ClearBridge EMO reports net assets of $1,137.5 million
ClearBridge Energy Midstream Opportunity Fund Inc. reported unaudited net assets of $1,137.5 million and a net asset value per share of $56.84 as of June 30, 2026. The Fund disclosed asset coverage ratios of 707% for senior indebtedness and 527% for total leverage. Top holdings included Targa Resources Corp. and Energy Transfer LP.
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ClearBridge Energy Midstream Opportunity Fund Inc. reported unaudited net assets of $1,137.5 million and a net asset value per share of $56.84 as of June 30, 2026. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the "1940 Act") with respect to senior indebtedness was 707% and with respect to total leverage was 527%.
Balance Sheet Highlights
As of June 30, 2026, the Fund’s total assets stood at $1,522.6 million, comprising investments of $1,499.0 million, cash and cash equivalents of $8.9 million, and other assets of $14.7 million. Total leverage amounted to $266.7 million, which included senior notes of $14.5 million, loans outstanding of $184.0 million, and mandatory redeemable preferred shares of $68.2 million. Total liabilities were reported at $118.4 million, including a deferred tax liability of $116.2 million and other liabilities of $2.2 million.
| Item | Amount (millions) | Per Share |
|---|---|---|
| Total Assets | $1,522.6 | $76.08 |
| Total Leverage | $266.7 | $13.32 |
| Total Liabilities | $118.4 | $5.92 |
| Net Assets | $1,137.5 | $56.84 |
Portfolio Composition
The Fund’s top ten equity holdings as of June 30, 2026, represented 74.5% of total investments. Targa Resources Corp. was the largest holding with a market value of $190.4 million, representing 12.7% of investments. Other significant positions included Energy Transfer LP at $138.9 million (9.3%), Williams Cos. Inc. at $124.8 million (8.3%), and MPLX LP at $109.6 million (7.3%).
| Name | Market Value (millions) | % of Investments |
|---|---|---|
| Targa Resources Corp. | $190.4 | 12.7% |
| Energy Transfer LP | $138.9 | 9.3% |
| Williams Cos. Inc. | $124.8 | 8.3% |
| MPLX LP | $109.6 | 7.3% |
| Western Midstream Partners LP | $105.9 | 7.1% |
| ONEOK Inc. | $102.0 | 6.8% |
| Kinder Morgan Inc. | $101.7 | 6.8% |
| Enterprise Products Partners LP | $89.9 | 6.0% |
| Enbridge Inc. | $78.3 | 5.2% |
| Antero Midstream Corp. | $75.2 | 5.0% |
Fund Details
ClearBridge Energy Midstream Opportunity Fund Inc. is a non-diversified, closed-end management investment company advised by Franklin Templeton Fund Adviser, LLC and subadvised by ClearBridge Investments, LLC. Both advisers are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. The Fund had 20,014,627 outstanding shares as of the reporting date. This financial data is unaudited.
How might the Fund's high concentration in top ten holdings impact its volatility if energy prices fluctuate significantly?
What are the potential risks associated with the $116.2 million deferred tax liability, and how could it affect future distributions?
Could the current asset coverage ratios influence the Fund's ability to secure additional leverage or refinance existing debt?
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