EQS
Equus Total Return, Inc.1.7300
-0.0200-1.14%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
24.16MP/E (TTM)
-Basic EPS (TTM)
-1.10Dividend Yield
0%Recent Filings
8-K
NAV falls to $1.90/share
Equus Total Return's net asset value dropped to $26.5 million as of September 30, 2025, with NAV per share falling to $1.90 from $2.51. GEVI holdings plunged $5.4 million after conversion and share price decline from $11.70 to $5.89. Warrants reclassified as $1.7 million liability hammered assets. Morgan E&P value held steady at $12.35 million despite oil dips.
10-Q
Q3 FY2025 results
Equus Total Return posted a Q3 net loss of $8.1M, or $(0.59) per share, narrower than $9.6M or $(0.70) a year earlier yet wider q/q from $(0.01). Investment income ticked up 7% y/y to $356K on control holdings, but expenses doubled to $1.8M, driven by $920K compensation from share grants. Portfolio fair value held at $28.0M, with 81.5% in energy control play Morgan E&P; GEVI stake dropped on post-conversion price slide and reverse split. Issued $2M convertible note (due Feb 2026, 10%, $1.50 conversion) collateralized by GEVI, carrying $1.9M; warrant liability at $1.7M. Cash sits at $0.3M. NAV fell to $1.90 from $2.17 YTD. Single energy bet dominates.
8-K
NAV slips to $2.51
Equus Total Return reported net assets of $34.1 million as of June 30, 2025, with NAV per share dipping to $2.51 from $2.52. GEVI holdings surged to $10.6 million on rising stock prices, offsetting a $1.65 million drop in Morgan E&P value from falling oil curves. Morgan later hired strategist Michael Reger and secured a $3 million loan for Bakken drilling. Post-quarter moves signal development push.
10-Q
Q2 FY2025 results
Equus Total Return posted a Q2 net loss of $86K, down sharply from $3.9M gain y/y, as $524K net unrealized appreciation trailed Q1's $9.3M (derived), driven by GEVI warrant gains offset by Morgan E&P depreciation and NAEOC preferred writedown. Investment income ticked up 8% y/y to $357K on new non-affiliate holdings, while expenses fell 20% y/y to $967K. NAV climbed 16% YTD to $2.51/share on $3.9M six-month operations gain; diluted EPS fell to $0.24 from $0.28 basic due to warrants. Portfolio swelled 22% to $33.5M, with energy at 67%. Issued $2M convertible note (10%, due Feb 2026). Cash drained to $69K; going concern warning flags liquidity squeeze. Non-diversified bets amplify single-issuer risks.
8-K
Five proposals passed; NAV issuance failed.
Equus Total Return stockholders at the June 26, 2025 annual meeting approved director elections, BDO USA auditor ratification for 2025, advisory say-on-pay for 2024 exec comp, authority to issue over 19.99% shares, and board discretion for a 2:1-5:1 reverse split within one year. Proposal 4 failed, missing the two-thirds non-affiliate threshold under the 1940 Act for shares below NAV. All passed but one.
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