Welcome to our dedicated page for Equus Total Return SEC filings (Ticker: EQS), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Equus Total Return, Inc. (NYSE: EQS) files a range of reports with the U.S. Securities and Exchange Commission that document its activities as a business development company and closed-end fund. On this page, you can review Equus filings such as Form 10-Q and Form 10-K for periodic financial statements, Form 8-K for material events, and other submissions that explain how the company values its investment portfolio and manages its capital structure.
Equus uses Form 8-K to furnish press releases announcing its net asset value for specific quarters, incorporating the text of those releases by reference. These filings describe changes in net assets and net asset value per share and detail the principal contributors to valuation movements in holdings such as Morgan E&P, LLC, General Enterprise Ventures, Inc., and Equus Energy, LLC. They also discuss the use of a third-party valuation firm to assist in determining fair value, as well as the impact of oil price curves, production levels, and portfolio transactions on reported values.
The company’s filings further cover financing and capital actions, including the issuance of a senior convertible promissory note and common stock purchase warrants, and the accounting treatment of these instruments. For example, Equus has reported the reclassification of certain warrants from equity to liability, which affected its net assets. Form 8-K filings also summarize the results of stockholder votes at the annual meeting, including approvals related to director elections, auditor ratification, advisory votes on executive compensation, authorizations for share issuances, and a potential reverse stock split.
Equus has filed a Form 12b-25 (NT 10-Q) to notify the SEC of a delayed quarterly report, explaining that finalizing its financial statements for a particular period could not be completed on time without unreasonable effort or expense, and indicating its intention to file within the allowed extension. Through these filings, investors can track Equus’s regulatory disclosures, portfolio valuation methodology, governance decisions, and responses to listing standards.
On Stock Titan, Equus filings are updated as they appear on EDGAR, and AI-powered summaries help explain the key points in complex documents such as 10-Ks, 10-Qs, 8-Ks, and notices like Form 12b-25. Users can quickly see how reported events, valuation changes, financing arrangements, and stockholder approvals may relate to the company’s net asset value and capital structure, without reading every page of the original filing.
Equus Total Return, Inc. approved a new 2025 Equity Incentive Plan. The Board adopted the 2025 Plan on October 3, 2025 and holders of 7,366,538 shares (52.74%) gave written consent on March 19, 2026.
The Plan reserves 2,793,339 shares (approximately $4.9 million based on the closing price on March 19, 2026) for awards, subject to SEC exemptive orders required for non-employee director awards and restricted stock. The action becomes effective about twenty (20) days after mailing to shareholders; shares outstanding were 13,966,696 as of March 24, 2026.
Equus Total Return, Inc. filed an amended quarterly report for the period ended March 31, 2022 solely to add required Inline XBRL tagging; the underlying Q1 results are unchanged. During the quarter, net assets increased to $37.4M, and net asset value per share rose to $2.77 from $2.69 at year-end, driven mainly by unrealized gains on its energy investment.
Total expenses were $0.93M, resulting in a net investment loss of $0.93M, which was more than offset by $2.0M of net unrealized appreciation on control investments, producing a net increase in net assets from operations of $1.07M, or $0.08 per share. The portfolio remains highly concentrated in Equus Energy, LLC, whose fair value rose to $15.0M, representing about 40% of net assets. Equus held $22.3M in cash and cash equivalents and $3.0M in U.S. Treasury bills collateralizing a $3.0M margin loan used to support its regulated investment company status.
Equus Total Return, Inc. filed an amended quarterly report for the period ended June 30, 2022 solely to add required Inline XBRL tags; the underlying financial information is unchanged from the original filing.
As of June 30, 2022, Equus reported total assets of $41.5 million and net assets of $37.2 million, resulting in a net asset value of $2.75 per share, up from $2.69 at December 31, 2021. Cash and cash equivalents were $21.6 million, and the fair value of its sole control investment, Equus Energy, LLC, increased to $15.5 million from $13.0 million, driving $2.5 million of unrealized appreciation in the first half of 2022.
For the six months ended June 30, 2022, Equus recorded total expenses of $1.7 million, a net investment loss of $1.7 million, and a net increase in net assets from operations of $0.8 million, reflecting the strong valuation gains on its energy investment offsetting operating losses.
Equus Total Return, Inc. filed an amended quarterly report for the period ended September 30, 2022 solely to add required Inline XBRL tagging, with no changes to the previously reported financial results.
At September 30, 2022, total assets were $40.6 million and net assets were $36.2 million, or $2.68 net asset value per share, little changed from year-end 2021. The portfolio is highly concentrated: the sole control investment, Equus Energy, LLC, was valued at $15.5 million, up from $13.0 million, while cash and cash equivalents totaled $20.1 million. For the nine months, a net investment loss of $2.6 million was largely offset by $2.5 million of unrealized appreciation on Equus Energy, resulting in a small net decrease in net assets from operations of $0.1 million. Management highlights concentration and energy sector risks, and Equus Energy’s financials include a going-concern warning.
Equus Total Return, Inc. filed an amended annual report for the year ended December 31, 2022 to add required Inline XBRL data, with no other changes to the original filing. Equus is a closed-end management investment company that has elected business development company and regulated investment company status, investing primarily in debt and equity of small and middle market companies. At a June 30, 2022 share price of $2.61, the market value of common stock held by non‑affiliates was $16,167,306, and there were 13,518,146 common shares outstanding as of March 28, 2023; net asset value per share was $2.61 as of December 31, 2022.
The company highlights significant volatility in oil and gas prices affecting its Equus Energy holding, and a shareholder authorization (now expired) that allowed the board to withdraw its BDC election in connection with a potential transformation into an operating company or permanent capital vehicle. Equus details its total return investment strategy, concentration in a limited number of largely illiquid private investments, use-of-leverage constraints under the 1940 Act, prior net investment losses including a $3.6 million loss in 2022, and extensive risks tied to valuation uncertainty, competition, external financing needs, and the uncertain timing and outcome of any transformative transaction.
Equus Total Return, Inc. filed an amended quarterly report for the period ended March 31, 2023 solely to add required Inline XBRL tags; the underlying financial results are unchanged. The fund reported a net decrease in net assets from operations of $1.1 million, or $(0.08) per share, driven by operating expenses of $1.1 million against minimal investment income and no new unrealized gains.
Total assets were $44.5 million and net assets $34.1 million, with net asset value per share slipping from $2.61 to $2.52. About $15.7 million of net assets were invested in a single control investment, Equus Energy, LLC, while cash and cash equivalents were $17.7 million$10.0 million margin loan at quarter-end, collateralized by U.S. Treasury bills, which were repaid after maturity in April 2023. The portfolio remains highly concentrated in the energy sector through Equus Energy, where continued price volatility and limited capital spending contribute to operating losses.
Equus Total Return, Inc. filed an amended quarterly report solely to add the required Inline XBRL tagging, with no changes to the previously reported June 30, 2023 results.
For the three months ended June 30, 2023, the company reported a net increase in net assets resulting from operations of $5,945 (in thousands), or $0.44 per share, mainly from $6,800 (in thousands) of unrealized appreciation on control investments in its energy portfolio. Net asset value rose to $40,051 (in thousands), or $2.96 per share, from $35,237 (in thousands), or $2.61 per share, at December 31, 2022.
Despite these valuation gains, Equus posted a net investment loss of $864 (in thousands) for the quarter and used $9,738 (in thousands) of cash in operating activities over the first six months of 2023. As of June 30, 2023, it held cash and restricted cash of $16,537 (in thousands), control investments at fair value of $23,200 (in thousands) entirely in the energy sector, and $12,989 (in thousands) of U.S. Treasury bills securing a $12,989 (in thousands) margin loan used to help maintain its regulated investment company status.
Equus Total Return, Inc. reports much stronger results for the nine months ended September 30, 2023, in an amended quarterly report that only adds Inline XBRL tagging. Net assets rose to $47.1 million, lifting net asset value to $3.49 per share from $2.61 at December 31, 2022, with 13,518,146 common shares outstanding.
The Fund generated a net increase in net assets from operations of $7.1 million in Q3 and $11.9 million year‑to‑date, driven mainly by $8.2 million in Q3 and $15.0 million year‑to‑date unrealized appreciation on control investments, including its new energy subsidiary Morgan E&P, LLC. Control investments at fair value reached $33.1 million, complemented by $18.0 million in U.S. Treasury bills used as temporary cash investments. The Fund remains focused on energy, with those holdings representing about 70% of net asset value, and it used margin borrowings collateralized by Treasuries to maintain its regulated investment company status.
Equus Total Return, Inc. filed an Amendment No. 1 to its annual report for the year ended December 31, 2023 solely to add required Inline XBRL tagging that was omitted previously; all other disclosures from the original filing remain unchanged and continue to speak as of their original date.
Equus is a closed-end management investment company that has elected business development company (BDC) status and operates as a regulated investment company (RIC), investing mainly in debt and equity of small and middle-market companies, with an increasing focus on energy assets through holdings such as Equus Energy and Morgan E&P. As of June 30, 2023, common stock held by non-affiliates had an aggregate market value of $9,518,843 at $1.52 per share, and there were 13,586,173 common shares outstanding as of March 28, 2024. Net asset value per share was $3.55 as of December 31, 2023, and the company reported a $4.0 million net investment loss for 2023, highlighting ongoing challenges even as management evaluates a possible future transformation from a BDC into an operating company or permanent capital vehicle.