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Governance: A switch to more traditional governance, where voting rights are equal to economic participation, would strengthen sentiment from many key midstream investors who are increasingly vocal about lack of midstream governance.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:19:42.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e7c84d0-dd1d-449c-a796-f89cd52cf049", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.73, "x": 0.24, "y": 0.21 }, "kind": "list", "text": "Depth of Market: The investor following and liquidity of the Midstream/Energy C-Corp market is significantly deeper than that of the MLP market. 505 investors are invested in the AMZ companies, with the top 20 managing a combined $2.2 trillion in AUM. Comparatively, 3,600+ investors have positions in Energy companies the S&P 1500, with the top 20 managing a combined $7.4 trillion in equity AUM. Dedicated Funds: While some funds are prevented from owning MLPs, we are not aware of any MLP-dedicated fund that is prevented from owning 1099 securities.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:19:42.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "872189a3-afdc-40b5-9e0b-576377a1720a", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.73, "x": 0.24, "y": 0.46 }, "kind": "list", "text": "Investor Overlap: Substantial overlap in Midstream and GP's investor bases at the institutional level; possible that some may invest in GP as a levered play on Midstream's underlying assets. 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