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

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) reported its net assets at $521.5 million and a net asset value per share of $39.15 as of December 31, 2022. The Fund's asset coverage ratios indicate strong leverage positions, with 404% for senior debt and 304% for total leverage. Investments totaled $746.3 million, with a cash reserve of $25.9 million. During December, the Fund repurchased 135,000 shares for $4.47 million. This financial report is unaudited and highlights the Fund's robust performance and strategic asset management.

Positive

• Net assets of $521.5 million and a net asset value per share of $39.15 as of December 31, 2022.
• Strong asset coverage ratios of 404% for senior debt and 304% for total leverage.
• Total investments of $746.3 million indicating solid asset management.
• Completed share repurchase of 135,000 shares totaling $4.47 million.

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 December 31, 2022.

As of December 31, 2022, the Fund’s net assets were $521.5 million, and its net asset value per share was $39.15. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 404% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 304%.

	As of December 31, 2022
	Amount (millions)			Per Share
Investments	$	746.3		$	56.03
Cash and Cash Equivalents		25.9			1.94
Other Assets		7.4			0.56
Total Assets	$	779.6		$	58.53
Senior Notes*	$	54.3		$	4.08
Loans Outstanding*		138.0			10.36
Mandatory Redeemable Preferred Shares*		63.8			4.79
Total Leverage	$	256.1		$	19.23
Other Liabilities	$	2.0		$	0.15
Total Liabilities	$	2.0		$	0.15
Net Assets	$	521.5		$	39.15
Outstanding Shares		13,320,195

* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 404%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 304%.
Top Ten Equity Holdings (as of December 31, 2022)**
	Market Value
Name	(millions)			% of Investments		***
MPLX LP	$	61.4		8.2	%
Energy Transfer LP	$	59.6		8.0	%
Western Midstream Partners LP	$	57.1		7.7	%
Enterprise Products Partners LP	$	56.2		7.5	%
Magellan Midstream Partners LP	$	43.3		5.8	%
Targa Resources Corp.	$	43.1		5.8	%
Williams Cos. Inc.	$	41.8		5.6	%
ONEOK Inc.	$	35.8		4.8	%
Kinder Morgan Inc.	$	33.2		4.4	%
Plains All American Pipeline LP	$	32.7		4.4	%
	$	464.2		62.2	%
** Subject to change at any time
*** Percent of Total Equity Investments

During the month ended December 31, 2022, the Fund repurchased in the open market and retired 135,000 of its common shares under the stock repurchase plan for a total amount of $4,466,179.

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/20230109005379/en/

Investors: 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 (CEM) as of December 31, 2022?

As of December 31, 2022, the net asset value per share of ClearBridge MLP and Midstream Fund (CEM) was $39.15.

How much were the total net assets of CEM as of December 31, 2022?

The total net assets of ClearBridge MLP and Midstream Fund (CEM) were $521.5 million as of December 31, 2022.

What were the asset coverage ratios for CEM as reported on December 31, 2022?

The asset coverage ratio for senior indebtedness was 404%, and for total leverage, it was 304% as of December 31, 2022.

What was the total amount spent on share repurchases by CEM in December 2022?

ClearBridge MLP and Midstream Fund (CEM) repurchased shares totaling $4.47 million in December 2022.