Tortoise Capital Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of May 30, 2025, for TYG and TEAF
- TYG maintains strong asset coverage ratios of 679% for senior securities and 515% for preferred shares, indicating solid financial health
- Both funds show substantial total assets with TYG at $969.2M and TEAF at $209.2M
- TYG's investments represent a significant portion of total assets at $964.9M, showing efficient capital deployment
- TYG carries significant leverage of $186M, including short-term borrowings, senior notes, and preferred stock
- TEAF has credit facility borrowings of $31.4M, representing substantial leverage relative to its size
- Both funds maintain minimal cash positions, with TYG holding just $0.1M and TEAF $0.6M in cash and cash equivalents
Insights
TYG and TEAF funds show strong asset coverage ratios and stable balance sheets with appropriate leverage levels.
The unaudited financial statements for Tortoise Capital's closed-end funds reveal solid financial positioning for both vehicles. TYG (Tortoise Energy Infrastructure Corp) reported total assets of
The fund's leverage structure appears well-managed, with total leverage of
Meanwhile, TEAF (Tortoise Sustainable and Social Impact Term Fund) shows total assets of
These robust coverage ratios indicate conservative leverage management, providing a substantial buffer against potential asset volatility and ensuring the funds have ample asset coverage for their debt obligations. This translates to reduced financial risk for shareholders, though it's worth noting these figures represent a point-in-time snapshot without comparative historical context.
The funds' disciplined approach to leverage appears prudent given their investment mandates in infrastructure and sustainable impact investing, sectors that can experience market fluctuations but typically offer relatively stable cash flows.
OVERLAND PARK, KS / ACCESS Newswire / June 2, 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 May 30, 2025, the company's unaudited total assets were approximately
As of May 30, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was
Set forth below is a summary of the company's preliminary unaudited balance sheet at May 30, 2025.
Preliminary Unaudited balance sheet
(in Millions) | Per Share | |||||||
Investments | $ | 964.9 | $ | 55.98 | ||||
Cash and Cash Equivalents | 0.1 | 0.00 | ||||||
Current Tax Assets | 0.4 | 0.03 | ||||||
Other Assets | 3.8 | 0.22 | ||||||
Total Assets | 969.2 | 56.23 | ||||||
Short-Term Borrowings | 43.0 | 2.49 | ||||||
Senior Notes | 98.1 | 5.69 | ||||||
Preferred Stock | 44.9 | 2.61 | ||||||
Total Leverage | 186.0 | 10.79 | ||||||
Other Liabilities | 5.4 | 0.32 | ||||||
Deferred Tax Liability | 5.6 | 0.32 | ||||||
Net Assets | $ | 772.2 | $ | 44.80 | ||||
17.24 million common shares currently outstanding.
Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) today announced that as of May 30, 2025 the company's unaudited total assets were approximately
As of May 30, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was
Set forth below is a summary of the company's preliminary unaudited balance sheet at May 30, 2025.
Preliminary Unaudited balance sheet
(in Millions) | Per Share | |||||||
Investments | $ | 207.6 | $ | 15.38 | ||||
Cash and Cash Equivalents | 0.6 | 0.05 | ||||||
Other Assets | 1.0 | 0.08 | ||||||
Total Assets | 209.2 | 15.51 | ||||||
Credit Facility Borrowings | 31.4 | 2.33 | ||||||
Other Liabilities | 0.8 | 0.06 | ||||||
Net Assets | $ | 177.0 | $ | 13.12 | ||||
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.tortoisecapital.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.tortoisecapital.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.tortoisecapital.com/funds/teaf/#deal-summaries-list. The list includes all deals completed since the fund's inception.
About Tortoise Capital
With approximately
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.tortoisecapital.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
View the original press release on ACCESS Newswire
FAQ
What is TYG's net asset value per share as of May 30, 2025?
What are the asset coverage ratios for TYG?
How many common shares does TEAF have outstanding?
What is the total leverage amount for TYG?
What is TEAF's net asset value per share?
