Welcome to our dedicated page for Tortoise Sustainable and Social Impact news (Ticker: TEAF), a resource for investors and traders seeking the latest updates and insights on Tortoise Sustainable and Social Impact stock.
This page provides a historical news archive for Tortoise Sustainable and Social Impact Term Fund (NYSE: TEAF), a closed-end fund that was advised by Tortoise Capital Advisors, L.L.C. and later merged into Tortoise Energy Infrastructure Corp. (NYSE: TYG). The coverage reflects TEAF’s role within the Tortoise closed-end fund platform and documents the key steps that led to its combination with TYG.
News items for TEAF include regular announcements of closed-end fund distributions issued by Tortoise Capital, where TEAF and TYG distribution amounts and payment dates were disclosed together. These releases also described the estimated tax character of distributions for book purposes, such as the portion treated as ordinary income and the portion treated as return of capital.
Another major category of news consists of periodic unaudited balance sheet and asset coverage ratio updates for TEAF and TYG. These updates summarized total assets, net assets, net asset value per share, margin loan facility borrowings for TEAF, and asset coverage ratios under the Investment Company Act of 1940 with respect to senior securities representing indebtedness. Company communications also pointed readers to fund web pages for details on top holdings and direct investments.
The archive further captures governance and corporate actions, including the announcement of shareholder approval of the merger of TEAF into TYG and the subsequent completion of that merger with TYG as the continuing fund. Follow-on releases discussed how the combined fund’s scale and distribution policy were affected by the transaction. By reviewing this TEAF news stream, investors can trace the fund’s evolution, its financial reporting practices, and the steps that led to its integration into TYG.
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 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.
Tortoise Capital has announced distribution schedules for its closed-end funds, specifically for Tortoise Energy Infrastructure Corp. (NYSE:TYG) and Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF). The monthly distributions will be paid on March 31, April 30, and May 30, 2025, to shareholders of record on March 24, April 23, and May 23, 2025, respectively. The company estimates that for book purposes, the source of distributions for both funds will comprise approximately 0-10% ordinary income, with the remainder classified as return of capital.
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