EQUUS TOTAL RETURN, INC.
For the period ended Sep 30, 2025. Filed Nov 20, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 20, 2025
EQS$0.53-17.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Statements of Operations
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Investment income: | ||||
| Control investments | $322 | $322 | $956 | $924 |
| Non-affiliate investments | 34 | — | $94 | — |
| Total investment income | 356 | 322 | 1,050 | 924 |
| Interest income | — | 12 | 1 | 24 |
| Total investment income | 356 | 334 | 1,051 | 948 |
| Expenses: | ||||
| Compensation expense | 920 | 429 | 1,923 | 1,334 |
| Professional fees | 258 | 238 | 840 | 1,172 |
| Transaction costs | — | — | 307 | — |
| Professional liability expenses | — | 141 | 80 | 439 |
| Director fees and expenses | 81 | 76 | 259 | 255 |
| General and administrative expenses | 42 | 40 | 149 | 136 |
| Mailing, printing and other expenses | 33 | 25 | 98 | 106 |
| Taxes | 6 | 5 | 19 | 30 |
| Interest expense | 412 | 63 | 492 | 129 |
| Total expenses | 1,752 | 1,017 | 4,167 | 3,601 |
| Net investment loss | (1,396) | (683) | (3,116) | (2,653) |
| Net realized loss (gain): | ||||
| Control investments | — | — | (4,111) | — |
| Non-affiliate investments | (2,750) | — | (2,750) | — |
| Other | — | — | (155) | — |
| U.S. Treasury Bills | — | 56 | — | 131 |
| Net realized (loss) gain | (2,750) | 56 | (7,016) | 131 |
| Net unrealized appreciation (depreciation) of portfolio securities: | ||||
| Control investments | — | (9,000) | 3,461 | (5,600) |
| Non-affiliate investments | (2,797) | — | 3,585 | — |
| Net change in net unrealized appreciation (depreciation) of portfolio securities | (2,797) | (9,000) | 7,046 | (5,600) |
| Net change in net unrealized depreciation of warrant liability | (1,158) | — | (1,158) | — |
| Net decrease in net assets resulting from operations | $(8,101) | $(9,627) | $(4,244) | $(8,122) |
| Net decrease in net assets resulting from operations per share: | ||||
| Basic | $(0.59) | $(0.70) | $(0.31) | $(0.59) |
| Diluted | $(0.59) | $(0.70) | $(0.31) | $(0.59) |
| Weighted average shares outstanding: | ||||
| Basic | 13,681 | 13,586 | 13,618 | 13,586 |
| Diluted | 13,681 | 13,586 | 13,618 | 13,586 |
The accompanying notes are an integral part of these financial statements
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.