Equus Total Return, Inc. Reports Increase in Net Assets and Share Value for Q1 2025

Equus Total Return, Inc. reports increased net assets and net asset value per share as of March 31, 2025.

Quiver AI Summary

Equus Total Return, Inc. reported a rise in net assets to $34.2 million as of March 31, 2025, with a net asset value per share increasing from $2.17 at the end of 2024 to $2.52. This growth was primarily driven by increased fair values in its portfolio, notably a $1 million increase in the value of its equity holding in Morgan E&P due to a higher forward price curve for oil, and gains from a new investment in General Enterprise Ventures, which included a convertible promissory note and warrants. The trading price of GEVI shares rose significantly during this period, enhancing the valuation of Equus's investment. To fund these acquisitions, Equus issued a convertible promissory note and two common stock purchase warrants, which require shareholder approval for issuance due to their conversion prices being below the company's net asset value per share. The company has filed for this approval with the SEC.

Potential Positives

• Net asset value per share increased to $2.52 as of March 31, 2025, a positive change from $2.17 as of December 31, 2024.
• The fair value of the Company's equity holding in Morgan E&P increased by $1.0 million due to favorable changes in the oil price environment.
• The Company purchased a senior convertible promissory note from General Enterprise Ventures, valued at $5.8 million, indicating a successful investment strategy.
• The increase in trading price of GEVI shares from $0.88 to $1.20 enhances the potential returns for the Company on its GEVI investment.

Potential Negatives

• Net assets have declined significantly from $49.8 million as of June 30, 2024, to $34.2 million as of March 31, 2025.
• The need for shareholder approval to issue shares below the company's net asset value per share may indicate potential liquidity or financial issues.
• The statement contains forward-looking statements that highlight various risks and uncertainties, suggesting vulnerability to changes in market conditions and company performance.

FAQ

What are the net assets of Equus Total Return as of March 31, 2025?

Equus Total Return reported net assets of $34.2 million as of March 31, 2025.

How much did the net asset value per share increase?

The net asset value per share increased to $2.52 from $2.17 since December 31, 2024.

What contributed to the increase in fair value of the portfolio?

The increase in fair value was primarily due to the performance of Morgan E&P and General Enterprise Ventures.

What is the significance of the GEVI investment?

The GEVI investment includes a convertible promissory note and warrants valued at $5.8 million, reflecting positive share price movement.

Where can I find more information about Equus Total Return?

Additional information about Equus can be found on their website at www.equuscap.com.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$EQS Hedge Fund Activity

We have seen 3 institutional investors add shares of $EQS stock to their portfolio, and 2 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• CITADEL ADVISORS LLC removed 12,250 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $12,372
• NBC SECURITIES, INC. added 2,798 shares (+139900.0%) to their portfolio in Q1 2025, for an estimated $2,825
• UNCOMMON CENTS INVESTING LLC removed 1,822 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $2,004
• UBS GROUP AG added 161 shares (+1.4%) to their portfolio in Q1 2025, for an estimated $162
• BANK OF AMERICA CORP /DE/ added 100 shares (+inf%) to their portfolio in Q1 2025, for an estimated $101
• BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC added 0 shares (+0.0%) to their portfolio in Q1 2025, for an estimated $0
• WELLS FARGO & COMPANY/MN added 0 shares (+0.0%) to their portfolio in Q1 2025, for an estimated $0

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

HOUSTON, May 19, 2025 (GLOBE NEWSWIRE) --

Equus Total Return, Inc. (NYSE: EQS)

(“Equus” or the “Company”) reports net assets as of March 31, 2025, of $34.2 million. Net asset value per share increased to $2.52 as of March 31, 2025, from $2.17 as of December 31, 2024. Comparative data is summarized below (in thousands, except per share amounts):

Portfolio Value Changes

. The following were the principal contributors to the increase in fair value of the Company’s portfolio holdings in the first quarter of 2025:

• 
  
  
  Increase in Fair Value of Morgan E&P
  
  
  .   Morgan E&P, LLC (“Morgan”) holds development rights to approximately 6,707 net acres in the Bakken/Three Forks formation in the Williston Basin of North Dakota. During the first quarter of 2025, the forward price curve for oil increased relative to the fourth quarter of 2024, resulting in an increase in the fair value of the Company’s equity holding in Morgan of $1.0 million, from $13.0 million as of December 31, 2024 to $14.0 million as of March 31, 2025. The Company received advice and assistance from a third-party valuation firm to support its determination of the fair value of its equity investment in Morgan.
  
  
  
  
  


• 
  
  
  Increase in Fair Value of Holdings in General Enterprise Ventures
  
  
  .   On February 10, 2025, the Company purchased from General Enterprise Ventures, Inc., a developer of fire suppression products (OTC Markets: GEVI), a 1-year senior convertible promissory note bearing interest at the rate of 10% per annum, in exchange for $1.5 million in cash (“GEVI Note”). The GEVI Note is convertible into 3,750,000 shares of GEVI’s common stock at a conversion price of $0.40 per share. Contemporaneously with the purchase of the GEVI Note, the Company also received a 5-year common stock purchase warrant to acquire an aggregate of 1,875,000 shares of GEVI common stock at an exercise price of $0.50 per share (“GEVI Warrant”). During the period from February 10, 2025 to March 31, 2025, the trading price of GEVI shares increased from $0.88 per share to $1.20 per share.   At March 31, 2025, the Company collectively valued the GEVI Note and GEVI Warrant at an aggregate of $5.8 million.
  
  
  
  
  The Company obtained the proceeds for the GEVI investment via the issuance of a 1-year convertible promissory note in the original principal amount of $2.0 million, bearing interest at the rate of 10% per annum (“Equus Note”), together with two common stock purchase warrants to acquire an aggregate of 2,000,000 shares of the Company’s common stock (“Equus Warrants”). Each of the Equus Note and Equus Warrants are convertible/exercisable at a price of $1.50 per share and, as such price is below the Company’s net asset value per share, approval of the Company’s shareholders to issue any such shares is required. On May 12, 2025, the Company filed a definitive proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission seeking shareholder approval for such issuances.
  

About Equus

The Company is a business development company that trades as a closed-end fund on the New York Stock Exchange under the symbol "EQS". Additional information on the Company may be obtained from the Company’s website at

www.equuscap.com

.

This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the performance of the Company, including our ability to achieve our expected financial and business objectives, and the other risks and uncertainties described in the Company’s filings with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Except as required by law, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.

Contact:

Equus Total Return, Inc.


1-888-323-4533

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.