INFRASTRUCTURE CAPITAL ADVISORS, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GTLS	CHART INDS INC	66,590	$13,733	1.3%	$202.64	0.0%	COM	16115Q308
—	STRATEGY INC	139,204	$10,964	1.1%	$78.76	—	SERIES A PERP PF	594972887
KNTK	KINETIK HOLDINGS INC	258,622	$9,323	0.9%	$36.12	0.0%	COM NEW CL A	02215L209
MPC	MARATHON PETE CORP	28,045	$4,561	0.4%	$186.40	0.0%	COM	56585A102
TSLA	TESLA INC	8,000	$3,598	0.3%	—	—	CALL	88160R101
CELH	CELSIUS HLDGS INC	62,895	$2,877	0.3%	$50.38	0.0%	COM NEW	15118V207
CFG	CITIZENS FINL GROUP INC	44,724	$2,612	0.3%	$53.58	0.0%	COM	174610105
IWM	ISHARES TR	10,000	$2,462	0.2%	$231.85	—	CALL	464287655
NVDA	NVIDIA CORPORATION	6,929	$1,292	0.1%	$186.13	0.0%	COM	67066G104
TPG	TPG INC	19,447	$1,241	0.1%	$59.03	0.0%	COM CL A	872657101
MSTR	STRATEGY INC	6,000	$912	0.1%	$230.22	0.0%	CALL	594972408
GEV	GE VERNOVA INC	1,300	$850	0.1%	$609.04	0.0%	COM	36828A101
APO	APOLLO GLOBAL MGMT INC	4,000	$579	0.1%	$137.20	-3.4%	CALL	03769M106
FSLR	FIRST SOLAR INC	2,063	$539	0.1%	$252.20	0.0%	COM	336433107
KKR	KKR & CO INC	4,000	$510	0.0%	$121.27	+2.5%	CALL	48251W104
HALO	HALOZYME THERAPEUTICS INC	7,300	$491	0.0%	$67.27	0.0%	COM	40637H109
OKTA	OKTA INC	5,150	$445	0.0%	$87.27	0.0%	CL A	679295105
DKNG	DRAFTKINGS INC NEW	12,400	$427	0.0%	$32.89	0.0%	COM CL A	26142V105
LMT	LOCKHEED MARTIN CORP	514	$249	0.0%	$476.18	0.0%	COM	539830109
GENI	GENIUS SPORTS LIMITED	22,500	$248	0.0%	$10.90	0.0%	SHARES CL A	G3934V109
GDDY	GODADDY INC	1,950	$242	0.0%	$129.40	0.0%	CL A	380237107
RRR	RED ROCK RESORTS INC	3,875	$240	0.0%	$58.49	0.0%	CL A	75700L108
AAPL	APPLE INC	811	$220	0.0%	$268.34	0.0%	COM	037833100
ORCL	ORACLE CORP	1,000	$195	0.0%	$160.80	+48.0%	CALL	68389X105
MSDL	MORGAN STANLEY DIRECT LENDIN	10,001	$165	0.0%	$16.42	0.0%	COM SHS	61774A103
OGN	ORGANON & CO	17,001	$122	0.0%	$7.89	0.0%	COMMON STOCK	68622V106
MSTR	STRATEGY INC	1	$0	0.0%	$230.22	0.0%	CL A NEW	594972408

Increased Positions (60)

— APOLLO GLOBAL MGMT INC 5.7%

Value ($000) $58,666 (+51.5%) Shares 776,823 (+31.1%) Est. Cost $73.84 Unrealized —

— KKR & CO INC 5.6%

Value ($000) $57,904 (+44.8%) Shares 1,116,976 (+36.9%) Est. Cost $51.64 Unrealized —

QQQ INVESCO QQQ TR 1.5%

Value ($000) $15,358 (+184.2%) Shares 25,000 (+177.8%) Est. Cost — Unrealized —

— BOEING CO 2.8%

Value ($000) $28,543 (+39.8%) Shares 413,311 (+31.0%) Est. Cost $63.81 Unrealized —

— ARES MANAGEMENT CORPORATION 1.7%

Value ($000) $17,623 (+72.5%) Shares 349,671 (+61.8%) Est. Cost $52.36 Unrealized —

WES WESTERN MIDSTREAM PARTNERS L 4.4%

Value ($000) $45,728 (+16.7%) Shares 1,157,677 (+10.7%) Est. Cost $38.78 Unrealized —

SUN SUNOCO LP/SUNOCO FIN CORP 3.7%

Value ($000) $38,016 (+12.3%) Shares 725,366 (+11.9%) Est. Cost $54.12 Unrealized —

PSX PHILLIPS 66 0.5%

Value ($000) $5,635 (+270.6%) Shares 43,667 (+291.0%) Est. Cost $129.90 Unrealized +3.2%

— FLAGSTAR BANK NATIONAL ASSOC 4.1%

Value ($000) $42,122 (+10.2%) Shares 1,051,729 (+7.3%) Est. Cost $38.33 Unrealized —

OKE ONEOK INC NEW 1.0%

Value ($000) $10,532 (+33.3%) Shares 143,296 (+21.5%) Est. Cost $83.76 Unrealized -15.9%

— ALBEMARLE CORP 0.3%

Value ($000) $2,683 (+374.0%) Shares 45,180 (+253.0%) Est. Cost $55.09 Unrealized —

META META PLATFORMS INC 0.3%

Value ($000) $3,450 (+138.6%) Shares 5,227 (+144.7%) Est. Cost $683.81 Unrealized -2.4%

— RLJ LODGING TR 4.3%

Value ($000) $44,142 (+4.7%) Shares 1,772,758 (+5.2%) Est. Cost $26.05 Unrealized —

KVUE KENVUE INC 0.2%

Value ($000) $2,350 (+543.0%) Shares 136,259 (+435.6%) Est. Cost $16.97 Unrealized -4.2%

FCX FREEPORT-MCMORAN INC 0.3%

Value ($000) $3,262 (+99.0%) Shares 64,223 (+62.9%) Est. Cost $43.25 Unrealized +0.2%

KKR KKR & CO INC 0.4%

Value ($000) $4,327 (+46.7%) Shares 33,946 (+39.4%) Est. Cost $121.27 Unrealized +2.5%

— PEBBLEBROOK HOTEL TR 1.6%

Value ($000) $16,163 (+7.9%) Shares 848,469 (+8.5%) Est. Cost $18.50 Unrealized —

MRK MERCK & CO INC 0.2%

Value ($000) $1,580 (+279.3%) Shares 15,009 (+209.8%) Est. Cost $94.50 Unrealized -1.3%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $1,653 (+214.3%) Shares 7,986 (+186.9%) Est. Cost $180.92 Unrealized +8.9%

CAT CATERPILLAR INC 0.2%

Value ($000) $1,775 (+140.8%) Shares 3,099 (+142.7%) Est. Cost $501.89 Unrealized +10.7%

NEE NEXTERA ENERGY INC 0.3%

Value ($000) $2,814 (+44.0%) Shares 35,051 (+45.8%) Est. Cost $75.45 Unrealized +9.4%

— PEBBLEBROOK HOTEL TR 0.3%

Value ($000) $3,372 (+32.0%) Shares 176,733 (+33.9%) Est. Cost $17.19 Unrealized —

BX BLACKSTONE INC 0.1%

Value ($000) $1,308 (+117.5%) Shares 8,486 (+105.1%) Est. Cost $143.49 Unrealized +5.6%

APO APOLLO GLOBAL MGMT INC 0.3%

Value ($000) $3,506 (+23.2%) Shares 24,218 (+5.8%) Est. Cost $137.20 Unrealized -3.4%

— BRAEMAR HOTELS & RESORTS INC 0.8%

Value ($000) $8,042 (+5.3%) Shares 543,025 (+9.4%) Est. Cost $16.26 Unrealized —

GEL GENESIS ENERGY L P 0.9%

Value ($000) $9,631 (+3.8%) Shares 617,353 (+8.8%) Est. Cost $15.58 Unrealized —

XEL XCEL ENERGY INC 0.1%

Value ($000) $1,520 (+27.5%) Shares 20,576 (+40.1%) Est. Cost $71.79 Unrealized +9.1%

— HEWLETT PACKARD ENTERPRISE C 0.4%

Value ($000) $4,433 (+7.8%) Shares 66,478 (+9.3%) Est. Cost $61.84 Unrealized —

BXP BXP INC 0.1%

Value ($000) $1,237 (+32.8%) Shares 18,329 (+40.5%) Est. Cost $63.97 Unrealized +10.0%

IWM ISHARES TR 0.0%

Value ($000) $449 (+121.3%) Shares 1,824 (+121.4%) Est. Cost $231.85 Unrealized —

MCD MCDONALDS CORP 0.4%

Value ($000) $3,645 (+6.4%) Shares 11,927 (+3.9%) Est. Cost $297.04 Unrealized +2.7%

— LXP INDUSTRIAL TRUST 0.2%

Value ($000) $2,528 (+9.0%) Shares 53,665 (+9.4%) Est. Cost $49.15 Unrealized —

USB US BANCORP DEL 0.1%

Value ($000) $1,131 (+20.9%) Shares 21,201 (+5.7%) Est. Cost $45.10 Unrealized +8.0%

VST VISTRA CORP 0.2%

Value ($000) $1,712 (-9.4%) Shares 10,611 (+5.7%) Est. Cost $196.82 Unrealized -7.6%

KRC KILROY RLTY CORP 0.2%

Value ($000) $1,986 (-8.2%) Shares 53,148 (+3.8%) Est. Cost $39.03 Unrealized —

MTB M & T BK CORP 0.1%

Value ($000) $1,035 (+15.8%) Shares 5,138 (+5.7%) Est. Cost $163.62 Unrealized +16.2%

MRVL MARVELL TECHNOLOGY INC 0.4%

Value ($000) $4,604 (-2.7%) Shares 54,177 (+5.0%) Est. Cost $73.33 Unrealized +19.3%

TFC TRUIST FINL CORP 0.1%

Value ($000) $891 (+16.6%) Shares 18,096 (+5.8%) Est. Cost $40.22 Unrealized +13.9%

BHR BRAEMAR HOTELS & RESORTS INC 0.1%

Value ($000) $558 (+29.2%) Shares 194,418 (+14.8%) Est. Cost $2.59 Unrealized —

FITB FIFTH THIRD BANCORP 0.1%

Value ($000) $786 (+18.9%) Shares 16,800 (+5.7%) Est. Cost $36.17 Unrealized +20.7%

CTRA COTERRA ENERGY INC 0.1%

Value ($000) $616 (+17.6%) Shares 23,392 (+5.8%) Est. Cost $24.75 Unrealized +1.4%

— PG&E CORP 0.1%

Value ($000) $806 (+11.9%) Shares 19,655 (+12.1%) Est. Cost $44.03 Unrealized —

PEP PEPSICO INC 0.2%

Value ($000) $2,022 (+3.9%) Shares 14,086 (+5.8%) Est. Cost $140.73 Unrealized +3.7%

XOM EXXON MOBIL CORP 0.1%

Value ($000) $733 (+11.3%) Shares 6,088 (+5.7%) Est. Cost $111.68 Unrealized +3.4%

VZ VERIZON COMMUNICATIONS INC 0.1%

Value ($000) $783 (+8.4%) Shares 19,218 (+5.7%) Est. Cost $42.38 Unrealized -4.5%

BNDS SERIES PORTFOLIOS TR 0.0%

Value ($000) $281 (+23.3%) Shares 5,580 (+24.6%) Est. Cost $49.70 Unrealized —

CVX CHEVRON CORP NEW 0.2%

Value ($000) $2,166 (+2.2%) Shares 14,211 (+5.8%) Est. Cost $140.48 Unrealized +7.8%

KHC KRAFT HEINZ CO 0.1%

Value ($000) $1,103 (+3.7%) Shares 45,492 (+5.8%) Est. Cost $31.50 Unrealized -21.8%

GLP GLOBAL PARTNERS LP 0.4%

Value ($000) $4,506 (+0.7%) Shares 107,681 (+8.8%) Est. Cost $42.81 Unrealized —

HON HONEYWELL INTL INC 0.1%

Value ($000) $1,278 (+2.4%) Shares 6,550 (+5.7%) Est. Cost $202.07 Unrealized -3.5%

AQN ALGONQUIN PWR UTILS CORP 0.0%

Value ($000) $164 (+20.6%) Shares 26,642 (+9.4%) Est. Cost $5.66 Unrealized +4.9%

CCI CROWN CASTLE INC 0.1%

Value ($000) $698 (+4.2%) Shares 7,854 (+5.7%) Est. Cost $104.83 Unrealized -13.1%

O REALTY INCOME CORP 0.1%

Value ($000) $965 (+2.8%) Shares 17,117 (+5.7%) Est. Cost $48.67 Unrealized +17.8%

LNT ALLIANT ENERGY CORP 0.1%

Value ($000) $921 (+2.9%) Shares 14,164 (+5.7%) Est. Cost $64.04 Unrealized +4.4%

DLR DIGITAL RLTY TR INC 0.1%

Value ($000) $574 (-4.1%) Shares 3,711 (+5.6%) Est. Cost $146.44 Unrealized +11.4%

T AT&T INC 0.0%

Value ($000) $312 (+6.1%) Shares 12,554 (+5.8%) Est. Cost $25.09 Unrealized +0.8%

SO SOUTHERN CO 0.1%

Value ($000) $750 (-1.9%) Shares 8,602 (+5.8%) Est. Cost $85.50 Unrealized +6.3%

REXR REXFORD INDL RLTY INC 0.1%

Value ($000) $1,190 (-0.9%) Shares 30,745 (+5.8%) Est. Cost $51.72 Unrealized —

AMZA ETFIS SER TR I 0.1%

Value ($000) $1,532 (-0.3%) Shares 38,787 (+1.4%) Est. Cost $42.74 Unrealized —

SAFE SAFEHOLD INC 0.1%

Value ($000) $640 (+0.3%) Shares 46,783 (+5.8%) Est. Cost $23.74 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	APOLLO GLOBAL MGMT INC	776,823 (+31.1%)	$58,666 (+51.5%)	5.7%	$73.84	—	SER A MAND CNV	03769M304
—	KKR & CO INC	1,116,976 (+36.9%)	$57,904 (+44.8%)	5.6%	$51.64	—	6.25 CON SER D	48251W500
QQQ	INVESCO QQQ TR	25,000 (+177.8%)	$15,358 (+184.2%)	1.5%	—	—	CALL	46090E103
—	BOEING CO	413,311 (+31.0%)	$28,543 (+39.8%)	2.8%	$63.81	—	DEP CONV PFD A	097023204
—	ARES MANAGEMENT CORPORATION	349,671 (+61.8%)	$17,623 (+72.5%)	1.7%	$52.36	—	6.75 SE B PFD	03990B309
WES	WESTERN MIDSTREAM PARTNERS L	1,157,677 (+10.7%)	$45,728 (+16.7%)	4.4%	$38.78	—	COM UNIT LP INT	958669103
SUN	SUNOCO LP/SUNOCO FIN CORP	725,366 (+11.9%)	$38,016 (+12.3%)	3.7%	$54.12	—	COM UT REP LP	86765K109
PSX	PHILLIPS 66	43,667 (+291.0%)	$5,635 (+270.6%)	0.5%	$129.90	+3.2%	COM	718546104
—	FLAGSTAR BANK NATIONAL ASSOC	1,051,729 (+7.3%)	$42,122 (+10.2%)	4.1%	$38.33	—	UNIT 05/07/2051	64944P307
OKE	ONEOK INC NEW	143,296 (+21.5%)	$10,532 (+33.3%)	1.0%	$83.76	-15.9%	COM	682680103
—	ALBEMARLE CORP	45,180 (+253.0%)	$2,683 (+374.0%)	0.3%	$55.09	—	7.25% DEP SHS A	012653200
META	META PLATFORMS INC	5,227 (+144.7%)	$3,450 (+138.6%)	0.3%	$683.81	-2.4%	CL A	30303M102
—	RLJ LODGING TR	1,772,758 (+5.2%)	$44,142 (+4.7%)	4.3%	$26.05	—	CUM CONV PFD A	74965L200
KVUE	KENVUE INC	136,259 (+435.6%)	$2,350 (+543.0%)	0.2%	$16.97	-4.2%	COM	49177J102
FCX	FREEPORT-MCMORAN INC	64,223 (+62.9%)	$3,262 (+99.0%)	0.3%	$43.25	+0.2%	CL B	35671D857
KKR	KKR & CO INC	33,946 (+39.4%)	$4,327 (+46.7%)	0.4%	$121.27	+2.5%	COM	48251W104
—	PEBBLEBROOK HOTEL TR	848,469 (+8.5%)	$16,163 (+7.9%)	1.6%	$18.50	—	6.3 CUM PFD SR F	70509V704
MRK	MERCK & CO INC	15,009 (+209.8%)	$1,580 (+279.3%)	0.2%	$94.50	-1.3%	COM	58933Y105
JNJ	JOHNSON & JOHNSON	7,986 (+186.9%)	$1,653 (+214.3%)	0.2%	$180.92	+8.9%	COM	478160104
CAT	CATERPILLAR INC	3,099 (+142.7%)	$1,775 (+140.8%)	0.2%	$501.89	+10.7%	COM	149123101
NEE	NEXTERA ENERGY INC	35,051 (+45.8%)	$2,814 (+44.0%)	0.3%	$75.45	+9.4%	COM	65339F101
—	PEBBLEBROOK HOTEL TR	176,733 (+33.9%)	$3,372 (+32.0%)	0.3%	$17.19	—	6.375 PFD SER E	70509V605
BX	BLACKSTONE INC	8,486 (+105.1%)	$1,308 (+117.5%)	0.1%	$143.49	+5.6%	COM	09260D107
APO	APOLLO GLOBAL MGMT INC	24,218 (+5.8%)	$3,506 (+23.2%)	0.3%	$137.20	-3.4%	COM	03769M106
—	BRAEMAR HOTELS & RESORTS INC	543,025 (+9.4%)	$8,042 (+5.3%)	0.8%	$16.26	—	5.5 CUM CV PFD B	10482B200
GEL	GENESIS ENERGY L P	617,353 (+8.8%)	$9,631 (+3.8%)	0.9%	$15.58	—	UNIT LTD PARTN	371927104
XEL	XCEL ENERGY INC	20,576 (+40.1%)	$1,520 (+27.5%)	0.1%	$71.79	+9.1%	COM	98389B100
—	HEWLETT PACKARD ENTERPRISE C	66,478 (+9.3%)	$4,433 (+7.8%)	0.4%	$61.84	—	7.625 MAND CONV	42824C208
BXP	BXP INC	18,329 (+40.5%)	$1,237 (+32.8%)	0.1%	$63.97	+10.0%	COM	101121101
IWM	ISHARES TR	1,824 (+121.4%)	$449 (+121.3%)	0.0%	$231.85	—	RUSSELL 2000 ETF	464287655
MCD	MCDONALDS CORP	11,927 (+3.9%)	$3,645 (+6.4%)	0.4%	$297.04	+2.7%	COM	580135101
—	LXP INDUSTRIAL TRUST	53,665 (+9.4%)	$2,528 (+9.0%)	0.2%	$49.15	—	PFD CONV SER C	529043309
USB	US BANCORP DEL	21,201 (+5.7%)	$1,131 (+20.9%)	0.1%	$45.10	+8.0%	COM NEW	902973304
VST	VISTRA CORP	10,611 (+5.7%)	$1,712 (-9.4%)	0.2%	$196.82	-7.6%	COM	92840M102
KRC	KILROY RLTY CORP	53,148 (+3.8%)	$1,986 (-8.2%)	0.2%	$39.03	—	COM	49427F108
MTB	M & T BK CORP	5,138 (+5.7%)	$1,035 (+15.8%)	0.1%	$163.62	+16.2%	COM	55261F104
MRVL	MARVELL TECHNOLOGY INC	54,177 (+5.0%)	$4,604 (-2.7%)	0.4%	$73.33	+19.3%	COM	573874104
TFC	TRUIST FINL CORP	18,096 (+5.8%)	$891 (+16.6%)	0.1%	$40.22	+13.9%	COM	89832Q109
BHR	BRAEMAR HOTELS & RESORTS INC	194,418 (+14.8%)	$558 (+29.2%)	0.1%	$2.59	—	COM	10482B101
FITB	FIFTH THIRD BANCORP	16,800 (+5.7%)	$786 (+18.9%)	0.1%	$36.17	+20.7%	COM	316773100
CTRA	COTERRA ENERGY INC	23,392 (+5.8%)	$616 (+17.6%)	0.1%	$24.75	+1.4%	COM	127097103
—	PG&E CORP	19,655 (+12.1%)	$806 (+11.9%)	0.1%	$44.03	—	PFD CONV SER A	69331C306
PEP	PEPSICO INC	14,086 (+5.8%)	$2,022 (+3.9%)	0.2%	$140.73	+3.7%	COM	713448108
XOM	EXXON MOBIL CORP	6,088 (+5.7%)	$733 (+11.3%)	0.1%	$111.68	+3.4%	COM	30231G102
VZ	VERIZON COMMUNICATIONS INC	19,218 (+5.7%)	$783 (+8.4%)	0.1%	$42.38	-4.5%	COM	92343V104
BNDS	SERIES PORTFOLIOS TR	5,580 (+24.6%)	$281 (+23.3%)	0.0%	$49.70	—	INFRASTRUCTURE C	81752T437
CVX	CHEVRON CORP NEW	14,211 (+5.8%)	$2,166 (+2.2%)	0.2%	$140.48	+7.8%	COM	166764100
KHC	KRAFT HEINZ CO	45,492 (+5.8%)	$1,103 (+3.7%)	0.1%	$31.50	-21.8%	COM	500754106
GLP	GLOBAL PARTNERS LP	107,681 (+8.8%)	$4,506 (+0.7%)	0.4%	$42.81	—	COM UNITS	37946R109
HON	HONEYWELL INTL INC	6,550 (+5.7%)	$1,278 (+2.4%)	0.1%	$202.07	-3.5%	COM	438516106
AQN	ALGONQUIN PWR UTILS CORP	26,642 (+9.4%)	$164 (+20.6%)	0.0%	$5.66	+4.9%	COM	015857105
CCI	CROWN CASTLE INC	7,854 (+5.7%)	$698 (+4.2%)	0.1%	$104.83	-13.1%	COM	22822V101
O	REALTY INCOME CORP	17,117 (+5.7%)	$965 (+2.8%)	0.1%	$48.67	+17.8%	COM	756109104
LNT	ALLIANT ENERGY CORP	14,164 (+5.7%)	$921 (+2.9%)	0.1%	$64.04	+4.4%	COM	018802108
DLR	DIGITAL RLTY TR INC	3,711 (+5.6%)	$574 (-4.1%)	0.1%	$146.44	+11.4%	COM	253868103
T	AT&T INC	12,554 (+5.8%)	$312 (+6.1%)	0.0%	$25.09	+0.8%	COM	00206R102
SO	SOUTHERN CO	8,602 (+5.8%)	$750 (-1.9%)	0.1%	$85.50	+6.3%	COM	842587107
REXR	REXFORD INDL RLTY INC	30,745 (+5.8%)	$1,190 (-0.9%)	0.1%	$51.72	—	COM	76169C100
AMZA	ETFIS SER TR I	38,787 (+1.4%)	$1,532 (-0.3%)	0.1%	$42.74	—	INFRAC ACT MLP	26923G772
SAFE	SAFEHOLD INC	46,783 (+5.8%)	$640 (+0.3%)	0.1%	$23.74	—	COM	78646V107

Exited Positions (17)

DIA SPDR DOW JONES INDL AVERAGE 1.3%

Value ($000) $13,912 Shares 30,000 Est. Cost — Unrealized —

— CHART INDS INC 1.2%

Value ($000) $12,241 Shares 172,605 Est. Cost $61.85 Unrealized —

— RITHM PPTY TR INC 0.5%

Value ($000) $5,509 Shares 223,044 Est. Cost $25.20 Unrealized —

VOD VODAFONE GROUP PLC NEW 0.1%

Value ($000) $1,411 Shares 117,111 Est. Cost $12.02 Unrealized —

PAGP PLAINS GP HLDGS L P 0.0%

Value ($000) $493 Shares 28,530 Est. Cost $18.71 Unrealized —

ARE ALEXANDRIA REAL ESTATE EQ IN 0.0%

Value ($000) $380 Shares 6,529 Est. Cost $103.30 Unrealized -43.8%

UNH UNITEDHEALTH GROUP INC 0.0%

Value ($000) $346 Shares 1,001 Est. Cost $298.94 Unrealized +12.8%

HRI HERC HLDGS INC 0.0%

Value ($000) $329 Shares 2,319 Est. Cost $152.17 Unrealized -10.6%

AMD ADVANCED MICRO DEVICES INC 0.0%

Value ($000) $324 Shares 2,001 Est. Cost $122.02 Unrealized +84.1%

ESI ELEMENT SOLUTIONS INC 0.0%

Value ($000) $289 Shares 10,830 Est. Cost $25.33 Unrealized +2.3%

WWD WOODWARD INC 0.0%

Value ($000) $210 Shares 802 Est. Cost $172.24 Unrealized +59.5%

ORI OLD REP INTL CORP 0.0%

Value ($000) $200 Shares 5,079 Est. Cost $36.04 Unrealized +13.3%

SBUX STARBUCKS CORP 0.0%

Value ($000) $178 Shares 2,100 Est. Cost $88.57 Unrealized -5.1%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.0%

Value ($000) $140 Shares 501 Est. Cost $226.49 Unrealized —

TOL TOLL BROTHERS INC 0.0%

Value ($000) $138 Shares 1,001 Est. Cost $130.53 Unrealized +4.0%

WBD WARNER BROS DISCOVERY INC 0.0%

Value ($000) $78 Shares 4,000 Est. Cost $13.62 Unrealized +71.6%

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value ($000) $18 Shares 101 Est. Cost $162.07 Unrealized +11.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DIA	SPDR DOW JONES INDL AVERAGE	30,000	$13,912	1.3%	—	—	CALL	78467X109
—	CHART INDS INC	172,605	$12,241	1.2%	$61.85	—	—	16115Q407
—	RITHM PPTY TR INC	223,044	$5,509	0.5%	$25.20	—	—	38983D862
VOD	VODAFONE GROUP PLC NEW	117,111	$1,411	0.1%	$12.02	—	—	92857W308
PAGP	PLAINS GP HLDGS L P	28,530	$493	0.0%	$18.71	—	—	72651A207
ARE	ALEXANDRIA REAL ESTATE EQ IN	6,529	$380	0.0%	$103.30	-43.8%	—	015271109
UNH	UNITEDHEALTH GROUP INC	1,001	$346	0.0%	$298.94	+12.8%	—	91324P102
HRI	HERC HLDGS INC	2,319	$329	0.0%	$152.17	-10.6%	—	42704L104
AMD	ADVANCED MICRO DEVICES INC	2,001	$324	0.0%	$122.02	+84.1%	—	007903107
ESI	ELEMENT SOLUTIONS INC	10,830	$289	0.0%	$25.33	+2.3%	—	28618M106
WWD	WOODWARD INC	802	$210	0.0%	$172.24	+59.5%	—	980745103
ORI	OLD REP INTL CORP	5,079	$200	0.0%	$36.04	+13.3%	—	680223104
SBUX	STARBUCKS CORP	2,100	$178	0.0%	$88.57	-5.1%	—	855244109
TSM	TAIWAN SEMICONDUCTOR MFG LTD	501	$140	0.0%	$226.49	—	—	874039100
TOL	TOLL BROTHERS INC	1,001	$138	0.0%	$130.53	+4.0%	—	889478103
WBD	WARNER BROS DISCOVERY INC	4,000	$78	0.0%	$13.62	+71.6%	—	934423104
PLTR	PALANTIR TECHNOLOGIES INC	101	$18	0.0%	$162.07	+11.7%	—	69608A108

Decreased Positions (36)

SPY SPDR S&P 500 ETF TR 9.9%

Value ($000) $102,288 (-42.1%) Shares 150,000 (-43.4%) Est. Cost — Unrealized —

CQP CHENIERE ENERGY PARTNERS LP 0.8%

Value ($000) $8,459 (-28.5%) Shares 158,175 (-30.3%) Est. Cost $44.08 Unrealized —

— EPR PPTYS 0.4%

Value ($000) $3,635 (-46.8%) Shares 121,506 (-46.4%) Est. Cost $31.98 Unrealized —

LNG CHENIERE ENERGY INC 2.2%

Value ($000) $23,143 (-12.1%) Shares 119,054 (-4.0%) Est. Cost $203.71 Unrealized +3.1%

MPLX MPLX LP 5.4%

Value ($000) $55,397 (-4.1%) Shares 1,037,984 (-8.8%) Est. Cost $48.54 Unrealized —

ET ENERGY TRANSFER L P 4.8%

Value ($000) $49,920 (-4.4%) Shares 3,027,317 (-2.4%) Est. Cost $11.96 Unrealized —

GS GOLDMAN SACHS GROUP INC 0.1%

Value ($000) $715 (-71.7%) Shares 813 (-74.5%) Est. Cost $382.03 Unrealized +112.9%

AVGO BROADCOM INC 0.1%

Value ($000) $945 (-62.3%) Shares 2,730 (-60.7%) Est. Cost $167.07 Unrealized +113.7%

KO COCA COLA CO 0.0%

Value ($000) $412 (-78.8%) Shares 5,899 (-79.2%) Est. Cost $66.25 Unrealized +4.8%

MS MORGAN STANLEY 0.0%

Value ($000) $216 (-85.5%) Shares 1,215 (-86.6%) Est. Cost $121.31 Unrealized +37.2%

TRP TC ENERGY CORP 0.1%

Value ($000) $1,375 (-45.2%) Shares 25,000 (-50.0%) Est. Cost $50.20 Unrealized +6.3%

NWN NORTHWEST NAT HLDG CO 0.1%

Value ($000) $791 (-57.4%) Shares 16,917 (-58.5%) Est. Cost $40.58 Unrealized +14.9%

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $2,462 (-27.6%) Shares 15,352 (-34.5%) Est. Cost $153.98 Unrealized -0.3%

AMZN AMAZON COM INC 0.4%

Value ($000) $3,895 (-16.3%) Shares 16,874 (-13.9%) Est. Cost $202.98 Unrealized +12.7%

EPD ENTERPRISE PRODS PARTNERS L 4.2%

Value ($000) $42,984 (+1.5%) Shares 1,340,742 (-2.6%) Est. Cost $28.57 Unrealized —

VG VENTURE GLOBAL INC 0.0%

Value ($000) $481 (-47.4%) Shares 70,463 (-33.9%) Est. Cost $11.51 Unrealized -27.8%

DKL DELEK LOGISTICS PARTNERS LP 0.7%

Value ($000) $6,822 (-5.9%) Shares 152,880 (-6.0%) Est. Cost $42.96 Unrealized —

PAA PLAINS ALL AMERN PIPELINE L 5.1%

Value ($000) $53,159 (-0.7%) Shares 2,959,828 (-9.0%) Est. Cost $18.24 Unrealized —

SCAP SERIES PORTFOLIOS TR 0.1%

Value ($000) $962 (-24.3%) Shares 26,664 (-25.6%) Est. Cost $34.36 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.0%

Value ($000) $347 (-46.5%) Shares 1,173 (-44.5%) Est. Cost $248.99 Unrealized +20.0%

TRGP TARGA RES CORP 1.6%

Value ($000) $16,509 (-1.6%) Shares 89,477 (-17.8%) Est. Cost $155.80 Unrealized +7.9%

C CITIGROUP INC 0.2%

Value ($000) $2,233 (+13.0%) Shares 19,140 (-2.5%) Est. Cost $53.62 Unrealized +93.3%

CSCO CISCO SYS INC 0.1%

Value ($000) $736 (-24.0%) Shares 9,606 (-27.5%) Est. Cost $58.96 Unrealized +25.2%

KMI KINDER MORGAN INC DEL 1.6%

Value ($000) $16,809 (+1.3%) Shares 611,460 (-3.5%) Est. Cost $25.90 Unrealized +3.9%

ICAP SERIES PORTFOLIOS TR 0.1%

Value ($000) $768 (-19.3%) Shares 27,655 (-20.0%) Est. Cost $25.58 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value ($000) $605 (-20.8%) Shares 1,252 (-15.2%) Est. Cost $451.77 Unrealized +10.8%

MKSI MKS INC. 0.1%

Value ($000) $571 (-13.5%) Shares 3,572 (-22.2%) Est. Cost $105.16 Unrealized +40.9%

EIX EDISON INTL 0.1%

Value ($000) $1,546 (-4.5%) Shares 25,754 (-11.8%) Est. Cost $53.10 Unrealized +8.0%

CHRD CHORD ENERGY CORPORATION 0.0%

Value ($000) $495 (-12.6%) Shares 5,339 (-14.4%) Est. Cost $113.16 Unrealized -18.7%

LLY ELI LILLY & CO 0.0%

Value ($000) $216 (-18.0%) Shares 201 (-36.8%) Est. Cost $742.24 Unrealized +28.7%

NWE NORTHWESTERN ENERGY GROUP IN 0.0%

Value ($000) $483 (-8.4%) Shares 7,488 (-15.3%) Est. Cost $53.54 Unrealized +17.3%

SNEX STONEX GROUP INC 0.1%

Value ($000) $591 (-6.6%) Shares 6,215 (-9.7%) Est. Cost $86.73 Unrealized +8.7%

HESM HESS MIDSTREAM LP 4.6%

Value ($000) $47,645 (-0.1%) Shares 1,381,016 (-1.7%) Est. Cost $33.02 Unrealized -1.2%

BAC BANK AMERICA CORP 0.0%

Value ($000) $306 (-8.1%) Shares 5,566 (-11.2%) Est. Cost $36.59 Unrealized +43.9%

NYT NEW YORK TIMES CO 0.0%

Value ($000) $486 (+0.9%) Shares 6,997 (-17.2%) Est. Cost $53.32 Unrealized +16.0%

NTB BANK OF NT BUTTERFIELD&SON L 0.1%

Value ($000) $643 (-0.0%) Shares 12,912 (-7.2%) Est. Cost $38.01 Unrealized +21.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	150,000 (-43.4%)	$102,288 (-42.1%)	9.9%	—	—	CALL	78462F103
CQP	CHENIERE ENERGY PARTNERS LP	158,175 (-30.3%)	$8,459 (-28.5%)	0.8%	$44.08	—	COM UNIT	16411Q101
—	EPR PPTYS	121,506 (-46.4%)	$3,635 (-46.8%)	0.4%	$31.98	—	CONV PFD 9% SR E	26884U307
LNG	CHENIERE ENERGY INC	119,054 (-4.0%)	$23,143 (-12.1%)	2.2%	$203.71	+3.1%	COM NEW	16411R208
MPLX	MPLX LP	1,037,984 (-8.8%)	$55,397 (-4.1%)	5.4%	$48.54	—	COM UNIT REP LTD	55336V100
ET	ENERGY TRANSFER L P	3,027,317 (-2.4%)	$49,920 (-4.4%)	4.8%	$11.96	—	COM UT LTD PTN	29273V100
GS	GOLDMAN SACHS GROUP INC	813 (-74.5%)	$715 (-71.7%)	0.1%	$382.03	+112.9%	COM	38141G104
AVGO	BROADCOM INC	2,730 (-60.7%)	$945 (-62.3%)	0.1%	$167.07	+113.7%	COM	11135F101
KO	COCA COLA CO	5,899 (-79.2%)	$412 (-78.8%)	0.0%	$66.25	+4.8%	COM	191216100
MS	MORGAN STANLEY	1,215 (-86.6%)	$216 (-85.5%)	0.0%	$121.31	+37.2%	COM NEW	617446448
TRP	TC ENERGY CORP	25,000 (-50.0%)	$1,375 (-45.2%)	0.1%	$50.20	+6.3%	COM	87807B107
NWN	NORTHWEST NAT HLDG CO	16,917 (-58.5%)	$791 (-57.4%)	0.1%	$40.58	+14.9%	COM	66765N105
PM	PHILIP MORRIS INTL INC	15,352 (-34.5%)	$2,462 (-27.6%)	0.2%	$153.98	-0.3%	COM	718172109
AMZN	AMAZON COM INC	16,874 (-13.9%)	$3,895 (-16.3%)	0.4%	$202.98	+12.7%	COM	023135106
EPD	ENTERPRISE PRODS PARTNERS L	1,340,742 (-2.6%)	$42,984 (+1.5%)	4.2%	$28.57	—	COM	293792107
VG	VENTURE GLOBAL INC	70,463 (-33.9%)	$481 (-47.4%)	0.0%	$11.51	-27.8%	COM CL A	92333F101
DKL	DELEK LOGISTICS PARTNERS LP	152,880 (-6.0%)	$6,822 (-5.9%)	0.7%	$42.96	—	COM UNT RP INT	24664T103
PAA	PLAINS ALL AMERN PIPELINE L	2,959,828 (-9.0%)	$53,159 (-0.7%)	5.1%	$18.24	—	UNIT LTD PARTN	726503105
SCAP	SERIES PORTFOLIOS TR	26,664 (-25.6%)	$962 (-24.3%)	0.1%	$34.36	—	INFRASTRCTUR CAP	81752T445
IBM	INTERNATIONAL BUSINESS MACHS	1,173 (-44.5%)	$347 (-46.5%)	0.0%	$248.99	+20.0%	COM	459200101
TRGP	TARGA RES CORP	89,477 (-17.8%)	$16,509 (-1.6%)	1.6%	$155.80	+7.9%	COM	87612G101
C	CITIGROUP INC	19,140 (-2.5%)	$2,233 (+13.0%)	0.2%	$53.62	+93.3%	COM NEW	172967424
CSCO	CISCO SYS INC	9,606 (-27.5%)	$736 (-24.0%)	0.1%	$58.96	+25.2%	COM	17275R102
KMI	KINDER MORGAN INC DEL	611,460 (-3.5%)	$16,809 (+1.3%)	1.6%	$25.90	+3.9%	COM	49456B101
ICAP	SERIES PORTFOLIOS TR	27,655 (-20.0%)	$768 (-19.3%)	0.1%	$25.58	—	INFRASTRCTUR CAP	81752T619
MSFT	MICROSOFT CORP	1,252 (-15.2%)	$605 (-20.8%)	0.1%	$451.77	+10.8%	COM	594918104
MKSI	MKS INC.	3,572 (-22.2%)	$571 (-13.5%)	0.1%	$105.16	+40.9%	COM	55306N104
EIX	EDISON INTL	25,754 (-11.8%)	$1,546 (-4.5%)	0.1%	$53.10	+8.0%	COM	281020107
CHRD	CHORD ENERGY CORPORATION	5,339 (-14.4%)	$495 (-12.6%)	0.0%	$113.16	-18.7%	COM NEW	674215207
LLY	ELI LILLY & CO	201 (-36.8%)	$216 (-18.0%)	0.0%	$742.24	+28.7%	COM	532457108
NWE	NORTHWESTERN ENERGY GROUP IN	7,488 (-15.3%)	$483 (-8.4%)	0.0%	$53.54	+17.3%	COM NEW	668074305
SNEX	STONEX GROUP INC	6,215 (-9.7%)	$591 (-6.6%)	0.1%	$86.73	+8.7%	COM	861896108
HESM	HESS MIDSTREAM LP	1,381,016 (-1.7%)	$47,645 (-0.1%)	4.6%	$33.02	-1.2%	CL A SHS	428103105
BAC	BANK AMERICA CORP	5,566 (-11.2%)	$306 (-8.1%)	0.0%	$36.59	+43.9%	COM	060505104
NYT	NEW YORK TIMES CO	6,997 (-17.2%)	$486 (+0.9%)	0.0%	$53.32	+16.0%	CL A	650111107
NTB	BANK OF NT BUTTERFIELD&SON L	12,912 (-7.2%)	$643 (-0.0%)	0.1%	$38.01	+21.2%	SHS NEW	G0772R208

Unchanged Positions (27)

WMB WILLIAMS COS INC 1.6%

Value ($000) $16,198 Shares 269,468 Est. Cost $57.68 Unrealized +4.1%

GNL GLOBAL NET LEASE INC 0.5%

Value ($000) $4,789 Shares 556,907 Est. Cost $7.70 Unrealized —

USAC USA COMPRESSION PARTNERS LP 0.7%

Value ($000) $7,071 Shares 307,431 Est. Cost $37.85 Unrealized —

VLO VALERO ENERGY CORP 0.3%

Value ($000) $3,439 Shares 21,123 Est. Cost $142.69 Unrealized +18.3%

EQX EQUINOX GOLD CORP 0.0%

Value ($000) $440 Shares 31,340 Est. Cost $7.95 Unrealized +58.7%

ORCL ORACLE CORP 0.0%

Value ($000) $195 Shares 1,001 Est. Cost $160.80 Unrealized +48.0%

EWBC EAST WEST BANCORP INC 0.1%

Value ($000) $689 Shares 6,133 Est. Cost $86.71 Unrealized +21.3%

SPXC SPX TECHNOLOGIES INC 0.0%

Value ($000) $492 Shares 2,457 Est. Cost $223.89 Unrealized —

NVT NVENT ELECTRIC PLC 0.0%

Value ($000) $456 Shares 4,472 Est. Cost $60.98 Unrealized +69.9%

CASY CASEYS GEN STORES INC 0.1%

Value ($000) $643 Shares 1,164 Est. Cost $430.61 Unrealized +27.6%

BPOP POPULAR INC 0.0%

Value ($000) $402 Shares 3,229 Est. Cost $101.27 Unrealized +16.2%

PFFA ETFIS SER TR I 0.6%

Value ($000) $6,233 Shares 289,221 Est. Cost $20.57 Unrealized —

LYFT LYFT INC 0.0%

Value ($000) $510 Shares 26,342 Est. Cost $16.73 Unrealized +24.2%

AGNC AGNC INVT CORP 0.0%

Value ($000) $390 Shares 36,409 Est. Cost $9.95 Unrealized —

OTTR OTTER TAIL CORP 0.0%

Value ($000) $475 Shares 5,884 Est. Cost $79.81 Unrealized +0.5%

PFBC PREFERRED BK LOS ANGELES CA 0.0%

Value ($000) $451 Shares 4,771 Est. Cost $87.19 Unrealized +6.9%

WAL WESTERN ALLIANCE BANCORP 0.0%

Value ($000) $244 Shares 2,901 Est. Cost $83.75 Unrealized -3.7%

ASIX ADVANSIX INC 0.0%

Value ($000) $221 Shares 12,767 Est. Cost $27.61 Unrealized -37.1%

SPH SUBURBAN PROPANE PARTNERS L 0.1%

Value ($000) $829 Shares 44,707 Est. Cost $20.06 Unrealized —

HLI HOULIHAN LOKEY INC 0.0%

Value ($000) $274 Shares 1,572 Est. Cost $195.01 Unrealized -6.1%

WYNN WYNN RESORTS LTD 0.1%

Value ($000) $629 Shares 5,227 Est. Cost $115.07 Unrealized +7.4%

AVNT AVIENT CORPORATION 0.0%

Value ($000) $259 Shares 8,280 Est. Cost $41.60 Unrealized -26.1%

SARO STANDARDAERO INC 0.1%

Value ($000) $685 Shares 23,901 Est. Cost $28.06 Unrealized -2.9%

PK PARK HOTELS & RESORTS INC 0.0%

Value ($000) $209 Shares 19,999 Est. Cost $12.60 Unrealized —

RITM RITHM CAPITAL CORP 0.0%

Value ($000) $262 Shares 23,992 Est. Cost $11.12 Unrealized —

LAZ LAZARD INC 0.0%

Value ($000) $311 Shares 6,397 Est. Cost $53.93 Unrealized -7.5%

WU WESTERN UN CO 0.0%

Value ($000) $374 Shares 40,143 Est. Cost $8.97 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WMB	WILLIAMS COS INC	269,468	$16,198	1.6%	$57.68	+4.1%	COM	969457100
GNL	GLOBAL NET LEASE INC	556,907	$4,789	0.5%	$7.70	—	COM NEW	379378201
USAC	USA COMPRESSION PARTNERS LP	307,431	$7,071	0.7%	$37.85	—	COM UNIT LTDPAR	90290N109
VLO	VALERO ENERGY CORP	21,123	$3,439	0.3%	$142.69	+18.3%	COM	91913Y100
EQX	EQUINOX GOLD CORP	31,340	$440	0.0%	$7.95	+58.7%	COM	29446Y502
ORCL	ORACLE CORP	1,001	$195	0.0%	$160.80	+48.0%	COM	68389X105
EWBC	EAST WEST BANCORP INC	6,133	$689	0.1%	$86.71	+21.3%	COM	27579R104
SPXC	SPX TECHNOLOGIES INC	2,457	$492	0.0%	$223.89	—	COM	78473E103
NVT	NVENT ELECTRIC PLC	4,472	$456	0.0%	$60.98	+69.9%	SHS	G6700G107
CASY	CASEYS GEN STORES INC	1,164	$643	0.1%	$430.61	+27.6%	COM	147528103
BPOP	POPULAR INC	3,229	$402	0.0%	$101.27	+16.2%	COM NEW	733174700
PFFA	ETFIS SER TR I	289,221	$6,233	0.6%	$20.57	—	VIRTUS INFRCAP	26923G822
LYFT	LYFT INC	26,342	$510	0.0%	$16.73	+24.2%	CL A COM	55087P104
AGNC	AGNC INVT CORP	36,409	$390	0.0%	$9.95	—	COM	00123Q104
OTTR	OTTER TAIL CORP	5,884	$475	0.0%	$79.81	+0.5%	COM	689648103
PFBC	PREFERRED BK LOS ANGELES CA	4,771	$451	0.0%	$87.19	+6.9%	COM NEW	740367404
WAL	WESTERN ALLIANCE BANCORP	2,901	$244	0.0%	$83.75	-3.7%	COM	957638109
ASIX	ADVANSIX INC	12,767	$221	0.0%	$27.61	-37.1%	COM	00773T101
SPH	SUBURBAN PROPANE PARTNERS L	44,707	$829	0.1%	$20.06	—	UNIT LTD PARTN	864482104
HLI	HOULIHAN LOKEY INC	1,572	$274	0.0%	$195.01	-6.1%	CL A	441593100
WYNN	WYNN RESORTS LTD	5,227	$629	0.1%	$115.07	+7.4%	COM	983134107
AVNT	AVIENT CORPORATION	8,280	$259	0.0%	$41.60	-26.1%	COM	05368V106
SARO	STANDARDAERO INC	23,901	$685	0.1%	$28.06	-2.9%	COM	85423L103
PK	PARK HOTELS & RESORTS INC	19,999	$209	0.0%	$12.60	—	COM	700517105
RITM	RITHM CAPITAL CORP	23,992	$262	0.0%	$11.12	—	COM NEW	64828T201
LAZ	LAZARD INC	6,397	$311	0.0%	$53.93	-7.5%	COM	52110M109
WU	WESTERN UN CO	40,143	$374	0.0%	$8.97	—	COM	959802109