ICA

Infrastructure Capital Advisors Portfolio holdings

AUM $794M

AUM

$794M

AUM Growth

+$47.1M (+6%)

Cap. Flow

+$72M

Cap. Flow % of AUM

9.07%

Top 10 Holdings %Top 10 Hldgs %

62.17%

Holding

140

New

Increased

Reduced

Closed

Top Buys

1	Oneok OKE	$74.2M
2	SOBO South Bow Corporation SOBO	$63.3M
3	USA Compression Partners USAC	$53.7M
4	Hess Midstream HESM	$38.7M
5	Global Partners GLP	$24.3M

Top Sells

1	MPLX MPLX	$106M
2	Plains All American Pipeline PAA	$73.5M
3	Genesis Energy GEL	$25.9M
4	Sunoco SUN	$25.4M
5	Enterprise Products Partners EPD	$19M

Sector Composition

1	Energy	63.85%
2	Financials	2.25%
3	Real Estate	1.78%
4	Utilities	1.51%
5	Industrials	0.66%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 Oneok OKE $50.3B	$75.3M	5.53%	3,762,803 +3,710,777	+7,133%	+$74.2M
2	2 Hess Midstream HESM $5.01B	$71.4M	5.24%	1,333,688 +723,542	+119%	+$38.7M
3	3 Energy Transfer Partners ET $60.2B	$65M	4.77%	3,493,887 +259,967	+8%	+$4.83M
4	SOBO 4 South Bow Corporation SOBO $5.42B	$64.6M	4.74%	1,112,162 +1,090,203	+4,965%	+$63.3M
5	5 USA Compression Partners USAC $3.03B	$64M	4.7%	1,561,663 +1,310,583	+522%	+$53.7M
6	6 RLJ Lodging Trust $1.95 Series A Cumulative Convertible Preferred Shares RLJ.PRA $317M	$36.5M	2.68%	1,495,264 +82,892	+6%	+$2.02M
7	7 Global Partners GLP $1.78B	$30.3M	2.22%	716,383 +575,236	+408%	+$24.3M
8	FLG.PRU 8 Flagstar Financial, Inc. Bifurcated Option Note Unit SecuritiES FLG.PRU $107M	$29.4M	2.16%	789,159 +121,603	+18%	+$4.53M
9	9 NextEra Energy, Inc. 6.926% Corporate Units NEE.PRR $1.6B	$29M	2.13%	713,485 +59,304	+9%	+$2.41M
10	BA.PRA 10 The Boeing Company Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, par value $1.00 BA.PRA $7.94B	$28.3M	2.08%	472,479 +268,154	+131%	+$16M
11	11 Apollo Global Management Series A APO.PRA $2B	$22.1M	1.62%	301,765 +155,324	+106%	+$11.4M
12	12 Cheniere Energy CQP $28.4B	$16.4M	1.21%	248,819 -161,782	-39%	-$10.7M
13	13 Cheniere Energy LNG $51.8B	$15.3M	1.12%	65,997 +10,996	+20%	+$2.54M
14	14 EPR Properties 9.00% Series E Cumulative Convertible Preferred Shares EPR.PRE $106M	$15.1M	1.11%	504,356 -7,273	-1%	-$218K
15	15 MPLX MPLX $51.9B	$14.2M	1.04%	163,775 -1,226,578	-88%	-$106M
16	16 Valero Energy VLO $39.6B	$13.5M	0.99%	226,209 +176,246	+353%	+$10.5M
17	17 Pebblebrook Hotel Trust 6.3% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest PEB.PRF $110M	$10.6M	0.78%	575,038	New	+$10.6M
18	KKR.PRD 18 KKR & Co. Inc. 6.25% Series D Mandatory Convertible Preferred Stock KKR.PRD $2.58B	$9.87M	0.72%	199,710	New	+$9.87M
19	19 Delek Logistics DKL $2.23B	$8.63M	0.63%	199,562 -236	-0.1%	-$10.2K
20	20 Kinder Morgan KMI $62.3B	$8.46M	0.62%	58,087 -75,052	-56%	-$10.9M
21	21 Enterprise Products Partners EPD $66.8B	$8.37M	0.61%	533,448 -1,208,411	-69%	-$19M
22	22 HF Sinclair DINO $6.8B	$8.23M	0.6%	288,609	New	+$8.23M
23	23 Sunoco SUN $7.53B	$8M	0.59%	296,442 -940,846	-76%	-$25.4M
24	24 Genesis Energy GEL $1.99B	$7.7M	0.57%	144,159 -486,053	-77%	-$25.9M
25	ARES.PRB 25 Ares Management Corporation 6.75% Series B Mandatory Convertible Preferred Stock ARES.PRB $1.6B	$7.59M	0.56%	157,437 +16,526	+12%	+$797K