ClearBridge Energy Midstream Opportunity Fund Inc. Announces Unaudited Balance Sheet Information as of November 30, 2024

Rhea-AI Summary

ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) has released its unaudited financial statement as of November 30, 2024. The Fund reported net assets of $1,015.4 million with a net asset value per share of $55.82. The Fund's asset coverage ratio under the Investment Company Act of 1940 was 587% for senior indebtedness and 417% for total leverage.

The Fund's portfolio includes significant investments in major energy companies, with the top three holdings being Energy Transfer LP (11.7%), Targa Resources Corp. (10.9%), and ONEOK Inc. (10.0%). The top ten equity holdings represent 74.4% of total equity investments.

Positive

• Strong asset coverage ratios: 587% for senior indebtedness and 417% for total leverage
• Substantial net assets of $1,015.4 million
• Well-diversified portfolio among leading energy midstream companies
• Top 10 holdings represent 74.4% of investments, showing focused strategy

Negative

• High portfolio concentration risk with top three holdings accounting for over 32% of investments
• Non-diversified investment strategy increases market risk exposure

Insights

Financial Analyst

The latest balance sheet information reveals EMO's strong financial position with $1.38 billion in investments and a healthy net asset value of $55.82 per share. The fund maintains robust asset coverage ratios of 587% for senior indebtedness and 417% for total leverage, well above regulatory requirements. The portfolio shows concentrated positions in major midstream energy companies, with the top 10 holdings comprising 74.4% of equity investments. Energy Transfer LP leads at 11.7%, followed by Targa Resources and ONEOK.

The fund's leverage structure appears well-managed, with $319.9 million in total leverage spread across senior notes, loans and preferred shares. The substantial cash position of $41.2 million provides adequate liquidity for operations and potential opportunities. The deferred tax liability of $69.8 million reflects unrealized gains in the portfolio, indicating positive historical performance.

NEW YORK--(BUSINESS WIRE)-- ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) announced today the unaudited statement of assets and liabilities, the net asset value and asset coverage ratio of the Fund as of November 30, 2024.

As of November 30, 2024, the Fund’s net assets were $1,015.4 million, and its net asset value per share was $55.82. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 587% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 417%.

	As of November 30, 2024
	Amount (millions)			Per Share
Investments	$	1,381.8		$	75.97
Cash and Cash Equivalents		41.2			2.26
Other Assets		2.4			0.13
Total Assets	$	1,425.4		$	78.36
Senior Notes*	$	63.5		$	3.49
Loans Outstanding*		164.0			9.02
Mandatory Redeemable Preferred Shares*		92.4			5.08
Total Leverage	$	319.9		$	17.59
Deferred Tax Liability	$	69.8		$	3.84
Income Tax Payable		4.1			0.22
Distributions Payable		6.0			0.33
Other Liabilities		10.2			0.56
Total Liabilities	$	90.1		$	4.95
Net Assets	$	1,015.4		$	55.82
Outstanding Shares		18,190,226
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 587%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 417%.
Top Ten Equity Holdings (as of November 30, 2024)**
	Market Value
Name	(millions)			% of Investments			***
Energy Transfer LP	$	161.5			11.7	%
Targa Resources Corp.	$	150.5			10.9	%
ONEOK Inc.	$	137.9			10.0	%
MPLX LP	$	112.4			8.1	%
Western Midstream Partners LP	$	94.6			6.8	%
Enterprise Products Partners LP	$	91.7			6.6	%
Williams Cos. Inc.	$	86.0			6.2	%
Kinder Morgan Inc.	$	77.0			5.6	%
Plains GP Holdings LP	$	58.8			4.3	%
Plains All American Pipeline LP	$	58.6			4.2	%
	$	1,029.0			74.4	%
** Subject to change at any time
*** Percent of Total Equity Investments

ClearBridge Energy Midstream Opportunity 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/20241206158916/en/

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

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

FAQ

What is EMO's net asset value per share as of November 30, 2024?

ClearBridge Energy Midstream Opportunity Fund's (EMO) net asset value per share was $55.82 as of November 30, 2024.

What are EMO's top three portfolio holdings as of November 30, 2024?

EMO's top three holdings are Energy Transfer LP (11.7%), Targa Resources Corp. (10.9%), and ONEOK Inc. (10.0%).

What is EMO's total asset coverage ratio under the 1940 Act as of November 30, 2024?

EMO's asset coverage ratio under the Investment Company Act of 1940 for total leverage was 417%.