02 |
| SLM SLM Corp. | Add +45.9% | 0.06% | +0.02 |
| O Realty Income Corp. | Add +6.9% | 0.14% | +0.02 |
| WWD Woodward Inc. | Add +21.6% | 0.08% | +0.02 |
| SAFE Safehold Inc. | Add +7.4% | 0.21% | +0.02 |
| CASY Casey's General Stores Inc. | Add +10.5% | 0.09% | +0.02 |
| AVNT Avient Corp. | Add +48.7% | 0.06% | +0.02 |
| AMT American Tower Corp. | Add +6.8% | 0.07% | +0.01 |
| POR Portland General Electric Co. | Add +26.3% | 0.05% | +0.01 |
| AGNC AGNC Investment Corp. | Add +24.3% | 0.05% | +0.01 |
| AMZN Amazon.com Inc. | Add +17.2% | 0.48% | +0.01 |
| NWN Northwest Natural Holding Co. | Add +6.9% | 0.08% | +0.01 |
| NTB Bank of N.T. Butterfield&son | Add +10.8% | 0.06% | +0.01 |
| ESI Element Solutions Inc. | Add +42.2% | 0.04% | +0.01 |
| VZ Verizon Communications Inc. | Add +6.9% | 0.04% | +0.01 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -15.1% | 984,200 | $550.6M |
| DIA SS SPDR Dow Jones Indus Avg | call | Add +3900.0% | 40,000 | $16.8M |
| MSTR Strategy Inc. | call | New | 2,000 | $576K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +5.9% | 1,495,264 | $36.5M |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Add +18.2% | 789,159 | $29.4M |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Add +9.1% | 713,485 | $29.0M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +131.2% | 472,479 | $28.3M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Add +106.1% | 301,765 | $22.1M |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Reduce -1.4% | 504,356 | $15.1M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | New | 575,038 | $10.6M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | New | 199,710 | $9.9M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Add +11.7% | 157,437 | $7.6M |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | Add +7.7% | 413,881 | $5.4M |
| RITHM PROPERTY TRUST (RPT V9.875 PERP) | 9.875 FXD-FLT C | New | 199,710 | $5.0M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | New | 99,077 | $4.4M |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | Add +7.6% | 38,769 | $1.8M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | New | 85,891 | $1.3M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Sold out | 16,623 | $1.2Mbefore exit |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Add +7.6% | 17,958 | $859K |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -92.1% | 14,976 | $715K |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | Reduce -66.4% | 21,660 | $500K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 154 | $732.9M | ET, SUN, PAA, EPD, WES |
| Q1 2026 | 124 | $703.8M | ET, PAA, SUN, MPLX, EPD |
| Q4 2025 | 127 | $606.5M | MPLX, PAA, ET, HESM, WES |
| Q3 2025 | 121 | $560.9M | MPLX, PAA, ET, HESM, EPD |
| Q2 2025 | 114 | $609.5M | ET, MPLX, WES, PAA, EPD |
| Q1 2025 | 104 | $585.5M | OKE, HESM, ET, SOBO, USAC |
| Q4 2024 | 111 | $591.1M | MPLX, SUN, ET, PAA, EPD |
| Q3 2024 | 116 | $612.4M | PAA, MPLX, SUN, EPD, ET |
| Q2 2024 | 82 | $637.9M | MPLX, PAA, ET, WES, EPD |
| Q1 2024 | 86 | $626.8M | ET, MPLX, EPD, PAA, NS |