The sharp NAV decline reflects material impairment in energy holdings; monitor next filing for potential further write-downs or changes in portfolio strategy. Given the company’s small market cap ($19M), liquidity and valuation risk are elevated.
Price Chart
Executive Summary
Equus Total Return, Inc. (EQS) reported a decline in net assets from $26.5M to $16.6M as of December 31, 2025, driven by a $12.35M write-down in its Morgan E&P investment, partially offset by a $1.6M gain on its CitroTech holdings. Net asset value per share fell to $1.19 from $1.90.
Key Financial Metrics
Key Facts
- Net assets dropped to $16.6 million as of December 31, 2025, from $26.5 million as of September 30, 2025.
- NAV per share declined sharply from $1.90 to $1.19, a 37.4% decrease.
- The primary driver was a $12.35 million decrease in the fair value of Morgan E&P, Inc. due to lower oil price assumptions and reserve eliminations.
- Partially offset by a $1.6 million increase in the value of CitroTech, Inc. holdings due to rising share prices and warrant valuation.
- The company holds a closed-end BDC structure trading on NYSE under EQS.
Financial Impact
Net assets decreased by $9.93 million (37.5%) in the quarter, with NAV/share down 37.4%
Risk Factors
- Exposure to volatile energy sector valuations via Morgan E&P
- Concentration risk in illiquid private holdings
- Potential for further markdowns if oil prices remain depressed
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3278573 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 12d ago | 8-K | $0.8700 $0.8560 | ▲ +1.61% | ▲ +2.06% | $0.7000 (+19.54%) |
May 21, 2026 22w ago | Press Release | $1.53 $1.51 | ▼ −1.31% | ▼ −2.98% | $0.7000 (−54.25%) |
May 12, 2026 23w ago | 8-K | $1.36 $1.25 | ▲ +8.09% | ▲ +6.93% | $0.7000 (+48.53%) |
May 4, 2026 24w ago | 8-K | $1.14 $1.38 | ▼ −21.05% | ▼ −19.07% | $0.7000 (+38.60%) |
Apr 21, 2026 26w ago | Press Release | $1.35 $1.16 | ▲ +13.93% | ▲ +13.98% | $0.7000 (+48.15%) |
Apr 20, 2026 26w ago | 10-K/A | $1.37 $1.19 | ▲ +13.14% | ▲ +14.22% | $0.7000 (+48.91%) |
US Market Status
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