Equus Announces First Quarter Net Asset Value

Equus (NYSE:EQS) reported net assets of $20.9 million as of March 31, 2026.

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.

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

Argus May 22 session

+6.25% close to close Open Argus

Details

News Market Reaction – EQS

On May 22, the first trading day after this news, EQS closed 6.25% above the previous close.

Data tracked by StockTitan Argus for the May 22 session.

Key Figures

Net assets: $20.9 million NAV per share: $1.50 Morgan fair-value change: $5.0 million increase +4 more

Net assets

$20.9 million

As of March 31, 2026

NAV per share

$1.50

As of March 31, 2026 (vs. $1.19 on Dec 31, 2025)

Morgan fair-value change

$5.0 million increase

Change in value of Morgan E&P holding Q1 2026 vs. Dec 31, 2025

CitroTech value

$6.3 million

Aggregate value of CITR shares and warrant at March 31, 2026

CitroTech prior value

$6.8 million

Aggregate CITR shares and warrant at December 31, 2025

CitroTech shares sold

92,581 shares

CITR shares sold during Q1 2026

CITR share price move

$8.08 to $8.63

CITR trading price change during Q1 2026

Historical Context

2 past events · Latest: Apr 21

2 events

1. Apr 21

   Quarterly NAV update

   24h Move

   -1.5%

   Reported steep NAV per-share decline driven by Morgan E&P fair value drop.

2. Nov 24

   Quarterly NAV update

   24h Move

   -4.2%

   Disclosed NAV per-share drop tied to GEVI fair-value decline and new liability.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

common stock purchase warrant

1 terms

common stock purchase warrant financial

"The Company holds shares of common stock and a common stock purchase warrant in CitroTech, Inc."

A common stock purchase warrant is a tradable certificate that gives its holder the right to buy a company’s common shares at a fixed price for a set period. Think of it as a coupon that lets you buy stock later at today’s agreed price; it can amplify gains if the share price rises but also can increase the total number of shares outstanding, which may reduce existing owners’ percentage of the company. Investors watch warrants because they offer leveraged upside and can affect future share value and ownership.

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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 $20.9 million. Net asset value per share increased to $1.50 as of March 31, 2026, from $1.19 as of December 31, 2025. Comparative data is summarized below (in thousands, except per share amounts):  

As of the Quarter Ended	3/31/2026		12/31/2025		9/30/2025		6/30/2025		3/31/2025
Net assets	$20,930		$16,570		$26,504		$34,111		$34,197
Shares outstanding	13,967		13,967		13,967		13,586		13,586
Net assets per share	$1.50		$1.19		$1.90		$2.51		$2.52

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 to $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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was Equus (NYSE:EQS) net asset value per share on March 31, 2026?

Equus reported net asset value per share of $1.50 on March 31, 2026. According to Equus, this compares with $1.19 on December 31, 2025, based on 13,967 shares outstanding at both quarter-end dates.

How did Equus (EQS) total net assets change in the first quarter of 2026?

Equus net assets rose to $20.9 million as of March 31, 2026. According to Equus, this represents an increase from $16.6 million at December 31, 2025, driven mainly by a higher fair value for its Morgan E&P investment.

What impact did Morgan E&P have on Equus (EQS) NAV in Q1 2026?

Morgan E&P increased Equus net asset value through a $5.0 million fair value gain. According to Equus, higher short and long-term crude oil prices raised the value of its Morgan holding as of March 31, 2026.

How did Equus investment in CitroTech (CITR) affect results for Q1 2026?

CitroTech reduced Equus net assets by $0.5 million in the quarter. According to Equus, it sold 92,581 CITR shares and valued remaining CITR shares plus a warrant at $6.3 million versus $6.8 million on December 31, 2025.

How have Equus (EQS) net assets trended over the past four quarters?

Equus net assets were $20.9M (3/31/2026), $16.6M, $26.5M, and $34.1M in prior quarters. According to Equus, net assets and NAV per share have fluctuated across the five reported quarter-end dates from March 31, 2025 to March 31, 2026.

How many Equus (NYSE:EQS) shares were outstanding at March 31, 2026?

Equus had 13,967 shares outstanding at March 31, 2026. According to Equus, this share count was unchanged from September 30 and December 31, 2025, and compares with 13,586 shares outstanding at March 31 and June 30, 2025.