Salient Midstream & MLP Fund Announces Second Quarter 2021 Dividend Of $0.060 Per Share And Net Asset Value As Of April 30, 2021

Rhea-AI Summary

Salient Midstream & MLP Fund (NYSE: SMM) declared a $0.06 dividend for Q2 2021, payable on May 27, 2021, to shareholders of record by May 18, 2021. As of April 30, 2021, the fund's total assets reached $174.6 million, with a Net Asset Value (NAV) per share of $7.13. The closing share price was $5.36, reflecting a 24.8% discount to NAV. Monthly returns for the fund stood at 5.8% (NAV) and 5.1% (market price), outperforming the Alerian Midstream Energy Select Index which returned 5.9% in April 2021.

Positive

• Declared a quarterly dividend of $0.06 per share, indicating ongoing income for shareholders.
• Total assets increased to $174.6 million, reflecting growth in fund value.
• Monthly returns of 5.8% (NAV) and 5.1% (market price) demonstrate strong performance relative to the index.

Negative

• Shares trading at a 24.8% discount to NAV may signal market undervaluation or investor concerns.

HOUSTON, May 6, 2021 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) today announced a dividend of $0.06 per share for the second quarter ending May 31, 2021.

At the close of business on April 30, 2021, the Fund's total assets were $174.6 million and the Net Asset Value (NAV) per share was $7.13. On April 30, 2021, the closing share price of the Fund was $5.36, which was trading at a 24.8% discount to the NAV.¹ For the month ending April 30, 2021 the Fund's NAV and market price total returns were 5.8% and 5.1%, respectively, compared to 5.9% for the Alerian Midstream Energy Select Index (AMEI).²

The Fund's second quarter dividend will be payable on May 27, 2021 to common stockholders of record on May 18, 2021. It is anticipated that this dividend will be a combination of return of capital and ordinary income for tax purposes. The final tax status of the dividend may differ substantially from this preliminary information, and the final determination of such amount will be made in early 2022 when the Fund can determine its earnings and profits for the 2021 fiscal year.

The Fund's quarterly dividends per share over the past year are shown below:³

Amount	Payable Date	Ex-Date	Record Date
$0.060	May 27, 2021	May 17, 2021	May 18, 2021
$0.060	February 25, 2021	February 16, 2021	February 17, 2021
$0.060	November 27, 2020	November 16, 2020	November 17, 2020
$0.060	August 28, 2020	August 17, 2020	August 18, 2020
$0.060	May 28, 2020	May 15, 2020	May 18, 2020

Past performance is not indicative of future results.

The Fund distributions are comprised of distributable cash flow generated from its portfolio investments plus any realized capital gains. The tax characteristics of the historical distributions can be found on www.salientpartners.com/strategies/salient-midstream-mlp-fund/

The Fund's top ten holdings as of April 30, 2021 are shown below:⁴

No.	Symbol	Name	Country	Asset Type	Weight
1	-	EMG Utica | Offshore Co-Investment LP	United States	C-Corp	9.3%
2	WMB	The Williams Companies, Inc.	United States	C-Corp	7.2%
3	OKE	ONEOK, Inc.	United States	C-Corp	6.7%
4	LNG	Cheniere Energy, Inc.	United States	C-Corp	5.5%
5	PAGP	Plains GP Holdings, L.P.	United States	C-Corp	5.4%
6	KEY CN	Keyera Corp.	Canada	C-Corp	5.1%
7	ET	Energy Transfer, L.P.	United States	MLP	5.1%
8	EPD	Enterprise Products Partners, L.P.	United States	MLP	4.9%
9	MPLX	MPLX, L.P.	United States	MLP	4.9%
10	TRP	TC Energy Corp.	Canada	C-Corp	4.3%
					58.4%

For illustrative purposes only. Current and future holdings are subject to change and risk and are not recommendations to buy or sell any security. Figures are based on the Fund's gross assets ex-cash. Source: Salient Capital Advisors, LLC, April 30, 2021.

The Fund's unaudited balance sheet as of April 30, 2021 is shown below:

Salient Midstream & MLP Fund
Balance Sheet
April 30, 2021
(Unaudited)
Assets	(in millions)
Investments	$171.0
Other Assets	2.3
Cash and Cash Equivalents	1.3
Total Assets	$174.6
Liabilities
Line of Credit Payable	$47.6
Other Liabilities	0.6
Total Liabilities	$48.2
Net Assets	$126.4
The Fund had 17.7 million common shares outstanding as of April 30, 2021.

Past performance is not indicative of future results.

Salient Midstream & MLP Fund is a Delaware statutory trust registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. The Fund's investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to its common shareholders. The Fund seeks to achieve that objective by investing at least 80% of its total assets in securities of MLPs and midstream companies. There can be no assurance that the Fund will achieve its investment objective.

This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual future results to differ significantly from the Fund's present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; leverage risk; valuation risk; interest rate risk; tax risk; the volume of sales and purchase of shares; the continuation of investment advisory, administration and other service arrangements; and other risks discussed in the Fund's filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund's investment objective will be attained.

About Salient
Salient Partners, L.P. ("Salient") is a real asset and alternative investment firm that offers a suite of strategies focused on energy and infrastructure, real estate and tactical alternative investments. Institutions and investment advisors turn to Salient to build smarter, more efficient portfolios. Strategies are offered in the form of open- and closed-end funds and separately managed accounts. Salient was founded in 2002 and has offices in Houston and San Francisco. Learn more about Salient at www.salientpartners.com.

¹ Past performance is not indicative of future results. Current performance may be higher or lower than the data shown. The data shown are unaudited. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.

² Source: Salient Capital Advisors, LLC and Alerian, April 30, 2021. Past performance is not indicative of future results. No investment strategy can guarantee performance results. The index reflects the reinvestment of dividends and income and does not reflect deductions for fees, expenses or taxes. The index is unmanaged and not available for direct investment. "Alerian Midstream Energy Select Index" and "AMEI" are trademarks of Alerian and their use is granted under a license from Alerian.

³ The amount of dividends may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions on Fund common shares could change. A portion of the Fund's returns may be comprised of ordinary income, return of capital and net realized capital gains. The Fund will determine the tax characteristics of all Fund dividends after the end of the calendar year and will provide shareholders such information at that time. 

⁴ Fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Data are based on total market value of Fund investments unless otherwise indicated. The data provided are for informational purposes only and are not intended for trading purposes.

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SOURCE Salient Partners, L.P.

FAQ

What is the dividend amount for Salient Midstream & MLP Fund in Q2 2021?

The dividend amount for Q2 2021 is $0.06 per share.

When is the dividend payable for Salient Midstream & MLP Fund?

The dividend is payable on May 27, 2021.

What is the Net Asset Value (NAV) per share for Salient Midstream & MLP Fund?

The NAV per share as of April 30, 2021, is $7.13.

What were the total assets of Salient Midstream & MLP Fund as of April 30, 2021?

The total assets were $174.6 million.

What was the market price of Salient Midstream & MLP Fund shares on April 30, 2021?

The closing market price was $5.36 per share.