ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of January 31, 2022

Rhea-AI Summary

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) reported its unaudited financials as of January 31, 2022. The Fund's net assets stood at $493.1 million, with a net asset value per share of $36.42. The asset coverage ratio for senior indebtedness was 459%, while total leverage was 364%. Key investments include MPLX LP and Energy Transfer LP. The total assets reached $681.7 million, with outstanding shares totaling 13,539,195.

Positive

• Net assets of $493.1 million indicate a strong financial position.
• High asset coverage ratios at 459% for senior debt and 364% for total leverage suggest solid financial leverage management.
• Diverse top investments, including MPLX LP ($57.3 million) and Energy Transfer LP ($50.2 million), enhance portfolio strength.

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 January 31, 2022.

As of January 31, 2022, the Fund’s net assets were $493.1 million, and its net asset value per share was $36.42.

The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 459% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 364%.

	As of January 31, 2022
	Amount (millions)		Per Share
Investments	$ 664.6		$ 49.09
Cash and Cash Equivalents	2.7		0.20
Other Assets	14.4		1.06
Total Assets	$ 681.7		$ 50.35
Senior Notes*	$ 73.3		$ 5.41
Loans Outstanding*	75.0		5.54
Mandatory Redeemable Preferred Shares*	38.8		2.87
Total Leverage	$ 187.1		$ 13.82
Other Liabilities	$ 1.5		$ 0.11
Total Liabilities	$ 1.5		$ 0.11
Net Assets	$ 493.1		$ 36.42
Outstanding Shares	13,539,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 459%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 364%.
Top Ten Equity Holdings (as of January 31, 2022)**
	Market Value
Name	(millions)		% of Investments	***
MPLX LP	$ 57.3		8.6%
Energy Transfer LP	$ 50.2		7.6%
Enterprise Products Partners LP	$ 49.7		7.5%
Williams Cos. Inc.	$ 42.7		6.4%
Targa Resources Corp.	$ 41.8		6.3%
ONEOK Inc.	$ 39.9		6.0%
Western Midstream Partners LP	$ 38.9		5.9%
DCP Midstream LP	$ 34.1		5.1%
Magellan Midstream Partners LP	$ 32.2		4.8%
Enbridge Inc.	$ 28.8		4.3%
	$ 415.6		62.5%
** 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/20220207005382/en/

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

 

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

FAQ

What is the net asset value per share for ClearBridge MLP and Midstream Fund Inc. as of January 31, 2022?

The net asset value per share for ClearBridge MLP and Midstream Fund Inc. as of January 31, 2022, was $36.42.

What are the total assets reported by ClearBridge MLP and Midstream Fund Inc. as of January 31, 2022?

ClearBridge MLP and Midstream Fund Inc. reported total assets of $681.7 million as of January 31, 2022.

How much are the net assets of ClearBridge MLP and Midstream Fund Inc. as of January 31, 2022?

The net assets of ClearBridge MLP and Midstream Fund Inc. as of January 31, 2022, were $493.1 million.

What is the asset coverage ratio for ClearBridge MLP and Midstream Fund Inc. regarding senior indebtedness?

The asset coverage ratio for ClearBridge MLP and Midstream Fund Inc. regarding senior indebtedness is 459%.

What are the key equity holdings of ClearBridge MLP and Midstream Fund Inc. as of January 31, 2022?

Key equity holdings include MPLX LP ($57.3 million) and Energy Transfer LP ($50.2 million) as of January 31, 2022.