Equus Total Return Q2 NAV $34.1M ($2.51/share), down from $2.52 prev quarter

EQUUS TOTAL RETURN, INC.

Net assets $34.1M as of June 30, 2025; NAV per share $2.51 vs $2.52 at March 31, 2025.
Fair value of GEVI convertible note and warrant increased to $10.6M due to GEVI share price rise from $1.20 to $1.95.
Equity in Morgan E&P decreased $1.65M to $12.35M on lower oil forward price curve.
Post-quarter: Morgan hired Michael Reger to lead Bakken asset strategy and secured $3M loan facility for drilling.

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