TEAF Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of February 29, 2024

Rhea-AI Summary

Ecofin Sustainable and Social Impact Term Fund (TEAF) reported unaudited total assets of $220.2 million and net asset value of $196.2 million as of February 29, 2024, with an asset coverage ratio of 946%. The fund also disclosed top 10 holdings and updates on direct investments.

Financial Analyst

An analysis of Ecofin Sustainable and Social Impact Term Fund's (TEAF) unaudited balance sheet reveals a robust asset coverage ratio of 946%, which is a measure of the company's ability to cover its debt obligations with its assets. This is significantly higher than the minimum 300% asset coverage ratio required by the 1940 Act for closed-end funds, indicating a strong financial position and potentially lower risk for debt holders. However, investors should be aware that a high coverage ratio could also signal that the company is not leveraging its assets as aggressively as it could to generate returns, which could impact the fund's performance relative to more leveraged peers.

Market Research Analyst

With a net asset value (NAV) per share of $14.55, TEAF's valuation is a key indicator for potential investors. The disclosed top 10 holdings on the fund's portfolio web page can provide insights into the fund's investment strategy and sector allocations. Investors should compare TEAF's portfolio composition and performance with other funds in the sustainable and social impact space to evaluate its competitiveness and market positioning. Furthermore, the commitment to reach a target of 60% direct investments might appeal to investors looking for exposure to private deals, which could differentiate TEAF from other funds that are limited to publicly traded securities.

Legal Expert

The safe harbor statement included in the press release is standard for such disclosures, indicating that the information provided should not be interpreted as an offer to buy or sell securities. This legal disclaimer is important for compliance with securities laws and regulations, which require specific registration and qualifications before any solicitation or sale of securities. It serves as a reminder to investors that they must rely on their due diligence and the official offering documents when considering an investment in the fund.

OVERLAND PARK, KS / ACCESSWIRE / March 1, 2024 / The following unaudited balance sheet information and asset coverage ratio update is provided for Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF).

As of February 29, 2024, the company's unaudited total assets were approximately $220.2 million and its unaudited net asset value was $196.2 million, or $14.55 per share.

As of February 29, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 946%. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.ecofininvest.com.

Set forth below is a summary of the company's unaudited balance sheet at February 29, 2024.

Unaudited balance sheet

		(in Millions)				Per Share
Investments			$ 217.5				$ 16.12
Cash and Cash Equivalents			0.5				0.04
Other Assets			2.2				0.16
Total Assets			220.2				16.32
Credit Facility Borrowings			23.2				1.72
Other Liabilities			0.8				0.05
Net Assets			$ 196.2				$ 14.55

13.49 million common shares outstanding.

The top 10 holdings for TEAF as of the most recent month-end can be found on the fund's portfolio web page at cef.ecofininvest.com/funds/teaf.

TEAF also provides update on direct investments.

TEAF provides an update on the fund's direct investments on the company website at https://cef.ecofininvest.com/funds/teaf/#portfolio. Details on each private deal that has taken place over the prior month will be published on the website at https://cef.ecofininvest.com/funds/teaf/#deal-summaries-list. The list includes all deals completed since the fund's inception. Updates will continue to be posted on a monthly basis if there was a deal during the prior month until the fund reaches its target of 60% direct investments.

TCA Advisors is the adviser to Ecofin Sustainable and Social Impact Term Fund and Ecofin Advisors Limited is the fund's sub-adviser.

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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and TCA 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 fund and TCA do not assume a duty to update this forward-looking statement.

Contact Information

For additional information on this fund, please visit cef.ecofininvest.com or contact Eva Lipner at (913) 981-1020 or info@tortoiseecofin.com.

SOURCE: Ecofin

View the original press release on accesswire.com

What were TEAF's unaudited total assets as of February 29, 2024?

TEAF reported total assets of approximately $220.2 million.

What was TEAF's unaudited net asset value as of February 29, 2024?

TEAF's net asset value was $196.2 million, equivalent to $14.55 per share.

What was TEAF's asset coverage ratio under the 1940 Act as of February 29, 2024?

TEAF's asset coverage ratio with respect to senior securities was 946%.

Where can I find the top 10 holdings for TEAF?

The top 10 holdings for TEAF can be found on the fund's portfolio web page at cef.ecofininvest.com/funds/teaf.

Where can I get updates on TEAF's direct investments?

TEAF provides updates on direct investments on the company website at https://cef.ecofininvest.com/funds/teaf/#portfolio.

Who is the adviser to Ecofin Sustainable and Social Impact Term Fund?

TCA Advisors is the adviser to TEAF.

What is the target percentage of direct investments for TEAF?

TEAF aims to reach a target of 60% direct investments.

Is there a cautionary statement in the press release?

Yes, there is a cautionary statement regarding the securities in the press release.