Tortoise Sustainable and Social Impact Stock Price, News & Analysis

Tortoise Capital Advisors announced the planned merger of Tortoise Sustainable and Social Impact Term Fund (TEAF) into Tortoise Energy Infrastructure Corp. (TYG), with TYG as the surviving entity. The combined assets under management total approximately $1.2 billion as of May 31, 2025. TYG will maintain its investment strategy focused on energy and power infrastructure, targeting high total returns with emphasis on current distributions. The merger aims to enhance scale, improve operational efficiency, and strengthen Tortoise Capital's position in energy infrastructure investing. Notable benefits include a 30% increase in TYG's distributions upon merger completion. Additionally, TEAF is in exclusive negotiations to sell its remaining private renewables portfolio, with proceeds to be reinvested in listed energy infrastructure securities. The merger is expected to close in the second half of 2025, subject to shareholder and regulatory approvals.

Tortoise Capital released unaudited balance sheet information for two closed-end funds as of May 30, 2025. For Tortoise Energy Infrastructure Corp (TYG), total assets were $969.2M with a net asset value of $772.2M ($44.80 per share). TYG's asset coverage ratios were 679% for senior securities and 515% for preferred shares. The fund has 17.24M common shares outstanding with total leverage of $186M. For Tortoise Sustainable and Social Impact Term Fund (TEAF), total assets were $209.2M with a net asset value of $177M ($13.12 per share). TEAF's asset coverage ratio for senior securities was 664%, with 13.49M common shares outstanding.

Tortoise Capital has declared monthly distributions for its closed-end funds. The Tortoise Energy Infrastructure Corp. (TYG) will distribute $0.365 monthly, while the Tortoise Sustainable and Social Impact Term Fund (TEAF) will distribute $0.090 monthly.

The distributions will be payable on June 30, July 31, and August 29, 2025, to shareholders of record on June 23, July 24, and August 22, 2025, respectively. For book purposes, the source of distributions is estimated to be 0-10% ordinary income, with the remainder as return of capital.

Tortoise Capital Advisors announced key fund reorganizations to streamline operations and enhance shareholder flexibility. The reorganization includes:

- Tortoise Energy Infrastructure Total Return Fund (TORIX, TORTX, TORCX) and Tortoise North American Pipeline Fund (TPYP) have moved to the Tortoise Capital Series Trust

- Tortoise Energy Infrastructure and Income Fund will reorganize into the Trust and convert from a mutual fund to an actively managed ETF (expected June 2025). The fund will consolidate all share classes into the institutional class, convert to an ETF under ticker TNGY, and be renamed to Tortoise Energy Fund

Additionally, Tortoise North American Pipeline Fund's investment advisor has changed from Tortoise Index Solutions to Tortoise Capital Advisors, with Exchange Traded Concepts as sub-advisor.

Tortoise Capital released unaudited balance sheet information for two closed-end funds as of April 30, 2025. TYG reported total assets of $945.9 million and a net asset value of $752.2 million ($43.64 per share), with asset coverage ratios of 668% for senior securities and 506% for preferred shares. The fund has 17.24 million common shares outstanding. TEAF reported total assets of $208.3 million and a net asset value of $176.8 million ($13.10 per share), with an asset coverage ratio of 670% for senior securities. The fund has 13.49 million common shares outstanding.

Tortoise Capital Advisors, an energy-focused fund manager, announced two strategic senior hires to strengthen its distribution leadership and accelerate institutional and wealth management strategy. Rob Bernstein joins as Head of Institutional Business Development, bringing 30+ years of experience in institutional investing. Previously President at BennBridge US , Bernstein has extensive experience with pensions, endowments, foundations, and OCIOs.

Carter Sims joins as Senior Vice President, Financial Institutions Group, with 35+ years of senior leadership experience. Previously Principal at Third Street Partners and Head of Global Distribution at Thornburg Investment Management, Sims will focus on expanding presence across RIA aggregators, TAMPs, and Bank-Trust platforms.

These appointments align with Tortoise's transformation into a modern, insights-driven investment partner, featuring a restructured distribution team, investment specialist coverage pods, and a data-informed client engagement model.

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.

Tortoise Capital has announced strategic actions following the completion of TEAF's strategic review. The fund is executing significant portfolio changes to enhance shareholder value:

- Engaged Lucid Capital Markets to sell private credit and social infrastructure assets (29% of portfolio, $55.9 million), expected to close around March 20th

- Partnered with Marathon Capital to divest majority of private renewables portfolio, with closing anticipated in Q2 2025

- Proceeds will be reinvested in listed energy infrastructure holdings, while sustainable infrastructure holdings remain unchanged

These changes aim to reduce the discount to net asset value and align with Tortoise Capital's core expertise in managing public energy securities portfolios.

Tortoise Capital announced unaudited balance sheet information and asset coverage ratio updates for closed-end funds TYG and TEAF as of February 28, 2025. Tortoise Energy Infrastructure Corp. (NYSE:TYG) reported unaudited total assets of approximately $1.1 billion and a net asset value of $836.1 million, or $48.51 per share. The company's asset coverage ratio for senior securities representing indebtedness was 629%, and for preferred shares, it was 495%.

Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) reported unaudited total assets of approximately $220.8 million and a net asset value of $187.3 million, or $13.88 per share. The asset coverage ratio for senior securities representing indebtedness was 671%. TYG has 17.24 million common shares outstanding, while TEAF has 13.49 million common shares outstanding. Detailed information on top 10 holdings and direct investments for both funds is available on the company's website.