# EDGAR Filing Document

**Accession Number:** 0000878932
**File Stem:** 0001712543-25-000063
**Filing Date:** 2025-8
**Character Count:** 9605
**Document Hash:** 11dcd247f4cac3ef6cc5bd1f249e7414
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001712543-25-000063.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001712543-25-000063

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250819

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQUUS TOTAL RETURN, INC.
- **CENTRAL INDEX KEY:** 0000878932

**ORGANIZATION NAME:**
- **EIN:** 760345915
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00098
- **FILM NUMBER:** 251231616

**BUSINESS ADDRESS:**
- **STREET 1:** 700 LOUISIANA STREET
- **STREET 2:** 48TH FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 7135290900

**MAIL ADDRESS:**
- **STREET 1:** 700 LOUISIANA STREET
- **STREET 2:** 48TH FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EQUUS II INC
- **DATE OF NAME CHANGE:** 19970422

**___________________________________________**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 18, 2025

**EQUUS TOTAL RETURN, INC.**

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp; **814-00098** | &nbsp;&nbsp;**76-0345915** |
| &nbsp;&nbsp;(State or Other Jurisdiction | &nbsp;&nbsp;(Commission File | &nbsp;&nbsp;(IRS Employer |
| &nbsp;&nbsp;Of Incorporation) | &nbsp;&nbsp;Number) | &nbsp;&nbsp;Identification No.) |

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> **700 Louisiana Street, 41<sup>st</sup> Floor Houston, Texas** | &nbsp;&nbsp; <br>**77002** |
| &nbsp;&nbsp;(Address of Principal Executive Offices) | &nbsp;&nbsp;(Zip Code) |

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**Registrant's telephone number, including area code: (713) 529-0900**

**N/A**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-k filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

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On August 18, 2025, Equus Total Return, Inc. issued a press release announcing its net asset value for the quarter ended June 30, 2025. The text of the press release is included as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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**(d) Exhibits.**

[99.1 Press release issued on August 18, 2025.](ex991_pressrelease.htm)

<u>SIGNATURES</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
|  | &nbsp;&nbsp;Equus Total Return, Inc. |
| &nbsp;&nbsp;Date: August 19, 2025 | &nbsp;&nbsp;By: <u>/s/ Kenneth I. Denos</u> |
|  | &nbsp;&nbsp;Name: Kenneth I. Denos |
|  | &nbsp;&nbsp;Title: Secretary |

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## Exhibit 99.1

[Exhibit 99.1](f8k_equus08192025.htm)

![Logo, company name Description automatically generated](image_001.jpg)

Contact:

Equus Total Return, Inc.<br> 1-888-323-4533

**EQUUS ANNOUNCES SECOND QUARTER NET ASSET VALUE**

**HOUSTON, TX – August 18, 2025 – Equus Total Return, Inc. (NYSE: EQS)** ("Equus" or the "Company") reports net assets as of June 30, 2025, of $34.1 million. Net asset value per share decreased to $2.51 as of June 30, 2025, from $2.52 as of March 31, 2025. Comparative data is summarized below (in thousands, except per share amounts):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of the Quarter Ended | <u>6/30/2025</u> | <u>3/31/2025</u> | <u>12/31/2024</u> | <u>9/30/2024</u> | &nbsp;&nbsp; <u>6/30/2024</u><br>|
| Net assets | $34111 | $34197 | $29510 | $40165 | $49792 |
| Shares outstanding | 13586 | 13586 | 13586 | 13586 | 13586 |
| Net assets per share | $2.51 | $2.52 | $2.17 | $2.96 | $3.66 |

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**Portfolio Value Changes**. The following were the principal contributors to changes in the fair value of the Company's portfolio holdings in the second quarter of 2025:

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Increase in Fair Value of Holdings in General Enterprise Ventures*** . On February 10, 2025, the Company purchased from General Enterprise Ventures, Inc., a developer of fire suppression
products (OTC Markets: GEVI), a 1-year senior convertible promissory note bearing interest at the rate of 10% per annum, in exchange for
$1.5 million in cash ("GEVI Note"). The GEVI Note is convertible into 3,750,000 shares of GEVI's common stock at a conversion
price of $0.40 per share. Contemporaneously with the purchase of the GEVI Note, the Company also received a 5-year common stock purchase
warrant to acquire an aggregate of 1,875,000 shares of GEVI common stock at an exercise price of $0.50 per share ("GEVI Warrant").
During the period from March 31, 2025 to June 30, 2025, the trading price of GEVI shares increased from $1.20 per share to $1.95 per share.
At June 30, 2025, the Company collectively valued the GEVI Note and GEVI Warrant at an aggregate of $10.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Decrease in Fair Value of Morgan E&P*** .
Morgan E&P, LLC ("Morgan") holds development rights to approximately 6,707 net acres in the Bakken/Three Forks formation
in the Williston Basin of North Dakota. During the second quarter of 2025, the forward price curve for oil decreased relative to the first
quarter of 2025, resulting in a decrease in the fair value of the Company's equity holding in Morgan of $1.65 million, from $14.0
million as of March 31, 2025 to $12.35 million as of June 30, 2025. The Company received advice and assistance from a third-party valuation
firm to support its determination of the fair value of its equity investment in Morgan.

**Significant Developments Subsequent to the End of the Second Quarter**. Notwithstanding the decrease in the fair value of the Company's equity holding in Morgan at June 30, 2025, Morgan had the following significant developments subsequent to that date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ***Hiring of Key Strategy Executive***. On August 6, 2025, Morgan entered into a consulting agreement with Michael Reger and Reger Oil, LLC, a leading energy consultancy.

Pursuant to the agreement, Mr. Reger will lead Morgan's asset strategy across the prolific Bakken and Three Forks formations in North Dakota and Montana, targeting value optimization and long-term development potential.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Loan Facility for Development*** . On August 14,
2025, Morgan announced that it had secured a $3 million loan facility, the proceeds of which will be used to fund near-term drilling and
work-over operations in the Bakken Shale formation of North Dakota's Williston Basin on two existing but non-producing wells owned
by Morgan.

**About Equus<br>** 

<br> The Company is a business development company that trades as a closed-end fund on the New York Stock Exchange under the symbol "EQS". Additional information on the Company may be obtained from the Company's website at *www.equuscap.com*.

This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the performance of the Company, including our ability to achieve our expected financial and business objectives, and the other risks and uncertainties described in the Company's filings with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Except as required by law, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.