ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of February 28, 2022

Rhea-AI Summary

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) released its unaudited financial statements for the period ending February 28, 2022. The Fund reported net assets of $519.3 million and a net asset value per share of $38.35. Its asset coverage ratio for senior indebtedness stood at 476%, while total leverage was at 378%. Total assets reached $707.9 million, with investments amounting to $693.5 million. The Fund currently has 13,539,195 outstanding shares.

Positive

• Net assets of $519.3 million indicate strong financial stability.
• Asset coverage ratio of 476% for senior indebtedness suggests a solid ability to cover debts.
• Total assets of $707.9 million provide a robust asset base.

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, 2022.

As of February 28, 2022, the Fund’s net assets were $519.3 million, and its net asset value per share was $38.35.

The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 476% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 378%.

	As of February 28, 2022
	Amount (millions)			Per Share
Investments	$	693.5		$	51.22
Cash and Cash Equivalents		3.8			0.28
Other Assets		10.6			0.78
Total Assets	$	707.9		$	52.28
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	$	519.3		$	38.35
Outstanding Shares		13,539,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 476%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 378%.
Top Ten Equity Holdings (as of February 28, 2022)**
	Market Value
Name	(millions)			% of Investments		***
MPLX LP	$	57.2			8.3%
Energy Transfer LP	$	53.2			7.7%
Enterprise Products Partners LP	$	51.3			7.4%
Targa Resources Corp.	$	46.3			6.7%
Williams Cos. Inc.	$	44.7			6.4%
ONEOK Inc.	$	43.0			6.2%
Western Midstream Partners LP	$	42.5			6.1%
DCP Midstream LP	$	39.7			5.7%
Magellan Midstream Partners LP	$	32.0			4.6%
Enbridge Inc.	$	29.4			4.2%
	$	439.3			63.3%
** 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/20220307005411/en/

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

 

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

FAQ

What are the latest net assets for ClearBridge MLP and Midstream Fund Inc. (CEM)?

As of February 28, 2022, the net assets for ClearBridge MLP and Midstream Fund Inc. (CEM) are $519.3 million.

What is the net asset value per share for CEM?

The net asset value per share for ClearBridge MLP and Midstream Fund Inc. (CEM) as of February 28, 2022, is $38.35.

What is the asset coverage ratio for senior indebtedness for CEM?

The asset coverage ratio for senior indebtedness for ClearBridge MLP and Midstream Fund Inc. (CEM) is 476%.

How much total assets did CEM report?

ClearBridge MLP and Midstream Fund Inc. (CEM) reported total assets of $707.9 million.

What is the total number of outstanding shares for CEM?

ClearBridge MLP and Midstream Fund Inc. (CEM) has 13,539,195 outstanding shares.