Q3 2025 Holdings
Filed 2025-11-14 | 152 holdings | $1.0B | 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 | $176.5M | 265,000 | 17.6% |
| Mplx LP(MPLX) | COM UNIT REP LTD | 55336V100 | $57.8M | 1,138,280 | 5.8% |
| Plains All Amern Pipeline L(PAA) | UNIT LTD PARTN | 726503105 | $53.5M | 3,253,913 | 5.3% |
| Energy Transfer L P(ET) | COM UT LTD PTN | 29273V100 | $52.2M | 3,102,317 | 5.2% |
| Hess Midstream LP(HESM) | CL A SHS | 428103105 | $47.7M | 1,404,438 | 4.7% |
| Enterprise Prods Partners L(EPD) | COM | 293792107 | $42.4M | 1,375,943 | 4.2% |
| RLJ Lodging TR | CUM CONV PFD A | 74965L200 | $42.1M | 1,685,882 | 4.2% |
| KKR & Co Inc | 6.25 CON SER D | 48251W500 | $40.0M | 815,887 | 4.0% |
| Western Midstream Partners L(WES) | COM UNIT LP INT | 958669103 | $39.2M | 1,045,716 | 3.9% |
| Apollo Global Mgmt Inc | SER A MAND CNV | 03769M304 | $38.7M | 592,761 | 3.9% |
| Flagstar Financial Inc | UNIT 05/07/2051 | 64944P307 | $38.2M | 980,284 | 3.8% |
| Sunoco LP Co FIN Corp(SUN) | COM UT REP LP | 86765K109 | $33.9M | 648,427 | 3.4% |
| Cheniere Energy Inc(LNG) | COM NEW | 16411R208 | $26.3M | 124,054 | 2.6% |
| Boeing Co(BA) | DEP CONV PFD A | 097023204 | $20.4M | 315,391 | 2.0% |
| Targa RES Corp(TRGP) | COM | 87612G101 | $16.8M | 108,881 | 1.7% |
| Kinder Morgan Inc del(KMI) | COM | 49456B101 | $16.6M | 633,655 | 1.7% |
| Williams COS Inc(WMB) | COM | 969457100 | $15.5M | 267,776 | 1.5% |
| Pebblebrook Hotel TR | 6.3 CUM PFD SR F | 70509V704 | $15.0M | 782,049 | 1.5% |
| Spdr DOW Jones Indl Average(DIA)Call | UT SER 1 | 78467X109 | $13.9M | 30,000 | 1.4% |
| Chart Inds Inc | 6.75DP CNV PFD B | 16115Q407 | $12.2M | 172,605 | 1.2% |
| Cheniere Energy Partners LP(CQP) | COM UNIT | 16411Q101 | $11.8M | 226,930 | 1.2% |
| Ares Management Corporation(ARES) | 6.75 SE B PFD | 03990B309 | $10.2M | 216,101 | 1.0% |
| Genesis Energy L P(GEL) | UNIT LTD PARTN | 371927104 | $9.3M | 567,353 | 0.9% |
| Oneok Inc New(OKE) | COM | 682680103 | $7.9M | 117,896 | 0.8% |
| Braemar Hotels & Resorts Inc | 5.5 CUM CV PFD B | 10482B200 | $7.6M | 496,449 | 0.8% |
| Delek Logistics Partners LP(DKL) | COM UNT RP INT | 24664T103 | $7.2M | 162,673 | 0.7% |
| EPR Pptys | CONV PFD 9% SR E | 26884U307 | $6.8M | 226,870 | 0.7% |
| USA Compression Partners LP(USAC) | COMUNIT LTDPAR | 90290N109 | $6.8M | 307,431 | 0.7% |
| Etfis SER TR I(PFFA) | VIRTUS INFRCAP | 26923G822 | $6.3M | 288,471 | 0.6% |
| Rithm Ppty TR Inc | 9.875 FXD-FLT C | 38983D862 | $5.5M | 223,044 | 0.5% |
| Invesco QQQ TR(QQQ)Call | UNIT SER 1 | 46090E103 | $5.4M | 9,000 | 0.5% |
| Marvell Technology Inc(MRVL) | COM | 573874104 | $4.7M | 51,602 | 0.5% |
| Amazon COM Inc(AMZN) | COM | 023135106 | $4.7M | 19,609 | 0.5% |
| Global Partners LP(GLP) | COM UNITS | 37946R109 | $4.5M | 98,987 | 0.4% |
| Global NET Lease Inc(GNL) | COM NEW | 379378201 | $4.3M | 562,431 | 0.4% |
| Hewlett Packard Enterprise C(HPEPC) | 7.625 MAND CONV | 42824C208 | $4.1M | 60,842 | 0.4% |
| Valero Energy Corp(VLO) | COM | 91913Y100 | $3.6M | 21,123 | 0.4% |
| Mcdonalds Corp(MCD) | COM | 580135101 | $3.4M | 11,477 | 0.3% |
| Philip Morris Intl Inc(PM) | COM | 718172109 | $3.4M | 23,432 | 0.3% |
| KKR & Co Inc(KKR) | COM | 48251W104 | $3.0M | 24,344 | 0.3% |
| Apollo Global Mgmt Inc(APO) | COM | 03769M106 | $2.8M | 22,898 | 0.3% |
| Pebblebrook Hotel TR | 6.375 PFD SER E | 70509V605 | $2.6M | 132,002 | 0.3% |
| Goldman Sachs Group Inc(GS) | COM | 38141G104 | $2.5M | 3,185 | 0.3% |
| TC Energy Corp(TRP) | COM | 87807B107 | $2.5M | 50,000 | 0.2% |
| Broadcom Inc(AVGO) | COM | 11135F101 | $2.5M | 6,951 | 0.2% |
| LXP Industrial Trust | PFD CONV SER C | 529043309 | $2.3M | 49,073 | 0.2% |
| Kilroy Rlty Corp(KRC) | COM | 49427F108 | $2.2M | 51,182 | 0.2% |
| Chevron Corp New(CVX) | COM | 166764100 | $2.1M | 13,437 | 0.2% |
| Citigroup Inc(C) | COM NEW | 172967424 | $2.0M | 19,626 | 0.2% |
| Nextera Energy Inc(NEE) | COM | 65339F101 | $2.0M | 24,038 | 0.2% |