Welcome to our dedicated page for Tortoise Sustainable and Social Impact Term Fund news (Ticker: TEAF), a resource for investors and traders seeking the latest updates and insights on Tortoise Sustainable and Social Impact Term Fund stock.
Ecofin Sustainable and Social Impact Term Fund (TEAF), managed by TortoiseEcofin, is a U.S.-based, non-diversified, closed-end management investment company. Its primary goal is to offer shareholders a high level of total return, with a strong focus on current distributions. TortoiseEcofin specializes in essential assets and income, investing in the infrastructure that supports society's essential needs, from traditional energy to sustainable solutions.
Core Business
TEAF invests in a wide range of essential assets and services. The fund’s portfolio includes investments across the energy value chain, sustainable infrastructure (such as wind, solar, and water infrastructure), and credit investments. These investments are designed to meet core societal needs and provide diversification and steady income for investors.
Recent Achievements
In August 2023, Tortoise and the Board announced conditional tender offers as part of their discount management program. This involved tendering 5% of the fund's outstanding shares at 98% of the net asset value (NAV) due to the shares trading at a significant discount. This tender offer is expected to commence in October 2023. Further, TortoiseEcofin announced regular quarterly rebalancing of its indices in September 2023, which included notable changes to several of its indices.
Current Projects
TEAF is actively engaged in sustainable and social impact projects, including direct lending to social infrastructure projects. These investments support education, senior living, and the transition to cleaner energy, thereby addressing crucial needs in our communities.
Financial Condition
TEAF aims to offer a high level of total return with an emphasis on current distributions. The fund is committed to managing its portfolio effectively to balance risk and return, with a focus on generating income for its shareholders.
Partnerships
The fund benefits from TortoiseEcofin’s extensive expertise in energy and infrastructure investments. TortoiseEcofin has over 20 years of experience in the energy sector and is well-positioned to lead in the global energy transition.
Products and Services
TEAF provides a variety of investment vehicles aimed at meeting the evolving needs of its clients, including traditional energy investments, sustainable infrastructure projects, and social impact financing. The fund's diversified portfolio is designed to deliver steady income and growth opportunities.
For more information, visit the TortoiseEcofin website at www.tortoiseecofin.com.
Latest News
- August 11, 2023: Announcement of conditional tender offers.
- September 8, 2023: Updates on quarterly index rebalancing.
- February 16, 2024: Release of corrected Tortoise Energy Infrastructure Total Return Fund 2023 annual report.
Tortoise has released unaudited balance sheet information and asset coverage ratios for its funds TYG, NTG, TTP, NDP, and TPZ as of June 28, 2024.
TYG reported unaudited total assets of $554.1M and a net asset value (NAV) of $436.8M or $40.58 per share. The asset coverage ratio under the 1940 Act for senior securities was 693%, and for preferred shares, it was 479%.
NTG reported total assets of $311.8M and an NAV of $254.5M or $49.96 per share. Its asset coverage ratio was 732% for senior securities and 553% for preferred shares.
TTP had total assets of $99.0M and an NAV of $81.7M or $40.62 per share, with an asset coverage ratio of 925% for senior securities and 588% for preferred shares.
NDP's total assets were $77.1M and its NAV was $66.5M or $39.92 per share, with an asset coverage ratio of 752% for senior securities.
TPZ reported total assets of $128.8M and an NAV of $106.7M or $18.12 per share, with an asset coverage ratio of 594% for senior securities.
On July 1, 2024, Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) provided an update on its unaudited balance sheet and asset coverage ratio as of June 28, 2024. The company's total assets were approximately $226.6 million, with a net asset value (NAV) of $196.9 million or $14.59 per share. TEAF's asset coverage ratio was 786%. Key balance sheet figures included $224.5 million in investments, $0.3 million in cash and equivalents, and $1.8 million in other assets. The fund had $28.7 million in credit facility borrowings and $1.0 million in other liabilities. There are 13.49 million common shares outstanding. Additional details on TEAF's top 10 holdings and monthly updates on direct investments are available on their website.
Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) has released unaudited balance sheet information as of May 31, 2024. The fund reported total assets of approximately $221.8 million and a net asset value (NAV) of $200.2 million, translating to $14.84 per share. The asset coverage ratio under the 1940 Act for senior securities representing indebtedness was noted at 1,058%. Key figures include $219.4 million in investments, $0.5 million in cash and cash equivalents, and $1.9 million in other assets. The fund has $20.9 million in credit facility borrowings and $0.7 million in other liabilities, with 13.49 million common shares outstanding.
TEAF also provides regular updates on direct investments via its website, with monthly summaries of private deals. TCA Advisors acts as the fund adviser, with Ecofin Advisors as the sub-adviser.
Ecofin Sustainable and Social Impact Term Fund (TEAF) announced its monthly distribution of $0.09 per share falling within the managed distribution target range of 6-8% of the Fund's trailing average NAV. The distributions are payable on June 28, 2024, July 31, 2024, and August 30, 2024, with estimated sources of approximately 40 to 50% ordinary income. For more information, visit their website.
Ecofin has released its quarterly commentary piece for the Ecofin Tax-Advantaged Social Impact Fund (NASDAQ: TSIFX), showcasing deal transactions and providing a market update and outlook.
TEAF's unaudited balance sheet information as of April 30, 2024, reveals total assets of around $205.8 million and net asset value of $194.3 million, or $14.40 per share, with an asset coverage ratio of 1,850%. The company also updated its top 10 holdings and provided details on direct investments.
FAQ
What is the current stock price of Tortoise Sustainable and Social Impact Term Fund (TEAF)?
What is the market cap of Tortoise Sustainable and Social Impact Term Fund (TEAF)?
What is the primary goal of Ecofin Sustainable and Social Impact Term Fund (TEAF)?
What types of investments does TEAF focus on?
Who manages TEAF?
What recent achievements has TEAF announced?
What are the current projects TEAF is involved in?
How does TEAF aim to generate returns for its shareholders?
Is TEAF a diversified fund?
Where can I find more information about TEAF?
When will the tender offers announced in August 2023 commence?
What is TortoiseEcofin's expertise?
