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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 14:19:08.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "006b1cd8-2572-4b1e-84c5-56d30c61b6e3", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.72, "x": 0.25, "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. Lower \"non-levered\" growth rate may cause certain investors scale back their Arkose position. Growth Rate: Pro forma entity, however, would still have a sector-leading growth rate and exceed Midstream's current growth profile. Change in growth profile, in isolation, is unlikely to result in meaningful selling.", "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 14:19:08.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "073eaaa0-b2eb-48e1-a8e8-0870595b4092", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.25, "y": 0.71 }, "kind": "list", "text": "Elevated Volumes: An event that leads to elevated trading volumes could cause some investors to reduce their positions given underlying weakness in the broader MLP market. 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 14:19:08.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b048293-01a0-4717-a0bc-f9f7ff31cab0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.13, "y": 0.07 }, "kind": "title", "text": "Summary Observations on Potential Shareholder Reaction to an Arkose Simplification", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:19:08.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba738505-8e63-4725-b70b-41a8552601e8", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "49bc90fe-f369-40cc-8609-bf176cf4a662", "evidence": "This slide is titled 'Summary Observations on Potential Shareholder Reaction to an Arkose Simplification' and has a type of 'executive_summary'.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:24:05.973196+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Situation & Context", "beatId": "7fb98428-ae14-4123-82bb-ce7dca0a3c70", "matchId": "75df6ef9-1b09-4198-9e4f-92789ff51f5d", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Slides 3-4 provide an illustrative summary comparison and summary observations on potential shareholder reaction.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. 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Note: Blue shading denotes no overlap between Delaware C-Corp investors and 1099 GPs.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 5, "textChars": 884, "nDataPoints": 100, "notes": "Source: Thomson Reuters as of 4Q 2017. 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Of the top 50 Midstream Delaware C-Corp investors, 12 do not hold any positions in 1099 GPs. But 7 of those investors hold positions in MLPs, suggesting governance is not the driving factor of their lack of investment.", "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 14:19:09.182+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cab6f09-c355-4f5d-95d8-0af1fa0e1943", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.08, "y": 0.87 }, "kind": "source-note", "text": "Source: Thomson Reuters as of 4Q 2017. 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