Corebridge Financial Completes Redemption of Series J Preferred Stock in ClearBridge Energy Midstream Fund

Scope of the Series J Preferred Stock Redemption

The beneficial ownership filing discloses that Corebridge Financial's subsidiary, American General Life Insurance Company (AGLIC), redeemed 134,286 shares of Series J Mandatory Redeemable Preferred Stock at maturity on July 23, 2026. The redemption price of $35.23 per share consisted of the stated liquidation value of $35.00 plus accrued interest of approximately $0.23 per share. This transaction represents the maturity redemption of a mandatory redeemable preferred security, a fixed-maturity obligation typical of structured investments in investment funds.

The redemption occurred within the ClearBridge Energy Midstream Opportunity Fund Inc., an investment vehicle in which Corebridge Financial maintains a significant position through its insurance subsidiaries. The Series J security was held directly by AGLIC, which is an indirect wholly owned subsidiary of Corebridge Financial. The filing indicates that the redemption was executed at the maturity date, triggering the mandatory redemption provision embedded in the preferred stock structure.

Continued Investment Position in ClearBridge Energy Midstream Fund

Despite the redemption of the Series J shares, Corebridge Financial maintains substantial beneficial ownership interests in the ClearBridge Energy Midstream Opportunity Fund through its insurance subsidiaries. Following the reported transaction, the company continues to hold 160,000 shares of Series P Mandatory Redeemable Preferred Stock indirectly through a subsidiary. This position represents continued exposure to the fund's preferred equity structure alongside the redeemed Series J holding.

Beyond preferred equity, Corebridge's insurance subsidiaries maintain significant debt holdings in the fund. The filing reports beneficial ownership of $1,492,293.86 in principal amount of 3.56% Series N Senior Secured Notes due June 11, 2027, held indirectly through a subsidiary. Additionally, the company holds $2,051,904.07 in principal amount of 3.76% Series O Senior Secured Notes due June 11, 2030, held through multiple subsidiaries. These debt positions provide fixed-income exposure to the energy midstream investment vehicle and indicate a layered investment approach spanning both equity and debt securities.

Structure of Indirect Beneficial Ownership Through Insurance Subsidiaries

The filing clarifies the ownership structure through which Corebridge Financial maintains its positions in the ClearBridge fund. American General Life Insurance Company, described as an indirect wholly owned subsidiary of Corebridge Financial, serves as the direct holder of several securities. For the Series P Preferred Stock, AGLIC holds the position directly. For the Series N Senior Secured Notes, AGLIC holds $1,380,371.82 in principal amount, while The United States Life Insurance Company in the City of New York, another indirect wholly owned subsidiary of Corebridge, holds the remaining $671,532.25 in principal amount.

This multi-subsidiary ownership arrangement is common among holding companies with insurance operations, as it allows investment positioning across multiple regulated insurance entities. The structure provides operational flexibility and may offer tax or regulatory advantages depending on the specific circumstances of each subsidiary. The filing's designation of these holdings as indirect beneficial ownership through subsidiaries reflects the consolidated nature of Corebridge Financial's investment portfolio, managed through its insurance company subsidiaries.

Mandatory Redemption Features and Maturity Profile

The Series J Mandatory Redeemable Preferred Stock that was redeemed had inherent maturity provisions that triggered the redemption at a specified date. The redemption at liquidation value plus accrued interest reflects the standard mechanics of mandatory redeemable securities, which are designed to return principal to investors at a predetermined maturity date. This contrasts with discretionary preferred stock, which may remain outstanding indefinitely at the issuer's option.

Looking at the remaining debt instruments in Corebridge's portfolio within the fund, the Series N Notes mature on June 11, 2027, representing a near-term maturity profile. The Series O Notes have a longer maturity date of June 11, 2030. These staggered maturities provide Corebridge's insurance subsidiaries with scheduled return of principal across different timeframes, creating a ladder structure for debt repayment and allowing for reinvestment decisions at multiple future dates.

Investment Exposure to Energy Midstream Sector

Corebridge Financial's continued holdings in the ClearBridge Energy Midstream Opportunity Fund represent the company's investment positioning within the energy infrastructure and midstream sectors. Despite the redemption of the Series J preferred shares, the company maintains multi-layered exposure through preferred equity and senior debt securities. This diversified approach across the capital structure suggests a strategic commitment to the energy midstream investment space, a sector focused on transportation, storage, and processing of oil, natural gas, and natural gas liquids.

Energy midstream funds and vehicles have been significant investment areas for insurance companies seeking yield-bearing assets with underlying hard assets and stable cash flows. The presence of senior secured notes indicates that Corebridge's debt holdings are backed by collateral within the fund, providing additional security relative to unsecured debt. The 3.56% and 3.76% coupon rates on these notes reflect the yield profile of energy midstream debt in the current interest rate environment.

Filing Compliance and Regulatory Context

The beneficial ownership report was filed pursuant to Section 30(h) of the Investment Company Act of 1940, which requires disclosure of significant transactions by affiliates of registered investment companies. The filing was signed on July 27, 2026, by Polly Klane as an authorized signatory of Corebridge Financial, Inc., and by Mary Brodd as an authorized signatory of American General Life Insurance Company. This dual signature requirement reflects the involvement of both the parent holding company and the direct security holder in the transaction.

The form documents both the direct redemption transaction (Series J shares) and the current beneficial ownership positions held across multiple security types. By consolidating this information in a single filing, the disclosure provides investors and regulators with a comprehensive view of Corebridge's investment relationship with the ClearBridge Energy Midstream Opportunity Fund as of the transaction date. The detail surrounding the redemption price—specifically the breakdown of liquidation value and accrued interest—provides transparency regarding the exact terms at which the securities were redeemed.

Implications for Investor Monitoring of Corebridge's Fund Holdings

Investors monitoring Corebridge Financial's investment portfolio may note that the redemption of Series J shares represents a reduction in one category of preferred equity exposure, while preferred and debt positions in the fund remain substantial. The timing of the redemption at maturity suggests routine portfolio management rather than an early exit or distressed scenario. The company's continued holdings across multiple securities indicate ongoing confidence in the ClearBridge Energy Midstream Opportunity Fund as part of Corebridge's broader insurance subsidiary investment strategy.

The near-term maturity of the Series N Notes in June 2027 may warrant monitoring by investors interested in tracking how Corebridge decides to reinvest or redeploy capital when those notes mature. The presence of the longer-dated Series O Notes maturing in 2030 indicates a medium-term investment horizon within the energy midstream fund. Such filings provide visibility into the investment activities of large insurance holding companies and can inform broader understanding of capital allocation within the insurance and investment sectors.

Capital Structure of ClearBridge Energy Midstream Opportunity Fund

The filing reveals the multi-tiered capital structure of the ClearBridge Energy Midstream Opportunity Fund, which includes preferred equity securities and senior secured debt instruments. The existence of Series J, Series P, Series N, and Series O securities suggests that the fund has raised capital through multiple tranches, likely at different times and with varying terms and maturity dates. This layered structure is typical of investment funds seeking to appeal to different investor constituencies with different risk and return preferences.

The redemption of the Series J preferred shares at their scheduled maturity, coupled with the existence of other series of preferred stock, indicates that the fund may operate with a continuous or periodic issuance model where certain series mature while others remain outstanding. The senior secured notes held by Corebridge provide debt financing to the fund, with security provided by the underlying assets and operations. This combination of preferred equity and senior debt in Corebridge's holdings demonstrates the range of return profiles available within a single investment vehicle.