Salient Midstream & MLP Fund Announces Unaudited Net Asset Value As Of September 30, 2021

Rhea-AI Summary

On September 30, 2021, Salient Midstream & MLP Fund (NYSE: SMM) reported total assets of $193.9 million and a NAV per share of $7.77. The closing share price was $6.35, reflecting an 18.3% discount to NAV. In September, the Fund achieved NAV and market price total returns of 6.4% and 14.0%, respectively, outperforming the Alerian Midstream Energy Select Index which returned 4.7%. The Fund had 17.7 million common shares outstanding.

Positive

• Total assets increased to $193.9 million.
• NAV per share stands at $7.77.
• Market price total return of 14.0% for September.

Negative

• Closing share price at $6.35, an 18.3% discount to NAV.

HOUSTON, Oct. 11, 2021 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) provided today a summary of unaudited statement of assets and liabilities and announced Net Asset Value (NAV) as of September 30, 2021.

On September 30, 2021, the Fund's total assets were $193.9 million and the NAV per share was $7.77. On September 30, 2021, the closing share price of the Fund was $6.35, which was trading at a 18.3% discount to the NAV.¹ The Fund's NAV and market price total returns for the month of September were 6.4% and 14.0%, respectively, compared to 4.7% for the Alerian Midstream Energy Select Index (AMEI).² 

The Fund's Top 10 holdings as of September 30, 2021 are shown below:³

No.	Symbol	Name	Country	Asset Type	% of Gross Assets
1	-	EMG Utica | Offshore Co-Investment LP	United States	C-Corp	8.8%
2	ET	Energy Transfer, L.P.	United States	MLP	7.6%
3	ENB	Enbridge Inc.	Canada	C-Corp	6.0%
4	OKE	ONEOK Inc.	United States	C-Corp	5.8%
5	LNG	Cheniere Energy Inc.	United States	C-Corp	5.5%
6	MPLX	MPLX, L.P.	United States	MLP	5.4%
7	WMB	The Williams Companies Inc.	United States	C-Corp	4.9%
8	TRGP	Targa Resources Corp.	United States	C-Corp	4.7%
9	PPL CN	Pembina Pipeline Corp.	Canada	C-Corp	4.6%
10	PAGP	Plains GP Holdings, L.P.	United States	C-Corp	4.5%
					57.8%

For illustrative purposes only. Current and future holdings are subject to change and risk. Figures are based on the Fund's gross assets ex-cash. Source: Salient Capital Advisors, LLC, September 30, 2021.

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

Salient Midstream & MLP Fund
Balance Sheet
September 30, 2021
(Unaudited)
Assets	(in millions)
Investments	$191.5
Other Assets	1.2
Cash and Cash Equivalents	1.2
Total Assets	$193.9
Liabilities
Line of Credit Payable	$52.8
Other Liabilities	3.4
Total Liabilities	$56.2
Net Assets	$137.7
The Fund had 17.7 million common shares outstanding as of September 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, September 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 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 Salient Midstream & MLP Fund's NAV per share as of September 30, 2021?

The NAV per share was $7.77.

How much were the total assets of the Salient Midstream & MLP Fund as of September 30, 2021?

The total assets were $193.9 million.

What was the closing share price of SMM on September 30, 2021?

The closing share price was $6.35.

What were the total returns for the Salient Midstream & MLP Fund in September 2021?

The NAV and market price total returns were 6.4% and 14.0%, respectively.

How does SMM's performance compare to the Alerian Midstream Energy Select Index in September 2021?

SMM outperformed the index, which had a return of 4.7%.