HOUSTON, Sept. 02, 2020 (GLOBE NEWSWIRE) -- Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”) (NYSE: KMF) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of August 31, 2020.
As of August 31, 2020, the Fund’s net assets were $295 million and its net asset value per share was $6.25. As of August 31, 2020, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 496% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 337%.
| Kayne Anderson Midstream/Energy Fund, Inc. | ||||
| Statement of Assets and Liabilities | ||||
| August 31, 2020 | ||||
| (Unaudited) | ||||
| (in millions) | ||||
| Investments | $ | 395.7 | ||
| Cash and cash equivalents | 19.7 | |||
| Receivable for securities sold | 3.8 | |||
| Accrued income | 1.6 | |||
| Other assets | 0.5 | |||
| Total assets | 421.3 | |||
| Notes | 84.5 | |||
| Unamortized notes issuance costs | (0.2 | ) | ||
| Preferred stock | 40.0 | |||
| Unamortized preferred stock issuance costs | (0.2 | ) | ||
| Total leverage | 124.1 | |||
| Total liabilities | 2.3 | |||
| Net assets | $ | 294.9 | ||
| The Fund had 47,197,462 common shares outstanding as of August 31, 2020. | ||||
As of August 31, 2020, equity and debt investments were 94% and 6%, respectively, of the Fund’s long-term investments of $396 million. Long-term investments were comprised of Midstream Company (37%), Midstream MLP (15%), Renewable Infrastructure Company/Utility (39%), Other Energy (2%), Other (1%) and Debt (6%).
The Fund’s ten largest holdings by issuer at August 31, 2020 were:
| Amount | Percent of | |||||
| 1. | The Williams Companies, Inc. (Midstream Company) | $28.0 | 7.1 | % | ||
| 2. | Targa Resources Corp. (Midstream Company) | 17.4 | 4.4 | % | ||
| 3. | Atlantica Sustainable Infrastructure plc (Renewable Infrastructure/Utility) | 15.6 | 3.9 | % | ||
| 4. | Brookfield Renewable Partners L.P. (Renewable Infrastructure/Utility) | 15.6 | 3.9 | % | ||
| 5. | NextEra Energy Partners, LP (Renewable Infrastructure/Utility) | 15.5 | 3.9 | % | ||
| 6. | Antero Midstream Corporation (Midstream Company) | 14.1 | 3.6 | % | ||
| 7. | Pembina Pipeline Corporation (Midstream Company) | 13.5 | 3.4 | % | ||
| 8. | Innergex Renewable Energy Inc. (Renewable Infrastructure/Utility) | 12.9 | 3.3 | % | ||
| 9. | Kinder Morgan, Inc. (Midstream Company) | 12.9 | 3.2 | % | ||
| 10. | TC Energy Corporation (Midstream Company) | 12.1 | 3.0 | % | ||
| _____________ | ||||||
| * Excludes cash. | ||||||
Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by viewing the Fund’s most recent quarterly or annual report.