Equus Total Return (EQS)
Internally managed BDC with concentrated energy and fire-suppression holdings.
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Invests in debt and equity securities of small and middle-market companies, earning income from interest and dividends and seeking gains on dispositions. Its portfolio is concentrated in Morgan E&P and CitroTech while it remains an internally managed BDC.
Invests as an internally managed, non-diversified closed-end fund with business development company status, holding debt and equity interests in small and middle-market companies. Investment income comes from interest and dividends, while capital gains arise from sales of equity and, to a lesser extent, debt holdings.
Current exposure is domestic and concentrated in two holdings: Morgan E&P, which controls Bakken/Three Forks development rights in North Dakota, and CitroTech, a developer of fire-suppression products. Morgan is privately held; CitroTech adds a quoted common-stock position and warrant.
Portfolio selection, due diligence, investment structuring, and monitoring are conducted internally, with management assistance available to portfolio companies. The fund remains subject to BDC asset-eligibility and leverage requirements, and will not withdraw that election without a definitive operating-company acquisition agreement.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $10.0K · Total debt $2.3M · Total assets $21.9M · Shareholders' equity $16.6M
- Revenue
- $990.0K
- Operating income
- −$4.5M
- Net income
- −$4.6M
No dividends on record.
| Institutions | 0.88% | 122.6K shares | |
|---|---|---|---|
| 7 holders · as of Jun 30, 2026 | |||
| Insiders | 68.21% | 9.53M shares | |
| 6 holders · as of Jun 23, 2026 | |||
| Other | 30.91% | 4.32M shares | |
| remainder | |||
13.97M company shares as of Aug 31, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
John A. HardyInsiderdirector, 10 percent owner, officer: CEO | 27.65% | 3.86M | filed Sep 17, 2025 |
Michael T. TokarzInsider10 percent owner | 22.71% | 3.17M | filed Oct 4, 2021 |
Bradley L. RadoffInsider | 6.54% | 913,321 | filed Feb 14, 2022 |
Howard Todd HorbergInsider | 5.61% | 783,000 | filed Jun 23, 2026 |
Elliot LazarInsider | 3.32% | 463,266 | filed Jul 11, 2022 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- Gladstone Investment
Lower-middle-market debt-and-equity financing rival.
- PhenixFIN
Internally managed BDC for private-company debt and equity.
- Great Elm Capital
BDC alternative for debt and income-generating equity capital.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Equus Total Return | $0.9999 | +5.24% | $13.3M | — | — | 9.6 | +12.4% |
| Gladstone Investment | $15.78 | −0.41% | $630.8M | 3.8 | 16.8 | 6.0 | +10.2% |
| PhenixFIN | $44.90 | −3.57% | $90.0M | 19.2 | 18.2 | 3.3 | +4.8% |
| Great Elm Capital | $5.29 | −1.49% | $61.9M | — | 5.6 | — | −23.7% |
| Median | 11.5 | 16.8 | 4.6 | +4.8% |