The NAV jump is material for a $19M market-cap BDC, but the stock has already run +8% in the last month per prior calls — some re-rating may be priced in. Monitor Q2 crude oil trends and any monetization of the Morgan stake; the current NAV of $1.50 implies a ~0.90x price/NAV ratio, leaving room for further convergence if portfolio value sustains.
Price Chart
Executive Summary
Equus Total Return reported Q1 2026 net assets of $20.9M ($1.50/share) vs $16.6M ($1.19/share) at Dec 31, 2025 — a 26% sequential NAV increase driven by a $5.0M fair-value gain on Morgan E&P, partially offset by a $0.5M decrease in CitroTech holdings. As a BDC, the primary value driver is portfolio NAV, and this strong sequential improvement is credit-positive, though the stock already rallied sharply in April-May.
Key Facts
- Net assets $20.9M at March 31, 2026, up from $16.6M at Dec 31, 2025
- NAV per share $1.50 vs $1.19 at year-end 2025, a +26% increase
- Morgan E&P value increased $5.0M on higher crude oil prices
- CitroTech holdings valued at $6.3M, down $0.5M from $6.8M due to partial share sale
- Shares outstanding unchanged at 13,967 during Q1
Financial Impact
NAV increased $4.36M sequentially to $20.9M; NAV/share up +26% QoQ
Risk Factors
- Morgan E&P valuation tied to volatile crude oil prices — a pullback would reverse gains
- CitroTech position reduced via share sales — future liquidity from that holding is declining
- Tiny market cap ($19M) means low liquidity and potentially wide bid-ask spreads
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3299800 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d 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 25w 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 27w ago | 10-K/A | $1.37 $1.19 | ▲ +13.14% | ▲ +14.22% | $0.7000 (+48.91%) |
US Market Status
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