Tortoise Capital Resources Corp.
Company Overview
Tortoise Capital Resources is invested primarily in the U.S. energy infrastructure sector. The company is currently focused on identifying and investing in real property assets in the U.S. energy infrastructure sector that have the potential to become real estate investment trust (REIT) qualified. In June 2011, the company acquired its first real property asset with the purchase of a 40% undivided interest in the Eastern Interconnect Project for approximately $16.1 million, including the assumption of $3.4 million of debt.
Our Manager [ top ]
TTO is managed by Corridor InfraTrust Management LLC, an asset manager specializing in financing the acquisition or development of real property infrastructure assets. The Management team has extensive experience in energy operations, energy portfolio management, and capital markets. For more information, visit www.corridortrust.com.
TTO’s securities portfolio is advised by Tortoise Capital Advisors, with the intent of liquidating the securities portfolio in an orderly manner when appropriate.
REIT Transition Timeline [ top ]
April 8, 2011 - Confirm board and shareholder approval to move forward with deregistration, REIT strategy and future equity issues.
June 30, 2011 - Acquire first real property energy asset
Sept. 21, 2011 - Withdrawal of election to be regulated as a BDC
Sept. 21, 2011 - Revise shelf registration from form N-2 to form S-3 to allow for TTO to raise equity
Dec. 1, 2011 -Retain Corridor InfraTrust Management as manager of real property assets
Upcoming
- Effective shelf registration document
- Acquire sufficient qualifying energy assets to be REIT qualified
- Elect to be treated as a REIT for tax purposes
- Liquidate securities portfolio as necessary and prudent
TTO at a Glance [ top ]
| Description (as of 08/31/2011) | Detail |
|---|---|
| Total Assets | $103.5mm |
| Distributions paid trailing four quarters | $0.41 |
| Management Fee (1) | 1.00% |
| Most recent distribution paid – 4th qtr 2011 (4) | $0.11 |
| CUSIP | 89147N304 |
| IPO Date | 2/2/2007 |
Investment Asset Portfolio (2) [ top ]
| Top 10 Holdings (as of 08/31/2011) | % of Invested Assets |
|---|---|
| High Sierra Energy, L.P. | 28.3% |
| Eastern Interconnet Project | 16.1% |
| Magnetar MLP Investment, LP | 10.3% |
| Mowood, LLC | 8.5% |
| VantaCore Partners, L.P. | 8.4% |
| Regency Energy Partners LP | 5.9% |
| Buckeye Partners, L.P. | 3.8% |
| Energy Transfer Partners, L.P. | 3.7% |
| El Paso Pipeline Partners, L.P. | 3.6% |
| Enterprise Products Partners L.P. | 2.6% |
| Top 10 Portfolio Holdings | 91.7% |
Distribution at a Glance [ top ]
| Most Recent Distribution | Detail |
|---|---|
| Ex-Dividend Date | 2/20/12 |
| Record Date | 2/22/12 |
| Payable Date | 3/1/12 |
| Amount Per Share (4) | $0.11 |
Footnotes [ top ]
- Annual rate applied to the Company's average monthly managed assets (including all securities of the Company and all of the real property assets of the Company and including any assets purchased with or attributable to borrowed funds) less accrued liabilities other than deferred taxes and debt entered into for purposes of leverage. [ back ]
- Percentages are based on the fair value of securities and book value for real assets as a percentage of total assets, excluding short-term investments as of Aug. 31, 2011. [ back ]
- Portfolio composition is subject to change due to ongoing management of the Company. References to specific securities or sectors should not be construed as a recommendation by the Company or its Manager or Advisor. [ back ]
- A portion of this distribution is expected to be treated as return of captial for income tax purposes, although the ultimate characterization will not be made until determination of our earnings and profits after our year-end.
Trademark Notice: Any trademarks, logos and service marks ("Marks") displayed on this Web Site are the property of Tortoise Capital Advisors, LLC or other third parties. You are not permitted to use the Marks without prior written consent of Tortoise Capital Advisors or such third party, which may own the Marks.
Past Performance: Past performance is no guarantee of future results. Total return and market value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only. Due to market volatility, current performance may be lower or higher than the figures shown. For current performance information, please visit our website at http://www.tortoiseadvisors.com/.
This data is provided for information only and is not intended for trading purposes. You should consider the risks, charges and expenses carefully before investing. For this and other important information, please refer to the most recent prospectus and read it carefully before investing.
For additional information call (866) 362-9331.