Form 4: Corebridge Financial Reports Scheduled Redemptions of Preferred Stock and Senior Secured Notes in ClearBridge Energy Midstream Fund

Corebridge Financial, through its subsidiaries, reported the expected redemption of Series O Mandatory Redeemable Preferred Stock and 3.46% Series M Senior Secured Notes by ClearBridge Energy Midstream Opportunity Fund Inc. on June 11, 2025.

Summary

• Corebridge Financial, Inc. and its indirect wholly-owned subsidiaries, American General Life Insurance Company (AGLIC), The United States Life Insurance Company in the City of New York (USL), and The Variable Annuity Life Insurance Company (VAL), reported changes in their beneficial ownership of securities in ClearBridge Energy Midstream Opportunity Fund Inc. (EMO).
• On June 11, 2025, 125,716 shares of Series O Mandatory Redeemable Preferred Stock were redeemed by EMO at a price of $35.04 per share, totaling approximately $4,404,000.64.
• Also on June 11, 2025, 3.46% Series M Senior Secured Notes with a principal amount of $559,610.2 were redeemed by EMO for full payment at maturity, including accrued and unpaid interest.
• Following these transactions, Corebridge Financial's subsidiaries continue to beneficially own other securities in EMO, including 160,000 shares of Series P Mandatory Redeemable Preferred Stock, 134,286 shares of Series J Mandatory Redeemable Preferred Stock, $1,492,293.86 principal amount of 3.56% Series N Senior Secured Notes due June 11, 2027, $2,051,904.07 principal amount of 3.76% Series O Senior Secured Notes due June 11, 2030, and $5,494,298.53 principal amount of 4.66% Series H Senior Secured Notes due October 15, 2025.
• Corebridge Financial, Inc. disclaims beneficial ownership of certain securities held by a controlled subsidiary of American International Group, Inc. (AIG) through an investment management agreement, except to the extent of its pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a routine SEC Form 4 reporting expected redemptions and beneficial ownership changes, with no significant positive or negative implications for the company's operational or financial performance.

Positives

• The redemptions represent the orderly and expected conclusion of specific investment holdings, indicating proper management of maturing assets.

Risks

• Corebridge Financial, Inc. disclaims beneficial ownership of certain securities held by a controlled subsidiary of American International Group, Inc. (AIG) pursuant to an investment management agreement, which could introduce complexities regarding ultimate beneficial ownership and control.

Future Outlook

The document primarily reports past and scheduled transactions. It indicates future maturity dates for other beneficially owned senior secured notes: 3.56% Series N due June 11, 2027, 3.76% Series O due June 11, 2030, and 4.66% Series H due October 15, 2025.

Industry Context

This SEC Form 4 filing is a routine disclosure of changes in beneficial ownership by an institutional investor in an investment fund. It reflects the expected maturity and redemption of specific debt and preferred equity instruments, rather than broader industry trends or strategic shifts.

Stakeholder Impact

• Shareholders of ClearBridge Energy Midstream Opportunity Fund Inc. may observe a minor change in the ownership structure of specific preferred stock and debt instruments, but the redemptions were expected and part of the fund's normal operations.
• For Corebridge Financial, Inc. and its subsidiaries, this represents the orderly conclusion of specific investment positions, with the proceeds likely reinvested or used for other corporate purposes.

Next Steps

• Monitoring the maturity of the remaining 3.56% Series N Senior Secured Notes due June 11, 2027.
• Monitoring the maturity of the remaining 3.76% Series O Senior Secured Notes due June 11, 2030.
• Monitoring the maturity of the remaining 4.66% Series H Senior Secured Notes due October 15, 2025.

Key Dates

Keywords

Corebridge Financial, ClearBridge Energy Midstream Opportunity Fund, SEC Form 4, Beneficial Ownership, Preferred Stock Redemption, Senior Secured Notes, Investment Company Act of 1940, AGLIC, USL, VAL, CIIUS, AIG