Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 41

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 41
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 1/3%. In addition, if the Subscription Price for the Offer is less than the Fund’s NAV per Common Share as of
the Expiration Date, you would experience additional immediate dilution of NAV as a result of the Offer. If the Subscription Price is
substantially less than the current NAV per Common Share at the expiration of the Offer, such dilution could be substantial. It is anticipated
that the existing Common Shareholders will experience immediate dilution even if they fully exercise their Rights. In addition, whether
or not you exercise your Rights, you will experience a dilution of NAV of the Common Shares because you will indirectly bear the expenses
of this Offer, which include, among other items, SEC registration fees, printing expenses and the fees assessed by service providers (including
the cost of the Fund’s counsel and independent registered public accounting firm). This dilution of NAV will disproportionately
affect Common Shareholders who do not exercise their Rights. The Fund cannot state precisely the amount of any decrease because it is
not known at this time how many Common Shares will be subscribed for or what the NAV or market price of the Fund’s Common Shares
will be on the Expiration Date or what the Subscription Price will be. For example, based on the Fund’s NAV and the market price
of Common Shares on November 12, 2025, and on each of the four (4) preceding trading days, the Subscription Price would be less than NAV
and there would be dilution. Assuming full exercise of the Rights being offered at the Subscription Price and assuming that the Expiration
Date was November 12, 2025, it is estimated that the per Common Share dilution resulting from the Offer would be $1.14 or 3.46%.

In addition to the economic dilution described above,
if you do not exercise all of your Rights, you will incur voting dilution as a result of this Offer. This voting dilution will occur because
you will own a smaller proportionate interest in the Fund after the Offer than you owned prior to the Offer.

| S-24 |

The fact that the Rights are transferable may reduce
the effects of dilution as a result of the Offer. Rights holders can transfer or sell their Rights. The cash received from the sale of
Rights may be viewed as partial compensation for any possible dilution. There can be no assurances, however, that a market for the Rights
will develop or that the Rights will have any value in that market.