ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of May 31, 2024

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) announced its unaudited financial data as of May 31, 2024. The fund reported net assets of $658.9 million and a net asset value (NAV) per share of $49.56. Total assets stood at $777.1 million, with major investments in companies like ONEOK Inc., Energy Transfer LP, and Targa Resources Corp. Cash and cash equivalents were at $127.1 million. The asset coverage ratio for senior indebtedness was 1,693%, and for total leverage, it was 744%. Key liabilities included senior notes worth $45 million and mandatory redeemable preferred shares valued at $57.4 million. The fund's top ten equity holdings constituted 77.2% of total equity investments.

Positive

• Net assets amounted to $658.9 million, indicating substantial capital.
• Net asset value per share was $49.56, demonstrating solid per-share valuation.
• Cash and cash equivalents stood at $127.1 million, reflecting strong liquidity.
• The asset coverage ratio was 1,693% for senior indebtedness, showing robust coverage.
• Top ten equity holdings accounted for 77.2% of total investments, signaling a focused investment strategy.
• No significant increase in liabilities, maintaining financial stability.

Negative

• Total leverage was $102.4 million, potentially indicating higher financial risk.
• Income tax payable was $9.1 million, affecting net earnings.
• Deferred tax liability stood at $4.6 million, impacting future cash flows.
• Other liabilities totaled $2.1 million, slightly increasing the fund's debt burden.

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 May 31, 2024.

As of May 31, 2024, the Fund’s net assets were $658.9 million, and its net asset value per share was $49.56. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 1,693% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 744%.

	As of May 31, 2024
	Amount (millions)			Per Share
Investments	$	648.2		$	48.75
Cash and Cash Equivalents		127.1			9.56
Other Assets		1.8			0.14
Total Assets	$	777.1		$	58.45
Senior Notes*	$	45.0		$	3.38
Mandatory Redeemable Preferred Shares*		57.4			4.32
Total Leverage	$	102.4		$	7.70
Income Tax Payable	$	9.1		$	0.68
Deferred Tax Liability		4.6			0.35
Other Liabilities		2.1			0.16
Total Liabilities	$	15.8		$	1.19
Net Assets	$	658.9		$	49.56
Outstanding Shares		13,294,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 1,693%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 744%.
Top Ten Equity Holdings (as of May 31, 2024)**
	Market Value
Name	(millions)			% of Investments			***
ONEOK Inc.	$	93.5			14.4	%
Energy Transfer LP	$	85.4			13.2	%
Targa Resources Corp.	$	68.9			10.6	%
Williams Cos. Inc.	$	52.7			8.1	%
MPLX LP	$	42.2			6.5	%
Western Midstream Partners LP	$	39.1			6.0	%
Enterprise Products Partners LP	$	35.3			5.5	%
Enbridge Inc.	$	34.9			5.4	%
Plains GP Holdings LP	$	24.3			3.8	%
Plains All American Pipeline LP	$	24.3			3.7	%
	$	500.6			77.2	%
** 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 Franklin Templeton Fund Adviser, LLC (“FTFA”) (formerly known as Legg Mason Partners Fund Advisor, LLC) and subadvised by ClearBridge Investments, LLC (“ClearBridge”). FTFA 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/20240607465181/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 of ClearBridge MLP and Midstream Fund as of May 31, 2024?

The net asset value (NAV) per share of ClearBridge MLP and Midstream Fund as of May 31, 2024, was $49.56.

What are the net assets of ClearBridge MLP and Midstream Fund as of May 31, 2024?

As of May 31, 2024, the net assets of ClearBridge MLP and Midstream Fund were $658.9 million.

What is the asset coverage ratio for ClearBridge MLP and Midstream Fund's senior indebtedness?

The asset coverage ratio for ClearBridge MLP and Midstream Fund's senior indebtedness was 1,693% as of May 31, 2024.

How much are ClearBridge MLP and Midstream Fund's cash and cash equivalents?

ClearBridge MLP and Midstream Fund's cash and cash equivalents were $127.1 million as of May 31, 2024.

What is the total leverage of ClearBridge MLP and Midstream Fund?

ClearBridge MLP and Midstream Fund had a total leverage of $102.4 million as of May 31, 2024.

Who are the top equity holdings for ClearBridge MLP and Midstream Fund?

As of May 31, 2024, the top equity holdings for ClearBridge MLP and Midstream Fund included ONEOK Inc., Energy Transfer LP, and Targa Resources Corp.