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 Sustainable and Social Impact Term Fund (TEAF) has released its fourth quarter 2024 commentary, which details the fund's performance across its public and direct investments in essential asset sectors. The commentary is now accessible on the company's website at cef.tortoiseadvisors.com.
The fund is managed by Tortoise Capital Advisors as the adviser, with RWC Asset Management LLP serving as the sub-adviser. The press release includes standard cautionary statements regarding forward-looking statements and safe harbor provisions, noting that actual results may differ from anticipated outcomes due to various factors.
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.
Tortoise Capital has announced the removal of EnLink Midstream, (ENLC) from three major indices - the Tortoise MLP Index (TMLP), the Tortoise North American Pipeline Index (TNAP), and the Tortoise Decarbonization Infrastructure Index (DCRBN). This change comes as a result of ENLC's announced acquisition by ONEOK Inc. The removal will take effect at market open on January 31, 2025. While TMLP will undergo a special rebalance, ENLC's weight in TNAP and DCRBN will be distributed pro rata among the remaining index constituents.
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.
Tortoise Capital Advisors has completed the merger of Tortoise Midstream Energy Fund (NYSE:NTG) into Tortoise Energy Infrastructure Corp. (NYSE:TYG), with TYG continuing as the surviving fund. The combined entity has total assets under management of $1.0 billion as of December 20, 2024. TYG will maintain its original investment strategy focusing on energy infrastructure, midstream, power, and renewable assets, seeking high total returns with emphasis on current distributions.
Under the merger terms, TYG acquired all NTG's assets and liabilities, with NTG shares converting to newly issued TYG shares at an exchange ratio of 1.27056339, based on their respective net asset values as of December 20, 2024.
Tortoise Pipeline & Energy Fund (NYSE:TTP) has announced its Section 19(a) notice regarding distributions paid on December 13, 2024. The current distribution of $0.1750 per share consists of $0.0550 (31%) from net investment income and $0.1200 (69%) from return of capital. The fund reported an average annual total return of 3.30% for the five years ending October 31, 2024, and a cumulative total return of 39.34% for the fiscal year through October 31, 2024. The annualized current distribution rate is 0.38% of NAV.
Tortoise Capital has announced the removal of Atlantica Sustainable Infrastructure PLC (NASDAQ:AY UW) from the Tortoise Decarbonization Infrastructure Index (DCRBN), effective at market open on December 12, 2024. The removal is due to AY's pending acquisition by Energy Capital Partners. The index will not undergo a special rebalancing; instead, AY's weight will be distributed proportionally among the remaining index constituents.
Tortoise Pipeline & Energy Fund (TTP) and Tortoise Power and Energy Infrastructure Fund (TPZ) have announced their Section 19(a) distributions for November 29, 2024. TTP distributed $0.59 per share, with 16% from net investment income and 84% from return of capital. TPZ distributed $0.105 per share, with 24% from net investment income and 76% from return of capital.
TTP reported a five-year average annual return of 3.30% and a fiscal year-to-date return of 39.34%. TPZ showed stronger performance with a five-year average annual return of 9.12% and a fiscal year-to-date return of 26.76%. Both funds indicate they have distributed more than their income and net realized capital gains.
Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) has released its Section 19(a) notice detailing the sources of distributions paid on October 31, 2024. The current distribution of $0.1050 per share comprises 16% from net investment income and 84% from return of capital. The fund's performance metrics show an average annual total return of 7.69% for the five years ending September 30, 2024, and a cumulative total return of 23.09% for the fiscal year through September 30, 2024. The annualized distribution rate stands at 6.73% of NAV.
Tortoise Capital announced the removal of Greenvolt Energias Renovaveis SA (GVOLT) from both the Tortoise Recycling Decarbonization UCITS Index (RECYCLET) and the Tortoise Recycling Decarbonization Index (RCYCLT). The removal, effective at market open on October 31, 2024, follows GVK Omega's completed tender offer for GVOLT. No special rebalancing is required, as GVOLT's weight will be distributed proportionally among remaining index constituents.
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