Tortoise Capital Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of March 31, 2025, for TYG and TEAF

Rhea-AI Summary

Tortoise Capital has released unaudited balance sheet information for its closed-end funds as of March 31, 2025. Tortoise Energy Infrastructure Corp. (NYSE:TYG) reported unaudited total assets of $1.0 billion and a net asset value of $822.4 million ($47.72 per share). The company's asset coverage ratios were 612% for senior securities indebtedness and 484% for preferred shares.

Key balance sheet figures for TYG include:

• Investments: $1,044.1 million ($60.58 per share)
• Total leverage: $214.3 million ($12.44 per share)
• Outstanding common shares: 17.24 million

Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) reported unaudited total assets of $214.2 million and a net asset value of $179.8 million ($13.33 per share), with an asset coverage ratio of 638% for senior securities indebtedness.

Positive

• Strong asset coverage ratios: 612% for senior securities and 484% for preferred shares
• Substantial total assets of $1.0 billion
• Healthy investment portfolio of $1,044.1 million

Negative

• Total leverage of $214.3 million including short-term borrowings, senior notes, and preferred stock

Insights

Closed-End Fund Analyst

Tortoise Capital's latest balance sheet update for TYG and TEAF reveals solid asset coverage ratios that significantly exceed regulatory requirements. TYG's coverage ratio of 612% for senior securities and 484% for preferred shares demonstrates strong financial positioning against the 300% and 200% minimum thresholds required by the 1940 Act.

TYG's NAV of $47.72 per share stands at a 9.8% premium to its current market price of $43.47, suggesting potential value opportunity. The fund maintains a balanced leverage structure with total leverage of $214.3 million against $1.048 billion in total assets, representing a reasonable leverage ratio of approximately 20.4%.

Similarly, TEAF reports healthy coverage at 638% with NAV at $13.33 per share. The fund's conservative borrowing structure with $33.4 million in credit facility borrowings against $214.2 million in total assets maintains leverage at about 15.6%.

These metrics indicate both funds are operating with considerable safety margins in their capital structures, providing investors with reduced risk during potential market downturns while maintaining enough leverage to potentially enhance returns in their respective investment categories. The substantial cushion above regulatory requirements provides management with financial flexibility to navigate changing market conditions without forced deleveraging.

OVERLAND PARK, KS / ACCESS Newswire / April 1, 2025 / Tortoise Capital today announced the following unaudited balance sheet information and asset coverage ratio updates for closed-end funds TYG and TEAF.

Tortoise Energy Infrastructure Corp. (NYSE:TYG) today announced that as of Mar. 31, 2025, the company's unaudited total assets were approximately $1.0 billion and its unaudited net asset value was $822.4 million, or $47.72 per share.

As of Mar. 31, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 612%, and its coverage ratio for preferred shares was 484%. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at Mar. 31, 2025.

Unaudited balance sheet

		(in Millions)				Per Share
Investments		$	1,044.1			$	60.58
Cash and Cash Equivalents			0.9				0.05
Current Tax Assets			0.4				0.03
Other Assets			3.0				0.17
Total Assets			1,048.4				60.83
Short-Term Borrowings			71.3				4.14
Senior Notes			98.1				5.69
Preferred Stock			44.9				2.61
Total Leverage			214.3				12.44
Payable for Investments Purchased			1.6				0.09
Other Liabilities			4.5				0.26
Deferred Tax Liability			5.6				0.32
Net Assets		$	822.4			$	47.72

17.24 million common shares currently outstanding.

Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) today announced that as of Mar. 31, 2025 the company's unaudited total assets were approximately $214.2 million and its unaudited net asset value was $179.8 million, or $13.33 per share.

As of Mar. 31, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 638%. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at Mar. 31, 2025.

Unaudited balance sheet

		(in Millions)				Per Share
Investments		$	211.5			$	15.68
Cash and Cash Equivalents			2.1				0.16
Other Assets			0.6				0.04
Total Assets			214.2				15.88
Credit Facility Borrowings			33.4				2.48
Other Liabilities			1.0				0.07
Net Assets		$	179.8			$	13.33

13.49 million common shares outstanding.

The top 10 holdings for TYG and TEAF as of the most recent month-end can be found on each fund's portfolio web page at https://cef.tortoiseadvisors.com.

TEAF also provides update on direct investments.

TEAF provides an update on the fund's direct investments on the company website at https://cef.tortoiseadvisors.com/funds/teaf/#portfolio. Details on each private deal that has taken place over the prior month will be published on the website at https://cef.tortoiseadvisors.com/funds/teaf/#deal-summaries-list. The list includes all deals completed since the fund's inception.

About Tortoise Capital

With approximately $9.6 billion in assets under management as of Feb. 28, 2025, Tortoise Capital's record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-

positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered fund manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors-from production to transportation to distribution. For more information about Tortoise Capital, visit http://www.TortoiseAdvisors.com.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp. and Tortoise Sustainable and Social Impact Term Fund.

For additional information on these funds, please visit cef.tortoiseadvisors.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe harbor statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Contact information
For more information contact Eva Lipner at (913) 890-2165 or info@tortoiseadvisors.com.

SOURCE: Tortoise Capital

View the original press release on ACCESS Newswire

FAQ

What is TYG's net asset value per share as of March 31, 2025?

TYG's net asset value per share was $47.72 as of March 31, 2025.

How much total leverage does TYG have on its balance sheet?

TYG's total leverage is $214.3 million, or $12.44 per share.

What are TYG's asset coverage ratios as of March 2025?

TYG's asset coverage ratio was 612% for senior securities indebtedness and 484% for preferred shares.

How many common shares of TYG are currently outstanding?

TYG has 17.24 million common shares currently outstanding.