ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of February 28, 2023

Rhea-AI Summary

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) reported its unaudited financials as of February 28, 2023. The Fund's net assets stood at $525.5 million, with a net asset value (NAV) per share of $39.45. Its asset coverage ratio for senior indebtedness was a robust 403%, while the total leverage ratio was 310%. Total assets reached $777.1 million, with investments worth $764.3 million. Cash and cash equivalents were noted at $6.2 million. The total liabilities amounted to $1.9 million. These metrics demonstrate a solid financial position for the Fund, providing a strong backdrop for ongoing investment strategies.

Positive

• Net assets of $525.5 million reflect strong financial health.
• Net asset value per share at $39.45 shows stability.
• Robust asset coverage ratios: 403% for senior indebtedness and 310% for total leverage.
• Total assets of $777.1 million indicate substantial asset backing.
• Investments valued at $764.3 million bolster the Fund's portfolio.

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 February 28, 2023.

As of February 28, 2023, the Fund’s net assets were $525.5 million, and its net asset value per share was $39.45. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 403% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 310%.

	As of February 28, 2023
	Amount (millions)			Per Share
Investments	$	764.3		$	57.38
Cash and Cash Equivalents		6.2			0.46
Other Assets		6.6			0.50
Total Assets	$	777.1		$	58.34
Senior Notes*	$	54.3		$	4.08
Loans Outstanding*		138.0			10.36
Mandatory Redeemable Preferred Shares*		57.4			4.31
Total Leverage	$	249.7		$	18.75
Other Liabilities	$	1.9		$	0.14
Total Liabilities	$	1.9		$	0.14
Net Assets	$	525.5		$	39.45
Outstanding Shares		13,320,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 403%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 310%.

Top Ten Equity Holdings (as of February 28, 2023)**
	Market Value
Name	(millions)			% of Investments		***
MPLX LP	$	66.5		8.7	%
Energy Transfer LP	$	63.5		8.3	%
Enterprise Products Partners LP	$	63.3		8.3	%
Western Midstream Partners LP	$	55.3		7.2	%
Magellan Midstream Partners LP	$	45.8		6.0	%
Targa Resources Corp.	$	43.2		5.7	%
Williams Cos. Inc.	$	38.2		5.0	%
Plains All American Pipeline LP	$	37.8		4.9	%
Plains GP Holdings LP	$	37.5		4.9	%
ONEOK Inc.	$	35.7		4.7	%
	$	486.8		63.7	%
** 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/20230307005592/en/

Investors: 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 February 28, 2023?

The net assets of ClearBridge MLP and Midstream Fund Inc. as of February 28, 2023, were $525.5 million.

What is the net asset value per share for CEM as of February 28, 2023?

The net asset value per share for ClearBridge MLP and Midstream Fund Inc. (CEM) as of February 28, 2023, was $39.45.

What are the asset coverage ratios for CEM as reported on February 28, 2023?

The asset coverage ratio for senior indebtedness was 403%, and for total leverage, it was 310% as of February 28, 2023.

What is the total asset figure for CEM as of February 28, 2023?

The total assets for ClearBridge MLP and Midstream Fund Inc. (CEM) as of February 28, 2023, were $777.1 million.

How much does ClearBridge MLP and Midstream Fund Inc. hold in investments as of February 28, 2023?

ClearBridge MLP and Midstream Fund Inc. held investments worth $764.3 million as of February 28, 2023.