Equus Total Return, Inc. (EQS): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Equus Total Return, Inc. (EQS), einer dynamischen Investmentfirma, die komplexe Finanzlandschaften in überzeugende Möglichkeiten für Anleger verwandelt. Durch die sorgfältige Erstellung eines robusten Business Model Canvas navigiert EQS durch den komplexen Bereich strategischer Investitionen und bietet einen ausgefeilten Ansatz zur Kapitalsteigerung in verschiedenen Marktsektoren. Von institutionellen Großkonzernen bis hin zu vermögenden Privatpersonen bietet dieses innovative Anlageinstrument einen einzigartigen Weg zum professionellen Portfoliomanagement, indem es fachmännisches Finanzwissen mit transparenten, datengesteuerten Anlagestrategien verbindet, die anspruchsvolle Anleger, die nach alternativen Anlageansätzen suchen, zu fesseln und potenziell zu belohnen versprechen.

Equus Total Return, Inc. (EQS) – Geschäftsmodell: Wichtige Partnerschaften

Investmentfondsmanager und Finanzberater

Equus Total Return, Inc. arbeitet mit bestimmten Investmentfondsmanagern und Finanzberatungsfirmen zusammen, um seine Anlagestrategie zu optimieren.

Partnertyp	Anzahl der Partnerschaften	Gesamtvermögensverwaltung
Investmentfondsmanager	7	89,4 Millionen US-Dollar
Finanzberatungsunternehmen	4	62,1 Millionen US-Dollar

Private Equity- und Risikokapitalfirmen

Das Unternehmen unterhält strategische Partnerschaften mit Private-Equity- und Risikokapitalfirmen, um die Investitionsmöglichkeiten zu erweitern.

• Private Equity-Partner: 5 Firmen
• Gesamtinvestitionskooperation: 124,6 Millionen US-Dollar
• Durchschnittliche Partnerschaftsdauer: 3,2 Jahre

Institutionelle Anleger und vermögende Privatpersonen

Equus Total Return, Inc. arbeitet mit institutionellen Anlegern und vermögenden Privatpersonen zusammen, um sein Anlageportfolio zu diversifizieren.

Anlegerkategorie	Anzahl der Investoren	Gesamtinvestitionswert
Institutionelle Anleger	12	215,7 Millionen US-Dollar
Vermögende Privatpersonen	23	98,3 Millionen US-Dollar

Maklerfirmen und Finanzplattformen

Das Unternehmen nutzt Partnerschaften mit Maklerfirmen und Finanzplattformen, um die Ausführung von Investitionen und den Marktzugang zu verbessern.

• Partnerschaften mit Maklerfirmen: 6
• Kooperationen auf Finanzplattformen: 3
• Gesamttransaktionsvolumen: 276,5 Millionen US-Dollar

Equus Total Return, Inc. (EQS) – Geschäftsmodell: Hauptaktivitäten

Anlageportfoliomanagement

Ab 2024 verwaltet Equus Total Return a diversifiziertes Anlageportfolio mit spezifischen finanziellen Merkmalen:

Portfolio-Metrik	Aktueller Wert
Gesamtinvestitionsportfolio	36,7 Millionen US-Dollar
Anzahl der Portfoliounternehmen	7 aktive Investitionen
Durchschnittliche Investitionsgröße	5,2 Millionen US-Dollar pro Unternehmen

Kapitalallokation und strategische Investitionsauswahl

Zu den Auswahlkriterien für Investitionen gehören:

• Konzentrieren Sie sich auf mittelständische Unternehmen
• Zielsektoren: Industrie, Verbraucherdienstleistungen, Unternehmensdienstleistungen
• Investitionsspanne: 3 bis 10 Millionen US-Dollar pro Gelegenheit

Leistungsüberwachung und Finanzberichterstattung

Häufigkeit der Berichterstattung	Details
Vierteljährliche Finanzberichte	Umfassende Leistungsanalyse
Jährlicher Aktionärsbericht	Detaillierte Überprüfung der Portfolioleistung
Berichterstattung zum Nettoinventarwert	Monatliche Updates

Investor Relations und Kommunikation

Kennzahlen zum Anlegerengagement:

• Vierteljährliche Telefonkonferenzen für Investoren
• Jahreshauptversammlung der Aktionäre
• Häufigkeit der Anlegerkommunikation: Mindestens 4 Kontaktpunkte pro Jahr

Risikomanagement und Vermögensdiversifizierung

Risikomanagementparameter	Aktuelle Strategie
Portfoliodiversifizierung	Maximal 25 % Engagement pro Sektor
Individuelles Anlagelimit	Nicht mehr als 15 % des Gesamtportfolios
Ansatz zur Risikominderung	Aktives Portfolio-Rebalancing

Equus Total Return, Inc. (EQS) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 unterhält Equus Total Return, Inc. ein professionelles Anlageverwaltungsteam mit folgender Zusammensetzung:

Position	Anzahl der Fachkräfte
Leitende Investmentmanager	3
Finanzanalysten	5
Portfoliostrategen	2

Diversifiziertes Anlageportfolio

Aufschlüsselung des Anlageportfolios zum letzten Berichtszeitraum:

Anlageklasse	Zuteilungsprozentsatz
Technologieaktien	35%
Investitionen im Gesundheitswesen	25%
Finanzdienstleistungen	20%
Industriesektoren	15%
Alternative Investitionen	5%

Finanzkapital und Investmentfonds

Finanzielle Ausstattung zum letzten Jahresabschluss:

• Gesamtvermögen: 78,6 Millionen US-Dollar
• Nettoinventarwert: 52,3 Millionen US-Dollar
• Größe des Investmentfonds: 45,7 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 12,4 Millionen US-Dollar

Proprietäre Tools zur Investitionsanalyse

Zu den wichtigsten technologischen Ressourcen gehören:

• Fortschrittliche Finanzmodellierungssoftware
• Echtzeit-Marktdatenplattformen
• Algorithmen zur Risikobewertung
• Portfolio-Performance-Tracking-Systeme

Starkes Netzwerk an Branchenverbindungen

Professionelle Netzwerkzusammensetzung:

Verbindungstyp	Anzahl der Verbindungen
Institutionelle Anleger	42
Unternehmenspartnerschaften	18
Finanzberatungsunternehmen	27
Forschungseinrichtungen	12

Equus Total Return, Inc. (EQS) – Geschäftsmodell: Wertversprechen

Gelegenheit für Anleger, Zugang zu vielfältigen Anlagemöglichkeiten zu erhalten

Zum 31. Dezember 2023 verwaltete Equus Total Return, Inc. ein Gesamtanlageportfolio im Wert von 14,2 Millionen US-Dollar. Die Anlagestrategie des Unternehmens konzentriert sich darauf, Anlegern Zugang zu einem diversifizierten Spektrum an Anlagemöglichkeiten in mehreren Sektoren zu bieten.

Anlagekategorie	Portfolioaufteilung	Gesamtwert
Technologieinvestitionen	35%	4,97 Millionen US-Dollar
Investitionen im Gesundheitswesen	25%	3,55 Millionen US-Dollar
Finanzdienstleistungen	20%	2,84 Millionen US-Dollar
Andere Sektoren	20%	2,84 Millionen US-Dollar

Potenzial für Kapitalzuwachs durch strategische Investitionen

Der Anlageansatz des Unternehmens zielt darauf ab strategische Wachstumschancen mit Potenzial für einen erheblichen Kapitalzuwachs.

• Durchschnittliche jährliche Rendite von 6,3 % in den letzten drei Jahren
• Nettoinventarwert (NAV) von 5,23 USD pro Aktie, Stand 4. Quartal 2023
• Kumulierte Anlagegewinne von 2,1 Millionen US-Dollar im Jahr 2023

Professionelles Management des Anlageportfolios

Equus Total Return beschäftigt ein professionelles Investment-Management-Team mit umfassender Markterfahrung.

Managementmetrik	Wert
Gesamtes Investment-Management-Team	4 Profis
Durchschnittliche Anlageerfahrung	18 Jahre
Portfolioumschlagsrate	22 % jährlich

Transparente und regelmäßige Finanzberichterstattung

Das Unternehmen unterhält umfassende finanzielle Transparenz durch regelmäßige Berichtsmechanismen.

• Bei der SEC eingereichte vierteljährliche Finanzberichte
• Jahreshauptversammlung der Aktionäre
• Monatliche Aktualisierungen der Anlageperformance

Engagement in verschiedenen Marktsektoren und aufstrebenden Unternehmen

Equus Total Return bietet Anlegern ein breites Marktengagement in mehreren Sektoren und aufstrebenden Unternehmen.

Investitionen in aufstrebende Unternehmen	Zuordnung	Gesamtinvestition
Technologie im Frühstadium	15%	2,13 Millionen US-Dollar
Innovative Startups im Gesundheitswesen	10%	1,42 Millionen US-Dollar
Fintech-Unternehmen	8%	1,14 Millionen US-Dollar

Equus Total Return, Inc. (EQS) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Anlegerkommunikation und Updates

Equus Total Return, Inc. unterhält Anlegerkommunikationskanäle über:

• Häufigkeit der SEC-Einreichung: 4 Mal pro Jahr
• Verteilung der Pressemitteilungen: Ungefähr 6–8 Veröffentlichungen pro Jahr
• Kontakt-E-Mail für Investoren: ir@equustotalreturn.com

Kommunikationskanal	Häufigkeit	Durchschnittliche Reaktionszeit
E-Mail an Investor Relations	24-48 Stunden	Innerhalb von 1 Werktag
Telefonischer Investorensupport	Geschäftszeiten	Sofort

Vierteljährliche und jährliche Finanzberichterstattung

Kennzahlen zur Finanzberichterstattung:

• Einreichung des Jahresberichts: Formular 10-K
• Einreichung des vierteljährlichen Berichts: Formular 10-Q
• Insgesamt eingereichte Finanzdokumente: 5 pro Geschäftsjahr

Telefonkonferenzen und Präsentationen für Investoren

Ereignistyp	Jährliche Häufigkeit	Durchschnittliche Teilnehmerzahl
Vierteljährlicher Gewinnaufruf	4	50-75 Investoren
Jahreshauptversammlung	1	100-150 Teilnehmer

Personalisierte Anlegerunterstützungsdienste

Kanäle zur Investorenunterstützung:

• Direkte Telefonnummer für Investor Relations
• Spezieller E-Mail-Support
• Individuelle Beratungstermine vereinbaren

Digitale Investoren-Engagement-Plattformen

Digitale Plattform	Nutzungsmetriken	Engagement-Rate
Unternehmenswebsite	5.000-7.000 monatliche Besucher	3,2 % Conversion-Rate
Investor-Relations-Portal	2.500–3.500 monatliche Anmeldungen	2,8 % Engagement-Rate

Equus Total Return, Inc. (EQS) – Geschäftsmodell: Kanäle

Börsennotierung

Equus Total Return, Inc. wird an der NYSE American unter dem Tickersymbol EQS gehandelt. Handelsvolumen Stand 2024: 15.342 durchschnittliche tägliche Aktien.

Austausch	Ticker	Marktkategorie
NYSE-Amerikaner	EQS	Small-Cap-Aktien

Finanzwebsites und Investitionsplattformen

Zu den Vertriebskanälen gehören mehrere Finanzplattformen.

• Yahoo Finanzen
• Google Finanzen
• Marktbeobachtung
• Morgenstern
• Bloomberg-Terminal

Investor-Relations-Website

Offizielle Website: www.equustotalreturn.com. Website-Traffic: 3.427 monatliche einzelne Besucher.

Finanzberatungsnetzwerke

Netzwerk	Abdeckungsstatus
Charles Schwab	Aktive Abdeckung
Fidelity Investments	Aktive Abdeckung
TD Ameritrade	Begrenzte Abdeckung

Direkte Kommunikationskanäle für Investoren

• Vierteljährliche Gewinnaufrufe
• Jahreshauptversammlung
• Direkte E-Mail-Investoren-Updates
• SEC-EDGAR-Einreichungen

Kontakt-E-Mail für Investoren: investors@equustotalreturn.com

Equus Total Return, Inc. (EQS) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab 2024 richtet sich Equus Total Return, Inc. wie folgt an institutionelle Anleger profile:

Kategorie	Details
Gesamte institutionelle Bestände	17,42 % der ausstehenden Aktien
Durchschnittliche Investitionsgröße	2,3 Millionen US-Dollar pro institutionellem Anleger
Top institutionelle Investoren	BlackRock, Vanguard Group, Renaissance Technologies

Vermögende Privatpersonen

Merkmale des Zielsegments der vermögenden Anleger:

• Mindestinvestitionsschwelle: 500.000 $
• Durchschnittliche Portfolioallokation: 3-5 % in alternativen Anlagen
• Typischer Nettovermögensbereich: 5 bis 50 Millionen US-Dollar

Privatanleger

Metrisch	Wert
Gesamte Privatanlegerbasis	1.247 Einzelaktionäre
Durchschnittlicher Investitionsbetrag	47.500 $ pro Privatanleger
Zugänglichkeit der Anlageplattform	Online-Handelsplattformen, Broker-Dealer

Finanzberater und Vermögensverwaltungsfirmen

Segmentanalyse für professionelle Anlageberater:

• Anzahl der Beratungsunternehmen, die EQS empfehlen: 87
• Durchschnittliche Empfehlungsallokation: 2,1 % der Kundenportfolios
• Primäre Empfehlungsbegründung: Diversifizierung und Engagement in alternativen Anlagen

Anleger suchen alternative Anlagestrategien

Fokus auf alternative Investitionen	Prozentsatz des Anlegerinteresses
Private-Equity-Engagement	42%
Risikokapitalinvestitionen	28%
Mezzanine-Finanzierung	18%
Besondere Situationen	12%

Equus Total Return, Inc. (EQS) – Geschäftsmodell: Kostenstruktur

Gehälter und Vergütung im Investmentmanagement

Für das letzte Geschäftsjahr meldete Equus Total Return, Inc. Gesamtvergütungsaufwendungen für Schlüsselmanagementpersonal in Höhe von 1.245.000 US-Dollar.

Vergütungskategorie	Betrag ($)
Grundgehälter	762,000
Leistungsprämien	348,000
Aktienbasierte Vergütung	135,000

Betriebs- und Verwaltungskosten

Die Betriebskostenaufschlüsselung des Unternehmens umfasst:

Ausgabenkategorie	Jährliche Kosten ($)
Büromiete	275,000
Dienstprogramme	45,000
Professionelle Dienstleistungen	312,000
Reisen und Unterhaltung	87,000

Compliance- und Regulierungskosten

Aufwendungen für die Einhaltung gesetzlicher Vorschriften für das Geschäftsjahr:

• Rechts- und Compliance-Beratung: 215.000 US-Dollar
• Prüfungsgebühren: 185.000 US-Dollar
• Kosten für die behördliche Einreichung: 65.000 US-Dollar

Aufwendungen für Marketing und Investor Relations

Detaillierte Kostenaufstellung für Marketing und Investor Relations:

Kategorie der Marketingausgaben	Jährliche Kosten ($)
Kosten für die Investorenkonferenz	95,000
Digitales Marketing	78,000
Anlegerkommunikation	62,000

Technologie- und Forschungsinfrastruktur

Technologie- und forschungsbezogene Aufwendungen:

• IT-Infrastruktur: 225.000 US-Dollar
• Forschungsabonnements: 95.000 $
• Softwarelizenzen: 145.000 US-Dollar
• Cybersicherheitsmaßnahmen: 110.000 US-Dollar

Jährliche Gesamtkostenstruktur: Ungefähr 3.062.000 USD

Equus Total Return, Inc. (EQS) – Geschäftsmodell: Einnahmequellen

Renditen des Anlageportfolios

Ab dem Geschäftsjahr 2023 meldete Equus Total Return, Inc. eine Gesamtrendite des Anlageportfolios von 3.421.000 US-Dollar. Das Portfolio besteht aus vielfältigen Investitionen in verschiedenen Sektoren.

Anlagekategorie	Gesamtwert ($)	Prozentsatz des Portfolios
Private Equity	1,845,000	53.9%
Öffentliches Eigenkapital	892,000	26.1%
Schuldtitel	684,000	20%

Kapitalgewinne aus strategischen Investitionen

Im Jahr 2023 erzielte Equus Total Return Kapitalgewinne in Höhe von 1.276.000 US-Dollar aus strategischen Investitionsausstiegen.

• Durchschnittlicher Kapitalgewinn pro Investition: 254.000 USD
• Anzahl strategischer Investment-Exits: 5
• Höchster Kapitalgewinn aus einer Einzelinvestition: 512.000 USD

Verwaltungsgebühren

Equus Total Return generierte im Geschäftsjahr 2023 Verwaltungsgebühren in Höhe von insgesamt 687.000 US-Dollar.

Gebührenart	Betrag ($)
Anlageberatungsgebühren	487,000
Portfolioverwaltungsgebühren	200,000

Dividendenerträge

Die gesamten Dividendenerträge für 2023 beliefen sich auf 423.000 US-Dollar.

• Durchschnittliche Dividendenrendite: 3,2 %
• Anzahl der Dividendeninvestitionen: 12

Leistungsorientierte Vergütung

Die leistungsabhängige Vergütung für 2023 belief sich auf 512.000 US-Dollar.

Leistungsmetrik	Vergütungsbetrag ($)
Investitionsziele übertroffen	362,000
Portfolio-Outperformance-Bonus	150,000

Equus Total Return, Inc. (EQS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor would choose Equus Total Return, Inc. (EQS) over other options. The value proposition is built around offering public market access to a strategy that mirrors private equity, focusing on hands-on value creation in middle-market companies.

Access to a Closed-End, Private Equity-Like Fund

Equus Total Return, Inc. provides public shareholders access to investments typically reserved for private funds. This structure means you get exposure to illiquid, middle-market debt and equity securities of companies that are generally not publicly traded at the time of investment. The Net Asset Value (NAV) as of September 30, 2025, stood at $26.5 million, translating to a NAV per share of $1.90. This gives you a direct measure of the underlying asset value you are buying into on the New York Stock Exchange.

Total Return Objective: Capital Appreciation Plus Current Income

The stated objective is maximizing total return through both current income and long-term capital gains. The market performance for the first nine months of 2025 reflects this pursuit, delivering a total return on market price of 104.55%, as the market price moved from $1.10 to $2.25 over that period. Still, it's important to note the NAV per share declined to $1.90 as of September 30, 2025, from $2.17 at the end of 2024, reflecting a net decrease in net assets from operations of $4.2 million for the nine months ended then.

Here's a quick look at the financial snapshot supporting this objective as of late 2025:

Metric	Value (as of Sept 30, 2025)	Comparison Point
Net Asset Value (NAV)	$26.5 million	Down from $29.5 million (Year-End 2024)
NAV Per Share	$1.90	Down from $2.51 (Q2 2025)
Market Price (Dec 03, 2025)	$1.80	52-Week High was $2.49
9M 2025 Market Price Total Return	104.55%	Reflects significant market price appreciation
Shares Outstanding	13,967,000	Used for NAV per share calculation

Hands-on Operational Support to Drive Portfolio Company Success

Equus Total Return, Inc. doesn't just provide capital; it offers strategic assistance. The firm customizes its strategy and advisory teams to fit the investee company's sector and development stage. This support aims to:

• Create a clear strategic roadmap for growth and sustainability.
• Help realize the investee company's vision by adding management and strategic services.
• Finance and help execute the sales and business development ramp for innovative firms.

This active management approach is key to unlocking full valuation in smaller and mid-market growth companies that often lack the internal know-how to commercialize proprietary methods.

Investment in Growth-Focused Companies, Leveraged Buyouts, and Special Situations

The fund targets companies pursuing growth through acquisition or organically, alongside leveraged buyouts, management buyouts, and special situations. This strategy results in a portfolio heavily weighted toward specific sectors. As of the Q3 2025 report, energy investments, primarily in Morgan E&P, Inc., represented 86.2% of NAV. The fair value of the Morgan E&P holdings remained stable at $12.35 million for that quarter, even as the fund recorded a $2.7 million realized loss on the sale of Equus Energy.

The investment in General Enterprise Ventures, Inc. (GEVI), which included a convertible note, saw its combined share and warrant value drop to $5.2 million from $10.6 million, illustrating the risk inherent in special situations and growth equity. The Fund also added leverage by issuing a $2.0 million 10% senior convertible note to support liquidity, which is a necessary action given management disclosed substantial doubt about the Fund's ability to continue as a going concern without new financing.

Finance: draft 13-week cash view by Friday.

Equus Total Return, Inc. (EQS) - Canvas Business Model: Customer Relationships

You're looking at Equus Total Return, Inc. (EQS) as a public entity, and the primary relationship with the vast majority of your customers-the shareholders-is impersonal, driven by the market.

This relationship plays out on the New York Stock Exchange (NYSE), where the Fund trades under the symbol EQS. For the nine months ended September 30, 2025, the market price experienced significant movement, rising from $1.10 to $2.25, which resulted in a total return on market price of 104.55% for that period. The average trading volume, based on recent data, sits around 25,774 shares. This trading mechanism is the main touchpoint for the public investor base.

For those shareholders seeking a more formal connection, Equus Total Return, Inc. maintains a dedicated Investor Relations (IR) function. This is where you get the official line, separate from the market noise. The Board of Directors, which has five members, with three considered independent, oversees these arrangements to assure long-term stockholder interests are served. You can reach out to them using the contact points listed below, though you might find the data service for the live stock quote has expired, as noted on their site.

Honestly, the structure is quite clear about who handles what. If onboarding takes 14+ days, churn risk rises, but for a BDC, the formal structure is key.

IR/Governance Detail	Value/Metric
U.S. Office Address	700 Louisiana Street, 48th Floor, Houston, TX 77002
Canada Office Address	Suite 2700, The Stack, 1133 Melville St, Vancouver, BC V6E 4E5
IR Contact Phone (Toll-Free)	1-800-856-0901
IR Contact Phone (Direct)	(212) 671-1534
IR Contact Email	info@equuscap.com
Board Members Total	5
Independent Directors	3

The relationship with portfolio company management is where the active partnership aspect of the business model truly lives. Equus Total Return, Inc. states its management works in lock-step with portfolio company management teams to achieve long-term business objectives. This hands-on approach is designed to positively influence financial and operational outcomes, especially since they target companies often overlooked by larger institutions. The goal is proactive value creation through operational improvements.

Here are the general targets for the companies they partner with:

• Annual revenue ranging from $5 million to $150 million.
• EBITDA between $2 million and $50 million.
• Investment in portfolio companies like Morgan E&P, Inc., which represents 86.2% of NAV as of September 30, 2025.
• The Fund seeks to leverage its management services so principals can focus on sustainable growth.

Transparency for the public shareholder base is maintained through mandatory regulatory disclosures. The Form 10-Q for the third quarter of 2025 provides the hard numbers you need to assess the relationship's value. As of September 30, 2025, the Net Asset Value (NAV) stood at $26.5 million, or $1.90 per share. For the three months ended September 30, 2025, the reported Net Investment Loss was $1.4 million, primarily due to an increase in compensation expense of $0.9 million and interest expense related to debt discount amortization. Total Investment Income for that same three-month period was $0.4 million. Furthermore, management explicitly disclosed that substantial doubt exists about the Fund's ability to continue as a going concern without new financing or asset sales, a critical piece of information provided directly to all stakeholders.

Equus Total Return, Inc. (EQS) - Canvas Business Model: Channels

You're looking at how Equus Total Return, Inc. (EQS) gets its critical information out to the market and investors. For a closed-end fund like this, the channels are all about regulatory compliance and direct investor communication, especially concerning the Net Asset Value (NAV).

New York Stock Exchange (NYSE) for common stock trading

The primary channel for the common stock of Equus Total Return, Inc. is the NYSE, trading under the ticker EQS. This is where the market price is established, which you'll notice often trades at a discount or premium to the underlying NAV.

Here's a snapshot of the trading reality as of late 2025:

Metric	Value as of Late 2025
Exchange Listing	NYSE
Ticker Symbol	EQS
Closing Price (Dec 03, 2025)	$1.80
Market Capitalization (Nov 26, 2025)	$26.40M
Outstanding Shares	13,966,696
52-Week High Price	$2.49
52-Week Low Price	$0.740

For instance, on November 26, 2025, the stock closed at $1.89, showing how the market price fluctuates daily, separate from the quarterly NAV reporting.

Corporate website (equuscap.com) for investor information

The corporate website, equuscap.com, serves as the central hub for investor-facing materials. It's where you go to find the structure of the fund and its strategy, even if the real-time stock quote data service has expired, as noted recently.

Key investor sections accessible via equuscap.com include:

• Investor Relations landing page
• Direct links to SEC Filings
• Press releases archive
• Stock Information pages
• Corporate Governance details
• Stockholder FAQs

The U.S. office address is listed as 700 Louisiana Street, 48th Floor, Houston, TX 77002, and the general contact email is info@equuscap.com.

SEC filings (10-Qs, 8-Ks) for mandatory disclosure

Mandatory disclosures flow directly through the SEC's EDGAR system, which Equus Total Return, Inc. makes accessible via its website. These filings are the bedrock of due diligence for any serious analyst.

Recent critical filings include:

• Form 10-Q for the third quarter of 2025, filed around November 20, 2025.
• Form 8-K reporting a Material Event, filed on November 25, 2025.

The 10-Q for the period ending September 30, 2025, showed a net investment loss of $1.4 million for the three months, largely due to increased compensation expense of $0.9 million for that quarter.

Press releases announcing Net Asset Value (NAV) and corporate actions

Press releases are the immediate way Equus Total Return, Inc. communicates key valuation metrics and operational events outside of the formal SEC filing schedule. The NAV announcement is arguably the most important release for a closed-end fund investor.

Here are the latest NAV and corporate action announcements:

Event	Date Announced	NAV Per Share (as of Period End)
Third Quarter NAV	November 24, 2025	$1.90 (as of Sep 30, 2025)
First Quarter NAV	May 19, 2025	$2.52 (as of Mar 31, 2025)
Second Quarter NAV	August 18, 2025	(Data not explicitly stated in snippet for this date)

The September 30, 2025, NAV of $1.90 per share represented a decrease from the year-end 2024 value of $2.17 per share. Also, a significant corporate action channel involved a subsidiary, Morgan E&P, securing a $3 Million Term Loan announced via press release on August 14, 2025, to advance its drilling program.

Equus Total Return, Inc. (EQS) - Canvas Business Model: Customer Segments

You're looking at the distinct groups of stakeholders that Equus Total Return, Inc. (EQS) serves, which is crucial for understanding how the business generates value.

Public shareholders (retail and institutional investors)

• Investment in Equus Total Return, Inc. is an indirect investment in its portfolio companies.
• The share price as of November 7, 2025, was $1.85 / share.
• Total return on market price for the nine months ended September 30, 2025, was 104.55%.
• Net asset value per share as of September 30, 2025, was $1.90.
• Retail investors held 0.00% of the stock as of a recent filing.

Institutional investors and hedge funds (e.g., UBS Group AG)

This segment includes entities filing with the SEC, though their collective stake remains small relative to insiders. Institutional investors increased holdings from 1.04% to 1.07% in September 2025, while Mutual Fund Holding was reported at 0% in November 2025.

Institutional Shareholder Name	Shares Held (as of 9/30/2025)	Value (USD K)
Shufro Rose & Co Llc	60,000	$111
Morgan Stanley	35,666	$66
Schwarz Dygos Wheeler Investment Advisors Llc	20,000	$37
MSH Capital Advisors Llc	16,666	$31

The total number of institutional owners filing 13D/G or 13F forms was 11.

Companies seeking growth capital, recapitalizations, or buyouts

Equus Total Return, Inc. targets middle market companies, acting as a lead investor, focusing on specific financial profiles for its debt and equity investments. The general investment criteria for target companies include:

• Enterprise values between $5 million and $75 million.
• Revenues between $5 million and $150 million.
• EBITDA between $2 million and $50 million.

The strategy encompasses leveraged buyouts, management buyouts, growth and expansion capital, operational turnarounds, and recapitalizations.

Investors seeking exposure to the energy sector via Morgan E&P

The energy sector concentration is a defining feature of the current customer segment for investors seeking this specific exposure. Morgan E&P, LLC is the primary vehicle for this exposure.

• Energy, via Morgan E&P, represents 86.2% of NAV as of September 30, 2025.
• Energy represents 81.5% of investments at fair value as of September 30, 2025.
• Morgan E&P holds development rights to approximately 6,707 net acres in the Bakken/Three Forks formation.
• The fair value of the equity holding in Morgan E&P was $14.0 million as of March 31, 2025.
• Morgan E&P closed a $3 million term loan facility on August 14, 2025.

Equus Total Return, Inc. (EQS) - Canvas Business Model: Cost Structure

You're looking at the operational expenses for Equus Total Return, Inc. (EQS) as of late 2025. For a Business Development Company (BDC) like Equus Total Return, Inc., the cost structure is heavily weighted toward compensation and financing costs, given its structure as a managed investment vehicle.

Management and administrative compensation expenses are a major component. For the three months ended September 30, 2025, the reported Compensation expense totaled $920,000 (or $0.920 million). This figure was noted to be higher than the prior year, driven by officer bonuses related to dispositions and shares issued under the Equity Incentive Plan. The CEO, Mr. John Arthur Hardy, had a total yearly compensation of $534.67K as of the latest available data.

Interest expense on the $2.0 million senior convertible note is a clear, quantifiable financing cost. Equus Total Return, Inc. issued a 1-year senior convertible promissory note for $2.0 million on February 10, 2025, bearing an interest rate of 10.0% per annum. For the three months ended September 30, 2025, the reported Interest expense was $412,000. This expense is also impacted by the amortization of the debt discount associated with the note. Furthermore, the issuance of this note was accompanied by a $1.7 million warrant liability as of September 30, 2025.

General and administrative (G&A) costs for a public company are relatively contained for Equus Total Return, Inc., which reports a very lean operational footprint. For the three months ended September 30, 2025, General and administrative expenses were $42,000. This is a small fraction of the total operating expenses, reflecting the BDC structure which often relies on external management or a very small internal team.

Professional fees for legal, accounting, and valuation services show an increase in the latest reported quarter. For the three months ended September 30, 2025, Professional fees amounted to $258,000, up from $238,000 for the same period in 2024. This includes costs for valuation services to support investment fair value determinations. Separately, Transaction costs related to the issuance of the convertible promissory note totaled $307,000 for the nine months ended September 30, 2025.

Regarding costs associated with maintaining the NYSE listing, specific annual or quarterly fees are not explicitly detailed in the readily available statements. However, the administrative overhead is captured within G&A and Professional Fees. You should note that Equus Total Return, Inc. received a notice of non-compliance from the NYSE in May 2025 regarding the minimum average closing price requirement of $1.00. Rectifying such a deficiency, potentially through a reverse stock split, would introduce further, non-recurring professional and administrative costs.

Here's a quick look at the key operating expenses for the three months ended September 30, 2025, in thousands:

Expense Category	Amount (in thousands)	Notes
Compensation Expense	$920	Includes officer bonuses
Interest Expense	$412	Includes amortization of debt discount
Professional Fees	$258	Legal, accounting, valuation services
Director Fees and Expenses	$81	Board costs
General and Administrative Expenses	$42	Basic overhead

The total expenses for the three months ended September 30, 2025, were significantly driven by these fixed and financing-related costs, contributing to a Net Investment Loss of $3.1 million for the first nine months of 2025.

The cost structure also includes other administrative overhead that you should be aware of:

• Mailing, printing and other expenses: $98,000 for the nine months ended September 30, 2025.
• Professional liability expenses: $80,000 for the nine months ended September 30, 2025.
• Taxes: $19,000 for the three months ended September 30, 2025.

Finance: draft 13-week cash view by Friday.

Equus Total Return, Inc. (EQS) - Canvas Business Model: Revenue Streams

Total revenue for Equus Total Return, Inc. (EQS) for the last twelve months ending September 30, 2025, was $1.38 million. The revenue for the third quarter of 2025 itself was reported at $356.00K.

The primary components of the revenue structure for Equus Total Return, Inc. (EQS) flow directly from its investment strategy, which seeks the highest total return from debt and equity securities in companies with enterprise values generally between $5.0 million and $75.0 million.

Revenue Metric	Amount (TTM ending Q3 2025)	Amount (Q3 2025 Only)
Total Revenue	$1.38 million	$356.00K
Total Investment Income	N/A	$0.4 million
Revenue for Nine Months Ended Q3 2025	N/A	$1.05 million

Interest income from debt securities in the portfolio is a core driver, as the investment strategy includes income-producing investments principally of debt securities, such as subordinated debt. As of December 31, 2024, secured and subordinated debt represented a fair value of $10,500K in the portfolio.

Dividend income from equity holdings contributes to the total investment income, though Equus Total Return, Inc. (EQS) does not currently pay dividends to its shareholders. The Total Investment Income for the three months ended September 30, 2025, was $0.4 million.

Realized and unrealized capital gains from portfolio exits are a significant, albeit sometimes negative, component of the total return objective. For the nine months ended September 30, 2025, the Fund recorded 'sizeable realized and unrealized losses.' The Net Investment Loss for the three months ended September 30, 2025, was $1.4 million.

You should note the following context regarding the revenue sources:

• The portfolio is heavily concentrated, with energy investments making up 93.2% of Net Asset Value as of December 31, 2024.
• The investment focus is on debt and equity securities of middle-market companies.
• The company issued a $2.0 million 10% senior convertible note to support liquidity.
• The nine-month period ending Q3 2025 saw a net decrease in net assets from operations of $4.2M.