INFRASTRUCTURE CAPITAL ADVISORS, LLC

New York, NY · CIK 1621802 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 2014 · limited liability company

Assets managed$3.6bn
Staff10 · 6 in investment roles
Main clients (by assets)Mutual funds and ETFs 99%
Private funds1 (1 hedge) · $10.0m gross assets
Websiteinfracappffr.com
Form ADV · 2026-03-31SEC adviser record

Legal entityINFRASTRUCTURE CAPITAL ADVISORS, LLC (US)

$1.3bn reported value +20.2% vs Q1 2026

179positions

45.9%in top 10

55 new 87 added 37 reduced 20 sold out vs Q1 2026

Options: 6 call positions ($428.1m notional), 0 put positions (— notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

Virtus Investment Advisers, LLC – files its own report too; $1.6m of shares are in both

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	4,163,933	$79.6m6.22%	6.22%	Reduced -79.8k	-79,830 -1.9%
2	SUNOCO LP/SUNOCO FIN CORP COM UT REP LP SUN	SUN	995,794	$67.2m5.25%	5.25%	Added +22.9k	+22,859 2.4%
3	PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN PAA	PAA	2,995,408	$66.7m5.21%	5.21%	Reduced -94.6k	-94,584 -3.1%
4	ENERGY TRANSFER L P 9.250% FXD PFD I ET 9.25 PERP I	ET 9.25 PERP I	5,251,455	$60.2m4.70%	4.70%	Added +239.8k	+239,809 4.8%
5	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	1,491,905	$54.8m4.28%	4.28%	Reduced -56.4k	-56,403 -3.6%
6	KKR & CO INC 6.25 CON SER D KKR 6.25 03.01.28 D	KKR 6.25 03.01.28 D	1,359,456	$54.2m4.23%	4.23%	Added +269.3k	+269,270 24.7%
7	WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT WES	WES	1,217,182	$53.3m4.16%	4.16%	Reduced -17.7k	-17,697 -1.4%
8	MPLX LP COM UNIT REP LTD MPLX	MPLX	936,785	$52.8m4.12%	4.12%	Reduced -131.5k	-131,466 -12.3%
9	RLJ LODGING TR CUM CONV PFD A RLJ 1.95 PERP A	RLJ 1.95 PERP A	2,032,823	$49.8m3.89%	3.89%	Added +116.1k	+116,055 6.0%
10	BOEING CO DEP CONV PFD A BA 6 10.15.27	BA 6 10.15.27	744,868	$49.6m3.87%	3.87%	Added +624.4k	+624,386 518.2%
11	ALPHABET INC DEP SHS RP1/20 A GOOGL 6.25 05.15.29 A	GOOGL 6.25 05.15.29 A	971,033	$49.4m3.86%	3.86%	New
12	ORACLE CORP 6.5 DEP CUM SR D ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	862,265	$38.1m2.97%	2.97%	Added +796.5k	+796,519 1211.5%
13	HEWLETT PACKARD ENTERPRISE C 7.625 MAND CONV HPE 7.625 09.01.27	HPE 7.625 09.01.27	298,360	$34.5m2.69%	2.69%	Added +225.2k	+225,196 307.8%
14	ALBEMARLE CORP 7.25% DEP SHS A ALB 7.25 03.01.27	ALB 7.25 03.01.27	525,687	$29.1m2.27%	2.27%	Reduced -543	-543 -0.1%
15	BRIGHTSPRING HEALTH SVCS INC UNIT 02/01/2027 BTSG 6.75 02.01.27	BTSG 6.75 02.01.27	107,734	$24.7m1.93%	1.93%	New
16	HESS MIDSTREAM LP CL A SHS HESM	HESM	604,561	$22.7m1.77%	1.77%	Reduced -64.2k	-64,178 -9.6%
17	APOLLO GLOBAL MGMT INC SER A MAND CNV APO 6.75 07.31.26	APO 6.75 07.31.26	372,392	$22.7m1.77%	1.77%	Reduced -303.9k	-303,907 -44.9%
18	ARES MANAGEMENT CORPORATION 6.75 SE B PFD ARES 6.75 10.01.27 B	ARES 6.75 10.01.27 B	604,806	$22.2m1.73%	1.73%	Added +139.6k	+139,605 30.0%
19	MICROCHIP TECHNOLOGY INC. DEP SHS REPSTG MCHP 7.5 03.15.28	MCHP 7.5 03.15.28	267,511	$20.5m1.60%	1.60%	New
20	CHENIERE ENERGY INC COM NEW LNG	LNG	82,640	$19.8m1.54%	1.54%	Added +450	+450 0.6%
21	PEBBLEBROOK HOTEL TR 6.3 CUM PFD SR F PEB 6.3 PERP F	PEB 6.3 PERP F	959,237	$18.6m1.45%	1.45%	Added +26.0k	+25,955 2.8%
22	CHART INDS INC COM GTLS	GTLS	81,360	$17.0m1.33%	1.33%	Added +8.2k	+8,155 11.1%
23	WILLIAMS COS INC COM WMB	WMB	205,503	$15.3m1.19%	1.19%	Reduced -96.6k	-96,573 -32.0%
24	CHENIERE ENERGY PARTNERS LP COM UNIT CQP	CQP	230,763	$14.1m1.10%	1.10%	Added +4.2k	+4,152 1.8%
25	KINDER MORGAN INC DEL COM KMI	KMI	428,374	$13.7m1.07%	1.07%	Reduced -126.0k	-126,023 -22.7%
26	NEW YORK CMNTY CAP TR V UNIT 05/07/2051 FLG 6 11.01.51	FLG 6 11.01.51	290,371	$11.9m0.93%	0.93%	Reduced -818.4k	-818,440 -73.8%
27	ALPHABET INC DEP SHS RP1/20 B GOOGL 6.25 05.15.29 B	GOOGL 6.25 05.15.29 B	225,000	$11.3m0.88%	0.88%	New
28	STRATEGY INC SERIES A PERP PF MSTR 8 PERP	MSTR 8 PERP	190,876	$11.2m0.88%	0.88%	Added +37.9k	+37,875 24.8%
29	TARGA RES CORP COM TRGP	TRGP	37,695	$10.1m0.79%	0.79%	Reduced -55.9k	-55,896 -59.7%
30	AMAZON COM INC COM AMZN	AMZN	40,668	$9.7m0.76%	0.76%	Added +8.3k	+8,253 25.5%
31	BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B BHR 5.5 PERP b	BHR 5.5 PERP b	674,435	$9.3m0.72%	0.72%	Added +73.3k	+73,311 12.2%
32	GENESIS ENERGY L P UNIT LTD PARTN GEL	GEL	643,436	$9.1m0.71%	0.71%	Added +11.6k	+11,575 1.8%
33	USA COMPRESSION PARTNERS LP COMUNIT LTDPAR USAC	USAC	345,361	$9.1m0.71%	0.71%	Added +30.7k	+30,704 9.8%
34	BROADCOM INC COM AVGO	AVGO	22,580	$8.5m0.67%	0.67%	Added +19.3k	+19,257 579.5%
35	TOLL BROTHERS INC COM TOL	TOL	50,674	$8.3m0.65%	0.65%	Added +19.4k	+19,448 62.3%
36	DELEK LOGISTICS PARTNERS LP COM UNT RP INT DKL	DKL	139,812	$7.2m0.56%	0.56%	Reduced -16.7k	-16,664 -10.7%
37	RITHM PPTY TR INC 9.875 FXD-FLT C RPT V9.875 PERP	RPT V9.875 PERP	272,498	$6.8m0.53%	0.53%	Added +27.3k	+27,261 11.1%
38	LOCKHEED MARTIN CORP COM LMT	LMT	12,554	$6.4m0.50%	0.50%	Added +11.0k	+11,042 730.3%
39	ONEOK INC NEW COM OKE	OKE	72,588	$6.3m0.49%	0.49%	Reduced -18.6k	-18,641 -20.4%
40	BANK AMERICA CORP COM BAC	BAC	108,548	$6.2m0.48%	0.48%	New
41	ETFIS SER TR I VIRTUS INFRCAP PFFA	PFFA	283,867	$6.0m0.47%	0.47%	Reduced -5.4k	-5,354 -1.9%
42	CITIZENS FINL GROUP INC COM CFG	CFG	84,054	$5.9m0.46%	0.46%	Added +1.8k	+1,842 2.2%
43	MICROSOFT CORP COM MSFT	MSFT	15,776	$5.9m0.46%	0.46%	Added +10.1k	+10,056 175.8%
44	D R HORTON INC COM DHI	DHI	33,994	$5.5m0.43%	0.43%	Added +28.9k	+28,883 565.1%
45	CELSIUS HLDGS INC COM NEW CELH	CELH	187,661	$5.5m0.43%	0.43%	Added +65.1k	+65,127 53.1%
46	VSE CORP UNIT 02/01/2029 VSEC 5.75 02.01.29	VSEC 5.75 02.01.29	94,240	$5.4m0.42%	0.42%	New
47	GLOBAL PARTNERS LP COM UNITS GLP	GLP	112,228	$5.2m0.41%	0.41%	Added +2.0k	+2,020 1.8%
48	NEXTERA ENERGY INC UNIT 02/15/2029 NEE 7.375 02.15.29	NEE 7.375 02.15.29	102,972	$4.9m0.39%	0.39%	Added +35.1k	+35,059 51.6%
49	KKR & CO INC COM KKR	KKR	52,614	$4.8m0.38%	0.38%	Added +10.1k	+10,140 23.9%
50	LENNAR CORP CL A LEN	LEN	53,340	$4.8m0.38%	0.38%	Added +20.5k	+20,459 62.2%
51	TC ENERGY CORP COM TRP	TRP	67,733	$4.5m0.35%	0.35%	Reduced -23.5k	-23,524 -25.8%
52	NVIDIA CORPORATION COM NVDA	NVDA	21,806	$4.4m0.34%	0.34%	Added +6.8k	+6,807 45.4%
53	GE VERNOVA INC COM GEV	GEV	3,591	$4.2m0.33%	0.33%	Added +3.1k	+3,090 616.8%
54	EPR PPTYS CONV PFD 9% SR E EPR 9 PERP E	EPR 9 PERP E	111,300	$3.5m0.28%	0.28%	Added +11.2k	+11,176 11.2%
55	WHIRLPOOL CORP 8.5 DEP SR A CNV WHR 8.5 02.15.29 A	WHR 8.5 02.15.29 A	99,738	$3.5m0.27%	0.27%	Added +9.6k	+9,620 10.7%
56	MERCK & CO INC COM MRK	MRK	26,324	$3.4m0.26%	0.26%	Added +4.3k	+4,347 19.8%
57	NEXTERA ENERGY INC COM NEE	NEE	37,443	$3.3m0.26%	0.26%	Reduced -2.5k	-2,477 -6.2%
58	APOLLO GLOBAL MGMT INC COM APO	APO	27,705	$3.3m0.26%	0.26%	Reduced -2.2k	-2,233 -7.5%
59	MARATHON PETE CORP COM MPC	MPC	12,236	$3.1m0.24%	0.24%	Reduced -12.4k	-12,368 -50.3%
60	LXP INDUSTRIAL TRUST PFD CONV SER C LXP 6.5 PERP C	LXP 6.5 PERP C	65,481	$3.0m0.23%	0.23%	Added +6.5k	+6,524 11.1%
61	ZIONS BANCORPORATION N A COM ZION	ZION	40,839	$2.8m0.22%	0.22%	Added +6.8k	+6,750 19.8%
62	META PLATFORMS INC CL A META	META	4,977	$2.8m0.22%	0.22%	Added +162	+162 3.4%
63	EXXON MOBIL CORP COM XOM	XOM	20,151	$2.8m0.22%	0.22%	Added +18.7k	+18,713 1301.3%
64	GOLDMAN SACHS GROUP INC COM GS	GS	2,684	$2.7m0.21%	0.21%	Reduced -1.5k	-1,458 -35.2%
65	PEBBLEBROOK HOTEL TR 6.375 PFD SER E PEB 6.375 PERP E	PEB 6.375 PERP E	138,168	$2.7m0.21%	0.21%	Reduced -62.3k	-62,259 -31.1%
66	ORACLE CORP COM ORCL	ORCL	17,179	$2.5m0.20%	0.20%	New
67	VISTRA CORP COM VST	VST	15,699	$2.5m0.19%	0.19%	Added +2.6k	+2,592 19.8%
68	MORGAN STANLEY COM NEW MS	MS	11,871	$2.5m0.19%	0.19%	Added +2.9k	+2,914 32.5%
69	XCEL ENERGY INC COM XEL	XEL	30,487	$2.4m0.19%	0.19%	Added +5.0k	+5,049 19.9%
70	RTX CORPORATION COM RTX	RTX	12,428	$2.4m0.18%	0.18%	New
71	ADVANCED MICRO DEVICES INC COM AMD	AMD	4,016	$2.3m0.18%	0.18%	Added +2.8k	+2,815 234.4%
72	ALPHABET INC CAP STK CL A GOOGL	GOOGL	6,501	$2.3m0.18%	0.18%	New
73	PHILLIPS 66 COM PSX	PSX	13,737	$2.3m0.18%	0.18%	Reduced -1.1k	-1,128 -7.6%
74	FREEPORT-MCMORAN INC CL B FCX	FCX	36,593	$2.3m0.18%	0.18%	Added +320	+320 0.9%
75	CHEVRON CORP NEW COM CVX	CVX	13,449	$2.2m0.17%	0.17%	Added +12.5k	+12,464 1265.4%
76	BLACKSTONE INC COM BX	BX	15,567	$1.8m0.14%	0.14%	Added +5.1k	+5,079 48.4%
77	ETFIS SER TR I INFRAC ACT MLP AMZA	AMZA	38,712	$1.8m0.14%	0.14%	Reduced -75	-75 -0.2%
78	MICRON TECHNOLOGY INC COM MU	MU	1,431	$1.7m0.13%	0.13%	New
79	ALLIANT ENERGY CORP COM LNT	LNT	20,948	$1.6m0.12%	0.12%	Added +3.5k	+3,456 19.8%
80	KRAFT HEINZ CO COM KHC	KHC	67,381	$1.6m0.12%	0.12%	Added +11.2k	+11,151 19.8%
81	VALERO ENERGY CORP COM VLO	VLO	6,074	$1.6m0.12%	0.12%	Reduced -300	-300 -4.7%
82	HF SINCLAIR CORP COM DINO	DINO	22,084	$1.5m0.12%	0.12%	Reduced -6.9k	-6,882 -23.8%
83	REXFORD INDL RLTY INC COM REXR	REXR	45,532	$1.5m0.12%	0.12%	Added +7.5k	+7,533 19.8%
84	PHILIP MORRIS INTL INC COM PM	PM	7,804	$1.4m0.11%	0.11%	Reduced -548	-548 -6.6%
85	FIFTH THIRD BANCORP COM FITB	FITB	24,856	$1.4m0.11%	0.11%	Added +4.1k	+4,104 19.8%
86	NETFLIX INC COM NFLX	NFLX	19,613	$1.4m0.11%	0.11%	New
87	ELI LILLY & CO COM LLY	LLY	1,121	$1.3m0.10%	0.10%	New
88	CROWN CASTLE INC COM CCI	CCI	17,540	$1.3m0.10%	0.10%	Added +4.8k	+4,819 37.9%
89	KILROY RLTY CORP COM KRC	KRC	33,878	$1.3m0.10%	0.10%	Reduced -31.4k	-31,448 -48.1%
90	VERIZON COMMUNICATIONS INC COM VZ	VZ	28,440	$1.2m0.09%	0.09%	Added +4.7k	+4,698 19.8%
91	SAFEHOLD INC COM SAFE	SAFE	72,508	$1.1m0.09%	0.09%	Added +14.7k	+14,675 25.4%
92	SOUTHERN CO COM SO	SO	11,853	$1.1m0.09%	0.09%	Added +8.5k	+8,548 258.6%
93	SERIES PORTFOLIOS TR INFRACAP SMALL C SCAP	SCAP	28,575	$1.1m0.09%	0.09%	Added +111	+111 0.4%
94	SERIES PORTFOLIOS TR INFRASTRUCTURE QVOL	QVOL	10,508	$1.1m0.08%	0.08%	New
95	INTEL CORP COM INTC	INTC	7,072	$987.5k0.08%	0.08%	New
96	TPG INC COM CL A TPG	TPG	24,344	$987.1k0.08%	0.08%	Added +4.0k	+4,023 19.8%
97	SPDR SER TR BLOOMBERG HIGH Y JNK	JNK	9,910	$949.8k0.07%	0.07%	Added +7.0k	+6,950 234.8%
98	ALBEMARLE CORP COM ALB	ALB	7,025	$948.6k0.07%	0.07%	New
99	ISHARES TR IBOXX HI YD ETF HYG	HYG	11,909	$947.5k0.07%	0.07%	Added +8.4k	+8,400 239.4%
100	APPLE INC COM AAPL	AAPL	3,245	$939.0k0.07%	0.07%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
COTERRA ENERGY INC CTRA	CTRA	37,334	$1.3m37.3k shares
KENVUE INC KVUE	KVUE	52,501	$905.1k52.5k shares
CATERPILLAR INC CAT	CAT	1,013	$717.7k1.0k shares
GLOBAL NET LEASE INC GNL	GNL	68,204	$638.4k68.2k shares
EDISON INTL EIX	EIX	7,748	$567.0k7.7k shares
PREFERRED BK LOS ANGELES CA PFBC	PFBC	5,513	$500.0k5.5k shares
FIRST SOLAR INC FSLR	FSLR	2,531	$499.3k2.5k shares
OKTA INC OKTA	OKTA	5,948	$468.2k5.9k shares
ADVANSIX INC ASIX	ASIX	14,748	$359.9k14.7k shares
LAZARD INC LAZ	LAZ	7,391	$314.0k7.4k shares
CASEYS GEN STORES INC CASY	CASY	413	$300.6k413 shares
CHORD ENERGY CORPORATION CHRD	CHRD	2,040	$290.0k2.0k shares
VIAVI SOLUTIONS INC VIAV	VIAV	8,355	$278.1k8.4k shares
SERIES PORTFOLIOS TR BNDS	BNDS	5,580	$277.1k5.6k shares
REGAL REXNORD CORPORATION RRX	RRX	1,440	$269.7k1.4k shares
WESTERN ALLIANCE BANCORP WAL	WAL	3,349	$237.3k3.3k shares
JFROG LTD FROG	FROG	4,962	$232.9k5.0k shares
SEALED AIR CORP NEW		5,000	$210.2k5.0k shares
ORGANON & CO OGN	OGN	28,001	$167.7k28.0k shares
FS KKR CAP CORP FSK	FSK	10,000	$101.8k10.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	540,000	$403.3m540.0k shares	Reduced
ISHARES TR IWM · Call	IWM	Call	65,000	$19.5m65.0k shares	New
KKR & CO INC KKR · Call	KKR	Call	40,000	$3.7m40.0k shares	Reduced
AMAZON COM INC AMZN · Call	AMZN	Call	4,000	$953.4k4.0k shares	Reduced
BROADCOM INC AVGO · Call	AVGO	Call	1,000	$377.8k1.0k shares	New
ADVANCED MICRO DEVICES INC AMD · Call	AMD	Call	500	$290.5k500 shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
BRAEMAR HOTELS & RESORTS INC BHR 5.5 PERP b · 13G · filed 2026-08-14	BHR 5.5 PERP b	21.9%≈ $9.3m	+2.4 pts	13G	2026-08-14
RLJ LODGING TR RLJ 1.95 PERP A · 13G · filed 2026-08-14	RLJ 1.95 PERP A	15.8%≈ $48.7m	+0.9 pts	13G	2026-08-14
NEW YORK CMNTY CAP TR V FLG 6 11.01.51 · 13G · filed 2026-08-14	FLG 6 11.01.51	7.1%≈ $11.0m	-19.9 pts	13G	2026-08-14