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Equus Announces First Quarter Net Asset Value

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Equus Total Return (NYSE: EQS) reported Q1 2025 financial results with net assets of $34.2 million as of March 31, 2025. The company's net asset value per share increased to $2.52 from $2.17 in the previous quarter. Key portfolio changes included: • Morgan E&P's fair value increased by $1.0 million to $14.0 million due to improved oil price forecasts • Investment in General Enterprise Ventures through a $1.5 million convertible note at 10% interest, convertible to 3.75M shares at $0.40/share, plus warrants for 1.875M shares at $0.50/share • GEVI investment value reached $5.8 million as share price rose from $0.88 to $1.20 The company funded the GEVI investment through a $2.0 million convertible note issuance and is seeking shareholder approval for potential share conversions.
Equus Total Return (NYSE: EQS) ha comunicato i risultati finanziari del primo trimestre 2025, con un patrimonio netto di 34,2 milioni di dollari al 31 marzo 2025. Il valore patrimoniale netto per azione è salito a 2,52 dollari dai 2,17 dollari del trimestre precedente. Le principali variazioni nel portafoglio includono:
  • Il valore equo di Morgan E&P è aumentato di 1,0 milione di dollari, raggiungendo 14,0 milioni, grazie a previsioni di prezzo del petrolio migliorate
  • Investimento in General Enterprise Ventures tramite una nota convertibile da 1,5 milioni di dollari al 10% di interesse, convertibile in 3,75 milioni di azioni a 0,40 dollari per azione, più warrant per 1,875 milioni di azioni a 0,50 dollari per azione
  • Il valore dell'investimento in GEVI è arrivato a 5,8 milioni di dollari grazie all'aumento del prezzo azionario da 0,88 a 1,20 dollari
La società ha finanziato l'investimento in GEVI tramite l'emissione di una nota convertibile da 2,0 milioni di dollari e sta cercando l'approvazione degli azionisti per eventuali conversioni azionarie.
Equus Total Return (NYSE: EQS) informó los resultados financieros del primer trimestre de 2025 con activos netos de 34,2 millones de dólares al 31 de marzo de 2025. El valor neto por acción aumentó a 2,52 dólares desde 2,17 dólares en el trimestre anterior. Los cambios clave en la cartera incluyen:
  • El valor razonable de Morgan E&P incrementó 1,0 millón de dólares hasta 14,0 millones debido a mejores pronósticos del precio del petróleo
  • Inversión en General Enterprise Ventures mediante una nota convertible de 1,5 millones de dólares con un interés del 10%, convertible en 3,75 millones de acciones a 0,40 dólares por acción, más warrants para 1,875 millones de acciones a 0,50 dólares por acción
  • El valor de la inversión en GEVI alcanzó 5,8 millones de dólares tras subir el precio de la acción de 0,88 a 1,20 dólares
La compañía financió la inversión en GEVI mediante la emisión de una nota convertible de 2,0 millones de dólares y está buscando la aprobación de los accionistas para posibles conversiones de acciones.
Equus Total Return (NYSE: EQS)는 2025년 1분기 재무 결과를 발표했으며, 2025년 3월 31일 기준 순자산은 3,420만 달러입니다. 주당 순자산 가치는 이전 분기의 2.17달러에서 2.52달러로 상승했습니다. 주요 포트폴리오 변경 사항은 다음과 같습니다:
  • Morgan E&P의 공정가치가 유가 전망 개선으로 100만 달러 증가해 1,400만 달러에 도달
  • General Enterprise Ventures에 10% 이자율의 150만 달러 전환사채 투자, 주당 0.40달러에 375만 주로 전환 가능하며, 주당 0.50달러에 187.5만 주의 워런트 포함
  • GEVI 투자 가치는 주가가 0.88달러에서 1.20달러로 상승하면서 580만 달러에 달함
회사는 200만 달러 전환사채 발행을 통해 GEVI 투자를 자금 조달했으며, 주식 전환 가능성에 대해 주주 승인을 요청하고 있습니다.
Equus Total Return (NYSE : EQS) a publié ses résultats financiers du premier trimestre 2025, affichant des actifs nets de 34,2 millions de dollars au 31 mars 2025. La valeur nette d'inventaire par action a augmenté, passant de 2,17 $ au trimestre précédent à 2,52 $. Les principaux changements dans le portefeuille comprennent :
  • La juste valeur de Morgan E&P a augmenté de 1,0 million de dollars pour atteindre 14,0 millions, grâce à des prévisions de prix du pétrole améliorées
  • Investissement dans General Enterprise Ventures via une note convertible de 1,5 million de dollars à 10 % d'intérêt, convertible en 3,75 millions d'actions à 0,40 $ par action, plus des bons de souscription pour 1,875 million d'actions à 0,50 $ par action
  • La valeur de l'investissement GEVI a atteint 5,8 millions de dollars suite à la hausse du cours de l'action de 0,88 $ à 1,20 $
L'entreprise a financé l'investissement GEVI par l'émission d'une note convertible de 2,0 millions de dollars et sollicite l'approbation des actionnaires pour d'éventuelles conversions d'actions.
Equus Total Return (NYSE: EQS) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettovermögen von 34,2 Millionen US-Dollar zum 31. März 2025. Der Nettoinventarwert je Aktie stieg von 2,17 US-Dollar im Vorquartal auf 2,52 US-Dollar. Wichtige Änderungen im Portfolio umfassen:
  • Der beizulegende Zeitwert von Morgan E&P stieg aufgrund verbesserter Ölpreisprognosen um 1,0 Million US-Dollar auf 14,0 Millionen US-Dollar
  • Investition in General Enterprise Ventures durch eine wandelbare Anleihe über 1,5 Millionen US-Dollar mit 10% Zinsen, wandelbar in 3,75 Millionen Aktien zu 0,40 US-Dollar pro Aktie, plus Warrants für 1,875 Millionen Aktien zu 0,50 US-Dollar pro Aktie
  • Der Wert der GEVI-Investition erreichte 5,8 Millionen US-Dollar, da der Aktienkurs von 0,88 auf 1,20 US-Dollar stieg
Das Unternehmen finanzierte die GEVI-Investition durch die Ausgabe einer wandelbaren Anleihe über 2,0 Millionen US-Dollar und sucht die Zustimmung der Aktionäre für potenzielle Aktienumwandlungen.
Positive
  • Net asset value per share increased 16.1% from $2.17 to $2.52 quarter-over-quarter
  • Morgan E&P's fair value increased by $1.0 million due to improved oil price forecasts
  • New investment in GEVI appreciated significantly, reaching $5.8 million in value
  • Strategic expansion into fire suppression products sector through GEVI investment
Negative
  • Year-over-year decline in net assets from $45.9M to $34.2M
  • Potential dilution risk from convertible notes and warrants pending shareholder approval
  • Increased debt exposure through $2.0M convertible note issuance

Insights

Equus reports 16% NAV increase to $2.52/share, driven by oil price improvements and a profitable convertible note investment in GEVI.

A significant turnaround appears underway at Equus Total Return with net asset value per share jumping 16% to $2.52 in Q1 2025. This marks a reversal from the concerning downward trend seen throughout 2024, when NAV plummeted from $3.38 to $2.17 per share.

Two key portfolio changes drove this recovery. First, the company's investment in Morgan E&P, which holds Bakken/Three Forks development rights, saw a $1 million valuation increase to $14 million due to improvements in the oil futures price curve. This holding now represents approximately 41% of Equus' total assets.

More impressively, Equus executed a savvy tactical move by purchasing a $1.5 million convertible note in General Enterprise Ventures (GEVI), a fire suppression product developer. With GEVI's stock price climbing from $0.88 to $1.20, Equus' position (including warrants) appreciated to $5.8 million in less than two months - a remarkable 287% paper gain.

The company financed this GEVI investment by issuing its own $2 million convertible note, demonstrating an interesting leveraged investment approach. With the conversion price set below NAV at $1.50, Equus now awaits shareholder approval for potential share issuances if conversion occurs.

Despite the positive quarter, a broader view reveals Equus' NAV still sits 25% below year-ago levels, suggesting continued challenges in stabilizing portfolio performance after substantial asset value erosion in 2024.

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):  

As of the Quarter Ended3/31/202512/31/20249/30/20246/30/20243/31/2024

Net assets$34,197$29,510$40,165$49,792$45,892
Shares outstanding13,58613,58613,58613,58613,586
Net assets per share$2.52$2.17$2.96$3.66$3.38
      

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


FAQ

What is Equus Total Return's (EQS) net asset value per share as of Q1 2025?

Equus Total Return's net asset value per share was $2.52 as of March 31, 2025, increasing from $2.17 in the previous quarter.

How much did EQS invest in General Enterprise Ventures (GEVI)?

EQS invested $1.5 million in GEVI through a convertible note bearing 10% annual interest, along with warrants to purchase 1.875M shares.

What caused the increase in Morgan E&P's valuation for EQS in Q1 2025?

Morgan E&P's fair value increased by $1.0 million to $14.0 million due to improvements in the forward price curve for oil during Q1 2025.

How did EQS finance its investment in GEVI?

EQS financed the GEVI investment by issuing a $2.0 million convertible promissory note at 10% interest, along with warrants for 2 million shares.

What was the total value of Equus Total Return's net assets in Q1 2025?

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

NYSE:EQS

EQS Rankings

#5731 Ranked by Market Cap
N/A Ranked by Dividends

EQS Latest News

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May 16, 2024
Equus Announces First Quarter Net Asset Value

EQS Stock Data

11.55M
13.59M
61.29%
1.16%
0.05%
Asset Management
Financial Services
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United States
HOUSTON