---
schema_version: "secwatch.filing_event.v1"
accession: "0001712543-26-000026"
form_type: "8-K"
ticker: "EQS"
cik: "0000878932"
company_name: "EQUUS TOTAL RETURN, INC."
filed_at: "2026-04-22T23:59:59+00:00"
generated_at: "2026-05-15T04:59:58.432963+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 reports Q4 2025 NAV of $1.19/share, down 37% from Q3

## Summary
- Net assets $16.6M as of Dec 31, 2025, down from $26.5M at Sep 30, 2025.
- NAV per share fell to $1.19 from $1.90, a 37% decrease.
- Fair value of Morgan E&P decreased by $12.35M due to lower oil forward curve and reserve elimination.
- Fair value of CitroTech holdings increased $1.6M to $6.8M; CITR shares traded at $8.08 as of Dec 31.

## SEC filing metadata
- accession: 0001712543-26-000026
- form_type: 8-K
- ticker: EQS
- cik: 0000878932
- company_name: EQUUS TOTAL RETURN, INC.
- filed_at: 2026-04-22T23:59:59+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/878932/000171254326000026/0001712543-26-000026-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/878932/000171254326000026/f8k_equus4222026.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001712543-26-000026
- JSON: https://secwatch.observer/filing/0001712543-26-000026.json
- Plain text: https://secwatch.observer/filing/0001712543-26-000026.txt

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