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

Rhea-AI Summary

Tortoise Capital released unaudited balance sheet information for two closed-end funds as of January 31, 2025. Tortoise Energy Infrastructure Corp. (TYG) reported total assets of $1.1 billion and net asset value of $847.3 million ($49.16 per share), with asset coverage ratios of 633% for senior securities and 499% for preferred shares.

Tortoise Sustainable and Social Impact Term Fund (TEAF) disclosed total assets of $221.5 million and net asset value of $189.5 million ($14.04 per share), with an asset coverage ratio of 702% for senior securities. The fund maintains $31.5 million in credit facility borrowings and has 13.49 million common shares outstanding.

Positive

• TYG maintains strong asset coverage ratios: 633% for senior securities and 499% for preferred shares
• TEAF shows robust asset coverage ratio of 702% for senior securities
• TYG reports substantial total assets of $1.1 billion

Negative

• None.

Insights

Financial Analyst

The latest financial disclosure for TEAF reveals a carefully managed balance sheet structure with several notable aspects for investors. The fund's $221.5 million in total assets is primarily composed of investments ($218.7 million), representing an efficient 98.7% deployment of capital. This high allocation to investments suggests strong conviction in the fund's strategy and minimal cash drag.

The asset coverage ratio of 702% is particularly noteworthy, as it significantly exceeds the regulatory minimum requirement of 300% under the 1940 Act. This conservative leverage profile provides substantial cushion against market volatility and demonstrates prudent risk management. The $31.5 million in credit facility borrowings represents a modest leverage ratio of approximately 14.2% of total assets, indicating a balanced approach to using leverage for enhancing returns while maintaining financial flexibility.

The fund's direct investment strategy, combining sustainable infrastructure and social impact investments, offers unique portfolio diversification benefits. The transparency in reporting private deal activities monthly enhances investor understanding of the fund's deployment strategy and value creation approach.

The NAV of $14.04 per share, supported by a predominantly invested portfolio and conservative leverage, provides a solid foundation for the fund's sustainable and social impact objectives while maintaining financial prudence.

OVERLAND PARK, KS / ACCESS Newswire / February 3, 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 Jan. 31, 2025, the company's unaudited total assets were approximately $1.1 billion and its unaudited net asset value was $847.3 million, or $49.16 per share.

As of Jan. 31, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 633%, and its coverage ratio for preferred shares was 499%. 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 Jan. 31, 2025.

Unaudited balance sheet

		(in Millions)				Per Share
Investments		$	1,062.8			$	61.66
Cash and Cash Equivalents			0.5				0.03
Other Assets			3.9				0.23
Total Assets			1,067.2				61.92
Short-Term Borrowings			69.3				4.02
Senior Notes			98.1				5.69
Preferred Stock			44.9				2.61
Total Leverage			212.3				12.32
Other Liabilities			1.8				0.11
Deferred Tax Liability			5.6				0.32
Current Tax Liability			0.2				0.01
Net Assets		$	847.3			$	49.16

17.24 million common shares currently outstanding.

Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) today announced that as of Jan. 31, 2025 the company's unaudited total assets were approximately $221.5 million and its unaudited net asset value was $189.5 million, or $14.04 per share.

As of Jan. 31, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 702%. 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 Jan. 31, 2025.

Unaudited balance sheet

		(in Millions)				Per Share
Investments		$	218.7			$	16.21
Cash and Cash Equivalents			1.2				0.09
Other Assets			1.6				0.12
Total Assets			221.5				16.42
Credit Facility Borrowings			31.5				2.33
Other Liabilities			0.5				0.05
Net Assets		$	189.5			$	14.04

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 $9.2 billion in assets under management as of Dec. 31, 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 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 TEAF's current net asset value per share as of January 31, 2025?

TEAF's unaudited net asset value per share was $14.04 as of January 31, 2025.

How much are TEAF's total assets and credit facility borrowings?

TEAF reported unaudited total assets of $221.5 million and credit facility borrowings of $31.5 million.

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 702%.

How many common shares of TEAF are currently outstanding?

TEAF has 13.49 million common shares outstanding.