---
schema_version: "secwatch.filing_event.v1"
accession: "0000878932-25-000009"
form_type: "8-K"
ticker: "EQS"
cik: "0000878932"
company_name: "EQUUS TOTAL RETURN, INC."
filed_at: "2025-11-25T23:59:59+00:00"
generated_at: "2026-05-16T17:10:13.424968+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000878932-25-000009
- form_type: 8-K
- ticker: EQS
- cik: 0000878932
- company_name: EQUUS TOTAL RETURN, INC.
- filed_at: 2025-11-25T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/878932/000087893225000009/0000878932-25-000009-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/878932/000087893225000009/f8k_equus11242025.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000878932-25-000009
- JSON: https://secwatch.observer/filing/0000878932-25-000009.json
- Plain text: https://secwatch.observer/filing/0000878932-25-000009.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.