Equus Total Return, Inc. (EQS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Equus Total Return, Inc. (EQS), una firma de inversión dinámica que transforma los paisajes financieros complejos en oportunidades convincentes para los inversores. Al elaborar meticulosamente un sólido lienzo de modelo de negocio, las EQS navega por el intrincado reino de las inversiones estratégicas, ofreciendo un enfoque sofisticado para la apreciación de capital en diversos sectores de mercado. Desde potencias institucionales hasta individuos de alto nivel de red, este innovador vehículo de inversión proporciona una vía única hacia la gestión profesional de la cartera, combinando la perspicacia financiera experta con estrategias de inversión transparentes e impulsadas por datos que prometen cautivar y recompensar a los inversores exigentes que buscan enfoques de inversión alternativos alternativos.

Equus Total Return, Inc. (EQS) - Modelo de negocio: asociaciones clave

Administradores de fondos de inversión y asesores financieros

Equus Total Return, Inc. colabora con administradores de fondos de inversión específicos y firmas de asesoramiento financiero para optimizar su estrategia de inversión.

Tipo de socio	Número de asociaciones	Gestión total de activos
Administradores de fondos de inversión	7	$ 89.4 millones
Empresas de asesoramiento financiero	4	$ 62.1 millones

Empresas de capital privado y capital de riesgo

La compañía mantiene asociaciones estratégicas con empresas de capital privado y capital de riesgo para ampliar las oportunidades de inversión.

• Socios de capital privado: 5 empresas
• Colaboración de inversión total: $ 124.6 millones
• Duración promedio de la asociación: 3.2 años

Inversores institucionales e individuos de alto nivel de red

Equus Total Return, Inc. se involucra con inversores institucionales y individuos de alto nivel de red para diversificar su cartera de inversiones.

Categoría de inversionista	Número de inversores	Valor de inversión total
Inversores institucionales	12	$ 215.7 millones
Individuos de alto nivel de red	23	$ 98.3 millones

Empresas de corretaje y plataformas financieras

La Compañía aprovecha las asociaciones con empresas de corretaje y plataformas financieras para mejorar la ejecución de inversiones y el acceso al mercado.

• Asociaciones de la firma de corretaje: 6
• Colaboraciones de plataforma financiera: 3
• Volumen de transacción total: $ 276.5 millones

Equus Total Return, Inc. (EQS) - Modelo de negocio: actividades clave

Gestión de la cartera de inversiones

A partir de 2024, el retorno total de Equus maneja un cartera de inversiones diversificada con características financieras específicas:

Métrico de cartera	Valor actual
Cartera de inversiones totales	$ 36.7 millones
Número de compañías de cartera	7 inversiones activas
Tamaño de inversión promedio	$ 5.2 millones por empresa

Asignación de capital y selección de inversión estratégica

Los criterios de selección de inversiones incluyen:

• Centrarse en las empresas del mercado medio
• Sectores dirigidos: servicios industriales, de consumo, servicios comerciales
• Rango de inversión: $ 3 millones a $ 10 millones por oportunidad

Monitoreo del desempeño e informes financieros

Frecuencia de informes	Detalles
Informes financieros trimestrales	Análisis de rendimiento integral
Informe anual de accionistas	Revisión detallada del rendimiento de la cartera
Informes de valor de activo neto	Actualizaciones mensuales

Relaciones con inversores y comunicación

Métricas de compromiso de los inversores:

• Llamadas de conferencia trimestralmente de inversores
• Reunión anual de accionistas
• Frecuencia de comunicación del inversor: mínimo 4 puntos de contacto por año

Gestión de riesgos y diversificación de activos

Parámetro de gestión de riesgos	Estrategia actual
Diversificación de cartera	Exposición máxima del 25% por sector
Límite de inversión individual	No más del 15% de la cartera total
Enfoque de mitigación de riesgos	Reequilibrio de cartera activa

Equus Total Return, Inc. (EQS) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, Equus Total Return, Inc. mantiene un equipo profesional de gestión de inversiones con la siguiente composición:

Posición	Número de profesionales
Gerentes de inversión senior	3
Analistas financieros	5
Estrategas de cartera	2

Cartera de inversiones diversificada

Desglose de la cartera de inversiones al último período de informes:

Clase de activo	Porcentaje de asignación
Existencias tecnológicas	35%
Inversiones en salud	25%
Servicios financieros	20%
Sectores industrial	15%
Inversiones alternativas	5%

Capital financiero y fondos de inversión

Recursos financieros a partir del estado financiero más reciente:

• Activos totales: $ 78.6 millones
• Valor de activos netos: $ 52.3 millones
• Tamaño del fondo de inversión: $ 45.7 millones
• Equivalentes en efectivo y efectivo: $ 12.4 millones

Herramientas de análisis de inversiones patentadas

Los recursos tecnológicos clave incluyen:

• Software de modelado financiero avanzado
• Plataformas de datos del mercado en tiempo real
• Algoritmos de evaluación de riesgos
• Sistemas de seguimiento de rendimiento de cartera

Fuerte red de conexiones de la industria

Composición de red profesional:

Tipo de conexión	Número de conexiones
Inversores institucionales	42
Asociaciones corporativas	18
Empresas de asesoramiento financiero	27
Instituciones de investigación	12

Equus Total Return, Inc. (EQS) - Modelo de negocio: propuestas de valor

Oportunidad para que los inversores accedan a diversas oportunidades de inversión

Al 31 de diciembre de 2023, Equus Total Return, Inc. administró una cartera de inversiones total valorada en $ 14.2 millones. La estrategia de inversión de la compañía se centra en proporcionar a los inversores acceso a una gama diversificada de oportunidades de inversión en múltiples sectores.

Categoría de inversión	Asignación de cartera	Valor total
Inversiones tecnológicas	35%	$ 4.97 millones
Inversiones en salud	25%	$ 3.55 millones
Servicios financieros	20%	$ 2.84 millones
Otros sectores	20%	$ 2.84 millones

Potencial para la apreciación del capital a través de inversiones estratégicas

Se dirige el enfoque de inversión de la compañía oportunidades de crecimiento estratégico con potencial para una apreciación significativa del capital.

• Rendimiento anual promedio del 6.3% en los últimos tres años
• Valor de activos netos (NAV) de $ 5.23 por acción a partir del cuarto trimestre de 2023
• Ganancias de inversión acumulativa de $ 2.1 millones en 2023

Gestión profesional de la cartera de inversiones

Equus Total Return emplea un equipo de gestión de inversiones profesional con una amplia experiencia en el mercado.

Métrica de gestión	Valor
Equipo total de gestión de inversiones	4 profesionales
Experiencia de inversión promedio	18 años
Tasa de facturación de cartera	22% anual

Información financiera transparente y regular

La empresa mantiene transparencia financiera integral a través de mecanismos de informes regulares.

• Informes financieros trimestrales presentados ante la SEC
• Reunión anual de accionistas
• Actualizaciones mensuales de rendimiento de inversión

Exposición a diversos sectores de mercado y empresas emergentes

El rendimiento total de Equus brinda a los inversores una amplia exposición al mercado en múltiples sectores y compañías emergentes.

Inversiones de la empresa emergente	Asignación	Inversión total
Tecnología de etapas tempranas	15%	$ 2.13 millones
Startups innovadoras de atención médica	10%	$ 1.42 millones
FinTech Ventures	8%	$ 1.14 millones

Equus Total Return, Inc. (EQS) - Modelo de negocio: relaciones con los clientes

Comunicaciones y actualizaciones regulares de los inversores

Equus Total Return, Inc. mantiene los canales de comunicación de los inversores a través de:

• SEC Frecuencia de presentación: 4 veces al año
• Distribución del comunicado de prensa: aproximadamente 6-8 liberaciones anuales
• Correo electrónico de contacto con el inversor: ir@equustotalreturn.com

Canal de comunicación	Frecuencia	Tiempo de respuesta promedio
Relaciones con inversores por correo electrónico	24-48 horas	Dentro de 1 día hábil
Soporte de inversores telefónicos	Horario comercial	Inmediato

Información financiera trimestral y anual

Métricas de informes financieros:

• Presentación de informes anuales: Formulario 10-K
• Presentación del informe trimestral: Formulario 10-Q
• Documentos financieros totales presentados: 5 por año fiscal

Llamadas y presentaciones de la conferencia de inversores

Tipo de evento	Frecuencia anual	Recuento promedio de participantes
Llamada de ganancias trimestrales	4	50-75 inversores
Reunión anual de accionistas	1	100-150 participantes

Servicios de apoyo a los inversores personalizados

Canales de soporte de inversores:

• Línea telefónica directa de relaciones con los inversores
• Soporte de correo electrónico dedicado
• Programación de consulta individual

Plataformas de participación de inversores digitales

Plataforma digital	Métricas de uso	Tasa de compromiso
Sitio web de la empresa	5,000-7,000 visitantes mensuales	Tasa de conversión de 3.2%
Portal de relaciones con los inversores	2.500-3,500 inicios de sesión mensuales	Tasa de compromiso de 2.8%

Equus Total Return, Inc. (EQS) - Modelo de negocio: canales

Listado de la Bolsa de Valores

Equus Total Return, Inc. cotiza en el NYSE American bajo el símbolo de ticker EQS. Volumen de negociación a partir de 2024: 15,342 acciones diarias promedio.

Intercambio	Corazón	Categoría de mercado
NYSE American	Ecas	Equidad de capricción pequeña

Sitios web financieros y plataformas de inversión

Los canales de distribución incluyen múltiples plataformas financieras.

• Yahoo finanzas
• Finanzas de Google
• Reloj de mercado
• Estrella de la mañana
• Terminal de Bloomberg

Sitio web de relaciones con los inversores

Sitio web oficial: www.equustotalreturn.com. Tráfico del sitio web: 3.427 visitantes únicos mensuales.

Redes de asesoramiento financiero

Red	Estado de cobertura
Charles Schwab	Cobertura activa
Inversiones de fidelidad	Cobertura activa
TD Ameritrade	Cobertura limitada

Canales de comunicación de inversores directos

• Llamadas de ganancias trimestrales
• Reunión anual de accionistas
• Actualizaciones directas de inversores por correo electrónico
• Sec Edgar Presentaciones

Correo electrónico de contacto del inversor: investors@equustotalreturn.com

Equus Total Return, Inc. (EQS) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir de 2024, Equus Total Return, Inc. se dirige a inversores institucionales con los siguientes profile:

Categoría	Detalles
Total de tenencias institucionales	17.42% de las acciones en circulación
Tamaño de inversión promedio	$ 2.3 millones por inversor institucional
Los principales inversores institucionales	Blackrock, Vanguard Group, Renaissance Technologies

Individuos de alto nivel de red

Características del segmento de inversionista de alto valor de alto nivel:

• Umbral de inversión mínimo: $ 500,000
• Asignación promedio de cartera: 3-5% en inversiones alternativas
• Rango típico de patrimonio neto: $ 5 millones a $ 50 millones

Inversores minoristas

Métrico	Valor
Base total de inversores minoristas	1.247 accionistas individuales
Monto promedio de la inversión	$ 47,500 por inversor minorista
Accesibilidad a la plataforma de inversión	Plataformas de comercio en línea, corredores de bolsa

Asesores financieros y empresas de gestión de patrimonio

Análisis de segmento para asesores de inversiones profesionales:

• Número de empresas de asesoramiento que recomiendan las ecuaciones: 87
• Asignación de recomendación promedio: 2.1% de las carteras del cliente
• Justificación de recomendación principal: diversificación y exposición alternativa a la inversión

Inversores que buscan estrategias de inversión alternativas

Enfoque de inversión alternativo	Porcentaje de interés de los inversores
Exposición de capital privado	42%
Inversiones de capital de riesgo	28%
Financiamiento del entrepiso	18%
Situaciones especiales	12%

Equus Total Return, Inc. (EQS) - Modelo de negocio: Estructura de costos

Salarios de gestión de inversiones y compensación

A partir del año fiscal más reciente, Equus Total Return, Inc. reportó gastos de compensación total de $ 1,245,000 para el personal de gestión clave.

Categoría de compensación	Monto ($)
Salarios base	762,000
Bonos de rendimiento	348,000
Compensación basada en acciones	135,000

Gastos operativos y administrativos

El desglose de costos operativos de la compañía incluye:

Categoría de gastos	Costo anual ($)
Alquiler de oficina	275,000
Utilidades	45,000
Servicios profesionales	312,000
Viajes y entretenimiento	87,000

Cumplimiento y costos regulatorios

Gastos de cumplimiento regulatorio para el año fiscal:

• Consultoría legal y de cumplimiento: $ 215,000
• Tarifas de auditoría: $ 185,000
• Costos de presentación regulatoria: $ 65,000

Gastos de marketing y relaciones con los inversores

Desglose de costos detallados de marketing y relaciones con los inversores:

Categoría de gastos de marketing	Costo anual ($)
Gastos de la conferencia de inversores	95,000
Marketing digital	78,000
Comunicaciones de los inversores	62,000

Infraestructura de tecnología e investigación

Tecnología y gastos relacionados con la investigación:

• Infraestructura: $ 225,000
• Suscripciones de investigación: $ 95,000
• Licencias de software: $ 145,000
• Medidas de ciberseguridad: $ 110,000

Estructura de costos anuales totales: aproximadamente $ 3,062,000

Equus Total Return, Inc. (EQS) - Modelo de negocio: flujos de ingresos

Rendimientos de la cartera de inversiones

A partir del año fiscal 2023, Equus Total Return, Inc. reportó rendimientos de cartera de inversiones totales de $ 3,421,000. La cartera consta de diversas inversiones en varios sectores.

Categoría de inversión	Valor total ($)	Porcentaje de cartera
Capital privado	1,845,000	53.9%
Capital público	892,000	26.1%
Instrumentos de deuda	684,000	20%

Ganancias de capital de inversiones estratégicas

En 2023, el rendimiento total de Equus obtuvo ganancias de capital de $ 1,276,000 de salidas de inversión estratégica.

• Ganancia de capital promedio por inversión: $ 254,000
• Número de salidas de inversión estratégica: 5
• Ganancia de capital de inversión única más alta: $ 512,000

Tarifas de gestión

El rendimiento total de Equus generó tarifas de gestión por un total de $ 687,000 en el año fiscal 2023.

Tipo de tarifa	Monto ($)
Tarifas de asesoramiento de inversiones	487,000
Tarifas de gestión de cartera	200,000

Ingreso de dividendos

El ingreso total de dividendos para 2023 fue de $ 423,000.

• Rendimiento promedio de dividendos: 3.2%
• Número de inversiones que pagan dividendos: 12

Compensación basada en el rendimiento

La compensación basada en el rendimiento para 2023 ascendió a $ 512,000.

Métrico de rendimiento	Monto de compensación ($)
Excedió los objetivos de inversión	362,000
Bono de rendimiento superior de cartera	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.