Tortoise Capital Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of April 30, 2025, for TYG and TEAF

Rhea-AI Summary

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.

Positive

• Strong asset coverage ratios above 600% for both funds indicate healthy leverage management
• Both funds maintain substantial total assets with TYG at $945.9M and TEAF at $208.3M
• High proportion of net assets to total assets shows efficient capital utilization

Negative

• TYG carries significant leverage of $185.3M across borrowings, notes, and preferred stock
• TEAF has $31M in credit facility borrowings against its asset base

Insights

Closed-End Fund Analyst

Tortoise funds TYG and TEAF report healthy asset coverage ratios well above regulatory requirements, indicating conservative leverage management.

The latest unaudited financials for Tortoise's closed-end funds reveal solid balance sheets with strong protective cushions for creditors. Tortoise Energy Infrastructure Corp (TYG) reports total assets of $945.9 million with a Net Asset Value of $43.64 per share. The fund's asset coverage ratios stand at 668% for senior securities and 506% for preferred shares—both substantially exceeding the 300% minimum required under the 1940 Act.

TYG's leverage structure consists of $42.3 million in short-term borrowings, $98.1 million in senior notes, and $44.9 million in preferred stock, totaling $185.3 million. This represents approximately 19.6% of total assets, a moderate leverage level for a closed-end fund focused on energy infrastructure.

Meanwhile, Tortoise Sustainable and Social Impact Term Fund (TEAF) reports $208.3 million in total assets with a NAV of $13.10 per share. TEAF maintains an equally impressive 670% asset coverage ratio with $31.0 million in credit facility borrowings.

For investors in these vehicles, these metrics indicate disciplined capital structure management. The high coverage ratios provide a significant buffer against asset value fluctuations, reducing the risk of forced asset sales to meet leverage requirements during market downturns. Both funds show minimal cash positions (just $0.5 million for TYG and $2.1 million for TEAF), suggesting near-full deployment of capital into their respective investment strategies.

These financial snapshots offer a point-in-time assessment of fund stability rather than performance indicators. The unaudited nature of these figures means they're preliminary and subject to adjustment, though typically any changes in the final audited statements would be minimal for established investment companies with robust accounting processes.

OVERLAND PARK, KS / ACCESS Newswire / May 1, 2025 / Tortoise Capital today announced the following unaudited balance sheet information and asset coverage ratio updates for closed-end funds TYG and TEAF.

Tortoise Energy Infrastructure Corp. (NYSE:TYG) today announced that as of Apr. 30, 2025, the company's unaudited total assets were approximately $945.9 million and its unaudited net asset value was $752.2 million, or $43.64 per share.

As of Apr. 30, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 668%, and its coverage ratio for preferred shares was 506%. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at Apr. 30, 2025.

Unaudited balance sheet

		(in Millions)				Per Share
Investments		$	941.0			$	54.59
Cash and Cash Equivalents			0.5				0.03
Current Tax Assets			0.4				0.03
Other Assets			4.0				0.23
Total Assets			945.9				54.88
Short-Term Borrowings			42.3				2.45
Senior Notes			98.1				5.69
Preferred Stock			44.9				2.61
Total Leverage			185.3				10.75
Other Liabilities			2.8				0.17
Deferred Tax Liability			5.6				0.32
Net Assets		$	752.2			$	43.64

17.24 million common shares currently outstanding.

Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) today announced that as of Apr. 30, 2025 the company's unaudited total assets were approximately $208.3 million and its unaudited net asset value was $176.8 million, or $13.10 per share.

As of Apr. 30, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 670%. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at Apr. 30, 2025.

Unaudited balance sheet

		(in Millions)				Per Share
Investments		$	205.4			$	15.23
Cash and Cash Equivalents			2.1				0.16
Other Assets			0.8				0.05
Total Assets			208.3				15.44
Credit Facility Borrowings			31.0				2.30
Other Liabilities			0.5				0.04
Net Assets		$	176.8			$	13.10

13.49 million common shares outstanding.

The top 10 holdings for TYG and TEAF as of the most recent month-end can be found on each fund's portfolio web page at https://cef.tortoiseadvisors.com.

TEAF also provides update on direct investments.

TEAF provides an update on the fund's direct investments on the company website at https://cef.tortoiseadvisors.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.tortoiseadvisors.com/funds/teaf/#deal-summaries-list. The list includes all deals completed since the fund's inception.

About Tortoise Capital

With approximately $9.6 billion in assets under management as of Mar. 31, 2025, Tortoise Capital's record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-

positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered fund manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors-from production to transportation to distribution. For more information about Tortoise Capital, visit http://www.TortoiseCapital.com.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp. and Tortoise Sustainable and Social Impact Term Fund.

For additional information on these funds, please visit cef.tortoiseadvisors.com.

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

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.

Media Contacts

Craft & Capital
Chris Sullivan chris@craftandcapital.com
Rob Jesselson rob@craftandcapital.com

SOURCE: Tortoise Capital Advisors LLC

View the original press release on ACCESS Newswire

FAQ

What is the net asset value (NAV) per share for TEAF as of April 30, 2025?

TEAF's unaudited net asset value (NAV) per share was $13.10 as of April 30, 2025.

What are TYG's asset coverage ratios as of April 30, 2025?

TYG's asset coverage ratio was 668% for senior securities representing indebtedness and 506% for preferred shares.

How many common shares are outstanding for Tortoise Energy Infrastructure Corp (TYG)?

TYG has 17.24 million common shares currently outstanding.

What is the total leverage amount for TYG as of April 30, 2025?

TYG's total leverage is $185.3 million, consisting of short-term borrowings, senior notes, and preferred stock.

What are TEAF's total assets and investments as of April 30, 2025?

TEAF reported total assets of $208.3 million, with investments accounting for $205.4 million.