ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of September 30, 2021

Rhea-AI Summary

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) released its unaudited financial data as of September 30, 2021. The Fund reported net assets of $436.6 million and a net asset value per share of $32.12. Its asset coverage ratios stood at 432% for senior indebtedness and 340% for total leverage, indicating a strong leverage position. The total assets amounted to $639.4 million, with investments valued at $606.0 million. The Fund continues to be managed by Legg Mason Partners Fund Advisor, LLC and ClearBridge Investments, LLC.

Positive

• Net assets increased to $436.6 million.
• Net asset value per share reported at $32.12.
• Asset coverage ratio for senior indebtedness is strong at 432%.
• Total leverage ratio at 340% indicates robust financial health.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) announced today the unaudited statement of assets and liabilities, the net asset value and asset coverage ratio of the Fund as of September 30, 2021.

As of September 30, 2021, the Fund’s net assets were $436.6 million, and its net asset value per share was $32.12.

The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 432% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 340%.

	As of September 30, 2021
	Amount (millions)		Per Share
Investments	$                   606.0		$                 44.58
Cash and Cash Equivalents	5.5		0.40
Other Assets	27.9		2.05
Total Assets	$                   639.4		$                 47.03
Senior Notes*	$                     73.3		$                   5.39
Loans Outstanding*	70.0		5.15
Mandatory Redeemable Preferred Shares*	38.8		2.85
Total Leverage	$                   182.1		$                 13.39
Other Liabilities	$                     20.7		$                   1.52
Total Liabilities	$                     20.7		$                   1.52
Net Assets	$                   436.6		$                 32.12
Outstanding Shares	13,595,347
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 432%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 340%.

Top Ten Equity Holdings (as of September 30, 2021)**
	Market Value
Name	(millions)		% of Investments	***
MPLX LP	$                     49.7		8.2%
Enterprise Products Partners LP	$                     45.5		7.5%
Targa Resources Corp.	$                     41.7		6.9%
ONEOK Inc.	$                     38.2		6.3%
Williams Cos. Inc.	$                     37.0		6.1%
DCP Midstream LP	$                     33.9		5.6%
Western Midstream Partners LP	$                     30.4		5.0%
Magellan Midstream Partners LP	$                     30.1		5.0%
Energy Transfer LP	$                     28.4		4.7%
Enbridge Inc.	$                     27.1		4.5%
	$                   362.0		59.8%
**    Subject to change at any time
***   Percent of Total Equity Investments

 

ClearBridge MLP and Midstream Fund Inc. is a non-diversified, closed-end management investment company, which is advised by Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and subadvised by ClearBridge Investments, LLC (“ClearBridge”). LMPFA and ClearBridge are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

This financial data is unaudited.

The Fund files its semi-annual and annual reports with the Securities and Exchange Commission (“SEC”), as well as its complete schedule of portfolio holdings for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.

For more information about the Fund, please call 1-888-777-0102 or consult the Fund’s website at www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.

Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund.

Category: Financials

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

View source version on businesswire.com: https://www.businesswire.com/news/home/20211007005449/en/

Investor Contact: Fund Investor Services 1-888-777-0102

Source: Franklin Resources, Inc. and Legg Mason Closed End Funds

FAQ

What are the net assets of ClearBridge MLP and Midstream Fund Inc. as of September 30, 2021?

The net assets of ClearBridge MLP and Midstream Fund Inc. are $436.6 million as of September 30, 2021.

What is the net asset value per share for CEM?

The net asset value per share for ClearBridge MLP and Midstream Fund Inc. (CEM) is $32.12.

What is the asset coverage ratio for total leverage for CEM?

The asset coverage ratio for total leverage for ClearBridge MLP and Midstream Fund Inc. is 340%.

How much total assets does ClearBridge MLP and Midstream Fund Inc. have?

ClearBridge MLP and Midstream Fund Inc. has total assets amounting to $639.4 million.

Who manages ClearBridge MLP and Midstream Fund Inc.?

ClearBridge MLP and Midstream Fund Inc. is managed by Legg Mason Partners Fund Advisor, LLC and ClearBridge Investments, LLC.