Infrastructure Capital Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Infrastructure Capital Advisors, LLC reported 127 stock positions worth $606.5 million. Its top holding was MPLX (MPLX) at 9.1% of the portfolio, followed by Plains All Amer Pipeline (PAA, 8.8%) and Energy Transfer (ET, 8.2%). Compared with Q3 2025, it opened 20 new positions, sold out of 14, added to 49 and reduced 35. The biggest buy was a new position in Chart Industries (GTLS) and the biggest sale MPLX (MPLX, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001621802
- Portfolio Value
- $606.5M (Q4 2025)
- SEC Filing
- 0000919574-26-001178 ↗ filed Feb 17, 2026
Holdings Value
Holdings 127 stocks · $606.5M
| MPLX MPLX LP | 9.13% | 1,037,984 | $55.4M | Reduce -8.8% |
| PAA Plains All Amer Pipeline LP | 8.76% | 2,959,828 | $53.2M | Reduce -9.0% |
| ET Energy Transfer LP | 8.23% | 3,027,317 | $49.9M | Reduce -2.4% |
| HESM Hess Midstream LP Class A | 7.86% | 1,381,016 | $47.6M | Reduce -1.7% |
| WES Western Midstream Partners L | 7.54% | 1,157,677 | $45.7M | Add +10.7% |
| EPD Enterprise Products Partners | 7.09% | 1,340,742 | $43.0M | Reduce -2.6% |
| SUN Sunoco LP | 6.27% | 725,366 | $38.0M | Add +11.9% |
| LNG Cheniere Energy Inc. | 3.82% | 119,054 | $23.1M | Reduce -4.0% |
| KMI Kinder Morgan Inc. | 2.77% | 611,460 | $16.8M | Reduce -3.5% |
| TRGP Targa Resources Corp. | 2.72% | 89,477 | $16.5M | Reduce -17.8% |
| WMB Williams Cos Inc. | 2.67% | 269,468 | $16.2M | Add +0.6% |
| GTLS Chart Industries Inc. | 2.26% | 66,590 | $13.7M | New |
| OKE Oneok Inc. | 1.74% | 143,296 | $10.5M | Add +21.5% |
| GEL Genesis Energy L.P. | 1.59% | 617,353 | $9.6M | Add +8.8% |
| KNTK Kinetik Holdings Inc. | 1.54% | 258,622 | $9.3M | New |
| CQP Cheniere Energy Partners LP | 1.39% | 158,175 | $8.5M | Reduce -30.3% |
| USAC USA Compression Partners LP | 1.17% | 307,431 | $7.1M | No change |
| DKL Delek Logistics Partners LP | 1.12% | 152,880 | $6.8M | Reduce -6.0% |
| PFFA Virtus Infracap US Pref STCK | 1.03% | 289,221 | $6.2M | Add +0.3% |
| PSX Phillips 66 | 0.93% | 43,667 | $5.6M | Add +291.0% |
| GNL Global Net Lease Inc. | 0.79% | 556,907 | $4.8M | Reduce -1.0% |
| MRVL Marvell Technology Inc. | 0.76% | 54,177 | $4.6M | Add +5.0% |
| MPC Marathon Petroleum Corp. | 0.75% | 28,045 | $4.6M | New |
| GLP Global Partners LP | 0.74% | 107,681 | $4.5M | Add +8.8% |
| KKR KKR & Co. Inc. | 0.71% | 33,946 | $4.3M | Add +39.4% |
| AMZN Amazon.com Inc. | 0.64% | 16,874 | $3.9M | Reduce -13.9% |
| MCD McDonald's Corp. | 0.60% | 11,927 | $3.6M | Add +3.9% |
| APO Apollo Global Management Inc. | 0.58% | 24,218 | $3.5M | Add +5.8% |
| META Meta Platforms Inc. Class A | 0.57% | 5,227 | $3.5M | Add +144.7% |
| VLO Valero Energy Corp. | 0.57% | 21,123 | $3.4M | No change |
| FCX Freeport-McMoran Inc. | 0.54% | 64,223 | $3.3M | Add +62.9% |
| CELH Celsius Holdings Inc. | 0.47% | 62,895 | $2.9M | New |
| NEE Nextera Energy Inc. | 0.46% | 35,051 | $2.8M | Add +45.8% |
| CFG Citizens Financial Group | 0.43% | 44,724 | $2.6M | New |
| PM Philip Morris International | 0.41% | 15,352 | $2.5M | Reduce -34.5% |
| KVUE Kenvue Inc. | 0.39% | 136,259 | $2.4M | Add +435.6% |
| C Citigroup Inc. | 0.37% | 19,140 | $2.2M | Reduce -2.5% |
| CVX Chevron Corp. | 0.36% | 14,211 | $2.2M | Add +5.8% |
| PEP Pepsico Inc. | 0.33% | 14,086 | $2.0M | Add +5.8% |
| KRC Kilroy Realty Corp. | 0.33% | 53,148 | $2.0M | Add +3.8% |
| CAT Caterpillar Inc. | 0.29% | 3,099 | $1.8M | Add +142.7% |
| VST Vistra Corp. | 0.28% | 10,611 | $1.7M | Add +5.7% |
| JNJ Johnson & Johnson | 0.27% | 7,986 | $1.7M | Add +186.8% |
| MRK Merck & Co. Inc. | 0.26% | 15,009 | $1.6M | Add +209.8% |
| EIX Edison International | 0.25% | 25,754 | $1.5M | Reduce -11.8% |
| AMZA Infracap MLP ETF | 0.25% | 38,787 | $1.5M | Add +1.4% |
| XEL Xcel Energy Inc. | 0.25% | 20,576 | $1.5M | Add +40.1% |
| TRP TC Energy Corp. | 0.23% | 25,000 | $1.4M | Reduce -50.0% |
| BX Blackstone Inc. | 0.22% | 8,486 | $1.3M | Add +105.1% |
| NVDA Nvidia Corp. | 0.21% | 6,929 | $1.3M | New |
| HON Honeywell International Inc. | 0.21% | 6,550 | $1.3M | Add +5.7% |
| TPG TPG Inc. | 0.20% | 19,447 | $1.2M | New |
| BXP BXP Inc. | 0.20% | 18,329 | $1.2M | Add +40.5% |
| REXR Rexford Industrial Realty Inc. | 0.20% | 30,745 | $1.2M | Add +5.8% |
| USB US Bancorp | 0.19% | 21,201 | $1.1M | Add +5.8% |
| KHC The Kraft Heinz Co. | 0.18% | 45,492 | $1.1M | Add +5.8% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.17% | 5,138 | $1.0M | Add +5.7% |
| O Realty Income Corp. | 0.16% | 17,117 | $965K | Add +5.8% |
| SCAP Infrastructure Capital Small | 0.16% | 26,664 | $962K | Reduce -25.6% |
| AVGO Broadcom Inc. | 0.16% | 2,730 | $945K | Reduce -60.7% |
| LNT Alliant Energy Corp. | 0.15% | 14,164 | $921K | Add +5.7% |
| TFC Truist Financial Corp. | 0.15% | 18,096 | $891K | Add +5.8% |
| GEV GE Vernova Inc. | 0.14% | 1,300 | $850K | New |
| SPH Suburban Propane Partners LP | 0.14% | 44,707 | $829K | No change |
| NWN Northwest Natural Holding Co. | 0.13% | 16,917 | $791K | Reduce -58.5% |
| FITB Fifth Third Bancorp | 0.13% | 16,800 | $786K | Add +5.7% |
| VZ Verizon Communications Inc. | 0.13% | 19,218 | $783K | Add +5.7% |
| ICAP Infrastructure Capital Equit | 0.13% | 27,655 | $768K | Reduce -20.0% |
| SO The Southern Co. | 0.12% | 8,602 | $750K | Add +5.8% |
| CSCO Cisco Systems Inc. | 0.12% | 9,606 | $736K | Reduce -27.5% |
| XOM Exxon Mobil Corp. | 0.12% | 6,088 | $733K | Add +5.7% |
| GS Goldman Sachs Group Inc. | 0.12% | 813 | $715K | Reduce -74.5% |
| CCI Crown Castle Inc. | 0.12% | 7,854 | $698K | Add +5.7% |
| EWBC East West Bancorp Inc. | 0.11% | 6,133 | $689K | No change |
| SARO Standardaero Inc. | 0.11% | 23,901 | $685K | No change |
| CASY Casey's General Stores Inc. | 0.11% | 1,164 | $643K | No change |
| NTB Bank of N.T. Butterfield&son | 0.11% | 12,912 | $643K | Reduce -7.2% |
| SAFE Safehold Inc. | 0.11% | 46,783 | $640K | Add +5.8% |
| WYNN WYNN Resorts Ltd. | 0.10% | 5,227 | $629K | No change |
| CTRA Coterra Energy Inc. | 0.10% | 23,392 | $616K | Add +5.8% |
| MSFT Microsoft Corp. | 0.10% | 1,252 | $605K | Reduce -15.2% |
| SNEX Stonex Group Inc. | 0.10% | 6,215 | $591K | Reduce -9.7% |
| DLR Digital Realty Trust Inc. | 0.09% | 3,711 | $574K | Add +5.6% |
| MKSI MKS Inc. | 0.09% | 3,572 | $571K | Reduce -22.2% |
| BHR Braemar Hotels & Resorts Inc. | 0.09% | 194,418 | $558K | Add +14.8% |
| FSLR First Solar Inc. | 0.09% | 2,063 | $539K | New |
| LYFT LYFT Inc. Class A | 0.08% | 26,342 | $510K | No change |
| CHRD Chord Energy Corp. | 0.08% | 5,339 | $495K | Reduce -14.4% |
| SPXC SPX Technologies Inc. | 0.08% | 2,457 | $492K | No change |
| HALO Halozyme Therapeutics Inc. | 0.08% | 7,300 | $491K | New |
| NYT New York Times Co. Class A | 0.08% | 6,997 | $486K | Reduce -17.2% |
| NWE Northwestern Energy Group Inc. | 0.08% | 7,488 | $483K | Reduce -15.3% |
| VG Venture Global Inc. Class A | 0.08% | 70,463 | $481K | Reduce -33.9% |
| OTTR Otter Tail Corp. | 0.08% | 5,884 | $475K | No change |
| NVT Nvent Electric PLC | 0.08% | 4,472 | $456K | No change |
| PFBC Preferred Bank/Los Angeles | 0.07% | 4,771 | $451K | No change |
| IWM iShares Russell 2000 ETF | 0.07% | 1,824 | $449K | Add +121.4% |
| OKTA Okta Inc. | 0.07% | 5,150 | $445K | New |
| EQX Equinox Gold Corp. | 0.07% | 31,340 | $440K | No change |
| DKNG Draftkings Inc. Class A | 0.07% | 12,400 | $427K | New |
Options reported separately and not counted above: SPY calls ($102.3M), QQQ calls ($15.4M), TSLA calls ($3.6M), IWM calls ($2.5M), MSTR calls ($912K), APO calls ($579K), KKR calls ($510K), ORCL calls ($195K).
Other holdings (15): bonds, preferreds, convertibles and warrants · $301.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 776,823 | $58.7M | Add +31.1% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 1,116,976 | $57.9M | Add +36.9% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 1,772,758 | $44.1M | Add +5.2% |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 1,051,729 | $42.1M | Add +7.3% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 413,311 | $28.5M | Add +31.1% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 349,671 | $17.6M | Add +61.8% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 848,469 | $16.2M | Add +8.5% |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 139,204 | $11.0M | New |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 543,025 | $8.0M | Add +9.4% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 66,478 | $4.4M | Add +9.3% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 121,506 | $3.6M | Reduce -46.4% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 176,733 | $3.4M | Add +33.9% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 45,180 | $2.7M | Add +253.0% |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 53,665 | $2.5M | Add +9.4% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 19,655 | $806K | Add +12.1% |
Total filed on the 13F, all lines: $908.2M.
Portfolio Sells Q3 2025 → Q4 2025
| MPLX MPLX LP | Reduce -8.8% | 9.13% | −1.17 |
| ET Energy Transfer LP | Reduce -2.4% | 8.23% | −1.08 |
| LNG Cheniere Energy Inc. | Reduce -4.0% | 3.82% | −0.88 |
| PAA Plains All Amer Pipeline LP | Reduce -9.0% | 8.76% | −0.78 |
| CQP Cheniere Energy Partners LP | Reduce -30.3% | 1.39% | −0.72 |
| HESM Hess Midstream LP Class A | Reduce -1.7% | 7.86% | −0.65 |
| EPD Enterprise Products Partners | Reduce -2.6% | 7.09% | −0.47 |
| GS Goldman Sachs Group Inc. | Reduce -74.5% | 0.12% | −0.33 |
| AVGO Broadcom Inc. | Reduce -60.7% | 0.16% | −0.29 |
| KO The Coca-Cola Co. | Reduce -79.2% | 0.07% | −0.28 |
| TRGP Targa Resources Corp. | Reduce -17.8% | 2.72% | −0.27 |
| VOD Vodafone Group PLC-SP ADR | Sold out | 0.00% | −0.25 |
| MS Morgan Stanley | Reduce -86.6% | 0.04% | −0.23 |
| TRP TC Energy Corp. | Reduce -50.0% | 0.23% | −0.22 |
| NWN Northwest Natural Holding Co. | Reduce -58.5% | 0.13% | −0.20 |
| PM Philip Morris International | Reduce -34.5% | 0.41% | −0.20 |
| AMZN Amazon.com Inc. | Reduce -13.9% | 0.64% | −0.19 |
| KMI Kinder Morgan Inc. | Reduce -3.5% | 2.77% | −0.19 |
| DKL Delek Logistics Partners LP | Reduce -6.0% | 1.12% | −0.17 |
| PAGP Plains GP Holdings LP | Sold out | 0.00% | −0.09 |
| VG Venture Global Inc. Class A | Reduce -33.9% | 0.08% | −0.08 |
| SCAP Infrastructure Capital Small | Reduce -25.6% | 0.16% | −0.07 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.07 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.06 |
| HRI Herc Holdings Inc. | Sold out | 0.00% | −0.06 |
| IBM Intl Business Machines Corp. | Reduce -44.5% | 0.06% | −0.06 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.06 |
| ESI Element Solutions Inc. | Sold out | 0.00% | −0.05 |
| CSCO Cisco Systems Inc. | Reduce -27.5% | 0.12% | −0.05 |
| ICAP Infrastructure Capital Equit | Reduce -20.0% | 0.13% | −0.04 |
| WWD Woodward Inc. | Sold out | 0.00% | −0.04 |
| MSFT Microsoft Corp. | Reduce -15.2% | 0.10% | −0.04 |
| ORI Old Republic Intl Corp. | Sold out | 0.00% | −0.04 |
| EIX Edison International | Reduce -11.8% | 0.25% | −0.03 |
| SBUX Starbucks Corp. | Sold out | 0.00% | −0.03 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.02 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.02 |
| MKSI MKS Inc. | Reduce -22.2% | 0.09% | −0.02 |
| CHRD Chord Energy Corp. | Reduce -14.4% | 0.08% | −0.02 |
| SNEX Stonex Group Inc. | Reduce -9.7% | 0.10% | −0.02 |
| NWE Northwestern Energy Group Inc. | Reduce -15.3% | 0.08% | −0.01 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −0.01 |
| LLY Eli Lilly & Co. | Reduce -36.8% | 0.04% | −0.01 |
| BAC Bank of America Corp. | Reduce -11.2% | 0.05% | −0.01 |
| NTB Bank of N.T. Butterfield&son | Reduce -7.2% | 0.11% | −0.01 |
| NYT New York Times Co. Class A | Reduce -17.2% | 0.08% | −0.01 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.00 |
| C Citigroup Inc. | Reduce -2.5% | 0.37% | +0.02 |
| GNL Global Net Lease Inc. | Reduce -1.0% | 0.79% | +0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| GTLS Chart Industries Inc. | New | 2.26% | +2.26 |
| KNTK Kinetik Holdings Inc. | New | 1.54% | +1.54 |
| MPC Marathon Petroleum Corp. | New | 0.75% | +0.75 |
| PSX Phillips 66 | Add +291.0% | 0.93% | +0.66 |
| WES Western Midstream Partners L | Add +10.7% | 7.54% | +0.55 |
| CELH Celsius Holdings Inc. | New | 0.47% | +0.47 |
| CFG Citizens Financial Group | New | 0.43% | +0.43 |
| OKE Oneok Inc. | Add +21.5% | 1.74% | +0.33 |
| KVUE Kenvue Inc. | Add +435.6% | 0.39% | +0.32 |
| META Meta Platforms Inc. Class A | Add +144.7% | 0.57% | +0.31 |
| FCX Freeport-McMoran Inc. | Add +62.9% | 0.54% | +0.25 |
| SUN Sunoco LP | Add +11.9% | 6.27% | +0.23 |
| NVDA Nvidia Corp. | New | 0.21% | +0.21 |
| TPG TPG Inc. | New | 0.20% | +0.20 |
| KKR KKR & Co. Inc. | Add +39.4% | 0.71% | +0.19 |
| MRK Merck & Co. Inc. | Add +209.8% | 0.26% | +0.19 |
| JNJ Johnson & Johnson | Add +186.8% | 0.27% | +0.18 |
| CAT Caterpillar Inc. | Add +142.7% | 0.29% | +0.16 |
| GEV GE Vernova Inc. | New | 0.14% | +0.14 |
| NEE Nextera Energy Inc. | Add +45.8% | 0.46% | +0.12 |
| BX Blackstone Inc. | Add +105.1% | 0.22% | +0.11 |
| FSLR First Solar Inc. | New | 0.09% | +0.09 |
| HALO Halozyme Therapeutics Inc. | New | 0.08% | +0.08 |
| OKTA Okta Inc. | New | 0.07% | +0.07 |
| APO Apollo Global Management Inc. | Add +5.8% | 0.58% | +0.07 |
| DKNG Draftkings Inc. Class A | New | 0.07% | +0.07 |
| LMT Lockheed Martin Corp. | New | 0.04% | +0.04 |
| GENI Genius Sports Ltd. | New | 0.04% | +0.04 |
| GDDY GoDaddy Inc. Class A | New | 0.04% | +0.04 |
| RRR Red Rock Resorts Inc. Class A | New | 0.04% | +0.04 |
| XEL Xcel Energy Inc. | Add +40.1% | 0.25% | +0.04 |
| BXP BXP Inc. | Add +40.5% | 0.20% | +0.04 |
| IWM iShares Russell 2000 ETF | Add +121.4% | 0.07% | +0.04 |
| AAPL Apple Inc. | New | 0.04% | +0.04 |
| MSDL Morgan Stanley Direct Lendin | New | 0.03% | +0.03 |
| OGN Organon & Co. | New | 0.02% | +0.02 |
| USB US Bancorp | Add +5.8% | 0.19% | +0.02 |
| BHR Braemar Hotels & Resorts Inc. | Add +14.8% | 0.09% | +0.01 |
| FITB Fifth Third Bancorp | Add +5.7% | 0.13% | +0.01 |
| MTB M & T Bank Corp. | Add +5.7% | 0.17% | +0.01 |
| TFC Truist Financial Corp. | Add +5.8% | 0.15% | +0.01 |
| CTRA Coterra Energy Inc. | Add +5.8% | 0.10% | +0.01 |
| BNDS Infrastr Cap Bond Income ETF | Add +24.6% | 0.05% | +0.01 |
| XOM Exxon Mobil Corp. | Add +5.7% | 0.12% | +0.00 |
| AQN Algonquin Power & Utilities | Add +9.4% | 0.03% | +0.00 |
| VZ Verizon Communications Inc. | Add +5.7% | 0.13% | +0.00 |
| MSTR Strategy Inc. | New | 0.00% | 0.00 |
| T AT&T Inc. | Add +5.8% | 0.05% | −0.00 |
| CCI Crown Castle Inc. | Add +5.7% | 0.12% | −0.00 |
| LNT Alliant Energy Corp. | Add +5.7% | 0.15% | −0.01 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -43.4% | 150,000 | $102.3M |
| QQQ Invesco QQQ Trust Series 1 | call | Add +177.8% | 25,000 | $15.4M |
| DIA SS SPDR Dow Jones Indus Avg | call | Sold out | 30,000 | $13.9Mbefore exit |
| TSLA Tesla Inc. | call | New | 8,000 | $3.6M |
| IWM iShares Russell 2000 ETF | call | New | 10,000 | $2.5M |
| MSTR Strategy Inc. | call | New | 6,000 | $912K |
| APO Apollo Global Management Inc. | call | New | 4,000 | $579K |
| KKR KKR & Co. Inc. | call | New | 4,000 | $510K |
| ORCL Oracle Corp. | call | New | 1,000 | $195K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Add +31.1% | 776,823 | $58.7M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +36.9% | 1,116,976 | $57.9M |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +5.2% | 1,772,758 | $44.1M |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Add +7.3% | 1,051,729 | $42.1M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +31.1% | 413,311 | $28.5M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Add +61.8% | 349,671 | $17.6M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | Add +8.5% | 848,469 | $16.2M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Sold out | 172,605 | $12.2Mbefore exit |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | New | 139,204 | $11.0M |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | Add +9.4% | 543,025 | $8.0M |
| RITHM PROPERTY TRUST (RPT V9.875 PERP) | 9.875 FXD-FLT C | Sold out | 223,044 | $5.5Mbefore exit |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Add +9.3% | 66,478 | $4.4M |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Reduce -46.4% | 121,506 | $3.6M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | Add +33.9% | 176,733 | $3.4M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Add +253.0% | 45,180 | $2.7M |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | Add +9.4% | 53,665 | $2.5M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +12.1% | 19,655 | $806K |
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 |