Equus Announces First Quarter Net Asset Value
Rhea-AI Summary
Equus (NYSE:EQS) reported net assets of $20.9 million as of March 31, 2026. Net asset value per share rose to $1.50 from $1.19 on December 31, 2025, with 13,967 shares outstanding.
A $5.0 million fair value increase in Morgan E&P holdings contributed positively, while the value of Equus’s CitroTech (CITR) shares and warrant declined by $0.5 million to $6.3 million after partial share sales.
AI-generated analysis. Not financial advice.
Positive
- Net asset value per share increased to $1.50 from $1.19 quarter-over-quarter
- Net assets grew to $20.9 million from $16.6 million between December 31, 2025 and March 31, 2026
- Fair value of Morgan E&P holding increased by $5.0 million in Q1 2026
Negative
- Value of CitroTech shares and warrant decreased by $0.5 million in Q1 2026
- Net assets declined from $34.2 million on March 31, 2025 to $20.9 million on March 31, 2026
Key Figures
Market Reality Check
Peers on Argus
EQS showed a 9.64% gain while peer moves were mixed: ICMB up 2.22%, RAND roughly flat at 0.09%, CUBA and BCG down modestly on the day, and only BCG appeared in the momentum scanner, up about 7.19%. This points to stock-specific dynamics rather than a broad asset management move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 21 | Quarterly NAV update | Negative | -1.5% | Reported steep NAV per-share decline driven by Morgan E&P fair value drop. |
| Nov 24 | Quarterly NAV update | Negative | -4.2% | Disclosed NAV per-share drop tied to GEVI fair-value decline and new liability. |
Recent NAV updates that reported declines in portfolio value were followed by modest price drops, suggesting the stock has tended to move directionally with NAV changes.
Over the past year, Equus’s updates have highlighted significant volatility in net asset value driven by concentrated holdings. The September and December 2025 reports showed NAV falling from $2.51 to $1.90 and then to $1.19 per share, tied to a sharp decline in Morgan E&P and reclassification of investor warrants. Those announcements coincided with negative price reactions. Today’s report contrasts with that trend by detailing a recovery in NAV and fair value, particularly at Morgan and CitroTech.
Market Pulse Summary
This announcement details a recovery in net asset value to $20.9 million, or $1.50 per share, helped by a $5.0 million increase in the fair value of Morgan E&P, partly offset by a $0.5 million decline in the CitroTech position. Compared with past quarters where NAV fell sharply, the update marks a positive turn in valuation. Investors may watch future filings for how concentrated energy exposure and changes in key holdings translate into ongoing NAV stability.
Key Terms
common stock purchase warrant financial
AI-generated analysis. Not financial advice.
HOUSTON, May 21, 2026 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Company”) reports net assets as of March 31, 2026, of
| As of the Quarter Ended | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | |||||
| Net assets | ||||||||||
| Shares outstanding | 13,967 | 13,967 | 13,967 | 13,586 | 13,586 | |||||
| Net assets per share | ||||||||||
Net Asset Value Changes. The following were the principal contributors to changes in the net asset value of the Company in the first quarter of 2026:
- Increase in Fair Value of Morgan E&P, Inc. Morgan E&P, Inc. (“Morgan”) holds development rights to approximately 6,500 net acres in the Bakken/Three Forks formation in the Williston Basin of North Dakota. Principally due to significantly higher short and long-term prices for crude oil, the value of the Company’s holding in Morgan increased by
$5.0 million at March 31, 2026, compared to December 31, 2025. - Decrease in Fair Value of Holdings in CitroTech, Inc. The Company holds shares of common stock and a common stock purchase warrant in CitroTech, Inc., a developer of fire suppression products (NYSE: CITR). During the first quarter of 2026, the trading price of CITR shares increased from
$8.08 t o$8.63 per share. Also during the first quarter of 2026, the Company sold 92,581 of its holding of CITR shares. At March 31, 2026, the Company collectively valued its remaining CITR shares and the CITR warrant at an aggregate of$6.3 million as compared to$6.8 million at December 31, 2025, a decrease of$0.5 million .
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
