Kayne Anderson Capital Advisors LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Kayne Anderson Capital Advisors LP reported 42 stock positions worth $4.4 billion . Its top holding was Williams Cos (WMB) at 10.5% of the portfolio, followed by Enterprise Products Partners (EPD, 9.7% ) and Energy Transfer (ET, 9.0% ). Compared with Q3 2025, it opened 5 new positions, sold out of 8, added to 9 and reduced 23. The biggest buy was a new position in Centerpoint Energy (CNP) and the biggest sale Cheniere Energy (LNG, shares −1% ).
Location LOS ANGELES, CA
CIK 0000949615
Portfolio Value $4.4B (Q4 2025) Holdings 42 stocks · $4.4B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 WMB Williams Cos Inc. 7,651,554 $459.9M Add +0.4% EPD Enterprise Products Partners 13,349,349 $428.0M Reduce -0.1% ET Energy Transfer LP 23,954,947 $395.0M Reduce -0.1% MPLX MPLX LP 7,227,400 $385.7M Reduce -0.1% KMI Kinder Morgan Inc. 12,618,029 $346.9M Add +1.3% LNG Cheniere Energy Inc. 1,572,403 $305.7M Reduce -0.9% TRP TC Energy Corp. 5,347,680 $294.2M Reduce -0.3% OKE Oneok Inc. 3,631,025 $266.9M Add +1.9% ENB Enbridge Inc. 4,597,108 $219.9M Reduce -0.2% MNR Mach Natural Resources LP 19,187,581 $211.8M No change TRGP Targa Resources Corp. 864,853 $159.6M Reduce -16.0% WES Western Midstream Partners L 3,901,093 $154.1M Add +14.1% DTM DT Midstream Inc. 863,526 $103.3M Reduce -0.4% PAA Plains All Amer Pipeline LP 5,119,534 $91.9M No change SRE Sempra 958,278 $84.6M Reduce -1.1% AM Antero Midstream Corp. 4,534,994 $80.7M Add +25.9% PBA Pembina Pipeline Corp. 1,765,768 $67.2M Reduce -0.1% HESM Hess Midstream LP Class A 1,645,618 $56.8M Add +20.7% ETR Entergy Corp. 612,471 $56.6M Reduce -1.7% CNP Centerpoint Energy Inc. 1,234,928 $47.3M New LIN Linde PLC 83,411 $35.6M Reduce -0.1% EE Excelerate Energy Inc. Class A 911,121 $25.6M Add +16.6% AROC Archrock Inc. 551,897 $14.4M Reduce -0.3% PPL PPL Corp. 376,110 $13.2M Reduce -16.9% KYN Kayne Anderson Energy Infra 808,748 $10.0M No change NRG NRG Energy Inc. 52,381 $8.3M Reduce -5.6% EXC Exelon Corp. 191,092 $8.3M Add +9.0% KNRG Smplfy KYN Andr En & Infr CR filed as SIMPLIFY EXCHANGE TRADED FUN 298,594 $7.7M No change NFG National Fuel Gas Co. 94,501 $7.6M Reduce -0.7% TLN Talen Energy Corp. 15,761 $5.9M Reduce -1.2% XEL Xcel Energy Inc. 76,694 $5.7M Reduce -46.1% GEV GE Vernova Inc. 8,292 $5.4M Reduce -1.2% CTRI Centuri Holdings Inc. 198,161 $5.0M New AQN Algonquin Power & Utilities 770,878 $4.7M Reduce -1.2% PWR Quanta Services Inc. 10,350 $4.4M Reduce -89.0% POWL Powell Industries Inc. 11,059 $3.5M New PAGP Plains GP Holdings LP 175,372 $3.4M Reduce -2.0% AES AES Corp. 231,750 $3.3M New NXE Nexgen Energy Ltd. 313,888 $2.9M New CCJ Cameco Corp. 29,545 $2.7M Add +116.0% KGS Kodiak Gas Services Inc. 41,035 $1.5M Reduce -2.1% GLP Global Partners LP 31,925 $1.3M No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $7.4M (not counted above) Total filed on the 13F, all lines: $4.4B.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ LNG Cheniere Energy Inc. Reduce -0.9% 6.95% −1.31 PWR Quanta Services Inc. Reduce -89.0% 0.10% −0.76 APD Air Products & Chemicals Inc. Sold out 0.00% −0.60 TRGP Targa Resources Corp. Reduce -16.0% 3.63% −0.20 ENB Enbridge Inc. Reduce -0.2% 5.00% −0.15 ET Energy Transfer LP Reduce -0.1% 8.98% −0.13 VST Vistra Corp. Sold out 0.00% −0.13 XEL Xcel Energy Inc. Reduce -46.1% 0.13% −0.13 FSLR First Solar Inc. Sold out 0.00% −0.10 PPL PPL Corp. Reduce -16.9% 0.30% −0.07 LIN Linde PLC Reduce -0.1% 0.81% −0.07 PBA Pembina Pipeline Corp. Reduce -0.1% 1.53% −0.06 GNRC Generac Holdings Inc. Sold out 0.00% −0.05 NFG National Fuel Gas Co. Reduce -0.7% 0.17% −0.02 NXT Nextpower Inc. Sold out 0.00% −0.02 TLN Talen Energy Corp. Reduce -1.2% 0.13% −0.02 EOSE Eos Energy Enterprises Inc. Sold out 0.00% −0.01 NRG NRG Energy Inc. Reduce -5.6% 0.19% −0.01 ARRY Array Technologies Inc. Sold out 0.00% −0.01 SRE Sempra Reduce -1.1% 1.92% −0.01 SHLS Shoals Technologies Group -A Sold out 0.00% −0.01 KGS Kodiak Gas Services Inc. Reduce -2.1% 0.03% +0.00 ETR Entergy Corp. Reduce -1.7% 1.29% +0.00 AROC Archrock Inc. Reduce -0.3% 0.33% +0.00 PAGP Plains GP Holdings LP Reduce -2.0% 0.08% +0.00 GEV GE Vernova Inc. Reduce -1.2% 0.12% +0.01 AQN Algonquin Power & Utilities Reduce -1.2% 0.11% +0.01 DTM DT Midstream Inc. Reduce -0.4% 2.35% +0.18 TRP TC Energy Corp. Reduce -0.3% 6.69% +0.22 EPD Enterprise Products Partners Reduce -0.1% 9.73% +0.48 MPLX MPLX LP Reduce -0.1% 8.77% +0.76
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ CNP Centerpoint Energy Inc. New 1.08% +1.08 WES Western Midstream Partners L Add +14.1% 3.50% +0.53 OKE Oneok Inc. Add +1.9% 6.07% +0.31 AM Antero Midstream Corp. Add +25.9% 1.83% +0.28 HESM Hess Midstream LP Class A Add +20.7% 1.29% +0.25 EE Excelerate Energy Inc. Class A Add +16.6% 0.58% +0.14 CTRI Centuri Holdings Inc. New 0.11% +0.11 POWL Powell Industries Inc. New 0.08% +0.08 KMI Kinder Morgan Inc. Add +1.3% 7.89% +0.08 AES AES Corp. New 0.08% +0.08 NXE Nexgen Energy Ltd. New 0.07% +0.07 CCJ Cameco Corp. Add +116.0% 0.06% +0.04 EXC Exelon Corp. Add +9.0% 0.19% +0.01 WMB Williams Cos Inc. Add +0.4% 10.46% −0.24
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SELECT SECTOR SPDR TR put Sold out 2,000 $17.9Mbefore exit XOP SS SPDR S&P Og Exp & Prod put Sold out 255 $3.4Mbefore exit
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 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 53 $5.1B WMB, EPD, ET, LNG, OKE Q1 2026 48 $5.2B EPD, WMB, ET, LNG, MPLX Q4 2025 42 $4.4B WMB, EPD, ET, MPLX, KMI Q3 2025 45 $4.5B WMB, EPD, ET, LNG, MPLX Q2 2025 Amended 42 $4.3B WMB, ET, EPD, MPLX, LNG Q1 2025 44 $4.5B WMB, EPD, ET, MPLX, LNG Q4 2024 45 $4.2B ET, EPD, WMB, LNG, KMI Q3 2024 46 $3.9B WMB, ET, EPD, OKE, TRGP Q2 2024 56 $3.7B ET, WMB, EPD, TRGP, OKE Q1 2024 61 $3.5B ET, WMB, EPD, TRGP, OKE