Equus Total Return NAV per share falls to $1.90 from $2.51 in Q3 2025

EQUUS TOTAL RETURN, INC.

Net assets declined to $26.5M as of Sept 30, 2025, from $34.1M at June 30, 2025.
GEVI shares and warrant fell $5.4M in value after note conversion and share price drop from $11.70 to $5.89.
Warrants reclassified as liability reduced net assets by $1.7M.
Morgan E&P fair value held at $12.35M; $3.0M loan secured and two executives hired.
Shares outstanding increased to 13,967 from 13,586, diluting NAV.

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