Equus Announces Second Quarter Net Asset Value
Equus Total Return (NYSE:EQS) reported Q2 2025 net assets of $34.1 million, with net asset value per share slightly decreasing to $2.51 from $2.52 in Q1 2025. The company's portfolio experienced significant changes in two main holdings:
The company's investment in General Enterprise Ventures (GEVI) saw substantial appreciation, with the collective value of its convertible note and warrant reaching $10.6 million as GEVI's share price increased from $1.20 to $1.95.
However, Morgan E&P's fair value decreased by $1.65 million to $12.35 million due to declining oil price forecasts. Post-quarter, Morgan secured a $3 million loan facility for drilling operations and hired strategic consultant Michael Reger to optimize Bakken/Three Forks assets.
Equus Total Return (NYSE:EQS) ha comunicato attività nette al 2° trimestre 2025 pari a $34,1 milioni, con il valore patrimoniale netto per azione sceso lievemente a $2,51 rispetto a $2,52 nel 1° trimestre 2025. Il portafoglio della società ha registrato cambiamenti rilevanti in due partecipazioni principali:
L'investimento in General Enterprise Ventures (GEVI) ha mostrato una forte rivalutazione: il valore complessivo della nota convertibile e del warrant è salito a $10,6 milioni grazie all'aumento del prezzo delle azioni GEVI da $1,20 a $1,95.
Al contrario, il fair value di Morgan E&P è diminuito di $1,65 milioni, attestandosi a $12,35 milioni a seguito delle previsioni di prezzo del greggio in calo. Dopo la chiusura del trimestre, Morgan ha ottenuto una linea di credito da $3 milioni per le operazioni di trivellazione e ha assunto il consulente strategico Michael Reger per ottimizzare gli asset nel Bakken/Three Forks.
Equus Total Return (NYSE:EQS) informó activos netos en el 2T 2025 por $34,1 millones, con el valor neto de los activos por acción cayendo ligeramente a $2,51 desde $2,52 en el 1T 2025. La cartera de la compañía experimentó cambios significativos en dos participaciones principales:
La inversión en General Enterprise Ventures (GEVI) se apreció sustancialmente: el valor conjunto del pagaré convertible y del warrant alcanzó $10,6 millones tras el aumento del precio de la acción de GEVI de $1,20 a $1,95.
Sin embargo, el valor razonable de Morgan E&P disminuyó en $1,65 millones, hasta $12,35 millones, debido a la caída de las previsiones del precio del petróleo. Tras el trimestre, Morgan cerró una línea de préstamo de $3 millones para operaciones de perforación y contrató al consultor estratégico Michael Reger para optimizar los activos en Bakken/Three Forks.
Equus Total Return (NYSE:EQS)는 2025년 2분기 순자산이 $34.1백만이라고 보고했으며, 주당 순자산가치는 2025년 1분기 $2.52에서 소폭 하락한 $2.51로 나타났습니다. 회사 포트폴리오는 두 주요 보유종목에서 큰 변동을 보였습니다:
General Enterprise Ventures (GEVI)에 대한 투자는 상당한 가치 상승을 기록했으며, 전환사채와 워런트의 합산 가치는 GEVI 주가가 $1.20에서 $1.95로 오르면서 $10.6백만에 달했습니다.
반면 Morgan E&P의 공정가치는 유가 전망 하락으로 $1.65백만 감소하여 $12.35백만이 되었습니다. 분기 이후 Morgan은 시추작업을 위한 $3백만 대출 한도를 확보하고, Bakken/Three Forks 자산을 최적화하기 위해 전략 컨설턴트 Michael Reger를 고용했습니다.
Equus Total Return (NYSE:EQS) a déclaré des actifs nets au 2T 2025 de 34,1 M$, avec une valeur nette d'inventaire par action en légère baisse à 2,51 $ contre 2,52 $ au 1T 2025. Le portefeuille de la société a connu des changements significatifs sur deux participations principales :
L'investissement dans General Enterprise Ventures (GEVI) s'est fortement apprécié : la valeur combinée de la note convertible et du warrant a atteint 10,6 M$ alors que le cours de GEVI est passé de 1,20 $ à 1,95 $.
En revanche, la juste valeur de Morgan E&P a diminué de 1,65 M$ pour s'établir à 12,35 M$, en raison de prévisions de prix du pétrole en baisse. Après la clôture du trimestre, Morgan a obtenu une facilité de prêt de 3 M$ pour les opérations de forage et a engagé le consultant stratégique Michael Reger pour optimiser les actifs Bakken/Three Forks.
Equus Total Return (NYSE:EQS) meldete für Q2 2025 ein Nettovermögen von $34,1 Mio., wobei der Nettoinventarwert je Aktie leicht auf $2,51 sank (vorher $2,52 in Q1 2025). Das Portfolio des Unternehmens verzeichnete bedeutende Veränderungen in zwei Hauptbeteiligungen:
Die Beteiligung an General Enterprise Ventures (GEVI) wertete deutlich auf: Der kombinierte Wert der Wandelanleihe und des Warrants stieg auf $10,6 Mio., da der GEVI-Aktienkurs von $1,20 auf $1,95 zulegte.
Dagegen ging der Fair Value von Morgan E&P um $1,65 Mio. auf $12,35 Mio. zurück, bedingt durch sinkende Ölpreisprognosen. Nach Quartalsende sicherte sich Morgan eine $3 Mio.-Kreditfazilität für Bohraktivitäten und engagierte den Strategieberater Michael Reger zur Optimierung der Bakken/Three Forks-Assets.
- Investment in GEVI shows significant appreciation with total value reaching $10.6 million
- Morgan E&P secured $3 million loan facility for drilling operations
- Strategic hire of Michael Reger to lead Morgan's asset strategy in Bakken/Three Forks formations
- Net asset value per share declined from $2.52 to $2.51 quarter-over-quarter
- Morgan E&P's fair value decreased by $1.65 million due to declining oil price forecasts
- Significant decline in net assets from $49.79 million in Q2 2024 to $34.11 million in Q2 2025
Insights
Equus reports minor NAV decrease, portfolio shifts include GEVI investment gain and Morgan E&P decline amid post-quarter positive developments.
Equus Total Return's Q2 2025 results reveal a marginal decline in Net Asset Value (NAV) per share from
Examining the portfolio changes, two key holdings drove Q2 performance. The company's investment in General Enterprise Ventures (GEVI) appreciated substantially as GEVI's share price surged
Offsetting this gain was a
The longer-term NAV trend remains concerning, with a
HOUSTON, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Company”) reports net assets as of June 30, 2025, of
| As of the Quarter Ended | 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 |
| Net assets | |||||
| Shares outstanding | 13,586 | 13,586 | 13,586 | 13,586 | 13,586 |
| Net assets per share | |||||
Portfolio Value Changes. The following were the principal contributors to changes in the fair value of the Company’s portfolio holdings in the second quarter of 2025:
- 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 March 31, 2025 to June 30, 2025, the trading price of GEVI shares increased from$1.20 per share to$1.95 per share. At June 30, 2025, the Company collectively valued the GEVI Note and GEVI Warrant at an aggregate of$10.6 million . - Decrease 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 second quarter of 2025, the forward price curve for oil decreased relative to the first quarter of 2025, resulting in a decrease in the fair value of the Company’s equity holding in Morgan of
$1.65 million , from$14.0 million as of March 31, 2025 to$12.35 million as of June 30, 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.
Significant Developments Subsequent to the End of the Second Quarter. Notwithstanding the decrease in the fair value of the Company’s equity holding in Morgan at June 30, 2025, Morgan had the following significant developments subsequent to that date:
- Hiring of Key Strategy Executive. On August 6, 2025, Morgan entered into a consulting agreement with Michael Reger and Reger Oil, LLC, a leading energy consultancy.
Pursuant to the agreement, Mr. Reger will lead Morgan’s asset strategy across the prolific Bakken and Three Forks formations in North Dakota and Montana, targeting value optimization and long-term development potential. - Loan Facility for Development. On August 14, 2025, Morgan announced that it had secured a
$3 million loan facility, the proceeds of which will be used to fund near-term drilling and work-over operations in the Bakken Shale formation of North Dakota’s Williston Basin on two existing but non-producing wells owned by Morgan.
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
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