ClearBridge MLP and Midstream TR Stock Price, News & Analysis

ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) has announced the completion of mergers with ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR). The mergers became effective on September 9, 2024, with CEM and CTR stockholders becoming EMO stockholders. The conversion was based on each fund's net asset value (NAV) as of September 6, 2024:

• EMO: $46.6960
• CEM: $51.9511
• CTR: $47.0194

The conversion ratios were 1.112539 EMO shares for each CEM share and 1.006926 EMO shares for each CTR share. EMO's post-merger net assets totaled $849,413,976, with a NAV per common share of $46.6960 based on approximately 18,190,295 shares outstanding.

ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) has released its unaudited financial statement as of August 31, 2024. The Fund's net assets stood at $165.5 million, with a net asset value per share of $48.08. The Fund's asset coverage ratio under the Investment Company Act of 1940 was 468% for senior indebtedness and 380% for total leverage. The Fund's total assets were $236.0 million, with investments accounting for $231.6 million. The top three equity holdings were Energy Transfer LP (10.5%), Targa Resources Corp. (10.3%), and ONEOK Inc. (9.3%). The Fund is advised by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments,

ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) have announced an updated timeline for their merger. The mergers are now expected to be effective before markets open on or about Monday, September 9, 2024, subject to regulatory requirements and closing conditions.

This new date was chosen for operational efficiency. The mergers, previously approved by each Fund's Board of Directors on January 26, 2024, received stockholder approval on May 20, 2024. All three funds are non-diversified, closed-end management investment companies managed by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments, , both indirect subsidiaries of Franklin Resources, Inc.

ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) released its unaudited financial statement as of July 31, 2024. The Fund's net assets were $161.3 million, with a net asset value per share of $46.83. The Fund's asset coverage ratio under the Investment Company Act of 1940 was 447% for senior indebtedness and 366% for total leverage.

The Fund's total assets were $233.7 million, including $227.6 million in investments. The top holdings include Energy Transfer LP (10.8%), Targa Resources Corp. (9.7%), and ONEOK Inc. (8.5%). The Fund is advised by Franklin Templeton Fund Adviser, and subadvised by ClearBridge Investments, , both indirect subsidiaries of Franklin Resources, Inc.

Franklin Templeton Fund Adviser, has announced distributions for August 2024 for certain closed-end funds. Key details include:

- Record Date, Ex-Dividend Date: August 14, 2024
- Payable Date: August 30, 2024

Distribution amounts for specific funds:
- ClearBridge MLP and Midstream Fund Inc. (CEM): $0.7700
- ClearBridge Energy Midstream Opportunity Fund Inc. (EMO): $0.6700
- ClearBridge MLP and Midstream Total Return Fund Inc. (CTR): $0.7000

These distributions may be treated as dividend income, return of capital, or a combination for tax purposes. Definitive tax information will be provided to stockholders in early 2025 via Form 1099-DIV.

ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR) released its unaudited balance sheet as of June 30, 2024. Net assets stood at $157.2 million, with a net asset value (NAV) per share of $45.65. The asset coverage ratio for senior indebtedness was 439%, and for total leverage, it was 359%. Key investments included $222.9 million in assets, with top holdings such as Energy Transfer LP and Targa Resources Corp.

Fund liabilities totaled $10.8 million, including $4.6 million in income tax payable. The Fund conducted a tender offer repurchasing 50% of its outstanding shares. Key financial data and detailed asset coverage ratios were provided, reflecting the Fund’s financial health and strategic adjustments.

ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR) has announced the final results of its tender offer for up to 50% of its outstanding common stock. The offer expired on June 20, 2024, with a total of 3,774,769 shares tendered, exceeding the 3,443,416 shares sought, resulting in an oversubscription. Consequently, shares will be purchased on a pro rata basis, with approximately 91.24% of tendered shares accepted for payment at $44.45 per share, reflecting 100% of the net asset value as of the close of trading on June 20, 2024. Payment for accepted shares will be made on or about June 25, 2024. Shares not tendered will remain outstanding. For inquiries, Georgeson can be contacted toll-free at (866) 920-4920.

ClearBridge MLP and Midstream Fund (NYSE: CEM) announced the final results of its tender offer for up to 50% of its outstanding shares. The offer, which expired on June 20, 2024, saw the acceptance of 5,807,371 shares, representing approximately 44% of the Fund's outstanding shares, at a price of $49.60 per share. Payment will be made on or about June 25, 2024. Shares not tendered will remain outstanding.

Additionally, the Fund’s Board has approved a merger with ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) and ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR), subject to stockholder and regulatory approvals. The merger is expected to become effective on August 19, 2024, pending the satisfaction of all conditions.

ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) announced the preliminary results of its issuer tender offer, which expired on June 20, 2024. Approximately 7,259,865 shares were tendered, surpassing the 6,393,645 share limit, leading to a prorated purchase. The final purchase price will be based on the June 20 net asset value, with payment expected by June 25, 2024. Additionally, the Fund's merger with ClearBridge MLP and Midstream Fund (CEM) and ClearBridge MLP and Midstream Total Return Fund (CTR) was approved by shareholders and is anticipated to be effective by August 19, 2024.