Equus Reports Net Asset Value for the Third Quarter

Net Asset Value Decline: Equus Total Return, Inc. reported a decrease in net assets to $26.5 million as of September 30, 2025, with net asset value per share dropping from $2.51 to $1.90 over the quarter.

Impact of GEVI Holdings: The company's investment in General Enterprise Ventures significantly impacted its net asset value, with a decrease in the fair value of GEVI shares from $11.70 to $5.89, leading to a valuation drop of $5.4 million.

Reclassification of Warrants: Equus reclassified its common stock purchase warrants as a liability, resulting in a net carrying amount of $1.7 million, which contributed to the decrease in net assets.

Stable Valuation of Morgan E&P: Despite a decline in oil and gas prices, the fair value of Equus's investment in Morgan E&P remained unchanged at $12.35 million due to positive developments, including new executive hires and a secured loan for drilling activities.