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. filings document the regulatory record of a business development company and closed-end fund, including net asset value announcements, portfolio valuation disclosures, and material-event reports. Recent 8-K filings attach quarterly NAV releases and report company events such as changes in the Fund’s certifying accountant.
Equus proxy and meeting filings cover director elections, auditor ratification, executive-compensation votes, and shareholder authorizations involving common stock issuances below net asset value. Form 12b-25 notices document periodic-reporting timing for annual and quarterly reports, including financial-statement finalization for the registrant and its wholly owned subsidiary.
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. discloses that holders of 7,366,538 shares (52.74% of outstanding common stock) approved the 2025 Equity Incentive Plan. The Board adopted the Plan on October 3, 2025 and the consenting shareholders signed written approval on March 19, 2026.
The Plan reserves 2,793,339 shares (maximum aggregate market value of approximately $4.9 million based on the March 19, 2026 NYSE close) for awards, sets individual annual limits of 1,000,000 option shares and 500,000 restricted shares, and requires SEC exemptive orders before awards to non-employee directors or restricted stock become effective. The Plan Approval becomes effective about May 4, 2026, twenty days after mailing.
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.