Infrastructure Capital Advisors, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Infrastructure Capital Advisors, LLC reported 114 stock positions worth $609.5 million. Its top holding was Energy Transfer (ET) at 10.8% of the portfolio, followed by MPLX (MPLX, 10.2%) and Western Midstream Partners L (WES, 9.8%). Compared with Q1 2025, it opened 31 new positions, sold out of 21, added to 58 and reduced 24. The biggest buy was a new position in Western Midstream Partners L (WES) and the biggest sale Oneok (OKE, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001621802
- Portfolio Value
- $609.5M (Q2 2025)
- SEC Filing
- 0000919574-25-004828 ↗ filed Aug 14, 2025
Holdings Value
Holdings 114 stocks · $609.5M
| ET Energy Transfer LP | 10.83% | 3,642,271 | $66.0M | Add +4.3% |
| MPLX MPLX LP | 10.18% | 1,205,064 | $62.1M | Add +635.8% |
| WES Western Midstream Partners L | 9.76% | 1,536,919 | $59.5M | New |
| PAA Plains All Amer Pipeline LP | 9.76% | 3,246,142 | $59.5M | Add +5877.1% |
| EPD Enterprise Products Partners | 8.98% | 1,764,653 | $54.7M | Add +230.8% |
| SUN Sunoco LP | 8.64% | 982,653 | $52.7M | Add +231.5% |
| HESM Hess Midstream LP Class A | 7.20% | 1,138,716 | $43.9M | Reduce -14.6% |
| LNG Cheniere Energy Inc. | 3.66% | 91,490 | $22.3M | Add +38.6% |
| WMB Williams Cos Inc. | 2.44% | 236,673 | $14.9M | New |
| TRGP Targa Resources Corp. | 2.10% | 73,659 | $12.8M | Add +48.2% |
| CQP Cheniere Energy Partners LP | 2.02% | 219,395 | $12.3M | Reduce -11.8% |
| KMI Kinder Morgan Inc. | 1.89% | 392,234 | $11.5M | Add +575.3% |
| GEL Genesis Energy L.P. | 1.76% | 620,938 | $10.7M | Add +330.7% |
| DKL Delek Logistics Partners LP | 1.42% | 201,580 | $8.7M | Add +1.0% |
| GLP Global Partners LP | 1.25% | 144,539 | $7.6M | Reduce -79.8% |
| USAC USA Compression Partners LP | 1.19% | 297,223 | $7.2M | Reduce -81.0% |
| PFFA Virtus Infracap US Pref STCK | 0.99% | 288,471 | $6.0M | Reduce -16.4% |
| OKE Oneok Inc. | 0.94% | 70,277 | $5.7M | Reduce -98.1% |
| PSX Phillips 66 | 0.69% | 35,321 | $4.2M | Add +57.5% |
| AVGO Broadcom Inc. | 0.60% | 13,308 | $3.7M | Add +21.2% |
| MS Morgan Stanley | 0.59% | 25,621 | $3.6M | Reduce -12.4% |
| GS Goldman Sachs Group Inc. | 0.59% | 5,047 | $3.6M | Add +5.2% |
| AMZN Amazon.com Inc. | 0.54% | 14,884 | $3.3M | Add +0.8% |
| C Citigroup Inc. | 0.49% | 35,042 | $3.0M | Add +9.3% |
| KKR KKR & Co. Inc. | 0.46% | 21,000 | $2.8M | New |
| CVX Chevron Corp. | 0.43% | 18,370 | $2.6M | Add +63.4% |
| KRC Kilroy Realty Corp. | 0.43% | 75,628 | $2.6M | Add +5.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.41% | 52,864 | $2.5M | Add +67.4% |
| HON Honeywell International Inc. | 0.37% | 9,683 | $2.3M | Reduce -17.1% |
| JNJ Johnson & Johnson | 0.34% | 13,624 | $2.1M | New |
| BXP BXP Inc. | 0.33% | 30,179 | $2.0M | Add +10.5% |
| VG Venture Global Inc. Class A | 0.31% | 122,386 | $1.9M | New |
| AMZA Infracap MLP ETF | 0.28% | 38,787 | $1.7M | No change |
| MPC Marathon Petroleum Corp. | 0.27% | 9,884 | $1.6M | Reduce -75.3% |
| IWM iShares Russell 2000 ETF | 0.23% | 6,638 | $1.4M | Add +281.1% |
| CSCO Cisco Systems Inc. | 0.23% | 19,932 | $1.4M | Reduce -6.2% |
| MCD McDonald's Corp. | 0.22% | 4,545 | $1.3M | Add +87.4% |
| XOM Exxon Mobil Corp. | 0.20% | 11,157 | $1.2M | Reduce -31.8% |
| PM Philip Morris International | 0.20% | 6,573 | $1.2M | Reduce -58.0% |
| KO The Coca-Cola Co. | 0.19% | 16,780 | $1.2M | Add +25.7% |
| T AT&T Inc. | 0.19% | 40,721 | $1.2M | Add +38.3% |
| VOD Vodafone Group PLC-SP ADR | 0.19% | 108,103 | $1.2M | Add +3.2% |
| CFG Citizens Financial Group | 0.19% | 25,695 | $1.1M | New |
| APO Apollo Global Management Inc. | 0.19% | 8,000 | $1.1M | New |
| SCAP Infrastructure Capital Small | 0.19% | 33,847 | $1.1M | Add +6.8% |
| SO The Southern Co. | 0.17% | 11,613 | $1.1M | Add +25.1% |
| KHC The Kraft Heinz Co. | 0.17% | 39,710 | $1.0M | Add +3.2% |
| VLO Valero Energy Corp. | 0.17% | 7,513 | $1.0M | Reduce -96.7% |
| ARES Ares Management Corp. Class A | 0.16% | 5,708 | $989K | Add +3.2% |
| REXR Rexford Industrial Realty Inc. | 0.16% | 26,839 | $955K | Add +3.2% |
| ARE Alexandria Real Estate Equit | 0.15% | 12,489 | $907K | Add +3.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.15% | 3,041 | $896K | Add +198.1% |
| ICAP Infrastructure Capital Equit | 0.15% | 34,132 | $891K | Add +1.3% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.14% | 4,494 | $872K | Add +3.2% |
| O Realty Income Corp. | 0.14% | 14,947 | $857K | Add +3.2% |
| USB US Bancorp | 0.14% | 18,513 | $838K | Add +42.5% |
| TFC Truist Financial Corp. | 0.13% | 18,759 | $806K | Reduce -33.5% |
| SPH Suburban Propane Partners LP | 0.13% | 43,224 | $801K | Add +17.8% |
| BX Blackstone Inc. | 0.12% | 5,000 | $748K | New |
| DLR Digital Realty Trust Inc. | 0.12% | 4,169 | $727K | Reduce -32.8% |
| EQIX Equinix Inc. | 0.12% | 897 | $714K | Reduce -59.1% |
| CCI Crown Castle Inc. | 0.12% | 6,860 | $705K | Add +3.2% |
| SAFE Safehold Inc. | 0.10% | 40,833 | $635K | Reduce -37.6% |
| XEL Xcel Energy Inc. | 0.10% | 9,000 | $613K | New |
| FITB Fifth Third Bancorp | 0.10% | 14,672 | $603K | Add +3.2% |
| JPM JPMorgan Chase & Co. | 0.10% | 2,063 | $598K | New |
| SOBO South Bow Corp. | 0.10% | 22,486 | $583K | Reduce -98.0% |
| MSFT Microsoft Corp. | 0.09% | 1,101 | $548K | New |
| CTRA Coterra Energy Inc. | 0.09% | 20,424 | $518K | New |
| SNEX Stonex Group Inc. | 0.08% | 5,533 | $504K | New |
| EWBC East West Bancorp Inc. | 0.08% | 4,929 | $498K | Add +12.8% |
| NTB Bank of N.T. Butterfield&son | 0.08% | 11,180 | $495K | Add +19.5% |
| MKSI MKS Inc. | 0.08% | 4,870 | $484K | Reduce -2.3% |
| PFBC Preferred Bank/Los Angeles | 0.08% | 5,508 | $477K | Add +19.4% |
| NWN Northwest Natural Holding Co. | 0.08% | 12,000 | $477K | Add +3.2% |
| NVDA Nvidia Corp. | 0.08% | 3,000 | $474K | New |
| PAGP Plains GP Holdings LP | 0.08% | 24,261 | $471K | Add +9.8% |
| WWD Woodward Inc. | 0.08% | 1,910 | $468K | Reduce -26.0% |
| SLM SLM Corp. | 0.08% | 13,999 | $459K | Add +19.5% |
| DOW Dow Inc. | 0.08% | 17,299 | $458K | Add +3.2% |
| HR Healthcare Realty Trust Inc. | 0.07% | 28,737 | $456K | Add +3.2% |
| CHRD Chord Energy Corp. | 0.07% | 4,645 | $450K | Add +53.8% |
| NWE Northwestern Energy Group Inc. | 0.07% | 8,710 | $447K | New |
| META Meta Platforms Inc. Class A | 0.07% | 600 | $443K | New |
| ORCL Oracle Corp. | 0.07% | 2,010 | $439K | New |
| NYT New York Times Co. Class A | 0.07% | 7,847 | $439K | Add +54.0% |
| ASIX Advansix Inc. | 0.07% | 17,473 | $415K | Add +19.6% |
| AMT American Tower Corp. | 0.07% | 1,844 | $408K | Add +3.2% |
| CASY Casey's General Stores Inc. | 0.07% | 787 | $402K | Reduce -33.1% |
| PNFP Pinnacle Financial Partners | 0.06% | 3,346 | $369K | Add +19.5% |
| NVT Nvent Electric PLC | 0.06% | 4,867 | $357K | New |
| AGNC AGNC Investment Corp. | 0.06% | 38,510 | $354K | Add +19.5% |
| HRI Herc Holdings Inc. filed as HERC HLDGS INC | 0.06% | 2,648 | $349K | Reduce -3.3% |
| RITM Rithm Capital Corp. | 0.06% | 30,200 | $341K | Add +19.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.06% | 1,501 | $340K | New |
| BRX Brixmor Property Group Inc. | 0.05% | 12,346 | $321K | Add +19.5% |
| MRVL Marvell Technology Inc. | 0.05% | 4,000 | $310K | New |
| ESI Element Solutions Inc. | 0.05% | 13,524 | $306K | Add +19.5% |
| BPOP Popular Inc. | 0.05% | 2,595 | $286K | New |
| APD Air Products & Chemicals Inc. | 0.05% | 1,020 | $286K | New |
| JEF Jefferies Financial Group Inc. | 0.05% | 5,193 | $284K | New |
| COOP Mr Cooper Group Inc. | 0.05% | 1,843 | $275K | New |
| JNK SS SPDR BB High Yield Bond | 0.04% | 2,650 | $256K | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.04% | 3,183 | $256K | New |
| MGM MGM Resorts International | 0.04% | 7,010 | $241K | New |
| AVNT Avient Corp. | 0.04% | 6,654 | $215K | Reduce -25.9% |
| AMD Advanced Micro Devices | 0.03% | 1,500 | $213K | New |
| BNDS Infrastr Cap Bond Income ETF | 0.03% | 4,280 | $212K | New |
| MRK Merck & Co. Inc. | 0.03% | 2,586 | $205K | Add +3.1% |
| CHCT Community Healthcare Trust I | 0.03% | 11,021 | $183K | New |
| PK Park Hotels & Resorts Inc. | 0.03% | 16,071 | $164K | Add +19.5% |
| WU Western Union Co. | 0.02% | 15,736 | $132K | New |
| AQN Algonquin Power & Utilities | 0.02% | 20,986 | $120K | Reduce -89.5% |
| KRNY Kearny Financial Corp. | 0.01% | 13,898 | $90K | Add +16.6% |
Options reported separately and not counted above: SPY calls ($447.6M), QQQ calls ($1.7M).
Other holdings (16): bonds, preferreds, convertibles and warrants · $220.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 1,585,194 | $37.5M | Add +6.0% |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 890,066 | $34.2M | Add +12.8% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 637,555 | $34.2M | Add +219.2% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 388,994 | $29.1M | Add +28.9% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 365,912 | $19.4M | Add +132.4% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 181,115 | $12.3M | Reduce -61.7% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 669,669 | $11.8M | Add +16.5% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 376,761 | $11.7M | Reduce -25.3% |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | 148,862 | $9.0M | New |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 452,287 | $6.0M | Add +9.3% |
| RITHM PROPERTY TRUST (RPT V9.875 PERP) | 9.875 FXD-FLT C | 218,271 | $5.4M | Add +9.3% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 49,840 | $2.9M | Add +232.8% |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 62,617 | $2.5M | Reduce -91.2% |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 42,353 | $2.0M | Add +9.2% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 81,047 | $1.4M | Reduce -5.6% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 15,903 | $598K | Reduce -84.0% |
Total filed on the 13F, all lines: $829.5M.
Portfolio Sells Q1 2025 → Q2 2025
| OKE Oneok Inc. | Reduce -98.1% | 0.94% | −11.91 |
| SOBO South Bow Corp. | Reduce -98.0% | 0.10% | −10.93 |
| USAC USA Compression Partners LP | Reduce -81.0% | 1.19% | −9.74 |
| HESM Hess Midstream LP Class A | Reduce -14.6% | 7.20% | −5.00 |
| GLP Global Partners LP | Reduce -79.8% | 1.25% | −3.92 |
| VLO Valero Energy Corp. | Reduce -96.7% | 0.17% | −2.14 |
| DINO HF Sinclair Corp. | Sold out | 0.00% | −1.41 |
| TRP TC Energy Corp. | Sold out | 0.00% | −1.16 |
| CQP Cheniere Energy Partners LP | Reduce -11.8% | 2.02% | −0.79 |
| MPC Marathon Petroleum Corp. | Reduce -75.3% | 0.27% | −0.58 |
| AB Alliancebernstein Holding LP | Sold out | 0.00% | −0.32 |
| UGI Ugi Corp. | Sold out | 0.00% | −0.28 |
| PFFA Virtus Infracap US Pref STCK | Reduce -16.4% | 0.99% | −0.26 |
| ENB Enbridge Inc. | Sold out | 0.00% | −0.24 |
| PM Philip Morris International | Reduce -58.0% | 0.20% | −0.23 |
| FANG Diamondback Energy Inc. | Sold out | 0.00% | −0.23 |
| RTX RTX Corp. | Sold out | 0.00% | −0.20 |
| EQIX Equinix Inc. | Reduce -59.1% | 0.12% | −0.19 |
| AQN Algonquin Power & Utilities | Reduce -89.5% | 0.02% | −0.16 |
| XOM Exxon Mobil Corp. | Reduce -31.8% | 0.20% | −0.13 |
| CAT Caterpillar Inc. | Sold out | 0.00% | −0.13 |
| SAFE Safehold Inc. | Reduce -37.6% | 0.10% | −0.10 |
| RRR Red Rock Resorts Inc. Class A | Sold out | 0.00% | −0.08 |
| TFC Truist Financial Corp. | Reduce -33.5% | 0.13% | −0.07 |
| TPR Tapestry Inc. | Sold out | 0.00% | −0.06 |
| FCFS Firstcash Holdings Inc. | Sold out | 0.00% | −0.06 |
| POR Portland General Electric Co. | Sold out | 0.00% | −0.05 |
| HON Honeywell International Inc. | Reduce -17.1% | 0.37% | −0.05 |
| MCBS Metrocity Bankshares Inc. | Sold out | 0.00% | −0.05 |
| MUR Murphy Oil Corp. | Sold out | 0.00% | −0.05 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.05 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.04 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.04 |
| NRG NRG Energy Inc. | Sold out | 0.00% | −0.04 |
| NTST Netstreit Corp. | Sold out | 0.00% | −0.04 |
| EPRT Essential Properties Realty | Sold out | 0.00% | −0.04 |
| DLR Digital Realty Trust Inc. | Reduce -32.8% | 0.12% | −0.03 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.03 |
| AVNT Avient Corp. | Reduce -25.9% | 0.04% | −0.02 |
| CASY Casey's General Stores Inc. | Reduce -33.1% | 0.07% | −0.02 |
| HRI Herc Holdings Inc. | Reduce -3.3% | 0.06% | −0.01 |
| WWD Woodward Inc. | Reduce -26.0% | 0.08% | −0.00 |
| CSCO Cisco Systems Inc. | Reduce -6.2% | 0.23% | +0.00 |
| MS Morgan Stanley | Reduce -12.4% | 0.59% | +0.01 |
| MKSI MKS Inc. | Reduce -2.3% | 0.08% | +0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| WES Western Midstream Partners L | New | 9.76% | +9.76 |
| PAA Plains All Amer Pipeline LP | Add +5877.1% | 9.76% | +9.56 |
| MPLX MPLX LP | Add +635.8% | 10.18% | +7.76 |
| EPD Enterprise Products Partners | Add +230.8% | 8.98% | +7.55 |
| SUN Sunoco LP | Add +231.5% | 8.64% | +7.27 |
| WMB Williams Cos Inc. | New | 2.44% | +2.44 |
| LNG Cheniere Energy Inc. | Add +38.6% | 3.66% | +1.05 |
| TRGP Targa Resources Corp. | Add +48.2% | 2.10% | +0.98 |
| PSX Phillips 66 | Add +57.5% | 0.69% | +0.59 |
| KKR KKR & Co. Inc. | New | 0.46% | +0.46 |
| KMI Kinder Morgan Inc. | Add +575.3% | 1.89% | +0.45 |
| GEL Genesis Energy L.P. | Add +330.7% | 1.76% | +0.44 |
| JNJ Johnson & Johnson | New | 0.34% | +0.34 |
| VG Venture Global Inc. Class A | New | 0.31% | +0.31 |
| AVGO Broadcom Inc. | Add +21.2% | 0.60% | +0.29 |
| CFG Citizens Financial Group | New | 0.19% | +0.19 |
| APO Apollo Global Management Inc. | New | 0.19% | +0.19 |
| BAC Bank of America Corp. | Add +67.4% | 0.41% | +0.19 |
| IWM iShares Russell 2000 ETF | Add +281.1% | 0.23% | +0.18 |
| GS Goldman Sachs Group Inc. | Add +5.2% | 0.59% | +0.14 |
| BX Blackstone Inc. | New | 0.12% | +0.12 |
| CVX Chevron Corp. | Add +63.4% | 0.43% | +0.11 |
| IBM Intl Business Machines Corp. | Add +198.1% | 0.15% | +0.10 |
| XEL Xcel Energy Inc. | New | 0.10% | +0.10 |
| C Citigroup Inc. | Add +9.3% | 0.49% | +0.10 |
| JPM JPMorgan Chase & Co. | New | 0.10% | +0.10 |
| MSFT Microsoft Corp. | New | 0.09% | +0.09 |
| MCD McDonald's Corp. | Add +87.4% | 0.22% | +0.09 |
| CTRA Coterra Energy Inc. | New | 0.09% | +0.09 |
| SNEX Stonex Group Inc. | New | 0.08% | +0.08 |
| NVDA Nvidia Corp. | New | 0.08% | +0.08 |
| NWE Northwestern Energy Group Inc. | New | 0.07% | +0.07 |
| META Meta Platforms Inc. Class A | New | 0.07% | +0.07 |
| ORCL Oracle Corp. | New | 0.07% | +0.07 |
| NVT Nvent Electric PLC | New | 0.06% | +0.06 |
| AMZN Amazon.com Inc. | Add +0.8% | 0.54% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.06% | +0.06 |
| T AT&T Inc. | Add +38.3% | 0.19% | +0.05 |
| MRVL Marvell Technology Inc. | New | 0.05% | +0.05 |
| APD Air Products & Chemicals Inc. | New | 0.05% | +0.05 |
| BPOP Popular Inc. | New | 0.05% | +0.05 |
| JEF Jefferies Financial Group Inc. | New | 0.05% | +0.05 |
| COOP Mr Cooper Group Inc. | New | 0.05% | +0.05 |
| USB US Bancorp | Add +42.5% | 0.14% | +0.04 |
| JNK SS SPDR BB High Yield Bond | New | 0.04% | +0.04 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 0.04% | +0.04 |
| MGM MGM Resorts International | New | 0.04% | +0.04 |
| AMD Advanced Micro Devices | New | 0.03% | +0.03 |
| BNDS Infrastr Cap Bond Income ETF | New | 0.03% | +0.03 |
| KO The Coca-Cola Co. | Add +25.7% | 0.19% | +0.03 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -26.4% | 724,500 | $447.6M |
| DIA SS SPDR Dow Jones Indus Avg | call | Sold out | 40,000 | $16.8Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | call | New | 3,000 | $1.7M |
| MSTR Strategy Inc. | call | Sold out | 2,000 | $576Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +6.0% | 1,585,194 | $37.5M |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Add +12.8% | 890,066 | $34.2M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +219.2% | 637,555 | $34.2M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Add +28.9% | 388,994 | $29.1M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Add +132.4% | 365,912 | $19.4M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -61.7% | 181,115 | $12.3M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | Add +16.5% | 669,669 | $11.8M |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Reduce -25.3% | 376,761 | $11.7M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | New | 148,862 | $9.0M |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | Add +9.3% | 452,287 | $6.0M |
| RITHM PROPERTY TRUST (RPT V9.875 PERP) | 9.875 FXD-FLT C | Add +9.3% | 218,271 | $5.4M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Add +232.8% | 49,840 | $2.9M |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Reduce -91.2% | 62,617 | $2.5M |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | Add +9.2% | 42,353 | $2.0M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | Reduce -5.6% | 81,047 | $1.4M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Sold out | 17,958 | $859Kbefore exit |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Reduce -84.0% | 15,903 | $598K |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | Sold out | 21,660 | $500Kbefore exit |
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 |