Equus Total Return, INC.: insider trades · United States · SEC (Form 4)

About Equus Total Return, INC.

Equus Total Return, Inc. (NYSE: EQS) is a U.S.-listed investment company headquartered in Houston, Texas, United States. For French-speaking investors looking at the name through an equity-research lens, Equus is best understood as a listed capital-allocation vehicle rather than a conventional operating company. Its objective is to deliver total return through a mix of current income and long-term capital appreciation, with a portfolio built around debt and equity investments in smaller companies. The company states that it was formed on August 16, 1991, and later shifted its shareholder-approved strategy in 2006 toward a total-return mandate. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000878932/000109690626000571/equus_10ka.htm)) Equus operates as a Business Development Company (BDC) under the Investment Company Act of 1940. In practical terms, that means the firm seeks to invest primarily in small and middle-market businesses, generally targeting companies with enterprise values between $5 million and $75 million, while retaining flexibility for transactions outside that range. Its preferred structures include senior and subordinated debt, convertible debt, preferred stock, common equity, and warrant-linked financings. This profile positions Equus as an opportunistic investor focused on negotiated, often illiquid transactions where it can combine yield, downside protection, and equity upside. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000878932/000109690626000571/equus_10ka.htm)) From a competitive standpoint, Equus is small and concentrated, which differentiates it from larger BDCs with broader diversification and more stable fee-based earnings. Its performance is therefore highly dependent on the valuation and operating progress of a limited number of portfolio holdings. The latest annual filing also indicates that the company stopped qualifying as a regulated investment company (RIC) in the fourth quarter of 2024, which means taxable income is now subject to regular corporate taxation rather than the pass-through treatment it previously enjoyed. That change is material for investors because it affects after-tax economics and can influence reported profitability. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000878932/000109690626000571/equus_10ka.htm)) Geographically, Equus is managed from Houston and its investment activity is principally U.S.-focused. Recent disclosures highlight exposure to Morgan E&P, Inc., which holds development rights in the Bakken/Three Forks formation in North Dakota, and to CitroTech, Inc., a developer of fire suppression products. Those holdings illustrate the company’s opportunistic style: it can hold energy-related assets, industrial or specialty-product businesses, and structured instruments depending on market conditions and deal availability. ([sec.gov](https://www.sec.gov/Archives/edgar/data/878932/000171254326000026/ex991_pressrelease.htm)) Recent news flow has been important. On April 21, 2026, Equus reported net assets of $16.6 million at December 31, 2025, with net asset value per share at $1.19, down from $1.90 at September 30, 2025, largely due to a lower valuation of Morgan E&P. On April 29, 2026, the company disclosed the resignation of BDO USA, P.C. as its independent auditor. Equus also disclosed that it continues to evaluate strategic alternatives, including a possible transformation into an operating company during 2026, although management explicitly notes that the outcome is uncertain. ([sec.gov](https://www.sec.gov/Archives/edgar/data/878932/000171254326000026/ex991_pressrelease.htm))