Equus Total Return, Inc. reports recurring net asset value updates as a business development company that trades as a closed-end fund on the New York Stock Exchange under the symbol EQS. Company news centers on quarterly net assets, net asset value per share, share counts, and the portfolio valuation changes that drive those measures.
Equus updates also cover portfolio holdings and capital actions, including energy exposure through Morgan E&P in the Bakken and Three Forks formations of the Williston Basin, convertible-note and warrant investments, subsidiary financing, and exchange-listing compliance matters.
Equus Total Return (NYSE: EQS) has announced two key board appointments. Fraser Atkinson has been appointed as the Fund's independent Chairman of the Board while continuing his roles as Chair of the Audit Committee and member of both Compensation and Governance and Nominating Committees.
John J. May, a Chartered Accountant with over 50 years of experience in the UK, has been appointed as an independent director. May is currently Managing Partner of City & Westminster Corporate Finance LLP and brings extensive experience as a director of public and private companies, particularly in mining, energy, and oil and gas sectors. He will serve on the Fund's Audit, Compensation, and Governance and Nominating Committees.
Equus Total Return (NYSE: EQS) reported net assets of $40.2 million as of September 30, 2024, with net asset value per share decreasing to $2.96 from $3.66 in the previous quarter. The decline was primarily due to decreased fair values of two major holdings: Morgan E&P decreased by $7.0 million to $19.0 million, affected by a 17.6% drop in oil prices and declining production from two wells. Equus Energy decreased by $2.0 million to $8.0 million, also due to lower oil prices. These valuations were supported by a third-party valuation firm.
Equus Total Return, Inc. (NYSE: EQS) has reported its net assets as of June 30, 2024, at $49.8 million. The company's net asset value per share increased to $3.66 from $3.38 as of March 31, 2024. This growth was primarily driven by the performance of its wholly-owned subsidiary, Morgan E&P, . Morgan acquired an additional 810 net acres in the Bakken/Three Forks formation, expanding its total acreage to approximately 6,707 net acres. This acquisition led to an increase in Morgan's proved reserves and future drilling sites. Consequently, the fair value of Morgan's equity was recorded at $26.0 million, representing a $4.75 million increase from the previous quarter.
Equus Total Return (NYSE: EQS) reported net assets of $45.9 million as of March 31, 2024, down from $48.3 million at the end of 2023. The net asset value (NAV) per share decreased to $3.38 from $3.55 over the same period. Morgan E&P, a subsidiary, acquired 5,897.52 net leasehold acres in North Dakota's Bakken/Three Forks formation and began production on two wells. However, Morgan's debt increased by $2.2 million, and its fair value dropped by $1.35 million to $21.25 million due to various factors. The company also incurred operating expenses mainly from professional fees and insurance.
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