---
schema_version: "secwatch.filing_event.v1"
accession: "0001712543-25-000036"
form_type: "8-K"
ticker: "EQS"
cik: "0000878932"
company_name: "EQUUS TOTAL RETURN, INC."
filed_at: "2025-05-19T23:59:59+00:00"
generated_at: "2026-05-21T02:36:54.217256+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Equus Total Return reports Q1 NAV of $2.52 per share, up from $2.17 at year-end 2024

## Summary
- Net assets $34.2M as of March 31, 2025; NAV per share $2.52 vs. $2.17 at Dec 31, 2024 (16% increase).
- Fair value of Morgan E&P increased $1.0M to $14.0M on higher oil forward curve.
- Purchased $1.5M GEVI convertible note (10%, convertible at $0.40) and warrant; aggregate value $5.8M at quarter end.
- Funded GEVI investment by issuing $2.0M Equus convertible note (10%, convertible at $1.50) and warrants; shareholder vote sought.
- Shares outstanding unchanged at 13,586 for all periods shown.

## SEC filing metadata
- accession: 0001712543-25-000036
- form_type: 8-K
- ticker: EQS
- cik: 0000878932
- company_name: EQUUS TOTAL RETURN, INC.
- filed_at: 2025-05-19T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/878932/000171254325000036/0001712543-25-000036-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/878932/000171254325000036/f8k_equus05192025.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001712543-25-000036
- JSON: https://secwatch.observer/filing/0001712543-25-000036.json
- Plain text: https://secwatch.observer/filing/0001712543-25-000036.txt

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