Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of June 28, 2024, for TYG, NTG, TTP, NDP and TPZ
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.
- None.
- TYG's senior notes and preferred stock liabilities amount to $50.3M and $35.7M, respectively, impacting leverage.
- NTG's short-term borrowings and senior notes total $42.5M, contributing to leverage.
- TTP's liabilities include $6.7M in short-term borrowings and $3.9M in senior notes, affecting its leverage.
- NDP has credit facility borrowings of $10.2M, influencing leverage.
- TPZ's credit facility borrowings of $21.6M contribute to its leverage.
Insights
The unaudited balance sheet information disclosed by Tortoise provides a snapshot of the financial health and leverage of its various funds (TYG, NTG, TTP, NDP and TPZ) as of June 28, 2024. While balance sheet summaries are relatively standard, the detailed asset coverage ratios are noteworthy. For instance, TYG's asset coverage ratio for senior securities is
However, this data should be contextualized. High coverage ratios may denote reduced risk but could also imply conservative leverage usage, possibly limiting growth during bullish market phases. Investors should watch leverage trends to gauge the company’s growth strategy. Additionally, the net asset values (NAV) per share across these funds range from around $18.12 for TPZ to $49.96 for NTG, which reflects the underlying portfolio valuations post liabilities. This is important for retail investors looking at the relative value and risk of these funds.
As a retail investor, the key takeaway here is understanding how each fund manages its leverage and the potential implications for stability and growth. The high coverage ratios signal stability, but one must balance this with their own risk tolerance and growth expectations.
Examining Tortoise's balance sheet information through a market research lens, the figures reveal significant insights about sector trends and strategic fund positioning. The reported asset coverage ratios across all five funds illustrate an industry-standard adherence to regulatory requirements under the 1940 Act—a key consideration especially for risk-averse investors. For instance, TTP's coverage ratio for senior securities is an impressive
For retail investors, it’s pertinent to interpret these figures in the context of broader market conditions. A high asset coverage ratio might reflect Tortoise’s defensive stance amidst volatile energy markets, particularly relevant if one expects fluctuations in energy prices. Additionally, the consistency in high coverage ratios across different funds suggests a strategic emphasis on financial prudence. This strategy can appeal to investors seeking stable income with relatively low risk, typical of closed-end funds (CEFs).
Moreover, the specific NAV per share data can guide investors in assessing the relative performance and valuation of these funds. For example, NTG’s substantial NAV per share of $49.96 indicates robust portfolio performance, potentially making it an attractive option for investors prioritizing high asset value.
OVERLAND PARK, KS / ACCESSWIRE / July 1, 2024 / Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP and TPZ.
Tortoise Energy Infrastructure Corp. (NYSE:TYG) today announced that as of June 28, 2024, the company's unaudited total assets were approximately
As of June 28, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was
Set forth below is a summary of the company's unaudited balance sheet at June 28, 2024.
Unaudited balance sheet
| (in Millions) |
|
| Per Share |
| |||
Investments |
| $ | 552.0 |
|
| $ | 51.28 |
|
Cash and Cash Equivalents |
|
| 0.3 |
|
|
| 0.03 |
|
Current Tax Asset |
|
| 0.4 |
|
|
| 0.03 |
|
Other Assets |
|
| 1.4 |
|
|
| 0.13 |
|
Total Assets |
|
| 554.1 |
|
|
| 51.47 |
|
|
|
|
|
|
|
|
| |
Short-Term Borrowings |
|
| 29.4 |
|
|
| 2.73 |
|
Senior Notes |
|
| 50.3 |
|
|
| 4.68 |
|
Preferred Stock |
|
| 35.7 |
|
|
| 3.31 |
|
Total Leverage |
|
| 115.4 |
|
|
| 10.72 |
|
|
|
|
|
|
|
|
| |
Other Liabilities |
|
| 1.9 |
|
|
| 0.17 |
|
Net Assets |
| $ | 436.8 |
|
| $ | 40.58 |
|
10.76 million common shares currently outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE:NTG) today announced that as of June 28, 2024, the company's unaudited total assets were approximately
As of June 28, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was
Set forth below is a summary of the company's unaudited balance sheet at June 28, 2024.
Unaudited balance sheet
| (in Millions) |
|
| Per Share |
| |||
Investments |
| $ | 310.1 |
|
| $ | 60.89 |
|
Cash and Cash Equivalents |
|
| 0.4 |
|
|
| 0.08 |
|
Current Tax Asset |
|
| 0.2 |
|
|
| 0.05 |
|
Other Assets |
|
| 1.1 |
|
|
| 0.20 |
|
Total Assets |
|
| 311.8 |
|
|
| 61.22 |
|
|
|
|
|
|
|
|
| |
Short-Term Borrowings |
|
| 13.3 |
|
|
| 2.61 |
|
Senior Notes |
|
| 29.2 |
|
|
| 5.73 |
|
Preferred Stock |
|
| 13.7 |
|
|
| 2.70 |
|
Total Leverage |
|
| 56.2 |
|
|
| 11.04 |
|
|
|
|
|
|
|
|
| |
Other Liability |
|
| 1.1 |
|
|
| 0.22 |
|
Net Assets |
| $ | 254.5 |
|
| $ | 49.96 |
|
5.09 million common shares currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) today announced that as of June 28, 2024, the company's unaudited total assets were approximately
As of June 28, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was
Set forth below is a summary of the company's unaudited balance sheet at June 28, 2024.
Unaudited balance sheet
| (in Millions) |
|
| Per Share |
| |||
Investments |
| $ | 97.9 |
|
| $ | 48.70 |
|
Cash and Cash Equivalents |
|
| 0.6 |
|
|
| 0.28 |
|
Other Assets |
|
| 0.5 |
|
|
| 0.25 |
|
Total Assets |
|
| 99.0 |
|
|
| 49.23 |
|
|
|
|
|
|
|
|
| |
Short-Term Borrowings |
|
| 6.7 |
|
|
| 3.34 |
|
Senior Notes |
|
| 3.9 |
|
|
| 1.96 |
|
Preferred Stock |
|
| 6.1 |
|
|
| 3.03 |
|
Total Leverage |
|
| 16.7 |
|
|
| 8.33 |
|
|
|
|
|
|
|
|
| |
Other Liabilities |
|
| 0.6 |
|
|
| 0.28 |
|
Net Assets |
| $ | 81.7 |
|
| $ | 40.62 |
|
2.01 million common shares currently outstanding.
Tortoise Energy Independence Fund, Inc. (NYSE:NDP) today announced that as of June 28, 2024, the company's unaudited total assets were approximately
As of June 28, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was
Set forth below is a summary of the company's unaudited balance sheet at June 28, 2024.
Unaudited balance sheet
| (in Millions) |
|
| Per Share |
| |||
Investments |
| $ | 76.3 |
|
| $ | 45.82 |
|
Cash and Cash Equivalents |
|
| 0.5 |
|
|
| 0.29 |
|
Other Assets |
|
| 0.3 |
|
|
| 0.14 |
|
Total Assets |
|
| 77.1 |
|
|
| 46.25 |
|
|
|
|
|
|
|
|
| |
Credit Facility Borrowings |
|
| 10.2 |
|
|
| 6.12 |
|
|
|
|
|
|
|
|
| |
Other Liabilities |
|
| 0.4 |
|
|
| 0.21 |
|
Net Assets |
| $ | 66.5 |
|
| $ | 39.92 |
|
1.67 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of June 28, 2024, the company's unaudited total assets were approximately
As of June 28, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was
Set forth below is a summary of the company's unaudited balance sheet at June 28, 2024.
Unaudited balance sheet
| (in Millions) |
|
| Per Share |
| |||
Investments |
| $ | 127.1 |
|
| $ | 21.58 |
|
Cash and Cash Equivalents |
|
| 0.2 |
|
|
| 0.04 |
|
Other Assets |
|
| 1.5 |
|
|
| 0.26 |
|
Total Assets |
|
| 128.8 |
|
|
| 21.88 |
|
|
|
|
|
|
|
|
| |
Credit Facility Borrowings |
|
| 21.6 |
|
|
| 3.67 |
|
|
|
|
|
|
|
|
| |
Other Liabilities |
|
| 0.5 |
|
|
| 0.09 |
|
Net Assets |
| $ | 106.7 |
|
| $ | 18.12 |
|
5.89 million common shares currently outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP and TPZ as of the most recent month-end can be found on each fund's portfolio web page at https://cef.tortoiseadvisors.com.
About Tortoise
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise's solid track record of energy value chain investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseAdvisors.com.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc.
For additional information on these funds, please visit cef.tortoiseadvisors.com.
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.
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.
Contact information
For more information contact Eva Lipner at (913) 981-1020 or info@tortoiseadvisors.com.
SOURCE: Tortoise
View the original press release on accesswire.com
FAQ
What are TYG's unaudited total assets as of June 28, 2024?
What is NTG's net asset value per share as of June 28, 2024?
What is the asset coverage ratio for TTP's preferred shares as of June 28, 2024?
How much is NDP's net asset value as of June 28, 2024?
What is the asset coverage ratio for TPZ's senior securities as of June 28, 2024?
