[Form 4] Summit Midstream Corporation Insider Trading Activity

Rhea-AI Filing Summary

Summit Midstream insiders increased their direct holdings through multiple purchases. Connect Midstream, LLC reported acquisitions of common stock on 08/26/2025 and 08/27/2025 totaling 120,160 shares held directly by Connect Midstream, LLC. The 08/26 purchases were for 72,759 shares at a weighted-average price of $20.46 (trades ranged $19.87–$20.75) and the 08/27 purchases were for 47,401 shares at a weighted-average price of $20.50 (trades ranged $20.35–$20.82). Tailwater-related entities and individuals listed in the filing disclaim direct beneficial ownership except for their pecuniary interests; reported holdings are held directly by Connect Midstream, LLC.

Positive

• Insiders purchased shares totaling 120,160 shares, indicating direct open-market buying activity.
• Weighted-average prices and trade price ranges are disclosed for transparency and the filers offer to provide per-trade details on request.
• Ownership chain is clearly described with Connect Midstream, LLC as direct holder and Tailwater-related entities explained, improving disclosure quality.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insiders executed material open-market purchases totaling 120,160 shares at ~ $20.48 average, which is noteworthy but not automatically material without context.

The filing documents direct purchases by Connect Midstream, LLC across two trading days with weighted-average prices disclosed and explicit price ranges for the underlying trades. The purchases increase reported direct holdings to 120,160 shares. Without data on outstanding shares or stake percentages, the market impact or signal strength is unclear. The disclosure that related entities disclaim beneficial ownership except for pecuniary interest clarifies ownership structure but limits attribution to individual decision-making.

Corporate Governance Expert

TL;DR: Transaction disclosure is thorough on ownership chain and pricing ranges, improving transparency for shareholders.

The Form 4 details the ownership chain: Tailwater entities and named individuals link to Connect Midstream, LLC, which directly holds the reported shares. The footnotes provide weighted-average pricing and commit to furnish per-trade details upon request, which is helpful for compliance and board oversight. The explicit disclaimer language reduces ambiguity about who beneficially owns the reported shares, an important governance detail for assessing conflicts and control.

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)

2021 MCKINNEY AVE,

SUITE 1250

(Street)

DALLAS TX 75021

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

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

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

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

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	08/26/2025		P		72,759	A	$20.46(1)	72,759(1)	D(3)
Common Stock, par value $0.01	08/27/2025		P		47,401	A	$20.5(2)	120,160(2)	D(3)

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)

2021 MCKINNEY AVE,

SUITE 1250

(Street)

DALLAS TX 75021

(City) (State) (Zip)

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)

2021 MCKINNEY AVE,

SUITE 1250

(Street)

DALLAS TX 75201

(City) (State) (Zip)

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)

2021 MCKINNEY AVE,

SUITE 1250

(Street)

DALLAS TX 75201

(City) (State) (Zip)

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)

2021 MCKINNEY AVE,

SUITE 1250

(Street)

DALLAS TX 75201

(City) (State) (Zip)

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)

2021 MCKINNEY AVE,

SUITE 1250

(Street)

DALLAS TX 75201

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $19.87 to $20.75. The Reporting Person undertakes to provide to Summit Midstream Corp (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

2. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $20.35 to $20.82. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

3. 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	08/28/2025
	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	08/28/2025
	Tailwater Capital, LLC, By: /s/ Jason H. Downie, Managing Partner	08/28/2025
	/s/ Jason H. Downie	08/28/2025
	/s/ Edward Herring	08/28/2025
	** 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.

FAQ

What insider transactions were reported for Summit Midstream (SMC)?

The filing reports purchases of common stock on 08/26/2025 (72,759 shares at a weighted-average price of $20.46) and 08/27/2025 (47,401 shares at a weighted-average price of $20.50) totaling 120,160 shares.

Who holds the reported shares purchased in the Form 4 for SMC?

The reported shares are held directly by Connect Midstream, LLC, as stated in the filing.

What price ranges were the SMC shares bought at?

The 08/26 trades ranged from $19.87 to $20.75 and the 08/27 trades ranged from $20.35 to $20.82; the filing lists weighted-average prices.

Which parties are disclosed as related to the reporting entity in the SMC Form 4?

Tailwater Energy Fund III LP, Tailwater Capital LLC, TW GP EF-III LP, TW GP EF-III GP, LLC, and individuals Jason H. Downie and Edward Herring are disclosed in the ownership chain related to Connect Midstream, LLC.

Do the individuals named claim beneficial ownership of the reported shares?

The filing states that the named entities and individuals disclaim beneficial ownership of the reported securities directly held by Connect Midstream, LLC except to the extent of their pecuniary interest.