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 third quarter 2024 commentary, offering insights into the fund's performance across public and direct investments in essential asset sectors. The commentary is accessible through the company's website, providing detailed analysis of the fund's investment activities and sector performance. TCA Advisors serves as the primary adviser, while RWC Asset Management LLP acts as the interim sub-adviser for the fund.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) has declared its October monthly distribution of $0.105 per share, payable on Oct. 31, 2024, to shareholders of record on Oct. 24, 2024. The fund cautions that this distribution should not be used to draw conclusions about its investment performance. TPZ estimates that it has distributed more than its income and net realized capital gains, suggesting a portion of the distribution may be a return of capital.
TPZ will provide detailed information about the sources of this distribution in a Section 19(a) Notice. The fund emphasizes that the reported amounts and sources are estimates and may change based on its investment experience and tax regulations. Shareholders will receive a Form 1099-DIV for the calendar year with official tax reporting information.
Tortoise Capital Advisors, L.L.C. serves as the adviser to TPZ. For more information, investors can visit cef.tortoiseadvisors.com.
Tortoise Capital Advisors, L.L.C. has announced plans to rename two of its funds, replacing the Ecofin name with Tortoise. The affected funds are:
- Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF)
- Ecofin Global Water ESG Fund (EBLU, to be changed to TBLU)
These changes, approved by each fund's board, will take effect on September 30, 2024, coinciding with the expected completion of Tortoise Capital's sale of its Ecofin Advisors business to Redwheel, a UK-based investment manager. As of August 31, 2024, TEAF, a closed-end fund, had total assets of $229 million including leverage, while EBLU, an ETF, held $56 million in assets.
Tortoise Capital Advisors has announced plans to merge two of its closed-end funds, Tortoise Midstream Energy Fund (NYSE: NTG) and Tortoise Energy Infrastructure Corp. (NYSE: TYG), with TYG as the surviving entity. The combined assets of the funds totaled $914.4 million as of Aug. 31, 2024. Upon completion, TYG's board approved a 40% increase in distributions, to be paid monthly instead of quarterly.
Additionally, Tortoise Capital will conduct a strategic review of its Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF), which had total assets of $229.0 million as of Aug. 31, 2024. The company aims to address TEAF's disappointing performance and discount to NAV. These actions are part of Tortoise Capital's broader restructuring efforts, including the recent sale of its Ecofin Advisors and private credit businesses, to focus on traditional energy and power infrastructure investing.
Tortoise Capital Advisors announced the boards of Tortoise Midstream Energy Fund (NYSE: NTG) and Tortoise Energy Infrastructure Corp (NYSE: TYG) approved a merger of NTG into TYG with TYG as the surviving company, targeted for completion in Q4 2024 subject to shareholder and regulatory approvals.
The combined funds had $914.4 million in assets (including leverage) as of Aug. 31, 2024. Upon closing, TYG's board approved a 40% increase in distributions, changing payments to monthly from quarterly, and the manager and investment team would remain unchanged.
The firm also announced a strategic review of Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF), which had $229.0 million in assets (including leverage) as of Aug. 31, 2024, citing disappointing performance and a discount to NAV. Recent restructuring actions include completed and pending sales of related businesses.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) has released its unaudited balance sheet information and asset coverage ratio updates as of August 30, 2024. The fund's unaudited total assets were approximately $229.0 million, with a net asset value of $202.8 million, or $15.03 per share. The asset coverage ratio under the 1940 Act for senior securities representing indebtedness was 898%.
Key figures from the unaudited balance sheet include:
- Investments: $226.6 million ($16.80 per share)
- Cash and Cash Equivalents: $0.4 million ($0.02 per share)
- Credit Facility Borrowings: $25.4 million ($1.88 per share)
- 13.49 million common shares outstanding
TEAF also provides updates on direct investments on its website, including details on private deals completed since the fund's inception.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) has released its unaudited balance sheet information and asset coverage ratio updates as of July 31, 2024. The fund's unaudited total assets were approximately $221.0 million, with a net asset value of $200.8 million, or $14.89 per share. The company's asset coverage ratio under the 1940 Act for senior securities representing indebtedness was 1,120%.
Key balance sheet figures include $219.3 million in investments, $0.3 million in cash and cash equivalents, and $19.7 million in credit facility borrowings. The fund has 13.49 million common shares outstanding. TEAF also provides updates on its direct investments and portfolio holdings on its website.
Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF) has released its second quarter 2024 commentary. The report, now available on the company's website, provides insights into the fund's performance, focusing on both public and direct investments in essential asset sectors. TEAF is advised by TCA Advisors and sub-advised by Ecofin Advisors
The commentary offers valuable information for investors interested in sustainable and social impact investments. It highlights the fund's strategy and performance in various essential asset sectors, which could include areas such as renewable energy, water infrastructure, and social services. This quarterly update serves as a important resource for stakeholders to assess the fund's progress and alignment with its sustainable and social impact objectives.
Ecofin Sustainable and Social Impact Term Fund (TEAF) has released its 2024 semi-annual stockholders' report. The report is now available online at the fund's website. Investors can request a free hard copy of the report by calling (866) 362-9331 or emailing info@ecofininvest.com. TCA Advisors serves as the adviser to TEAF, while Ecofin Advisors acts as the fund's sub-adviser. The press release includes standard safe harbor and cautionary statements regarding the information provided.
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.
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