DTF TAX-FREE INCOME 2028 TERM FUND INC (DTF)
The DTF Tax-Free Income 2028 Term Fund Inc. functions as a closed-end investment company focused on fixed-income assets. It was initiated by Virtus Investment Partners, Inc., and its operations are overseen by Duff & Phelps Investment Management Co. The fund's core investment approach involves constructing a diverse portfolio primarily composed of high-grade, tax-exempt bonds from utility companies. Its holdings encompass a broad range of sectors, including water and sewer infrastructure, electric power providers, prerefunded obligations, pollution control projects, and various non-utility enterprises. All capital is deployed within the U.S. fixed income markets. Established in November 1991 and domiciled in the United States, the fund previously operated under the name DTF Tax-Free Income Inc.
Industry: Asset Management - Income
DTF Tax-Free Income 2028 Term Fund Inc.
NYSE:DTFFinancial Services · Asset Management - Income
-0.74%$11.34
AH Close$11.34+0.00%vs close
AH Close$11.34+0.00%vs close
Mkt Cap$79.68M
Float7.02M
O/S7.03M
Inst Own44.9%
SI0.3%
Div Yield3.44%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$2.59M
Net Income$2.34M
Total Assets$87.27M
Free Cash Flow$0
Debt & Equity
Equity 100%
Total Debt$0
Total Equity$85.28M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in DTF's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$87.27M
Liabilities$1.99M
Accounts Receivable$1.14M
Accounts Payable$1.83M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | 2020-10-31 | 2019-10-31 | 2018-10-31 | 2017-10-31 | 2016-10-31 | 2015-10-31 | 2014-10-31 | 2013-10-31 | 2012-10-31 |
| Revenue | $2.59M | $4.63M | $3.93M | -$99K | $7.25M | $5.05M | $14.88M | -$3.28M | $1.66M | $7.94M | $8.52M | $8.85M | $9.06M | $9.44M |
| YoY Growth | -44.2% | 18.0% | -4059.1% | -101.4% | 43.6% | -66.1% | -553.4% | -297.6% | -79.1% | -6.8% | -3.7% | -2.3% | -4.1% | - |
| Cost of Revenue | $704K | $0 | $0 | $1.11M | $1.36M | $1.35M | $1.38M | $1.39M | $1.41M | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $1.88M | $4.63M | $3.93M | -$1.21M | $5.89M | $3.71M | $13.51M | -$4.67M | $254K | $7.94M | $8.52M | $8.85M | $9.06M | $9.44M |
| Gross Margin | 72.8% | 100.0% | 100.0% | 1223.5% | 81.3% | 73.3% | 90.8% | 142.3% | 15.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $229 | $0 | $0 | $0 | -$0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $413K | $351K | $1.08M | $481K | $783K | $584K | $528K | $531K | $542K | $1.64M | $1.59M | $1.58M | $1.73M | $1.74M |
| Other | -$871K | $52K | $0 | $36K | $83K | $1.03M | $27K | $28K | $30K | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | -$458K | $403K | $1.08M | $517K | $866K | $1.61M | $555K | $559K | $571K | $948K | $3.59M | $7.55M | $15.67M | $8.13M |
| Operating Income (EBIT) | $2.34M | $4.23M | $2.85M | -$20.99M | $3.96M | $5.87M | $14.33M | -$2.04M | $2.59M | $6.3M | $6.93M | $7.27M | $7.33M | $7.7M |
| Operating Margin | 90.5% | 91.3% | 72.5% | 21165.6% | 54.5% | 116.2% | 96.3% | 62.1% | 155.6% | 79.4% | 81.4% | 82.1% | 80.9% | 81.6% |
| Interest Expense | $0 | $0 | $1.29M | $1.73M | $1.02M | $1.44M | $2.21M | $1.8M | $1.5M | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $2.76M | $2.95M | $3.93M | $5.41M | $5.82M | $6.84M | $7.11M | $7.35M | $7.62M | $1.42M | $1.02M | $1.03M | $201K | $0 |
| Other Income (Expense) | $0 | $2.12M | $231K | -$1.73M | -$1.02M | -$1.44M | $0 | $1.39M | -$4.96M | $1.17M | -$3.02M | $8.09M | -$14.14M | $9.87M |
| Income Before Tax (EBT) | $2.34M | $4.23M | $3.08M | -$22.73M | $2.94M | $4.44M | $14.33M | -$3.84M | $1.09M | $7.47M | $3.91M | $15.36M | -$6.81M | $17.57M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$161K | $2.59M | $0 | $0 | $0 | $0 | $9.87M |
| Net Income | $2.34M | $4.23M | $3.08M | -$22.73M | $2.94M | $4.44M | $14.33M | -$3.84M | $1.09M | $7.47M | $3.91M | $15.36M | -$6.87M | $17.5M |
| Net Income Margin | 90.5% | 91.3% | 78.4% | 22912.6% | 40.5% | 87.8% | 96.3% | 117.0% | 65.6% | 94.1% | 45.9% | 173.6% | -75.9% | 185.3% |
| Supplementary Data | ||||||||||||||
| EPS | 0.33 | 0.60 | 0.44 | -3.23 | 0.42 | 0.52 | 1.68 | -0.45 | 0.13 | 0.88 | 0.46 | 1.80 | -0.81 | 2.05 |
| Diluted EPS | 0.33 | 0.60 | 0.44 | -3.23 | 0.42 | 0.52 | 1.68 | -0.45 | 0.13 | 0.88 | 0.46 | 1.80 | -0.81 | 2.05 |
| Weighted Average OS | 7.03M | 7.03M | 7.00M | 7.03M | 7.03M | 7.78M | 8.52M | 8.52M | 8.39M | 8.52M | 8.52M | 8.52M | 8.52M | 8.52M |
| EBITDA | $2.34M | $2.12M | $2.99M | -$20.99M | $3.96M | $5.87M | $14.33M | -$7.27M | $1.09M | $6.3M | $6.93M | $7.27M | $7.33M | $0 |
| EBITDA Margin | 90.5% | 45.7% | 76.0% | 21165.6% | 54.5% | 116.2% | 96.3% | 221.4% | 65.6% | 79.4% | 81.4% | 82.1% | 80.9% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | 2020-10-31 | 2019-10-31 | 2018-10-31 | 2017-10-31 | 2016-10-31 | 2015-10-31 | 2014-10-31 | 2013-10-31 | 2012-10-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $4.63M | $3.03M | $182K | $24.5M | $3.45M | $1.62M | $1.09M | $2.13M | $516K | $3.86M | $3.04M | $4.29M | $7.79M | $0 |
| Short-Term Investments | $1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $5.64M | $3.03M | $182K | $24.5M | $3.45M | $1.62M | $1.09M | $2.13M | $516K | $3.86M | $3.04M | $4.29M | $7.79M | $0 |
| Accounts Receivable | $1.14M | $2.13M | $1.15M | $1.79M | $2.12M | $2.56M | $2.67M | $3.65M | $2.62M | $2.65M | $2.73M | $2.86M | $2.79M | $3.68M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | -$1M | $0 | -$5K | -$10K | -$10K | -$4.2M | -$15K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $5.78M | $5.17M | $1.33M | $26.29M | $5.56M | $0 | $3.76M | $5.78M | $3.13M | $6.52M | $5.79M | $7.16M | $10.58M | $3.68M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $80.49M | $84.3M | $82.93M | $122.54M | $171.4M | $196.91M | $196.58M | $186.58M | $195.92M | $201.21M | $198.2M | $202.74M | $188.4M | $211.47M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $81.49M | $0 | $0 | $0 | $0 | $0 | $0 | -$186.58M | -$195.92M | $0 | $0 | $327K | $402K | -$211.47M |
| Total Long-Term Assets | $81.49M | $84.3M | $82.93M | $122.54M | $171.4M | $196.91M | $196.58M | $186.58M | $195.92M | $201.21M | $198.2M | $203.07M | $188.8M | $211.47M |
| Other Assets | $0 | $0 | $5K | $10K | $10K | $201.11M | $15K | $15K | $13K | $0 | $0 | $0 | $0 | $13K |
| Total Assets | $87.27M | $89.47M | $84.27M | $148.85M | $176.97M | $201.11M | $200.35M | $192.37M | $199.07M | $207.73M | $203.98M | $210.23M | $199.38M | $215.16M |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $1.83M | $3.71M | $1.15M | $1.79M | $1.63M | $1.45M | $1.01M | $2.71M | $313K | $3.72M | $0 | $2.74M | $0 | $1.84M |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | -$1.15M | $52K | $0 | $0 | $0 | -$2.71M | -$313K | $0 | $78K | $79K | $0 | $185K |
| Total Current Liabilities | $1.83M | $3.71M | $72K | $126K | $1.63M | $1.45M | $1.01M | $2.71M | $313K | $3.9M | $245K | $3.01M | $272K | $2.03M |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $64.86M | $64.73M | $64.99M | $64.96M | $64.93M | $64.9M | $64.86M | $64.76M | $65M | $65M | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $157K | $74K | $72K | -$64.86M | -$64.73M | $0 | $0 | -$64.93M | -$64.9M | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $157K | $74K | $72K | $64.86M | $64.73M | $64.99M | $64.96M | $64.93M | $64.9M | $64.86M | $64.76M | $65M | $65M | $0 |
| Other Liabilities | $0 | $0 | -$72K | $64.99M | -$64.73M | $66.61M | $176K | -$64.93M | $170K | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.99M | $3.79M | $72K | $64.99M | $66.49M | $66.61M | $66.15M | $2.71M | $65.38M | $68.76M | $65M | $68.01M | $65.27M | $2.03M |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $65M |
| Common Stock | $70K | $70K | $70K | $70K | $70K | $85K | $85K | $85K | $85K | $85K | $85K | $85K | $85K | $85K |
| Retained Earnings | -$8.79M | -$9.29M | -$11.4M | -$12.51M | $13.98M | $14.33M | $14.01M | $4.32M | $1.68M | $18.7M | $18.44M | $21.6M | $13.4M | $27.46M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.74M | -$0 | -$0 | -$0 | -$0 | $0 |
| Other Stockholders' Equity | $94M | $94.9M | $95.53M | $96.3M | $96.44M | $120.08M | $120.11M | $120.15M | $131.92M | $120.18M | $120.45M | $120.54M | $120.62M | $185.58M |
| Total Equity | $85.28M | $85.68M | $84.2M | $83.86M | $110.48M | $134.5M | $134.2M | $124.55M | $133.69M | $138.97M | $138.98M | $142.23M | $134.11M | $213.13M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $87.27M | $89.47M | $84.27M | $148.85M | $176.97M | $201.11M | $200.35M | $127.26M | $199.07M | $207.73M | $203.98M | $210.23M | $199.38M | $215.16M |
| Supplementary Data | ||||||||||||||
| Total Debt | $0 | $0 | $0 | $64.86M | $64.73M | $64.99M | $64.96M | $64.93M | $64.9M | $64.86M | $64.76M | $65M | $65M | $0 |
| Net Debt | -$4.63M | -$3.03M | -$182K | $40.36M | $61.28M | $63.37M | $63.87M | $62.8M | $64.38M | $61M | $61.72M | $60.71M | $57.21M | $0 |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | 2020-10-31 | 2019-10-31 | 2018-10-31 | 2017-10-31 | 2016-10-31 | 2015-10-31 | 2014-10-31 | 2013-10-31 | 2012-10-31 |
| Operating Activities | ||||||||||||||
| Net Income | $2.34M | $4.23M | $3.08M | -$22.73M | $2.94M | $4.44M | $14.33M | -$3.84M | $1.09M | $7.47M | $3.91M | $15.36M | -$6.81M | $17.57M |
| Depreciation & Amortization | $0 | $0 | $138K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $0 | $0 | $640K | $326K | $447K | $104K | $7K | -$55K | $32K | $80K | $126K | -$67K | $858K | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $0 | $0 | -$50K | -$14K | -$22K | -$9K | -$8K | $12K | -$8K | -$63K | -$18K | -$14K | $86K | $0 |
| Total Working Capital Change | $0 | $0 | $590K | $313K | $425K | $95K | -$1K | -$43K | $24K | $18K | $107K | -$81K | $943K | $0 |
| Other Non-Cash Items | -$2.34M | -$4.23M | $39.61M | $47.37M | $25.82M | $137K | -$10.69M | $10.8M | $1.92M | $972K | $1.89M | -$11.51M | $21.19M | -$17.57M |
| Net Cash from Operating | $0 | $0 | $43.42M | $24.95M | $29.19M | $4.67M | $3.64M | $6.91M | $3.03M | $8.46M | $5.9M | $3.77M | $15.32M | $0 |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | -$29.29M | -$12.98M | -$17.94M | -$27.13M | -$22.45M | -$42.47M | -$35.84M | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $69.31M | $33.78M | $42.2M | $26.37M | $21.21M | $43.99M | $32.96M | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $0 | $0 | $40.02M | $20.8M | $24.26M | -$765K | -$1.24M | $1.52M | -$2.88M | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | - | - | $65M | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $26K | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | -$65M | $0 | -$23.51M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | -$2.74M | -$3.9M | -$3.44M | -$4.09M | -$4.67M | -$5.3M | -$6.4M | -$7.16M | -$7.16M | -$7.24M | -$7.2M | $0 |
| Other Financing Activities | $0 | $0 | $65M | $0 | -$404K | $0 | $0 | $0 | $0 | -$162K | $0 | -$25K | -$319K | $0 |
| Net Cash from Financing | $0 | $0 | -$67.74M | -$3.9M | -$27.36M | -$4.14M | -$4.67M | -$5.3M | -$6.37M | -$7.64M | -$7.16M | -$7.27M | -$7.52M | $0 |
| Forex Effect | $0 | $0 | $0 | -$20.8M | -$24.26M | $765K | $1.24M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $0 | -$182K | -$24.32M | $21.06M | $1.82M | $529K | -$1.04M | $1.62M | -$3.34M | $819K | -$1.25M | -$3.5M | $7.79M | $0 |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $0 | $0 | $43.42M | $24.95M | $29.19M | $4.67M | $3.64M | $6.91M | $3.03M | $8.46M | $5.9M | $3.77M | $15.32M | $0 |
| Capital Expenditure | $0 | $0 | -$5 | -$4 | -$4 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $0 | $0 | $43.42M | $24.95M | $29.19M | $4.67M | $3.64M | $6.91M | $3.03M | $8.46M | $5.9M | $3.77M | $15.32M | $0 |
| Cash at Beginning | $0 | $182K | $24.5M | $3.45M | $1.62M | $1.09M | $2.13M | $516K | $3.86M | $3.04M | $4.29M | $7.79M | $0 | $0 |
| Cash at End | $0 | $3.03M | $182K | $24.5M | $3.45M | $1.62M | $1.09M | $2.13M | $516K | $3.86M | $3.04M | $4.29M | $7.79M | $0 |