Equus Total Return, Inc. (EQS): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde stratégique d'Equus Total Return, Inc. (EQS), une entreprise d'investissement dynamique qui transforme les paysages financiers complexes en possibilités convaincantes pour les investisseurs. En créant méticuleusement une toile de modèle commercial robuste, les EQS naviguent dans le domaine complexe des investissements stratégiques, offrant une approche sophistiquée de l'appréciation du capital dans divers secteurs du marché. Des puissances institutionnelles aux individus à haute nette, ce véhicule d'investissement innovant fournit une voie unique vers la gestion professionnelle du portefeuille, mélangeant un sens financier expert avec des stratégies d'investissement transparentes et basées sur les données qui promettent de captiver et potentiellement de récompenser les investisseurs à la recherche d'approches d'investissement alternatives.

Equus Total Return, Inc. (EQS) - Modèle commercial: partenariats clés

Gestionnaires des fonds d'investissement et conseillers financiers

Equus Total Return, Inc. collabore avec des gestionnaires spécifiques des fonds d'investissement et des sociétés de conseil financier pour optimiser sa stratégie d'investissement.

Type de partenaire	Nombre de partenariats	Gestion totale des actifs
Gestionnaires de fonds d'investissement	7	89,4 millions de dollars
Sociétés de conseil financier	4	62,1 millions de dollars

Sociétés de capital-investissement et de capital-risque

La société maintient des partenariats stratégiques avec des sociétés de capital-investissement et de capital-risque pour étendre les opportunités d'investissement.

• Partners de capital-investissement: 5 entreprises
• Collaboration totale d'investissement: 124,6 millions de dollars
• Durée du partenariat moyen: 3,2 ans

Investisseurs institutionnels et particuliers

Equus Total Return, Inc. s'engage avec les investisseurs institutionnels et les particuliers fortunés pour diversifier son portefeuille d'investissement.

Catégorie d'investisseurs	Nombre d'investisseurs	Valeur d'investissement totale
Investisseurs institutionnels	12	215,7 millions de dollars
Individus à haute nette	23	98,3 millions de dollars

Brokerage Companies et plateformes financières

La société tire parti des partenariats avec les sociétés de courtage et les plateformes financières pour améliorer l'exécution des investissements et l'accès au marché.

• Partenariats des entreprises de courtage: 6
• Collaborations de plate-forme financière: 3
• Volume total des transactions: 276,5 millions de dollars

Equus Total Return, Inc. (EQS) - Modèle d'entreprise: Activités clés

Gestion du portefeuille d'investissement

En 2024, le rendement total d'Equus gère un Portefeuille d'investissement diversifié avec des caractéristiques financières spécifiques:

Métrique de portefeuille	Valeur actuelle
Portefeuille d'investissement total	36,7 millions de dollars
Nombre de sociétés de portefeuille	7 investissements actifs
Taille moyenne de l'investissement	5,2 millions de dollars par entreprise

Attribution des capitaux et sélection des investissements stratégiques

Les critères de sélection des investissements comprennent:

• Concentrez-vous sur les entreprises du marché intermédiaire
• Secteurs ciblés: services industriels, consommateurs, services commerciaux
• Gamme d'investissement: 3 millions de dollars à 10 millions de dollars par opportunité

Surveillance du rendement et rapports financiers

Fréquence de rapport	Détails
Rapports financiers trimestriels	Analyse complète des performances
Rapport annuel des actionnaires	Revue détaillée des performances du portefeuille
Rapports de valeur de l'actif net	Mises à jour mensuelles

Relations et communication des investisseurs

Métriques d'engagement des investisseurs:

• Conférence téléphonique des investisseurs trimestriels
• Réunion des actionnaires annuelle
• Fréquence de communication des investisseurs: minimum 4 points de contact par an

Gestion des risques et diversification des actifs

Paramètre de gestion des risques	Stratégie actuelle
Diversification du portefeuille	Exposition maximale de 25% par secteur
Limite d'investissement individuelle	Pas plus de 15% du portefeuille total
Approche d'atténuation des risques	Rééquilibrage de portefeuille actif

Equus Total Return, Inc. (EQS) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

En 2024, Equus Total Return, Inc. maintient une équipe de gestion professionnelle des investissements avec la composition suivante:

Position	Nombre de professionnels
Responsables de l'investissement seniors	3
Analystes financiers	5
Stratèges de portefeuille	2

Portefeuille d'investissement diversifié

Répartition du portefeuille d'investissement à partir de la dernière période de rapport:

Classe d'actifs	Pourcentage d'allocation
Stocks technologiques	35%
Investissements de soins de santé	25%
Services financiers	20%
Secteurs industriels	15%
Investissements alternatifs	5%

Fonds de capital financier et d'investissement

Ressources financières à partir des états financiers les plus récents:

• Actif total: 78,6 millions de dollars
• Valeur de l'actif net: 52,3 millions de dollars
• Taille du fonds d'investissement: 45,7 millions de dollars
• Equivalents en espèces et en espèces: 12,4 millions de dollars

Outils d'analyse des investissements propriétaires

Les ressources technologiques clés comprennent:

• Logiciel de modélisation financière avancée
• Plateformes de données de marché en temps réel
• Algorithmes d'évaluation des risques
• Systèmes de suivi des performances de portefeuille

Strong réseau de connexions de l'industrie

Composition de réseau professionnel:

Type de connexion	Nombre de connexions
Investisseurs institutionnels	42
Partenariats d'entreprise	18
Sociétés de conseil financier	27
Institutions de recherche	12

Equus Total Return, Inc. (EQS) - Modèle d'entreprise: propositions de valeur

Opportunité pour les investisseurs d'accéder à diverses opportunités d'investissement

Au 31 décembre 2023, Equus Total Return, Inc. a géré un portefeuille d'investissement total d'une valeur de 14,2 millions de dollars. La stratégie d'investissement de l'entreprise se concentre sur l'accès aux investisseurs à une gamme diversifiée d'opportunités d'investissement dans plusieurs secteurs.

Catégorie d'investissement	Allocation de portefeuille	Valeur totale
Investissements technologiques	35%	4,97 millions de dollars
Investissements de soins de santé	25%	3,55 millions de dollars
Services financiers	20%	2,84 millions de dollars
Autres secteurs	20%	2,84 millions de dollars

Potentiel d'appréciation du capital grâce à des investissements stratégiques

L'approche d'investissement de l'entreprise cible Opportunités de croissance stratégique avec un potentiel d'appréciation importante du capital.

• Rendement annuel moyen de 6,3% au cours des trois dernières années
• Valeur de l'actif net (NAV) de 5,23 $ par action au T2 2023
• Des gains d'investissement cumulatifs de 2,1 millions de dollars en 2023

Gestion professionnelle du portefeuille d'investissement

Equus Total Return emploie une équipe de gestion professionnelle des investissements avec une vaste expérience du marché.

Métrique de gestion	Valeur
Équipe totale de gestion des investissements	4 professionnels
Expérience d'investissement moyenne	18 ans
Taux de rotation du portefeuille	22% par an

Informations financières transparentes et régulières

La société maintient transparence financière complète par le biais de mécanismes de rapports réguliers.

• Rapports financiers trimestriels déposés auprès de la SEC
• Réunion des actionnaires annuelle
• Mises à jour mensuelles sur les performances d'investissement

Exposition à divers secteurs de marché et aux entreprises émergentes

Equus Total Return offre aux investisseurs une large exposition sur le marché dans plusieurs secteurs et sociétés émergentes.

Investissements des entreprises émergentes	Allocation	Investissement total
Technologie à un stade précoce	15%	2,13 millions de dollars
Startups de santé innovantes	10%	1,42 million de dollars
Fintech Ventures	8%	1,14 million de dollars

Equus Total Return, Inc. (EQS) - Modèle d'entreprise: relations avec les clients

Communications et mises à jour des investisseurs réguliers

Equus Total Return, Inc. maintient les canaux de communication des investisseurs à travers:

• Fréquence de dépôt de la SEC: 4 fois par an
• Distribution du communiqué de presse: environ 6-8 versions chaque année
• Email de contact des investisseurs: ir@equattotalreturn.com

Canal de communication	Fréquence	Temps de réponse moyen
Relations des investisseurs par e-mail	24-48 heures	Dans un délai de travail
Assistance des investisseurs téléphoniques	Heures de bureau	Immédiat

Rapports financiers trimestriels et annuels

Métriques d'information financière:

• Dépôt de rapport annuel: formulaire 10-K
• Dépôt de rapport trimestriel: formulaire 10-Q
• Documents financiers totaux déposés: 5 par exercice

Conférences et présentations des investisseurs

Type d'événement	Fréquence annuelle	Compte de participant moyen
Appel de résultats trimestriel	4	50-75 investisseurs
Réunion des actionnaires annuelle	1	100-150 participants

Services de soutien aux investisseurs personnalisés

Canaux de soutien aux investisseurs:

• Ligne téléphonique des relations avec les investisseurs directs
• Assistance par e-mail dédiée
• Planification de consultation en tête-à-tête

Plateformes d'engagement des investisseurs numériques

Plate-forme numérique	Métriques d'utilisation	Taux d'engagement
Site Web de l'entreprise	5 000 à 7 000 visiteurs mensuels	Taux de conversion de 3,2%
Portail des relations avec les investisseurs	2 500 à 3 500 connexions mensuelles	Taux d'engagement de 2,8%

Equus Total Return, Inc. (EQS) - Modèle d'entreprise: canaux

Cotation des bourses

Equus Total Return, Inc. se négocie sur le NYSE American sous le symbole de ticker Eqs. Volume de négociation en 2024: 15 342 actions quotidiennes moyennes.

Échange	Téléscripteur	Catégorie de marché
Nyse américain	Égalise	Small Cap Equity

Sites Web financiers et plateformes d'investissement

Les canaux de distribution comprennent plusieurs plateformes financières.

• Yahoo Finance
• Google Finance
• Marketwatch
• Morningstar
• Bloomberg Terminal

Site Web de relations avec les investisseurs

Site officiel: www.equustotalreturn.com. Trafic de site Web: 3 427 visiteurs uniques mensuels.

Réseaux de conseil financier

Réseau	Statut de couverture
Charles Schwab	Couverture active
Investissements de fidélité	Couverture active
Améritrade TD	Couverture limitée

Canaux de communication des investisseurs directs

• Appels de résultats trimestriels
• Réunion des actionnaires annuelle
• Mises à jour des investisseurs par e-mail direct
• SEC Edgar Dosings

Email de contact des investisseurs: investors@equustotalreturn.com

Equus Total Return, Inc. (EQS) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

En 2024, Equus Total Return, Inc. cible les investisseurs institutionnels avec les éléments suivants profile:

Catégorie	Détails
Total des avoirs institutionnels	17,42% des actions en circulation
Taille moyenne de l'investissement	2,3 millions de dollars par investisseur institutionnel
Les principaux investisseurs institutionnels	BlackRock, Vanguard Group, Renaissance Technologies

Individus à haute nette

Cibler les caractéristiques du segment des investisseurs à forte valeur:

• Seuil d'investissement minimum: 500 000 $
• Attribution moyenne du portefeuille: 3-5% en investissements alternatifs
• Fourchette de valeur nette typique: 5 à 50 millions de dollars

Investisseurs de détail

Métrique	Valeur
Base totale des investisseurs de détail	1 247 actionnaires individuels
Montant d'investissement moyen	47 500 $ par investisseur de détail
Accessibilité de la plate-forme d'investissement	Plateformes de trading en ligne, courtiers

Conseillers financiers et sociétés de gestion de patrimoine

Analyse des segments pour les conseillers en investissement professionnel:

• Nombre de sociétés de conseil recommandant des EQ: 87
• Attribution moyenne des recommandations: 2,1% des portefeuilles clients
• Recommandation primaire Justification: Diversification et exposition alternative aux investissements

Les investisseurs à la recherche de stratégies d'investissement alternatives

Focus d'investissement alternatif	Pourcentage d'intérêt des investisseurs
Exposition au capital-investissement	42%
Investissements en capital-risque	28%
Financement de la mezzanine	18%
Situations spéciales	12%

Equus Total Return, Inc. (EQS) - Modèle d'entreprise: Structure des coûts

Salaires et rémunération de la gestion des investissements

Depuis l'exercice le plus récent, Equus Total Return, Inc. a déclaré des frais de rémunération totale de 1 245 000 $ pour le personnel de gestion clé.

Catégorie de compensation	Montant ($)
Salaires de base	762,000
Bonus de performance	348,000
Compensation en stock	135,000

Frais opérationnels et administratifs

La rupture des coûts opérationnels de l'entreprise comprend:

Catégorie de dépenses	Coût annuel ($)
Loyer de bureau	275,000
Services publics	45,000
Services professionnels	312,000
Voyage et divertissement	87,000

Contacments de conformité et de réglementation

Dépenses de conformité réglementaire pour l'exercice:

• Conseil juridique et conformité: 215 000 $
• Frais d'audit: 185 000 $
• Coûts de dépôt réglementaire: 65 000 $

Dépenses de marketing et de relations avec les investisseurs

Déchange de coûts de marketing et de relations avec les investisseurs détaillés:

Catégorie de dépenses de marketing	Coût annuel ($)
Dépenses de la conférence des investisseurs	95,000
Marketing numérique	78,000
Communications des investisseurs	62,000

Infrastructure technologique et de recherche

TECHNOLOGIE ET ​​EXPÉRITIONS LA LONTS:

• Infrastructure informatique: 225 000 $
• Abonnements de recherche: 95 000 $
• Licences logicielles: 145 000 $
• Mesures de cybersécurité: 110 000 $

Structure totale des coûts annuels: environ 3 062 000 $

Equus Total Return, Inc. (EQS) - Modèle d'entreprise: Strots de revenus

Returns du portefeuille d'investissement

Depuis l'exercice 2023, Equus Total Return, Inc. a déclaré des rendements totaux de portefeuille d'investissement de 3 421 000 $. Le portefeuille se compose de divers investissements dans divers secteurs.

Catégorie d'investissement	Valeur totale ($)	Pourcentage de portefeuille
Capital-investissement	1,845,000	53.9%
Capitaux publics	892,000	26.1%
Endettement	684,000	20%

Gains en capital des investissements stratégiques

En 2023, le rendement total d'Equus a réalisé des gains en capital de 1 276 000 $ provenant des sorties d'investissement stratégiques.

• Gain en capital moyen par investissement: 254 000 $
• Nombre de sorties d'investissement stratégiques: 5
• Gain de capital d'investissement le plus élevé: 512 000 $

Frais de gestion

Le rendement total d'Equus a généré des frais de gestion totalisant 687 000 $ au cours de l'exercice 2023.

Type de frais	Montant ($)
Frais de conseil en investissement	487,000
Frais de gestion du portefeuille	200,000

Revenu de dividendes

Le revenu total de dividendes pour 2023 était de 423 000 $.

• Rendement moyen des dividendes: 3,2%
• Nombre d'investissements rémunérés des dividendes: 12

Compensation basée sur la performance

La rémunération basée sur le rendement pour 2023 s'élevait à 512 000 $.

Métrique de performance	Montant de la rémunération ($)
Dépasse les objectifs d'investissement	362,000
Bonus de surperformance de portefeuille	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.