Q2 2025 Holdings
Filed 2025-08-14 | 142 holdings | $1.3B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Spdr S&P 500 ETF TR(SPY)Call | TR UNIT | 78462F103 | $447.6M | 724,500 | 35.0% |
| Energy Transfer L P(ET) | COM UT LTD PTN | 29273V100 | $66.0M | 3,642,271 | 5.2% |
| Mplx LP(MPLX) | COM UNIT REP LTD | 55336V100 | $62.1M | 1,205,064 | 4.9% |
| Western Midstream Partners L(WES) | COM UNIT LP INT | 958669103 | $59.5M | 1,536,919 | 4.7% |
| Plains All Amern Pipeline L(PAA) | UNIT LTD PARTN | 726503105 | $59.5M | 3,246,142 | 4.7% |
| Enterprise Prods Partners L(EPD) | COM | 293792107 | $54.7M | 1,764,653 | 4.3% |
| Sunoco LP Co FIN Corp(SUN) | COM UT REP LP | 86765K109 | $52.7M | 982,653 | 4.1% |
| Hess Midstream LP(HESM) | CL A SHS | 428103105 | $43.9M | 1,138,716 | 3.4% |
| RLJ Lodging TR | CUM CONV PFD A | 74965L200 | $37.5M | 1,585,194 | 2.9% |
| Flagstar Financial Inc | UNIT 05/07/2051 | 64944P307 | $34.2M | 890,066 | 2.7% |
| KKR & Co Inc | 6.25 CON SER D | 48251W500 | $34.2M | 637,555 | 2.7% |
| Apollo Global Mgmt Inc | SER A MAND CNV | 03769M304 | $29.1M | 388,994 | 2.3% |
| Cheniere Energy Inc(LNG) | COM NEW | 16411R208 | $22.3M | 91,490 | 1.7% |
| Ares Management Corporation(ARES) | 6.75 SE B PFD | 03990B309 | $19.4M | 365,912 | 1.5% |
| Williams COS Inc(WMB) | COM | 969457100 | $14.9M | 236,673 | 1.2% |
| Targa RES Corp(TRGP) | COM | 87612G101 | $12.8M | 73,659 | 1.0% |
| Boeing Co(BA) | DEP CONV PFD A | 097023204 | $12.3M | 181,115 | 1.0% |
| Cheniere Energy Partners LP(CQP) | COM UNIT | 16411Q101 | $12.3M | 219,395 | 1.0% |
| Pebblebrook Hotel TR | 6.3 CUM PFD SR F | 70509V704 | $11.8M | 669,669 | 0.9% |
| EPR Pptys | CONV PFD 9% SR E | 26884U307 | $11.7M | 376,761 | 0.9% |
| Kinder Morgan Inc del(KMI) | COM | 49456B101 | $11.5M | 392,234 | 0.9% |
| Genesis Energy L P(GEL) | UNIT LTD PARTN | 371927104 | $10.7M | 620,938 | 0.8% |
| Chart Inds Inc | 6.75DP CNV PFD B | 16115Q407 | $9.0M | 148,862 | 0.7% |
| Delek Logistics Partners LP(DKL) | COM UNT RP INT | 24664T103 | $8.7M | 201,580 | 0.7% |
| Global Partners LP(GLP) | COM UNITS | 37946R109 | $7.6M | 144,539 | 0.6% |
| USA Compression Partners LP(USAC) | COMUNIT LTDPAR | 90290N109 | $7.2M | 297,223 | 0.6% |
| Etfis SER TR I(PFFA) | VIRTUS INFRCAP | 26923G822 | $6.0M | 288,471 | 0.5% |
| Braemar Hotels & Resorts Inc | 5.5 CUM CV PFD B | 10482B200 | $6.0M | 452,287 | 0.5% |
| Oneok Inc New(OKE) | COM | 682680103 | $5.7M | 70,277 | 0.4% |
| Rithm Ppty TR Inc | 9.875 FXD-FLT C | 38983D862 | $5.4M | 218,271 | 0.4% |
| Phillips 66(PSX) | COM | 718546104 | $4.2M | 35,321 | 0.3% |
| Broadcom Inc(AVGO) | COM | 11135F101 | $3.7M | 13,308 | 0.3% |
| Morgan Stanley(MS) | COM NEW | 617446448 | $3.6M | 25,621 | 0.3% |
| Goldman Sachs Group Inc(GS) | COM | 38141G104 | $3.6M | 5,047 | 0.3% |
| Amazon COM Inc(AMZN) | COM | 023135106 | $3.3M | 14,884 | 0.3% |
| Citigroup Inc(C) | COM NEW | 172967424 | $3.0M | 35,042 | 0.2% |
| Hewlett Packard Enterprise C(HPEPC) | 7.625 MAND CONV | 42824C208 | $2.9M | 49,840 | 0.2% |
| KKR & Co Inc(KKR) | COM | 48251W104 | $2.8M | 21,000 | 0.2% |
| Chevron Corp New(CVX) | COM | 166764100 | $2.6M | 18,370 | 0.2% |
| Kilroy Rlty Corp(KRC) | COM | 49427F108 | $2.6M | 75,628 | 0.2% |
| Bank America Corp(BAC) | COM | 060505104 | $2.5M | 52,864 | 0.2% |
| Nextera Energy Inc | UNIT 09/01/2025 | 65339F713 | $2.5M | 62,617 | 0.2% |
| Honeywell Intl Inc(HON) | COM | 438516106 | $2.3M | 9,683 | 0.2% |
| Johnson & Johnson(JNJ) | COM | 478160104 | $2.1M | 13,624 | 0.2% |
| BXP Inc(BXP) | COM | 101121101 | $2.0M | 30,179 | 0.2% |
| LXP Industrial Trust | PFD CONV SER C | 529043309 | $2.0M | 42,353 | 0.2% |
| Venture Global Inc(VG) | COM CL A | 92333F101 | $1.9M | 122,386 | 0.1% |
| Etfis SER TR I(AMZA) | INFRAC ACT MLP | 26923G772 | $1.7M | 38,787 | 0.1% |
| Invesco QQQ TR(QQQ)Call | UNIT SER 1 | 46090E103 | $1.7M | 3,000 | 0.1% |
| Marathon Pete Corp(MPC) | COM | 56585A102 | $1.6M | 9,884 | 0.1% |