Every 10-K that Equus Total Return, Inc. (EQS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow EQS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full EQS filings page.
Equus Total Return, Inc. files an amended annual report to add required Inline XBRL tagging; all other disclosures from the original filing remain unchanged. The company operates as a closed-end business development company (BDC) focused on debt and equity investments in small and mid‑market companies, with an emphasis on income-producing deals and energy-related opportunities.
Equus ended the year with a net asset value of $1.19 per share and an estimated public float value of about $8.6 million based on a $1.36 share price. There were 13,966,696 common shares outstanding. The fund reported a $3.7 million net investment loss for 2025 and has suspended its prior managed distribution policy, so dividends are not currently being paid.
The company remains a BDC but voluntarily stopped qualifying as a regulated investment company (RIC) in late 2024, meaning any future investment income will be taxed at regular corporate rates unless it requalifies. Management and the board are actively evaluating a potential transformation of Equus into an operating company or permanent capital vehicle, which would require shareholder approvals and withdrawal of BDC status. Until any such transaction is completed, the firm continues to manage a concentrated, largely illiquid private portfolio, with valuations set quarterly under board‑approved fair value procedures.
Equus Total Return, Inc., a closed-end fund operating as a business development company, reports a net asset value of $1.19 per share as of December 31, 2025. The approximate market value of common stock held by non-affiliates was $8.64 million, based on a $1.36 share price on June 30, 2025, and there were 13,966,696 shares outstanding as of April 2026.
During the fourth quarter of 2024, Equus elected not to qualify as a regulated investment company, meaning any future operating or net investment income will be taxed at regular corporate rates unless it requalifies. The company continues to operate as a BDC but is actively evaluating a transformation into an operating company or permanent capital vehicle, which would require shareholder approvals and a definitive transaction.
Equus focuses on debt and equity investments in small and middle-market companies, with increasing emphasis on the energy sector, including potential working and mineral interests in oil and gas. It recorded a net investment loss of $3.7 million in 2025 and has had net investment losses in each of the past five years, while managing concentrated, mostly illiquid private holdings and extensive risk factors related to valuation, leverage, competition and economic conditions. The company has also formalized a Cybersecurity Policy and oversight framework, and reports no material cybersecurity incidents to date.
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 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.
Equus Total Return, Inc. filed an amended annual report mainly to add the required Inline XBRL tags, leaving its previously filed 2024 results and disclosures in place. The company operates as a closed-end business development company focused on debt and equity investments in small and middle market businesses, with an increasing emphasis on energy-related assets.
Equus reports net investment losses in each of the past five years, including a net investment loss of $15.6 million for the year ended December 31, 2024. Net asset value was $2.17 per share as of December 31, 2024, while the aggregate market value of common stock held by non-affiliates was $8,388,688, computed using a $1.32 share price on June 30, 2024. In the fourth quarter of 2024, Equus elected not to qualify as a regulated investment company, so any operating or net investment income will be taxed at regular corporate rates unless it later requalifies. In early 2025, it issued a $2.0 million one-year senior convertible note at 10.0% interest and invested $1.5 million in a similar 10% convertible note from General Enterprise Ventures, each paired with stock purchase warrants, while continuing to evaluate a potential transformation from a BDC into an operating company or permanent capital vehicle subject to shareholder approvals.