Insider Purchase: Connect Midstream Acquires 26,319 SMC Shares

Rhea-AI Filing Summary

Summit Midstream insiders purchased shares: Connect Midstream, LLC acquired 26,319 shares of Summit Midstream Corp (SMC) on 08/28/2025 at a weighted-average price of $20.89 (individual trades ranged from $20.43 to $21.01). After the purchase, Connect Midstream directly holds 146,479 shares. The filing lists related reporting entities and individuals: Tailwater Energy Fund III LP, Tailwater Capital LLC, Jason H. Downie and Edward Herring, each noted as a director and 10% owner or related to the reporting chain. Signatures are dated 09/02/2025.

Positive

• Insider acquisition disclosed: Connect Midstream, LLC purchased 26,319 shares, increasing direct holdings to 146,479 shares.
• Price transparency provided: Weighted-average price reported $20.89 and trade range $20.43–$21.01 with an undertaking to provide per-trade details upon request.
• Clear ownership chain: Filing explains relationships among Connect Midstream, Tailwater entities, and individual managing partners.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider entity bought 26,319 SMC shares at a weighted $20.89, raising direct holdings to 146,479 shares.

The Form 4 documents a direct, non-derivative acquisition by Connect Midstream, LLC on 08/28/2025. The filing provides the weighted-average price and the trade price range of $20.43 to $21.01, and discloses the post-transaction direct holdings. This is a transaction-level disclosure without earnings or operational data; its informational value is limited to insider activity and ownership structure.

Corporate Governance Expert

TL;DR: Reporting chain and signatures show proper attribution to related entities and managing partners.

The filing identifies the reporting persons, clarifies the indirect ownership chain through Tailwater entities, and includes executed signatures dated 09/02/2025. The explanation footnote details ownership relationships and the undertaking to provide trade-level price allocation if requested. The disclosure meets Form 4 content requirements by specifying transaction details and ownership attribution.

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)
08/28/2025

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	08/28/2025		P		26,319	A	$20.89(1)	146,479(1)	D(2)

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 $20.43 to $21.01. 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 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	09/02/2025
	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	09/02/2025
	Tailwater Capital, LLC, By: /s/ Jason H. Downie, Managing Partner	09/02/2025
	/s/ Jason H. Downie	09/02/2025
	/s/ Edward Herring	09/02/2025
	** 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).
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FAQ

What did the Form 4 for SMC report on 08/28/2025?

The Form 4 reports that Connect Midstream, LLC acquired 26,319 shares of Summit Midstream Corp on 08/28/2025 at a weighted-average price of $20.89.

How many SMC shares does Connect Midstream, LLC hold after the transaction?

After the reported purchase, Connect Midstream, LLC directly holds 146,479 shares of SMC.

What price range was paid for the SMC shares in the filing?

The filing states the purchased shares were transacted at prices ranging from $20.43 to $21.01, with a weighted-average of $20.89.

Who are the reporting persons named on the Form 4?

Reporting persons include Connect Midstream, LLC, Tailwater Energy Fund III LP, Tailwater Capital LLC, and individuals Jason H. Downie and Edward Herring.

When were the signatures executed on this Form 4?

The signatures by reporting persons, including Jason H. Downie and Edward Herring, are dated 09/02/2025.