Salient Midstream & MLP Fund
SMM
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Gregory Reid
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 4265 San Felipe St Ste 800 Houston TX United States of America 77027
- IPO Date
- May 25, 2012
- CIK
- 0001534293
- Website
- salientmlpfund.com
- Similar Companies
- Business
- Salient Midstream & MLP Fund (NYSE: SMM) is a closed-end fund that seeks to deliver a high level of total return to its common shareholders, with a focus on quarterly cash distributions, by investing at least 80% of its total assets in securities issued by midstream energy companies and master limited partnerships (MLPs). The Fund targets equity securities of companies engaged in the transportation, storage, gathering, processing, distribution, marketing, and delivery of natural gas, natural gas liquids, crude oil, refined petroleum products, and coal; it primarily allocates to midstream-focused MLPs and related entities across large-cap, mid-cap, and small-cap segments, benchmarking performance against the Alerian MLP Index. Formed on May 24, 2012 and domiciled in the United States with management by Salient Capital Advisors, LLC, the Fund operates principally in U.S. public equity markets serving institutional and retail investors seeking energy infrastructure exposure. In a major strategic shift completed on September 14, 2022, Salient Midstream & MLP Fund reorganized into the Salient MLP & Energy Infrastructure Fund (SMAPX), an open-end mutual fund managed by the same advisor with approximately $996 million in net assets at the time; SMM shareholders received equivalent Class A shares of SMAPX based on net asset values as of September 13, 2022, with trading of SMM shares halting on September 8, 2022. This shareholder-approved reorganization, influenced by an agreement with Saba Capital Management, included a special $300,000 "Saba Special Distribution" of $0.0169 per share paid in Q3 2022 alongside the regular $0.0875 per share distribution, aiming to reduce management fees by 20%, enhance liquidity, and streamline operations while maintaining a similar MLP and energy infrastructure investment strategy. Prior to the merger, the Fund had increased distributions by 46% over the prior year, reduced leverage to zero amid the 2020 COVID-19 downturn, and reported strong performance such as 32.9% year-to-date NAV returns as of May 2022, outperforming peers in certain periods. No significant acquisitions, new product launches, or further reorganizations have been announced since the 2022 merger.