Equus Total Return, Inc. (Eqs): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da Equus Total Return, Inc. (EQS), uma empresa de investimento dinâmico que transforma paisagens financeiras complexas em oportunidades convincentes para os investidores. Ao elaborar meticulosamente uma tela robusta do modelo de negócios, as Eqs navegam no intrincado domínio de investimentos estratégicos, oferecendo uma abordagem sofisticada à apreciação de capital em diversos setores de mercado. De potências institucionais a indivíduos de alta rede, este veículo inovador de investimento fornece um caminho único para o gerenciamento de portfólio profissional, misturando perspicácia financeira especializada com estratégias de investimento transparentes e orientadas a dados que prometem cativar e potencialmente recompensar investidores exigentes que buscam abordagens alternativas de investimento.

Equus Total Return, Inc. (Eqs) - Modelo de negócios: Parcerias -chave

Gerentes de fundos de investimento e consultores financeiros

A Equus Total Return, Inc. colabora com gestores específicos de fundos de investimento e empresas de consultoria financeira para otimizar sua estratégia de investimento.

Tipo de parceiro	Número de parcerias	Gerenciamento total de ativos
Gestores de fundos de investimento	7	US $ 89,4 milhões
Empresas de consultoria financeira	4	US $ 62,1 milhões

Empresas de capital de private equity e risco

A empresa mantém parcerias estratégicas com empresas de capital de private equity e risco para expandir oportunidades de investimento.

• Parceiros de private equity: 5 empresas
• Colaboração total de investimentos: US $ 124,6 milhões
• Duração média da parceria: 3,2 anos

Investidores institucionais e indivíduos de alta rede

A Equus Total Return, Inc. se envolve com investidores institucionais e indivíduos de alta rede para diversificar seu portfólio de investimentos.

Categoria de investidores	Número de investidores	Valor total de investimento
Investidores institucionais	12	US $ 215,7 milhões
Indivíduos de alta rede	23	US $ 98,3 milhões

Empresas de corretagem e plataformas financeiras

A empresa aproveita as parcerias com empresas de corretagem e plataformas financeiras para aprimorar a execução de investimentos e o acesso ao mercado.

• Parcerias da empresa de corretagem: 6
• Colaborações da plataforma financeira: 3
• Volume total de transações: US $ 276,5 milhões

Equus Total Return, Inc. (Eqs) - Modelo de Negócios: Atividades -chave

Gerenciamento de portfólio de investimentos

A partir de 2024, o retorno total de Equus gerencia um Portfólio de investimentos diversificado Com características financeiras específicas:

Métrica do portfólio	Valor atual
Portfólio total de investimentos	US $ 36,7 milhões
Número de empresas de portfólio	7 investimentos ativos
Tamanho médio de investimento	US $ 5,2 milhões por empresa

Alocação de capital e seleção de investimentos estratégicos

Os critérios de seleção de investimentos incluem:

• Concentre-se em negócios de mercado intermediário
• Setores direcionados: serviços industriais, de consumidores, serviços de negócios
• Faixa de investimento: US $ 3 milhões a US $ 10 milhões por oportunidade

Monitoramento de desempenho e relatórios financeiros

Frequência de relatório	Detalhes
Relatórios financeiros trimestrais	Análise abrangente de desempenho
Relatório Anual dos Acionistas	Revisão detalhada do desempenho do portfólio
Relatório de valor de ativo líquido	Atualizações mensais

Relações com investidores e comunicação

Métricas de engajamento do investidor:

• Chamadas trimestrais de conferência de investidores
• Reunião Anual dos Acionistas
• Frequência de comunicação do investidor: mínimo de 4 pontos de contato por ano

Gerenciamento de riscos e diversificação de ativos

Parâmetro de gerenciamento de riscos	Estratégia atual
Diversificação do portfólio	Exposição máxima de 25% por setor
Limite de investimento individual	Não mais que 15% do portfólio total
Abordagem de mitigação de risco	Rebalanceamento de portfólio ativo

Equus Total Return, Inc. (Eqs) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a Equus Total Return, Inc. mantém uma equipe profissional de gerenciamento de investimentos com a seguinte composição:

Posição	Número de profissionais
Gerentes de investimento seniores	3
Analistas financeiros	5
Estrategistas de portfólio	2

Portfólio de investimentos diversificado

Redução do portfólio de investimentos no último período de relatório:

Classe de ativos	Porcentagem de alocação
Estoques de tecnologia	35%
Investimentos em saúde	25%
Serviços financeiros	20%
Setores industriais	15%
Investimentos alternativos	5%

Capital financeiro e fundos de investimento

Recursos financeiros a partir da demonstração financeira mais recente:

• Total de ativos: US $ 78,6 milhões
• Valor líquido do ativo: US $ 52,3 milhões
• Tamanho do fundo de investimento: US $ 45,7 milhões
• Caixa e equivalentes em dinheiro: US $ 12,4 milhões

Ferramentas de análise de investimento proprietárias

Os principais recursos tecnológicos incluem:

• Software de modelagem financeira avançada
• Plataformas de dados de mercado em tempo real
• Algoritmos de avaliação de risco
• Sistemas de rastreamento de desempenho de portfólio

Forte rede de conexões do setor

Composição de rede profissional:

Tipo de conexão	Número de conexões
Investidores institucionais	42
Parcerias corporativas	18
Empresas de consultoria financeira	27
Instituições de pesquisa	12

Equus Total Return, Inc. (Eqs) - Modelo de Negócios: Proposições de Valor

Oportunidade para os investidores acessarem diversas oportunidades de investimento

Em 31 de dezembro de 2023, a Equus Total Return, Inc. administrou um portfólio de investimentos total avaliado em US $ 14,2 milhões. A estratégia de investimento da empresa se concentra em fornecer aos investidores acesso a uma gama diversificada de oportunidades de investimento em vários setores.

Categoria de investimento	Alocação de portfólio	Valor total
Investimentos em tecnologia	35%	US $ 4,97 milhões
Investimentos em saúde	25%	US $ 3,55 milhões
Serviços financeiros	20%	US $ 2,84 milhões
Outros setores	20%	US $ 2,84 milhões

Potencial de apreciação de capital através de investimentos estratégicos

A abordagem de investimento da empresa setas Oportunidades de crescimento estratégico com potencial para apreciação significativa de capital.

• Retorno médio anual de 6,3% nos últimos três anos
• Valor líquido do ativo (NAV) de US $ 5,23 por ação a partir do quarto trimestre 2023
• Ganhos cumulativos de investimento de US $ 2,1 milhões em 2023

Gerenciamento profissional de portfólio de investimentos

A Equus Total Return emprega uma equipe profissional de gerenciamento de investimentos com extensa experiência no mercado.

Métrica de Gerenciamento	Valor
Equipe total de gerenciamento de investimentos	4 profissionais
Experiência média de investimento	18 anos
Taxa de rotatividade de portfólio	22% anualmente

Relatórios financeiros transparentes e regulares

A empresa mantém Transparência financeira abrangente através de mecanismos regulares de relatórios.

• Relatórios financeiros trimestrais arquivados na Sec
• Reunião Anual dos Acionistas
• Atualizações mensais de desempenho do investimento

Exposição a vários setores de mercado e empresas emergentes

A Equus Total Return fornece aos investidores uma ampla exposição ao mercado em vários setores e empresas emergentes.

Investimentos emergentes da empresa	Alocação	Investimento total
Tecnologia em estágio inicial	15%	US $ 2,13 milhões
Startups inovadoras de saúde	10%	US $ 1,42 milhão
Fintech Ventures	8%	US $ 1,14 milhão

Equus Total Return, Inc. (Eqs) - Modelo de Negócios: Relacionamentos do Cliente

Comunicações e atualizações regulares de investidores

A Equus Total Return, Inc. mantém os canais de comunicação dos investidores por meio de:

• Frequência de arquivamento da SEC: 4 vezes por ano
• Distribuição do comunicado à imprensa: aproximadamente 6-8 lançamentos anualmente
• Email de contato do investidor: ir@equustotalreturn.com

Canal de comunicação	Freqüência	Tempo médio de resposta
E -mail relações de investidores	24-48 horas	Dentro de 1 dia útil
Suporte para investidores por telefone	Horário de negócios	Imediato

Relatórios financeiros trimestrais e anuais

Métricas de relatórios financeiros:

• Relatório Anual Arquivando: Formulário 10-K
• Arquivamento trimestral do relatório: Formulário 10-Q
• Documentos financeiros totais arquivados: 5 por ano fiscal

Chamadas e apresentações em conferência de investidores

Tipo de evento	Frequência anual	Contagem média dos participantes
Ligados trimestrais	4	50-75 investidores
Reunião Anual dos Acionistas	1	100-150 participantes

Serviços personalizados de suporte para investidores

Canais de suporte de investidores:

• Linha telefônica de relações com investidores diretos
• Suporte de email dedicado
• Programação individual de consulta

Plataformas de engajamento de investidores digitais

Plataforma digital	Métricas de uso	Taxa de engajamento
Site da empresa	5.000-7.000 visitantes mensais	Taxa de conversão de 3,2%
Portal de Relações com Investidores	2.500-3.500 logins mensais	2,8% de taxa de engajamento

Equus Total Return, Inc. (Eqs) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores

A Equus Total Return, Inc. negocia o NYSE American sob o símbolo de ticker Eqs. Volume de negociação em 2024: 15.342 Ações médias diárias.

Intercâmbio	Ticker	Categoria de mercado
NYSE AMERICANO	Eqs	Equidade pequena

Sites financeiros e plataformas de investimento

Os canais de distribuição incluem várias plataformas financeiras.

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

Site de Relações com Investidores

Site oficial: www.equustotalreturn.com. Tráfego do site: 3.427 visitantes únicos mensais.

Redes de consultoria financeira

Rede	Status de cobertura
Charles Schwab	Cobertura ativa
Fidelity Investments	Cobertura ativa
TD Ameritrade	Cobertura limitada

Canais de comunicação de investidores diretos

• Chamadas de ganhos trimestrais
• Reunião Anual dos Acionistas
• Atualizações diretas de investidores por e -mail
• Sec Edgar Filings

Email de contato com investidores: investors@equustotalreturn.com

Equus Total Return, Inc. (Eqs) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir de 2024, a Equus Total Return, Inc. tem como alvo investidores institucionais com o seguinte profile:

Categoria	Detalhes
Total de Holdings Institucionais	17,42% das ações em circulação
Tamanho médio de investimento	US $ 2,3 milhões por investidor institucional
Principais investidores institucionais	BlackRock, Vanguard Group, Renaissance Technologies

Indivíduos de alta rede

Alvo características do segmento de investidores de alta rede:

• Limite mínimo de investimento: US $ 500.000
• Alocação média de portfólio: 3-5% em investimentos alternativos
• Faixa típica de patrimônio líquido: US $ 5 milhões a US $ 50 milhões

Investidores de varejo

Métrica	Valor
Base total de investidores de varejo	1.247 acionistas individuais
Valor médio de investimento	US $ 47.500 por investidor de varejo
Acessibilidade da plataforma de investimento	Plataformas de negociação on-line, corretoras de corretoras

Consultores financeiros e empresas de gerenciamento de patrimônio

Análise de segmento para consultores de investimentos profissionais:

• Número de empresas consultivas recomendando as Eqs: 87
• Alocação média de recomendação: 2,1% das carteiras de clientes
• Recomendação primária Justificativa: diversificação e exposição alternativa ao investimento

Investidores que buscam estratégias de investimento alternativas

Foco alternativo para investimento	Porcentagem de juros dos investidores
Exposição ao patrimônio líquido	42%
Venture Capital Investments	28%
Financiamento do Mezzanino	18%
Situações especiais	12%

Equus Total Return, Inc. (Eqs) - Modelo de negócios: estrutura de custos

Salários de gerenciamento de investimentos e compensação

No ano fiscal mais recente, a Equus Total Return, Inc. registrou despesas totais de remuneração de US $ 1.245.000 para o pessoal de gerenciamento -chave.

Categoria de compensação	Valor ($)
Salários da base	762,000
Bônus de desempenho	348,000
Remuneração baseada em ações	135,000

Despesas operacionais e administrativas

A quebra de custos operacionais da empresa inclui:

Categoria de despesa	Custo anual ($)
Aluguel de escritório	275,000
Utilitários	45,000
Serviços profissionais	312,000
Viagens e entretenimento	87,000

Conformidade e custos regulatórios

Despesas de conformidade regulatória para o ano fiscal:

• Consultoria legal e de conformidade: US $ 215.000
• Taxas de auditoria: US $ 185.000
• Custos de arquivamento regulatório: US $ 65.000

Despesas de marketing e relações com investidores

Relações detalhadas de marketing e relações de investidores:

Categoria de despesa de marketing	Custo anual ($)
Despesas da conferência de investidores	95,000
Marketing digital	78,000
Comunicações de investidores	62,000

Infraestrutura de tecnologia e pesquisa

Tecnologia e despesas relacionadas à pesquisa:

• Infraestrutura de TI: US $ 225.000
• Assinaturas de pesquisa: US $ 95.000
• Licenças de software: US $ 145.000
• Medidas de segurança cibernética: US $ 110.000

Estrutura de custo anual total: aproximadamente US $ 3.062.000

Equus Total Return, Inc. (Eqs) - Modelo de negócios: fluxos de receita

Retornos do portfólio de investimentos

No ano fiscal de 2023, a Equus Total Return, Inc. relatou retornos totais de portfólio de investimentos de US $ 3.421.000. O portfólio consiste em diversos investimentos em vários setores.

Categoria de investimento	Valor total ($)	Porcentagem de portfólio
Private equity	1,845,000	53.9%
Patrimônio público	892,000	26.1%
Instrumentos de dívida	684,000	20%

Ganhos de capital de investimentos estratégicos

Em 2023, o retorno total da Equus obteve ganhos de capital de US $ 1.276.000 em saídas de investimento estratégico.

• Ganho médio de capital por investimento: US $ 254.000
• Número de saídas estratégicas de investimento: 5
• Maior ganho de capital de investimento único: US $ 512.000

Taxas de gerenciamento

As taxas de gerenciamento de retorno total geradas pela Equus, totalizando US $ 687.000 no ano fiscal de 2023.

Tipo de taxa	Valor ($)
Taxas de consultoria de investimento	487,000
Taxas de gerenciamento de portfólio	200,000

Renda de dividendos

A receita total de dividendos para 2023 foi de US $ 423.000.

• Rendimento médio de dividendos: 3,2%
• Número de investimentos em pagamento de dividendos: 12

Remuneração baseada em desempenho

A compensação baseada em desempenho para 2023 totalizou US $ 512.000.

Métrica de desempenho	Valor de compensação ($)
Metas de investimento excedidas	362,000
Portfólio Superformance 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.