Tortoise Capital reveals significant fund updates on balance sheets

In Overland Park, Kansas, on December 2, 2024, Tortoise Capital issued updates regarding the unaudited balance sheet information and asset coverage ratios for several closed-end funds as of November 29, 2024. The announcement covered Tortoise Energy Infrastructure Corp. (TYG), Tortoise Midstream Energy Fund, Inc. (NTG), Tortoise Pipeline & Energy Fund, Inc. (TTP), Tortoise Energy Independence Fund, Inc. (NDP), Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ), and Tortoise Essential Assets Fund (TEAF). Each fund reported total assets, net asset values, and asset coverage ratios, reflecting their financial health and stability in the energy infrastructure sector during a challenging economic time. Tortoise Energy Infrastructure Corp. reported total assets of approximately $692.4 million and a net asset value of $562.2 million per share, with an asset coverage ratio for senior securities of 753% and 542% for preferred shares. Tortoise Midstream Energy Fund, Inc. detailed total assets of around $403.9 million and a net asset value of $338.5 million, showing an asset coverage ratio of 799% for indebtedness and 628% for preferred shares. The update emphasizes the funds' performances amid fluctuating energy market conditions. Both Tortoise Pipeline & Energy Fund, Inc. and Tortoise Energy Independence Fund, Inc. provided their own financial figures, with TTP reporting total assets of $119.3 million and a net asset value of $106 million, and NDP stating total assets of $87 million with a net asset value of $75.1 million. These figures for TTP showed a remarkable asset coverage ratio of 1788% regarding senior securities, indicating a strong financial standing compared to industry standards. NDP's net asset value equated to $45.10 per share, reaffirming its market robustness. The announcement reflects Tortoise Capital's commitment to transparency with investors and stakeholders. By providing detailed financial updates, Tortoise is not only affirming the resilience of its closed-end funds but also potentially fostering improved trust as the investment landscape continues to evolve. Such disclosures are crucial for investors seeking stability in their energy infrastructure investments during market uncertainties.