Every 10-Q 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-Q covers the quarterly report filed between annual reports, 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., a non-diversified BDC, reported total assets of $21.9 million and net assets of $16.6 million as of June 30, 2026, with net asset value steady at $1.19 per share. For the six months, the net decrease in net assets resulting from operations was $0.4 million, compared with a $3.9 million increase a year earlier; the second quarter alone showed a $4.6 million decrease driven mainly by unrealized depreciation on portfolio securities.
Liquidity is constrained, with $0.2 million of cash and cash equivalents and a one‑year $2.0 million convertible senior note that matured on February 7, 2026 and remains unpaid. The lender issued a Notice of Event of Default on July 29, 2026, and management discloses substantial doubt about the company’s ability to continue as a going concern. The portfolio is highly concentrated: an energy investment in Morgan E&P, Inc. represents 78.2% of net asset value, and an environmental investment in CitroTech, Inc. brings total investments to 97.4% of net assets. For the first half of 2026, the expense ratio was 14.47% of average net assets, the net investment loss ratio was 10.66%, and total return on market price was (12.06)%.
Equus Total Return, Inc. reported a sharp rise in net asset value for the quarter ended March 31, 2026, but under severe liquidity pressure. Net assets grew to $20.9 million, or $1.50 per share, up from $16.6 million, or $1.19 per share at December 31, 2025.
The net increase in net assets from operations was $4.1 million, driven mainly by $5.0 million of unrealized appreciation on its control investment in Morgan E&P, partly offset by a net investment loss of $0.9 million as expenses exceeded investment income. Total investments at fair value rose to $21.8 million, with approximately 74% of net asset value concentrated in a single energy portfolio company.
Despite these valuation gains, cash and cash equivalents were only $0.1 million, and management states there is substantial doubt about the company’s ability to continue as a going concern. A $2.0 million senior convertible note matured on February 7, 2026 and remains unpaid while discussions continue over conversion or extension. Morgan E&P also faces its own going concern uncertainties and an overdue $3.0 million senior loan, underscoring the funding and refinancing risks facing the group.
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 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 amended Q1 2024 report solely to add the required Inline XBRL tagging; the underlying quarterly results remain unchanged. Net assets decreased to $45,892 (in thousands) from $48,287 (in thousands), and net asset value per share declined to $3.38 from $3.55, driven by a net investment loss of $1,090 (in thousands) and a total decrease in net assets from operations of $2,395 (in thousands), or $0.17 per share.
At March 31, 2024, the portfolio held $41,750 (in thousands) in control investments and $52,970 (in thousands) in U.S. Treasury bills, with energy investments representing 91.0% of net assets. The fund used a margin account, borrowing $53.0 million secured by $53.5 million of restricted cash and temporary cash investments in U.S. Treasury bills to help maintain its regulated investment company status. The fair value of Morgan E&P, LLC equity fell by $1.35 million to $21.25 million, while Equus Energy, LLC remained at $10.0 million; Equus Energy faces going‑concern risks, but the fund has committed financial support for at least one year and one day beyond the report date.
Equus Total Return, Inc. reports Q2 2024 results showing higher net asset value but continued operating losses and tight liquidity. Net assets were $49.8 million as of June 30, 2024, and net asset value per share rose to $3.66 from $3.55 at year-end, helped by unrealized gains on energy investments, including a $4.75 million increase in the fair value of Morgan E&P, LLC during the quarter. For Q2, total investment income was $331 thousand, expenses were $1,211 thousand, and net unrealized appreciation of portfolio securities was $4,750 thousand, resulting in a $3,900 thousand increase in net assets from operations.
The portfolio is highly concentrated in two energy holdings that represented 93.4% of net asset value at fair value as of June 30, 2024. Equus had cash and cash equivalents of $1.9 million and restricted cash and U.S. Treasury bills of $54.5 million, funded by margin borrowings of $54.0 million to maintain regulated investment company status. Management states that current cash on hand and projected cash flows are not sufficient to fund operating activities and discloses that substantial doubt exists about the company’s ability to continue as a going concern.
Equus Total Return, Inc. filed an amended quarterly report for the period ended September 30, 2024 solely to add the required Inline XBRL tagging, with no other changes to the previously filed Form 10-Q.
For the quarter, Equus reported a net decrease in net assets resulting from operations of $9,627 thousand, driven mainly by $9,000 thousand of unrealized depreciation on control investments as oil and gas valuations declined. For the first nine months of 2024, operations reduced net assets by $8,122 thousand, or $0.59 per share, and net asset value per share fell to $2.96 from $3.55 at December 31, 2023.
The fund remains highly concentrated in energy, with control investments at fair value of $37,500 thousand in two portfolio companies that together represented 93.4% of net assets. Equus also held $55.5 million of restricted cash and U.S. Treasury bills securing a $55.0 million margin loan used to maintain its regulated investment company status, while cash and cash equivalents were $1.1 million. Management states there is substantial doubt about the fund’s ability to continue as a going concern without new financing, capital infusions, or asset sales.
Equus Total Return, Inc. reported a net increase in net assets of approximately $3.9 million, or $0.30 per basic share, for the quarter ended March 31, 2025, compared with a $2.4 million decrease a year earlier. Net asset value per share rose to $2.52 from $2.17 as total investments at fair value grew to $33.0 million, heavily concentrated in energy holdings such as Morgan E&P, LLC.
During the quarter, Equus issued a $2.0 million 10% senior convertible note at $1.50 per share and 1,999,999 common stock warrants at the same price, added a $1.5 million 10% convertible note and warrants from General Enterprise Ventures, Inc., and sold Equus Energy for $1.25 million in cash plus 27,500 preferred shares redeemable at $100.00 per share. Operating activities used $1.6 million of cash, leaving only $0.7 million of cash and equivalents.
Management states that Equus does not currently have sufficient cash on hand or projected cash flows to fund operating activities for at least twelve months and discloses substantial doubt about its ability to continue as a going concern. This document is Amendment No. 1 to the Q1 2025 report, filed solely to add required Inline XBRL tagging without changing previously reported figures.
Equus Total Return, Inc. reported Q2 2025 results that show higher net asset value but very limited liquidity and a going concern warning. Net assets rose to approximately $34.1 million, or $2.51 per share, up from $2.17 at December 31, 2024, mainly from $9.8 million of net unrealized gains on portfolio securities in the first half of 2025.
For the quarter, the company recorded a small net loss of $86,000 as investment income of $357,000 was more than offset by $967,000 of expenses. Equus reshaped its portfolio by selling Equus Energy for $1.25 million in cash plus redeemable preferred stock and by investing $1.5 million in a 10% convertible note and warrants of General Enterprise Ventures, Inc. It also raised $2.0 million through a 10% senior convertible note and issued 1,999,999 stock purchase warrants at $1.50 per share.
Despite these transactions, cash and cash equivalents were only $69,000 as of June 30, 2025, and management states that the company does not currently have sufficient cash or committed financing to fund operations for the next 12 months, concluding that substantial doubt exists about its ability to continue as a going concern.
Equus Total Return, Inc. filed an amended quarterly report for the period ended September 30, 2025 solely to add required Inline XBRL tagging; the underlying financial results are unchanged from the original report.
The business development company reported a net decrease in net assets resulting from operations of $8,101 thousand for the quarter and $4,244 thousand for the nine months, or $0.59 and $0.31 per share, respectively. Net asset value per share declined to $1.90 from $2.17 at December 31, 2024, with total investments at fair value of $28,028 thousand versus net assets of $26,504 thousand.
Equus remains highly concentrated in energy, with its Morgan E&P investment representing 86.2% of net asset value and a new position in General Enterprise Ventures adding environmental exposure. Cash and cash equivalents were $0.3 million, and the company disclosed substantial doubt about its ability to continue as a going concern despite issuing a $2.0 million, 10% senior convertible note in February 2025.
Equus Total Return, Inc. (EQS) reported a net asset value of $26.5M, or $1.90 per share as of September 30, 2025, down from $29.5M and $2.17 per share at year-end 2024. For the first nine months of 2025, the Fund recorded a net decrease in net assets from operations of $4.2M, driven by a $3.1M net investment loss and sizeable realized and unrealized losses.
Results reflect a $2.7M realized loss on the sale of Equus Energy and large fair value declines in the new General Enterprise Ventures position, partly offset by earlier gains. The portfolio is highly concentrated in Morgan E&P, Inc., with energy investments representing 86.2% of NAV. Management discloses that only $0.3M of cash is on hand and states that substantial doubt exists about the Fund’s ability to continue as a going concern without new financing or asset sales.
To support liquidity, Equus issued a $2.0M 10% senior convertible note and associated warrants, adding leverage and a $1.7M warrant liability. Despite weaker fundamentals, the market price rose from $1.10 to $2.25 over the period, producing a total return on market price of 104.55%.
Equus Total Return, Inc. shows growth in portfolio fair value and total assets while reporting higher operating expenses and leverage. Investments at fair value increased to $33,482k from $27,500k, and total assets rose to $37,066k from $29,936k. Cash and cash equivalents were low at $69k. Total liabilities increased to $2,955k from $426k, driven in part by higher accounts payable to related parties ($753k vs $93k). Total investment income for the period was reported as $357k. Operating expenses include compensation of $433k and professional fees of $229k for the most recent period. Ratios show the ratio of expenses to average net assets rose to 7.59% (prior 5.27%), and the ratio of net investment loss to average net assets rose to 5.41% (prior 4.02%). Market price per share moved from $1.10 to $1.36. Net increase in net assets per share totaled $0.34 for the period reported.