UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File Number 814-00098 EQUUS TOTAL RETURN, INC. (Exact name of registrant as specified in its charter) Delaware 76-0345915 (State or other jurisdiction of incorp ...

HOUSTON, April 03, 2024 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE:EQS) ("Equus" or the "Company") reports net assets as of December 31, 2023, of $48.3 million. Net asset value per share increased to $3.55 as of December 31, 2023, from $3.49 as of September 30, 2023. Comparative data is summarized below (in thousands, except per share amounts): As of the Quarter Ended12/31/20239/30/20236/30/20233/31/202312/31/2022 Net assets$48,287$47,128$40,051$34,106$35,237Shares outstanding13,58613,51813,51813,51 ...

Investment Strategy and Goals - Equus Total Return, Inc. aims to maximize total return for shareholders through current investment income and long-term capital gains by investing in debt and equity securities of companies with total enterprise values between $5.0 million and $75.0 million [14]. - The investment strategy focuses on cash-producing investments, primarily in debt or preferred equity financing, to generate regular income [21]. - The company seeks to invest in companies with experienced management teams and significant management ownership to align interests and maximize shareholder value [24]. - Equus targets companies with a history of profitability or a reasonable expectation of returning to profitability in the near future [26]. - The company conducts thorough due diligence on potential investments, including financial reviews and management interviews [30]. Market Conditions and Economic Impact - In Q3 2023, oil prices increased from $70.64 to $90.79 per barrel, while gas prices rose from $2.48 to $2.68 before ending the quarter at $2.58 [17]. - The company faces risks related to economic conditions, including the ongoing impact of the coronavirus, which may negatively affect financial resources [61]. - An economic downturn could adversely affect small and medium-sized companies, which are the primary market for the company's investments [93]. - The operational results of portfolio investments in oil and gas are subject to commodity price fluctuations, which can significantly impact financial performance [71]. Financial Performance and Valuation - The company reported a net investment loss of $4.0 million for the year ended December 31, 2023 [90]. - The net increase in net assets resulting from operations for 2023 was $12.9 million, compared to a net decrease of $1.1 million in 2022 [222]. - The net asset value per share rose to $3.55 in 2023, up from $2.61 in 2022, reflecting a growth of 36.0% [219]. - The fair value of total investments as of December 31, 2023, was $85,808,000, with control investments representing 47.6% of total investments [234]. - The fair value of control investments increased from $15,650,000 at the beginning of 2023 to $40,853,000 by year-end, reflecting a change in unrealized appreciation of $16,950,000 and purchases of $8,253,000 [278]. Regulatory Compliance and Taxation - Equus intends to maintain its status as a Business Development Company (BDC) and a Regulated Investment Company (RIC) to avoid corporate-level income tax on investment income [15]. - The company must maintain at least 70% of its total assets in qualifying assets as defined by the 1940 Act to retain its BDC status [46]. - The company incurs a 4.0% nondeductible Federal excise tax if it does not distribute at least 98.2% of its net income consisting of capital gains within a year [55]. - The company must derive at least 90% of its gross income from specific sources to maintain its status as a RIC under the Code [101]. - Failure to maintain RIC status could result in income tax liabilities and a loss of tax benefits for stockholders [103]. Investment Risks and Challenges - The company competes with numerous public and private equity funds, facing significant competition from larger firms with greater resources [43]. - The lack of liquidity in privately held securities may hinder the company's ability to liquidate investments when needed [76]. - The company may not realize gains from equity investments, as market values may fall below estimated fair values before sales occur [69]. - The company may not be able to raise additional capital on favorable terms due to regulatory constraints and market conditions [107]. - The company has historically faced challenges in borrowing against a portfolio of illiquid, private securities, impacting its ability to secure financing [88]. Corporate Governance and Management - Management believes current market conditions necessitate a more active role in managing investments and seeking liquidity events to enhance shareholder value [19]. - The Board reviews valuation policies quarterly and may engage independent valuation firms for assessments of privately-held investments [42]. - The Audit Committee reviews preliminary valuations and recommends fair values to the Board for final approval, ensuring a thorough oversight process [4]. Cash Flow and Capital Management - The company had a net cash provided by financing activities of $39,058,000 in 2023, compared to $3,498,000 in 2022 [227]. - The total cash and cash equivalents at the end of the period decreased to $6,983,000 from $19,284,000 in 2022, representing a decline of 63.7% [227]. - The company had $44.9 million in borrowing under margin accounts as of December 31, 2023, compared to $6.0 million in 2022 [219]. Sector Focus and Asset Allocation - As of December 31, 2023, the "Energy" segment accounted for 84.6% of the company's net asset value and 43.7% of total assets [203]. - The company’s investments in the energy sector accounted for 84.6% of total assets as of December 31, 2023 [240]. - The company invested 37.6% of its assets in qualifying investments under the Investment Company Act of 1940 as of December 31, 2022 [247]. Valuation Methodology - The fair value hierarchy categorizes investments into three levels, with Level 1 having the highest priority based on quoted prices in active markets, while Level 3 includes unobservable inputs requiring significant management judgment [268][270]. - The company employs a discounted cash flow method for Level 3 investments, considering factors such as market transactions, growth rates, and capitalization rates [272]. - The fair value of equity securities in portfolio companies may also be assessed using a market approach, applying valuation multiples from publicly-traded comparable firms [274].

HOUSTON, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE:EQS) ("Equus") today announced that its wholly-owned subsidiary Morgan E&P, LLC ("Morgan"), has received from Cawley, Gillespie & Associates, Inc. ("CG&A") an updated reserve estimate as of January 1, 2024. Morgan continues to acquire mineral rights in the Bakken/Three Forks formation in the Williston Basin of North Dakota, and on December 18, 2023, announced an increase in its acreage in this area from 4,747.52 net acres to 5,976.84 ...

Completes Sale of Wellbore Working Interest For $5.6 MillionGross Oil Production Over 1,000 Barrels Per Day HOUSTON, Feb. 13, 2024 (GLOBE NEWSWIRE) --  Equus Total Return, Inc. (NYSE:EQS) ("Equus") today announced that Morgan E&P, LLC ("Morgan"), a wholly-owned subsidiary of Equus, has completed its first two wells in Billings County, North Dakota, the Baranko 1-28H and the Obrigewitch 1-33H. Morgan received its drilling permits from the North Dakota Industrial Commission ("NDIC") in September 2023 and succ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File Number 814-00098 EQUUS TOTAL RETURN, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Name of each exchange on which registered Common Stock New York Stock Exchange Commission File Number 814-00098 EQUUS TOTAL RETURN, INC. (Exact name of registrant as specif ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 1934 For the transition period to Commission File Number 814-00098 EQUUS TOTAL RETURN, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 814-00098 EQUUS TOTAL RETURN, INC. (Exact name of registrant as specified in its charter) Delaware 76-0345915 (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File Number 814-00098 | --- | --- | |----------------------------------------------------------------------------------------------------------------------- ...