Tortoise Capital Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of December 31, 2024, for TYG and TEAF

Rhea-AI Summary

Tortoise Capital released unaudited balance sheet information and asset coverage ratio updates for two closed-end funds as of December 31, 2024. Tortoise Energy Infrastructure Corp. (TYG) reported unaudited total assets of $992.7 million and net asset value of $800.6 million ($46.45 per share), with asset coverage ratios of 716% for senior securities indebtedness and 540% for preferred shares.

Tortoise Sustainable and Social Impact Term Fund (TEAF) disclosed unaudited total assets of $220.9 million and net asset value of $188.4 million ($13.96 per share), with an asset coverage ratio of 698% for senior securities indebtedness. TEAF continues to provide monthly updates on direct investments on their website, aiming for a target of 60% direct investments.

Positive

• TYG maintains strong asset coverage ratios: 716% for senior securities and 540% for preferred shares
• TEAF shows solid asset coverage ratio of 698% for senior securities

Negative

• None.

Insights

Financial Analyst

The December 2024 financial report for TEAF reveals key metrics about the fund's position. With $220.9 million in total assets and $188.4 million in NAV ($13.96 per share), the fund maintains a healthy asset coverage ratio of 698% for its debt obligations. The leverage structure shows $31.5 million in credit facility borrowings, representing approximately 14.3% of total assets - a conservative leverage level for a closed-end fund.

The fund's cash position of $4.2 million (1.9% of total assets) provides adequate liquidity while keeping cash drag minimal. The investment portfolio of $215.3 million represents 97.5% of total assets, indicating efficient capital deployment. The fund's strategy of targeting 60% direct investments demonstrates a focus on private market opportunities, which can potentially offer enhanced yields and diversification benefits compared to purely public market investments.

Market Research Analyst

Breaking down TEAF's portfolio structure reveals strategic positioning in sustainable and social impact investments, a growing sector attracting increased capital flows. The fund's commitment to transparency through monthly updates on direct investments is particularly noteworthy as it allows investors to track the execution of its private investment strategy. The 698% asset coverage ratio significantly exceeds regulatory requirements, providing a substantial cushion against market volatility and protecting investor interests.

For context, the regulatory minimum asset coverage ratio is 300%, meaning TEAF maintains more than double the required safety margin. This conservative approach to leverage management, combined with the focus on direct investments in sustainable projects, positions the fund well in an environment where ESG considerations are increasingly important to investors. The balanced portfolio structure with minimal cash holdings suggests efficient capital utilization while maintaining operational flexibility.

OVERLAND PARK, KS / ACCESSWIRE / January 2, 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 Dec. 31, 2024, the company's unaudited total assets were approximately $992.7 million and its unaudited net asset value was $800.6 million, or $46.45 per share.

As of Dec. 31, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 716%, and its coverage ratio for preferred shares was 540%. 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 Dec. 31, 2024.

Unaudited balance sheet

	(in Millions)	Per Share
Investments	$ 989.3	$ 57.40
Cash and Cash Equivalents	0.7	0.04
Other Assets	2.7	0.16
Total Assets	992.7	57.60
Short-Term Borrowings	39.2	2.27
Senior Notes	98.1	5.69
Preferred Stock	44.9	2.61
Total Leverage	182.2	10.57
Other Liabilities	4.1	0.25
Deferred Tax Liability	5.6	0.32
Current Tax Liability	0.2	0.01
Net Assets	$ 800.6	$ 46.45

17.24 million common shares currently outstanding.

Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) today announced that as of Dec. 31, 2024 the company's unaudited total assets were approximately $220.9 million and its unaudited net asset value was $188.4 million, or $13.96 per share.

As of Dec. 31, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 698%. 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 preliminary unaudited balance sheet at Dec. 31, 2024.

Unaudited balance sheet

	(in Millions)	Per Share
Investments	$ 215.3	$ 15.96
Cash and Cash Equivalents	4.2	0.31
Other Assets	1.4	0.10
Total Assets	220.9	16.37
Credit Facility Borrowings	31.5	2.33
Other Liabilities	1.0	0.08
Net Assets	$ 188.4	$ 13.96

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. Updates will continue to be posted on a monthly basis if there was a deal during the prior month until the fund reaches its target of 60% direct investments.

About Tortoise Capital
With approximately $9.9 billion in assets under management as of Nov. 30, 2024, 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 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.

Media Contacts
Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com

SOURCE: Tortoise Capital

View the original press release on accesswire.com

FAQ

What is TEAF's net asset value per share as of December 31, 2024?

TEAF's unaudited net asset value per share was $13.96 as of December 31, 2024.

What are TEAF's total assets and net assets as of December 31, 2024?

TEAF reported unaudited total assets of $220.9 million and net assets of $188.4 million as of December 31, 2024.

What is TEAF's asset coverage ratio for senior securities?

TEAF's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 698% as of December 31, 2024.

What is TEAF's target for direct investments?

TEAF aims to reach a target of 60% direct investments.

How many common shares of TEAF were outstanding as of December 31, 2024?

TEAF had 13.49 million common shares outstanding as of December 31, 2024.