Equus Total Return Q4 NAV drops to $2.17 per share from $2.96; issues convertible note, invests in GEVI

EQUUS TOTAL RETURN, INC.

NAV per share $2.17 as of Dec 31, 2024, down 27% from $2.96 on Sep 30, 2024.
Fair value of Morgan E&P decreased $6.0M to $13.0M; Equus Energy decreased $4.0M to $4.0M.
Issued 1-year 10% convertible note for $2.0M cash, convertible at $1.50/share, plus warrants for 2M shares at $1.50.
Invested $1.5M in GEVI 10% convertible note convertible at $0.40/share, plus warrants for 1.875M shares at $0.50.
Sold Equus Energy on March 3, 2025 for $1.25M cash and $2.75M redeemable preferred shares.

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