Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of February 29, 2024, for TYG, NTG, TTP, NDP and TPZ
Tortoise announces balance sheet information and asset coverage ratios for TYG, NTG, TTP, NDP, and TPZ
The financial data released by Tortoise for its various funds such as TYG, NTG, TTP, NDP and TPZ provides critical insights into the funds' performance and financial health. The asset coverage ratios are particularly noteworthy, as they are a key indicator of a fund's ability to cover its debt obligations. Ratios well above 100% indicate a comfortable buffer, which is reassuring for investors concerned about default risks.
TYG's 639% coverage for senior securities and 438% for preferred shares, NTG's 655% and 494%, TTP's 861% and 539%, NDP's 716% and TPZ's 498% suggest that these funds are managing their leverage prudently. This information is crucial for stakeholders analyzing the risk profile of their investments and assessing the funds' compliance with regulatory requirements.
Furthermore, the net asset values per share offer a snapshot of the funds' performance and are essential for investors tracking the intrinsic value of their shares. The disclosed total assets and net asset values can impact the funds' share prices and investors' decisions regarding buying, holding, or selling these securities.
From a market perspective, the balance sheet updates of Tortoise's funds can influence market sentiment and investor behavior. High asset coverage ratios and solid net asset values can attract investors looking for stability and potentially drive up demand for shares.
The funds' focus areas, such as energy infrastructure and midstream energy, are sectors sensitive to commodity prices and regulatory changes, which can affect asset valuations and profitability. Investors and analysts would do well to consider these factors alongside the balance sheet information when evaluating the funds' prospects.
The mention of the top 10 holdings on the funds' portfolio web pages is also significant as it provides transparency into the funds' investment strategies and diversification. Concentration in particular holdings or sectors could introduce additional risk factors that investors need to be aware of.
Compliance with the 1940 Act is a legal requirement for investment companies and the reported asset coverage ratios suggest that Tortoise's funds are well within the regulatory thresholds. This compliance is crucial not only to avoid legal repercussions but also to maintain investor confidence and trust in fund management.
The legal implications of these financial disclosures extend to the accuracy and timeliness of the information provided, which are essential for maintaining market integrity and ensuring that all stakeholders are making informed decisions based on the same set of facts.
03/01/2024 - 06:30 PM
OVERLAND PARK, KS - March 1, 2024 - Tortoise today announced the following balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP and TPZ.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of February 29, 2024, the company's unaudited total assets were approximately $500.0 million and its unaudited net asset value was $382.8 million , or $35.56 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 639% , and its coverage ratio for preferred shares was 438% . 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 February 29, 2024.
Unaudited balance sheet
(in Millions) Per Share Investments
$ 498.6 $ 46.31 Cash and Cash Equivalents
0.3 0.03 Other Assets
1.1 0.10 Total Assets
500.0 46.44
Short-Term Borrowings
27.3 2.54 Senior Notes
50.3 4.67 Preferred Stock
35.7 3.31 Total Leverage
113.3 10.52
Other Liabilities
1.8 0.16 Current Tax Liability
2.1 0.20 Net Assets
$ 382.8 $ 35.56
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of February 29, 2024, the company's unaudited total assets were approximately $279.1 million and its unaudited net asset value was $220.9 million , or $43.37 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 655% , and its coverage ratio for preferred shares was 494% . 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 February 29, 2024.
Unaudited balance sheet
(in Millions) Per Share Investments
$ 277.9 $ 54.56 Cash and Cash Equivalents
0.3 0.05 Other Assets
0.9 0.19 Total Assets
279.1 54.80
Short-Term Borrowings
13.1 2.57 Senior Notes
29.2 5.73 Preferred Stock
13.7 2.70 Total Leverage
56.0 11.00
Other Liability
0.9 0.18 Current Tax Liability
1.3 0.25 Net Assets
$ 220.9 $ 43.37
5.09 million common shares currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) today announced that as of February 29, 2024, the company's unaudited total assets were approximately $88.5 million and its unaudited net asset value was $71.8 million , or $35.71 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 861% , and its coverage ratio for preferred shares was 539% . 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 February 29, 2024.
Unaudited balance sheet
(in Millions) Per Share Investments
$ 87.8 $ 43.67 Cash and Cash Equivalents
0.3 0.14 Other Assets
0.4 0.23 Total Assets
88.5 44.04
Short-Term Borrowings
6.3 3.13 Senior Notes
3.9 1.96 Preferred Stock
6.1 3.03 Total Leverage
16.3 8.12
Other Liabilities
0.4 0.21 Net Assets
$ 71.8 $ 35.71
2.01 million common shares currently outstanding.
Tortoise Energy Independence Fund, Inc. (NYSE:NDP) today announced that as of February 29, 2024, the company's unaudited total assets were approximately $69.7 million and its unaudited net asset value was $59.8 million , or $35.87 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 716% . 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 February 29, 2024.
Unaudited balance sheet
(in Millions) Per Share Investments
$ 69.0 $ 41.44 Cash and Cash Equivalents
0.4 0.22 Other Assets
0.3 0.18 Total Assets
69.7 41.84
Credit Facility Borrowings
9.7 5.82
Other Liabilities
0.2 0.15 Net Assets
$ 59.8 $ 35.87
1.67 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) today announced that as of February 29, 2024, the company's unaudited total assets were approximately $124.8 million and its unaudited net asset value was $99.4 million , or $16.87 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 498% . 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 February 29, 2024.
Unaudited balance sheet
(in Millions) Per Share Investments
$ 123.5 $ 20.97 Cash and Cash Equivalents
0.4 0.06 Other Assets
0.9 0.15 Total Assets
124.8 21.18
Credit Facility Borrowings
25.0 4.24
Other Liabilities
0.4 0.07 Net Assets
$ 99.4 $ 16.87
5.89 million common shares currently outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP and TPZ as of the most recent month-end can be found on each fund's portfolio web page at https://cef.tortoiseadvisors.com .
About Tortoise
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise's solid track record of energy value chain investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseAdvisors.com.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc.
For additional information on these funds, please visit cef.tortoiseadvisors.com .
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 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.
Contact information
press release on accesswire.com
What is the asset coverage ratio for senior securities representing indebtedness for NDP?
As of February 29, 2024, the asset coverage ratio for senior securities representing indebtedness for NDP was 716%.
What is the unaudited net asset value per share for TPZ?
As of February 29, 2024, the unaudited net asset value per share for TPZ was $16.87.
Where can I find the top 10 holdings for TYG, NTG, TTP, NDP, and TPZ?
The top 10 holdings for these funds can be found on each fund's portfolio web page at https://cef.tortoiseadvisors.com.
