Infrastructure Capital Advisors, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Infrastructure Capital Advisors, LLC reported 121 stock positions worth $560.9 million. Its top holding was MPLX (MPLX) at 10.3% of the portfolio, followed by Plains All Amer Pipeline (PAA, 9.5%) and Energy Transfer (ET, 9.3%). Compared with Q2 2025, it opened 28 new positions, sold out of 21, added to 50 and reduced 42. The biggest buy was Hess Midstream Class A (HESM, shares +23%) and the biggest sale Western Midstream Partners L (WES, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001621802
- Portfolio Value
- $560.9M (Q3 2025)
- SEC Filing
- 0000919574-25-006996 ↗ filed Nov 14, 2025
Holdings Value
Holdings 121 stocks · $560.9M
| MPLX MPLX LP | 10.30% | 1,138,280 | $57.8M | Reduce -5.5% |
| PAA Plains All Amer Pipeline LP | 9.54% | 3,253,913 | $53.5M | Add +0.2% |
| ET Energy Transfer LP | 9.31% | 3,102,317 | $52.2M | Reduce -14.8% |
| HESM Hess Midstream LP Class A | 8.50% | 1,404,438 | $47.7M | Add +23.3% |
| EPD Enterprise Products Partners | 7.55% | 1,375,943 | $42.4M | Reduce -22.0% |
| WES Western Midstream Partners L | 6.99% | 1,045,716 | $39.2M | Reduce -32.0% |
| SUN Sunoco LP | 6.04% | 648,427 | $33.9M | Reduce -34.0% |
| LNG Cheniere Energy Inc. | 4.70% | 124,054 | $26.3M | Add +35.6% |
| TRGP Targa Resources Corp. | 2.99% | 108,881 | $16.8M | Add +47.8% |
| KMI Kinder Morgan Inc. | 2.96% | 633,655 | $16.6M | Add +61.5% |
| WMB Williams Cos Inc. | 2.76% | 267,776 | $15.5M | Add +13.1% |
| CQP Cheniere Energy Partners LP | 2.11% | 226,930 | $11.8M | Add +3.4% |
| GEL Genesis Energy L.P. | 1.65% | 567,353 | $9.3M | Reduce -8.6% |
| OKE Oneok Inc. | 1.41% | 117,896 | $7.9M | Add +67.8% |
| DKL Delek Logistics Partners LP | 1.29% | 162,673 | $7.2M | Reduce -19.3% |
| USAC USA Compression Partners LP | 1.21% | 307,431 | $6.8M | Add +3.4% |
| PFFA Virtus Infracap US Pref STCK | 1.12% | 288,471 | $6.3M | No change |
| MRVL Marvell Technology Inc. | 0.84% | 51,602 | $4.7M | Add +1190.0% |
| AMZN Amazon.com Inc. | 0.83% | 19,609 | $4.7M | Add +31.8% |
| GLP Global Partners LP | 0.80% | 98,987 | $4.5M | Reduce -31.5% |
| GNL Global Net Lease Inc. | 0.77% | 562,431 | $4.3M | New |
| VLO Valero Energy Corp. | 0.64% | 21,123 | $3.6M | Add +181.2% |
| MCD McDonald's Corp. | 0.61% | 11,477 | $3.4M | Add +152.5% |
| PM Philip Morris International | 0.61% | 23,432 | $3.4M | Add +256.5% |
| KKR KKR & Co. Inc. | 0.53% | 24,344 | $3.0M | Add +15.9% |
| APO Apollo Global Management Inc. | 0.51% | 22,898 | $2.8M | Add +186.2% |
| GS Goldman Sachs Group Inc. | 0.45% | 3,185 | $2.5M | Reduce -36.9% |
| TRP TC Energy Corp. | 0.45% | 50,000 | $2.5M | New |
| AVGO Broadcom Inc. | 0.45% | 6,951 | $2.5M | Reduce -47.8% |
| KRC Kilroy Realty Corp. | 0.39% | 51,182 | $2.2M | Reduce -32.3% |
| CVX Chevron Corp. | 0.38% | 13,437 | $2.1M | Reduce -26.9% |
| C Citigroup Inc. | 0.35% | 19,626 | $2.0M | Reduce -44.0% |
| NEE Nextera Energy Inc. | 0.35% | 24,038 | $2.0M | New |
| PEP Pepsico Inc. | 0.35% | 13,318 | $1.9M | New |
| KO The Coca-Cola Co. | 0.35% | 28,379 | $1.9M | Add +69.1% |
| VST Vistra Corp. | 0.34% | 10,035 | $1.9M | New |
| NWN Northwest Natural Holding Co. | 0.33% | 40,804 | $1.9M | Add +240.0% |
| FCX Freeport-McMoran Inc. | 0.29% | 39,435 | $1.6M | New |
| EIX Edison International | 0.29% | 29,212 | $1.6M | New |
| AMZA Infracap MLP ETF | 0.27% | 38,259 | $1.5M | Reduce -1.4% |
| PSX Phillips 66 | 0.27% | 11,167 | $1.5M | Reduce -68.4% |
| MS Morgan Stanley | 0.26% | 9,053 | $1.5M | Reduce -64.7% |
| META Meta Platforms Inc. Class A | 0.26% | 2,136 | $1.4M | Add +256.0% |
| VOD Vodafone Group PLC-SP ADR | 0.25% | 117,111 | $1.4M | Add +8.3% |
| SCAP Infrastructure Capital Small | 0.23% | 35,839 | $1.3M | Add +5.9% |
| HON Honeywell International Inc. | 0.22% | 6,196 | $1.2M | Reduce -36.0% |
| REXR Rexford Industrial Realty Inc. | 0.21% | 29,071 | $1.2M | Add +8.3% |
| XEL Xcel Energy Inc. | 0.21% | 14,684 | $1.2M | Add +63.2% |
| KHC The Kraft Heinz Co. | 0.19% | 43,014 | $1.1M | Add +8.3% |
| CSCO Cisco Systems Inc. | 0.17% | 13,244 | $968K | Reduce -33.5% |
| ICAP Infrastructure Capital Equit | 0.17% | 34,556 | $952K | Add +1.2% |
| O Realty Income Corp. | 0.17% | 16,187 | $939K | Add +8.3% |
| USB US Bancorp | 0.17% | 20,049 | $936K | Add +8.3% |
| BXP BXP Inc. | 0.17% | 13,048 | $931K | Reduce -56.8% |
| VG Venture Global Inc. Class A | 0.16% | 106,563 | $913K | Reduce -12.9% |
| LNT Alliant Energy Corp. | 0.16% | 13,396 | $895K | New |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.16% | 4,862 | $894K | Add +8.2% |
| SPH Suburban Propane Partners LP | 0.15% | 44,707 | $815K | Add +3.4% |
| SO The Southern Co. | 0.14% | 8,134 | $765K | Reduce -30.0% |
| MSFT Microsoft Corp. | 0.14% | 1,476 | $764K | Add +34.1% |
| TFC Truist Financial Corp. | 0.14% | 17,112 | $764K | Reduce -8.8% |
| CAT Caterpillar Inc. | 0.13% | 1,277 | $737K | New |
| VZ Verizon Communications Inc. | 0.13% | 18,174 | $722K | New |
| SARO Standardaero Inc. | 0.12% | 23,901 | $691K | New |
| CCI Crown Castle Inc. | 0.12% | 7,428 | $670K | Add +8.3% |
| FITB Fifth Third Bancorp | 0.12% | 15,888 | $661K | Add +8.3% |
| MKSI MKS Inc. | 0.12% | 4,592 | $660K | Reduce -5.7% |
| XOM Exxon Mobil Corp. | 0.12% | 5,758 | $658K | Reduce -48.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.12% | 2,113 | $649K | Reduce -30.5% |
| NTB Bank of N.T. Butterfield&son | 0.11% | 13,912 | $644K | Add +24.4% |
| SAFE Safehold Inc. | 0.11% | 44,233 | $638K | Add +8.3% |
| SNEX Stonex Group Inc. | 0.11% | 6,885 | $633K | Add +24.4% |
| WYNN WYNN Resorts Ltd. | 0.11% | 5,227 | $622K | New |
| EWBC East West Bancorp Inc. | 0.11% | 6,133 | $619K | Add +24.4% |
| BX Blackstone Inc. | 0.11% | 4,138 | $601K | Reduce -17.2% |
| DLR Digital Realty Trust Inc. | 0.11% | 3,513 | $599K | Reduce -15.7% |
| CASY Casey's General Stores Inc. | 0.11% | 1,164 | $597K | Add +47.9% |
| CHRD Chord Energy Corp. | 0.10% | 6,239 | $566K | Add +34.3% |
| SPXC SPX Technologies Inc. | 0.10% | 2,457 | $550K | New |
| LYFT LYFT Inc. Class A | 0.10% | 26,342 | $539K | New |
| NWE Northwestern Energy Group Inc. | 0.09% | 8,838 | $527K | Add +1.5% |
| JNJ Johnson & Johnson | 0.09% | 2,784 | $526K | Reduce -79.6% |
| CTRA Coterra Energy Inc. | 0.09% | 22,120 | $523K | Add +8.3% |
| NVT Nvent Electric PLC | 0.09% | 4,472 | $511K | Reduce -8.1% |
| PAGP Plains GP Holdings LP | 0.09% | 28,530 | $493K | Add +17.6% |
| NYT New York Times Co. Class A | 0.09% | 8,447 | $481K | Add +7.7% |
| OTTR Otter Tail Corp. | 0.08% | 5,884 | $454K | New |
| BHR Braemar Hotels & Resorts Inc. | 0.08% | 169,418 | $432K | New |
| PFBC Preferred Bank/Los Angeles | 0.08% | 4,771 | $431K | Reduce -13.4% |
| MRK Merck & Co. Inc. | 0.07% | 4,844 | $416K | Add +87.3% |
| ARE Alexandria Real Estate Equit | 0.07% | 6,529 | $380K | Reduce -47.7% |
| WU Western Union Co. | 0.07% | 40,143 | $375K | Add +155.1% |
| KVUE Kenvue Inc. | 0.07% | 25,440 | $366K | New |
| AGNC AGNC Investment Corp. | 0.06% | 36,409 | $364K | Reduce -5.5% |
| BPOP Popular Inc. | 0.06% | 3,229 | $360K | Add +24.4% |
| UNH Unitedhealth Group Inc. | 0.06% | 1,001 | $346K | New |
| EQX Equinox Gold Corp. | 0.06% | 31,340 | $344K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.06% | 6,266 | $333K | Reduce -88.2% |
| HRI Herc Holdings Inc. filed as HERC HLDGS INC | 0.06% | 2,319 | $329K | Reduce -12.4% |
| AMD Advanced Micro Devices | 0.06% | 2,001 | $324K | Add +33.4% |
| LAZ Lazard Inc. | 0.06% | 6,397 | $309K | New |
| T AT&T Inc. | 0.05% | 11,870 | $294K | Reduce -70.8% |
| ESI Element Solutions Inc. | 0.05% | 10,830 | $289K | Reduce -19.9% |
| HLI Houlihan Lokey Inc. | 0.05% | 1,572 | $282K | New |
| ORCL Oracle Corp. | 0.05% | 1,000 | $281K | Reduce -50.3% |
| AVNT Avient Corp. | 0.05% | 8,280 | $266K | Add +24.4% |
| LLY Eli Lilly & Co. | 0.05% | 318 | $263K | New |
| RITM Rithm Capital Corp. | 0.05% | 23,992 | $263K | Reduce -20.6% |
| ASIX Advansix Inc. | 0.04% | 12,767 | $237K | Reduce -26.9% |
| BNDS Infrastr Cap Bond Income ETF | 0.04% | 4,480 | $228K | Add +4.7% |
| WAL Western Alliance Bancorp | 0.04% | 2,901 | $224K | New |
| WWD Woodward Inc. | 0.04% | 802 | $210K | Reduce -58.0% |
| PK Park Hotels & Resorts Inc. | 0.04% | 19,999 | $206K | Add +24.4% |
| IWM iShares Russell 2000 ETF | 0.04% | 824 | $203K | Reduce -87.6% |
| ORI Old Republic Intl Corp. | 0.04% | 5,079 | $200K | New |
| SBUX Starbucks Corp. | 0.03% | 2,100 | $178K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.02% | 501 | $140K | Reduce -66.6% |
| TOL Toll Brothers Inc. | 0.02% | 1,001 | $138K | New |
| AQN Algonquin Power & Utilities | 0.02% | 24,346 | $136K | Add +16.0% |
| WBD Warner Bros Discovery Inc. | 0.01% | 4,000 | $78K | New |
| PLTR Palantir Technologies Inc. Class A | 0.00% | 101 | $18K | New |
Options reported separately and not counted above: SPY calls ($176.5M), DIA calls ($13.9M), QQQ calls ($5.4M).
Other holdings (16): bonds, preferreds, convertibles and warrants · $247.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 1,685,882 | $42.1M | Add +6.3% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 815,887 | $40.0M | Add +28.0% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 592,761 | $38.7M | Add +52.4% |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 980,284 | $38.2M | Add +10.1% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 315,391 | $20.4M | Add +74.1% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 782,049 | $15.0M | Add +16.8% |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | 172,605 | $12.2M | Add +15.9% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 216,101 | $10.2M | Reduce -40.9% |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 496,449 | $7.6M | Add +9.8% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 226,870 | $6.8M | Reduce -39.8% |
| RITHM PROPERTY TRUST (RPT V9.875 PERP) | 9.875 FXD-FLT C | 223,044 | $5.5M | Add +2.2% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 60,842 | $4.1M | Add +22.1% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 132,002 | $2.6M | Add +62.9% |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 49,073 | $2.3M | Add +15.9% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 17,527 | $720K | Add +10.2% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 12,800 | $566K | New |
Total filed on the 13F, all lines: $808.1M.
Portfolio Sells Q2 2025 → Q3 2025
| WES Western Midstream Partners L | Reduce -32.0% | 6.99% | −2.77 |
| SUN Sunoco LP | Reduce -34.0% | 6.04% | −2.60 |
| ET Energy Transfer LP | Reduce -14.8% | 9.31% | −1.53 |
| EPD Enterprise Products Partners | Reduce -22.0% | 7.55% | −1.43 |
| GLP Global Partners LP | Reduce -31.5% | 0.80% | −0.45 |
| PSX Phillips 66 | Reduce -68.4% | 0.27% | −0.42 |
| BAC Bank of America Corp. | Reduce -88.2% | 0.06% | −0.35 |
| MS Morgan Stanley | Reduce -64.7% | 0.26% | −0.33 |
| MPC Marathon Petroleum Corp. | Sold out | 0.00% | −0.27 |
| JNJ Johnson & Johnson | Reduce -79.6% | 0.09% | −0.25 |
| IWM iShares Russell 2000 ETF | Reduce -87.6% | 0.04% | −0.20 |
| CFG Citizens Financial Group | Sold out | 0.00% | −0.19 |
| BXP BXP Inc. | Reduce -56.8% | 0.17% | −0.17 |
| ARES Ares Management Corp. Class A | Sold out | 0.00% | −0.16 |
| AVGO Broadcom Inc. | Reduce -47.8% | 0.45% | −0.16 |
| VG Venture Global Inc. Class A | Reduce -12.9% | 0.16% | −0.15 |
| HON Honeywell International Inc. | Reduce -36.0% | 0.22% | −0.15 |
| T AT&T Inc. | Reduce -70.8% | 0.05% | −0.14 |
| C Citigroup Inc. | Reduce -44.0% | 0.35% | −0.14 |
| GS Goldman Sachs Group Inc. | Reduce -36.9% | 0.45% | −0.14 |
| DKL Delek Logistics Partners LP | Reduce -19.3% | 1.29% | −0.13 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.12 |
| GEL Genesis Energy L.P. | Reduce -8.6% | 1.65% | −0.10 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.10 |
| SOBO South Bow Corp. | Sold out | 0.00% | −0.10 |
| ARE Alexandria Real Estate Equit | Reduce -47.7% | 0.07% | −0.08 |
| XOM Exxon Mobil Corp. | Reduce -48.4% | 0.12% | −0.08 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.08 |
| SLM SLM Corp. | Sold out | 0.00% | −0.08 |
| DOW Dow Inc. | Sold out | 0.00% | −0.08 |
| HR Healthcare Realty Trust Inc. | Sold out | 0.00% | −0.07 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.07 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -33.5% | 0.17% | −0.05 |
| CVX Chevron Corp. | Reduce -26.9% | 0.38% | −0.05 |
| BRX Brixmor Property Group Inc. | Sold out | 0.00% | −0.05 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.05 |
| JEF Jefferies Financial Group Inc. | Sold out | 0.00% | −0.05 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.05 |
| JNK SS SPDR BB High Yield Bond | Sold out | 0.00% | −0.04 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.04 |
| KRC Kilroy Realty Corp. | Reduce -32.3% | 0.39% | −0.04 |
| MGM MGM Resorts International | Sold out | 0.00% | −0.04 |
| WWD Woodward Inc. | Reduce -58.0% | 0.04% | −0.04 |
| SO The Southern Co. | Reduce -30.0% | 0.14% | −0.04 |
| IBM Intl Business Machines Corp. | Reduce -30.5% | 0.12% | −0.03 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -66.6% | 0.02% | −0.03 |
| CHCT Community Healthcare Trust I | Sold out | 0.00% | −0.03 |
| ASIX Advansix Inc. | Reduce -26.9% | 0.04% | −0.03 |
| ORCL Oracle Corp. | Reduce -50.3% | 0.05% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| HESM Hess Midstream LP Class A | Add +23.3% | 8.50% | +1.31 |
| KMI Kinder Morgan Inc. | Add +61.5% | 2.96% | +1.07 |
| LNG Cheniere Energy Inc. | Add +35.6% | 4.70% | +1.04 |
| TRGP Targa Resources Corp. | Add +47.8% | 2.99% | +0.89 |
| MRVL Marvell Technology Inc. | Add +1190.0% | 0.84% | +0.79 |
| GNL Global Net Lease Inc. | New | 0.77% | +0.77 |
| VLO Valero Energy Corp. | Add +181.2% | 0.64% | +0.47 |
| OKE Oneok Inc. | Add +67.8% | 1.41% | +0.47 |
| TRP TC Energy Corp. | New | 0.45% | +0.45 |
| PM Philip Morris International | Add +256.5% | 0.61% | +0.41 |
| MCD McDonald's Corp. | Add +152.5% | 0.61% | +0.39 |
| NEE Nextera Energy Inc. | New | 0.35% | +0.35 |
| PEP Pepsico Inc. | New | 0.35% | +0.35 |
| VST Vistra Corp. | New | 0.34% | +0.34 |
| WMB Williams Cos Inc. | Add +13.1% | 2.76% | +0.32 |
| APO Apollo Global Management Inc. | Add +186.2% | 0.51% | +0.32 |
| AMZN Amazon.com Inc. | Add +31.8% | 0.83% | +0.29 |
| FCX Freeport-McMoran Inc. | New | 0.29% | +0.29 |
| EIX Edison International | New | 0.29% | +0.29 |
| NWN Northwest Natural Holding Co. | Add +240.0% | 0.33% | +0.25 |
| META Meta Platforms Inc. Class A | Add +256.0% | 0.26% | +0.19 |
| LNT Alliant Energy Corp. | New | 0.16% | +0.16 |
| KO The Coca-Cola Co. | Add +69.1% | 0.35% | +0.15 |
| CAT Caterpillar Inc. | New | 0.13% | +0.13 |
| VZ Verizon Communications Inc. | New | 0.13% | +0.13 |
| SARO Standardaero Inc. | New | 0.12% | +0.12 |
| XEL Xcel Energy Inc. | Add +63.2% | 0.21% | +0.11 |
| WYNN WYNN Resorts Ltd. | New | 0.11% | +0.11 |
| SPXC SPX Technologies Inc. | New | 0.10% | +0.10 |
| LYFT LYFT Inc. Class A | New | 0.10% | +0.10 |
| CQP Cheniere Energy Partners LP | Add +3.4% | 2.11% | +0.09 |
| OTTR Otter Tail Corp. | New | 0.08% | +0.08 |
| BHR Braemar Hotels & Resorts Inc. | New | 0.08% | +0.08 |
| KKR KKR & Co. Inc. | Add +15.9% | 0.53% | +0.07 |
| KVUE Kenvue Inc. | New | 0.07% | +0.07 |
| VOD Vodafone Group PLC-SP ADR | Add +8.3% | 0.25% | +0.06 |
| UNH Unitedhealth Group Inc. | New | 0.06% | +0.06 |
| EQX Equinox Gold Corp. | New | 0.06% | +0.06 |
| REXR Rexford Industrial Realty Inc. | Add +8.3% | 0.21% | +0.06 |
| LAZ Lazard Inc. | New | 0.06% | +0.06 |
| HLI Houlihan Lokey Inc. | New | 0.05% | +0.05 |
| LLY Eli Lilly & Co. | New | 0.05% | +0.05 |
| MSFT Microsoft Corp. | Add +34.1% | 0.14% | +0.05 |
| WU Western Union Co. | Add +155.1% | 0.07% | +0.04 |
| MRK Merck & Co. Inc. | Add +87.3% | 0.07% | +0.04 |
| CASY Casey's General Stores Inc. | Add +47.9% | 0.11% | +0.04 |
| SCAP Infrastructure Capital Small | Add +5.9% | 0.23% | +0.04 |
| WAL Western Alliance Bancorp | New | 0.04% | +0.04 |
| ORI Old Republic Intl Corp. | New | 0.04% | +0.04 |
| NTB Bank of N.T. Butterfield&son | Add +24.4% | 0.11% | +0.03 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -63.4% | 265,000 | $176.5M |
| DIA SS SPDR Dow Jones Indus Avg | call | New | 30,000 | $13.9M |
| QQQ Invesco QQQ Trust Series 1 | call | Add +200.0% | 9,000 | $5.4M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +6.3% | 1,685,882 | $42.1M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +28.0% | 815,887 | $40.0M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Add +52.4% | 592,761 | $38.7M |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Add +10.1% | 980,284 | $38.2M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +74.1% | 315,391 | $20.4M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | Add +16.8% | 782,049 | $15.0M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Add +15.9% | 172,605 | $12.2M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Reduce -40.9% | 216,101 | $10.2M |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | Add +9.8% | 496,449 | $7.6M |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Reduce -39.8% | 226,870 | $6.8M |
| RITHM PROPERTY TRUST (RPT V9.875 PERP) | 9.875 FXD-FLT C | Add +2.2% | 223,044 | $5.5M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Add +22.1% | 60,842 | $4.1M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | Add +62.9% | 132,002 | $2.6M |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 62,617 | $2.5Mbefore exit |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | Add +15.9% | 49,073 | $2.3M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +10.2% | 17,527 | $720K |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | New | 12,800 | $566K |
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 |