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

Rhea-AI Summary

Tortoise Capital has released unaudited balance sheet information and asset coverage ratio updates for two closed-end funds as of June 30, 2025. Tortoise Energy Infrastructure Corp. (NYSE:TYG) reported unaudited total assets of approximately $1.0 billion and a net asset value of $800.0 million, or $46.41 per share. The company's asset coverage ratios were 635% for senior securities indebtedness and 495% for preferred shares.

Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) disclosed unaudited total assets of $214.6 million and a net asset value of $181.2 million, or $13.43 per share. TEAF's asset coverage ratio for senior securities indebtedness stood at 659%. The fund maintains 13.49 million common shares outstanding, while TYG has 17.24 million common shares outstanding.

Positive

• TYG maintains strong asset coverage ratios of 635% for senior securities and 495% for preferred shares
• TEAF demonstrates solid asset coverage ratio of 659% for senior securities
• Both funds maintain substantial total assets with TYG at $1.0 billion and TEAF at $214.6 million

Negative

• TYG carries significant leverage of $202.7 million across various instruments
• TEAF has $32.4 million in margin loan facility borrowings

Insights

Closed-End Fund Analyst

TYG and TEAF reported strong balance sheets with healthy asset coverage ratios of 635% and 659% respectively, well above regulatory requirements.

The latest financial disclosures for Tortoise's funds reveal solid positioning. TYG reported $1.0 billion in total assets with a net asset value of $800.0 million ($46.41 per share). The fund maintains a conservative leverage profile with total leverage of $202.7 million against its asset base. Most importantly, TYG's asset coverage ratios stand at 635% for senior securities debt and 495% for preferred shares—significantly exceeding the 300% and 200% minimums required by the 1940 Act.

TEAF shows similar strength with $214.6 million in total assets and $181.2 million in net asset value ($13.43 per share). Its asset coverage ratio for debt stands at 659%, indicating substantial cushion against its $32.4 million in margin loan facility borrowings.

The high coverage ratios are particularly noteworthy as they demonstrate both funds have significant headroom before approaching regulatory minimums. This provides portfolio managers with flexibility to navigate market volatility without forced selling and protects against potential covenant breaches. TYG's diversified leverage structure—utilizing short-term borrowings, senior notes, and preferred stock—further enhances its financial resilience. The minimal cash positions (0.01% for TYG, 0.47% for TEAF) indicate the managers are maintaining high investment deployment rates, maximizing potential returns in the current environment.

OVERLAND PARK, KS / ACCESS Newswire / July 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 June 30, 2025, the company's unaudited total assets were approximately $1.0 billion and its unaudited net asset value was $800.0 million, or $46.41 per share.

As of June 30, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 635%, and its coverage ratio for preferred shares was 495%. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoisecapital.com.

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

Unaudited balance sheet

		(in Millions)				Per Share
Investments		$	1,007.8			$	58.47
Cash and Cash Equivalents			0.1				0.01
Current Tax Assets			0.4				0.02
Other Assets			3.8				0.22
Total Assets			1,012.1				58.72
Short-Term Borrowings			72.7				4.22
Senior Notes			85.1				4.94
Preferred Stock			44.9				2.60
Total Leverage			202.7				11.76
Other Liabilities			3.8				0.23
Deferred Tax Liability			5.6				0.32
Net Assets		$	800.0			$	46.41

17.24 million common shares currently outstanding.

Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) today announced that as of June 30, 2025, the company's unaudited total assets were approximately $214.6 million and its unaudited net asset value was $181.2 million, or $13.43 per share.

As of June 30, 2025, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 659%. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoisecapital.com.

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

Unaudited balance sheet

		(in Millions)				Per Share
Investments		$	212.7			$	15.76
Cash and Cash Equivalents			1.0				0.07
Other Assets			0.9				0.07
Total Assets			214.6				15.90
Margin Loan Facility Borrowings			32.4				2.40
Other Liabilities			1.0				0.07
Net Assets		$	181.2			$	13.43

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 $8.9 billion in assets under management as of May 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.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 June 30, 2025?

TYG reported an unaudited net asset value of $46.41 per share as of June 30, 2025.

What are the total assets of Tortoise Energy Infrastructure Corp (TYG)?

TYG reported unaudited total assets of approximately $1.0 billion as of June 30, 2025.

What is TEAF's current asset coverage ratio?

TEAF's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 659% as of June 30, 2025.

How many common shares does TYG have outstanding?

TYG has 17.24 million common shares currently outstanding.

What is the net asset value per share for TEAF?

TEAF reported an unaudited net asset value of $13.43 per share as of June 30, 2025.