---
schema_version: "secwatch.filing_event.v1"
accession: "0001712543-25-000018"
form_type: "8-K"
ticker: "EQS"
cik: "0000878932"
company_name: "EQUUS TOTAL RETURN, INC."
filed_at: "2025-04-11T23:59:59+00:00"
generated_at: "2026-05-23T16:42:54.935642+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001712543-25-000018
- form_type: 8-K
- ticker: EQS
- cik: 0000878932
- company_name: EQUUS TOTAL RETURN, INC.
- filed_at: 2025-04-11T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/878932/000171254325000018/0001712543-25-000018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/878932/000171254325000018/f8k_equus4112025.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001712543-25-000018
- JSON: https://secwatch.observer/filing/0001712543-25-000018.json
- Plain text: https://secwatch.observer/filing/0001712543-25-000018.txt

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