Center Coast Brookfield MLP & Energy Infrastructure Fund

The Fund declared a quarterly dividend of $0.225 per share, or $0.90 per share annualized. Based on the September 30 posted NAV and market closing price of $13.91, management said the NAV yield was 5.1% and the market yield was 6.5%, with an implied market price discount to NAV of approximately 21%. No revenue, EPS, or gross margin figures were reported on this call. Looking ahead, management said consensus expects distribution growth in 2022 of about 4% for the AMNA and around 2% for the AMZ, and they do not expect any material changes to implied index distributions through the end of 2021.

Joe Herman framed the quarter around a much stronger energy backdrop, saying supply-demand fundamentals have steadily improved and that the market is increasingly pricing in the view that hydrocarbons will remain important for longer than many expect. He emphasized that underinvestment across the industry is threatening reliable energy supply and argued that midstream remains well positioned because of existing infrastructure, export demand, and fee-based cash flows. His tone was confident and constructive, with repeated references to a favorable setup for the sector and eventual renewed investor interest.

There was no traditional CFO presentation, but Joe Herman provided the main fund-level financial commentary. He cited the quarterly dividend of $0.225 per share, the $0.90 annualized rate, the 5.1% NAV yield, the 6.5% market yield, and the roughly 21% discount to NAV as of September 30. He also said midstream cash flow has become more resilient, with free cash flow generally covering CapEx, dividends, and sometimes buybacks or de-leveraging, even in a flat crude production environment.

In Q&A and closing remarks, management was asked about exit timing and valuation for an investment; Joe Herman said they cannot comment on when, but described several plausible exits, including KKR selling its position, an IPO of KKR’s JV interest, or monetizing the LP interest. He also said valuation is reviewed frequently and relies partly on market multiples that are updated as needed to support what they believe is fair value. A separate question set was effectively closed without further issues, and management did not raise new concerns beyond limited visibility on exit timing.