Summit Midstream (SMC) major holder Connect Midstream buys 1.22M shares

Rhea-AI Filing Summary

Connect Midstream, LLC, a significant holder of Summit Midstream Corp, reported an open-market purchase of 1,220,918 shares of common stock at $31.08 per share on March 31, 2026. Following this transaction, Connect Midstream, LLC holds 1,367,397 common shares.

The shares are held directly by Connect Midstream, LLC, while entities including Tailwater Energy Fund III LP and Tailwater Capital LLC, and individuals Jason Downie and Edward Herring, are indirect reporting persons. The footnote states that each of these parties disclaims beneficial ownership of the shares except to the extent of their pecuniary interest.

Insider Trade Summary

Net Buyer: 1,220,918 shares ($37,946,131)

Net Buy 1 txn

Insider Connect Midstream, LLC, Tailwater Energy Fund III LP, Tailwater Capital LLC, Downie Jason H, Herring Edward

Role 10% Owner | 10% Owner | 10% Owner | Director, 10% Owner | Director, 10% Owner

Bought 1,220,918 shs ($37.95M)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.01 per share	1,220,918	$31.08	$37.95M

Holdings After Transaction: Common Stock, par value $0.01 per share — 1,367,397 shares (Direct)

Footnotes (1)

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Key Figures

Shares purchased: 1,220,918 shares Purchase price: $31.08 per share Shares held after transaction: 1,367,397 shares +2 more

5 metrics

Shares purchased 1,220,918 shares Open-market purchase on March 31, 2026

Purchase price $31.08 per share Common Stock, par value $0.01 per share

Shares held after transaction 1,367,397 shares Directly held by Connect Midstream, LLC after the purchase

Net buy shares 1,220,918 shares Net-buy direction in transaction summary

Buy transactions count 1 transaction Single open-market purchase reported on Form 4

Key Terms

open-market purchase, beneficial ownership, pecuniary interest, ten percent owner, +1 more

5 terms

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficial ownership regulatory

"Each of the foregoing disclaim beneficial ownership of the reported securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of their respective pecuniary interest therein"

ten percent owner regulatory

""is_ten_percent_owner": 1"

Common Stock, par value $0.01 per share financial

""security_title": "Common Stock, par value $0.01 per share""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Connect Midstream, LLC

(Last) (First) (Middle)

4020 MAPLE AVE

SUITE 200

(Street)

DALLAS TEXAS 75219

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Summit Midstream Corp [ SMC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	03/31/2026		P		1,220,918	A	$31.08	1,367,397	D(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Connect Midstream, LLC

(Last) (First) (Middle)

4020 MAPLE AVE

SUITE 200

(Street)

DALLAS TEXAS 75219

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Tailwater Energy Fund III LP

(Last) (First) (Middle)

4020 MAPLE AVE

SUITE 200

(Street)

DALLAS TEXAS 75219

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Tailwater Capital LLC

(Last) (First) (Middle)

4020 MAPLE AVE

SUITE 200

(Street)

DALLAS TEXAS 75219

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Downie Jason H

(Last) (First) (Middle)

4020 MAPLE AVE

SUITE 200

(Street)

DALLAS TEXAS 75219

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Herring Edward

(Last) (First) (Middle)

4020 MAPLE AVE

SUITE 1250

(Street)

DALLAS TEXAS 75219

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The reported securities are held directly by Connect Midstream, LLC. Tailwater Energy Fund III LP is the sole member of Connect Midstream, LLC. TW GP EF-III LP is the general partner of Tailwater Energy Fund III LP. TW GP EF-III GP, LLC is the general partner of TW GP EF-III LP. Tailwater Capital LLC is the sole member of TW GP EF-III GP, LLC. Jason Downie and Edward Herring are each a Managing Partner of Tailwater Capital LLC. Each of the foregoing disclaim beneficial ownership of the reported securities directly held by Connect Midstream, LLC except to the extent of their respective pecuniary interest therein.

	Connect Midstream, LLC, By: /s/ Jason H. Downie, Director	04/13/2026
	Tailwater Energy Fund III LP, By: TW GP EF-III LP, its general partner, By: TW GP EF-III GP, LLC, its general partner, By: Tailwater Capital LLC, its sole member, By: /s/ Jason H. Downie, Managing Partner	04/13/2026
	Tailwater Capital, LLC, By: /s/ Jason H. Downie, Managing Partner	04/13/2026
	/s/ Jason H. Downie	04/13/2026
	/s/ Edward Herring	04/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Summit Midstream Corp (SMC) report?

Summit Midstream Corp reported a large insider share purchase. Connect Midstream, LLC bought 1,220,918 common shares in an open-market transaction at $31.08 per share, increasing its direct holdings to 1,367,397 shares.

Who actually holds the Summit Midstream Corp (SMC) shares from this Form 4?

The shares are held directly by Connect Midstream, LLC. Related entities and individuals, including Tailwater Energy Fund III LP and Tailwater Capital LLC, are indirect reporting persons and disclaim beneficial ownership except for their pecuniary interest.

What was the purchase price in the Summit Midstream Corp (SMC) insider buy?

The reported purchase price was $31.08 per share. Connect Midstream, LLC acquired 1,220,918 Summit Midstream common shares at this price in an open-market transaction dated March 31, 2026.

How many Summit Midstream Corp (SMC) shares does Connect Midstream, LLC now own?

Connect Midstream, LLC now holds 1,367,397 common shares. This total reflects its position after purchasing 1,220,918 additional shares of Summit Midstream Corp in the reported transaction.

What does the Form 4 footnote say about beneficial ownership for SMC?

The footnote states several parties disclaim beneficial ownership. Tailwater Energy Fund III LP, Tailwater Capital LLC, and related general partners and individuals disclaim ownership except for their pecuniary interest in shares held by Connect Midstream, LLC.