EQS on NYSE

EQUUS TOTAL RETURN, INC.

EQUUS TOTAL RETURN, INC. is an American company, incorporated in Delaware, listed on NYSE (EQS).1 It is headquartered in Houston, Texas.1

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Last updated Oct 20, 2026.

Overview

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  • TickerEQS on NYSE1
  • HeadquartersHouston, Texas1
  • Incorporated inDE2
  • Business address700 Louisiana Street, 48Th Floor, Houston, Tx 770022
  • Filer categoryNon-accelerated filer2

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On August 11, 2006, our shareholders approved the change of the Fund’s investment strategy to a total return investment objective.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income45-$14.2M in 2025+15% since 2020
-$20.0M-$10.0M0$10.0M$20.0M2020: -$12.3M-$12.3M20202021: $2.6M$2.6M20212022: -$1.1M-$1.1M20222023: $12.9M$12.9M20232024: -$18.8M-$18.8M20242025: -$14.2M-$14.2M2025−25%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Control investments$1.3M$1.2M$225.0K
Non-affiliate investments$94.0K$0$0
Total investment income$1.4M$1.2M$225.0K
Interest income$1.0K$29.0K$24.0K
Total investment income$1.4M$1.3M$249.0K
Compensation expense$2.1M$1.8M$1.9M
Professional fees$1.1M$1.4M$1.1M
Transaction costs$307.0K$0$0
Professional liability expenses$80.0K$582.0K$661.0K
Director fees and expenses$334.0K$317.0K$334.0K
General and administrative expenses$191.0K$189.0K$133.0K
Mailing, printing and other expenses$176.0K$127.0K$71.0K
Taxes$24.0K$36.0K$13.0K
Interest expense$683.0K$138.0K$25.0K
Total expenses$5.1M$4.6M$4.3M
Net investment loss-$3.7M-$3.3M-$4.0M
Control investments-$4.1M$0$0
Non-affiliate investments-$2.4M$0$0
Other-$155.0K$0$0
U.S. Treasury Bills$0$138.0K$34.0K
Net realized (loss) gain-$6.6M$138.0K$34.0K
Control investments-$8.9M-$15.6M$16.9M
Non-affiliate investments$5.4M$0$0
Net change in net unrealized appreciation (depreciation) of portfolio securities-$3.5M-$15.6M$16.9M
Net change in net unrealized depreciation on warrant liability-$297.0K$0$0
Net decrease in net assets resulting from operations-$14.2M-$18.8M$12.9M
Basic-$1.03-$1.38$0.96
Diluted-$1.03-$1.38$0.96
Basic13.7M shares13.6M shares13.5M shares
Diluted13.7M shares13.6M shares13.5M shares

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Corporate structure

EQUUS TOTAL RETURN, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of EQUUS TOTAL RETURN, INC.

  • Howard Todd Horberg Filed SCHEDULE 13D on EQUUS TOTAL RETURN, INC., latest Jun 23, 2026 (3 filings since Oct 7, 2022)
  • Radoff Bradley Louis Filed SC 13G/A on EQUUS TOTAL RETURN, INC., latest Feb 13, 2024 (3 filings since Feb 14, 2022)
  • David E. Lazar Filed SC 13D/A on EQUUS TOTAL RETURN, INC., latest Jul 11, 2022
  • Pallieres Bertrand Des Filed SC 13D/A on EQUUS TOTAL RETURN, INC., latest Oct 18, 2021
  • Michael T. Tokarz Filed SC 13D on EQUUS TOTAL RETURN, INC., latest Oct 4, 2021
  • EQUUS TOTAL RETURN, INC. Houston, Texas

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What EQUUS TOTAL RETURN, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$133.0K5 Dec 31, 2025$262.0K5 Dec 31, 2024−49.2%

Properties, in its own words

We do not own any real estate or other physical properties. Our principal executive offices are located at 700 Louisiana St. 41st Floor, Houston, Texas 77002. Should we remain a BDC and not consummate the transformation of Equus into an operating company, we believe that these leased office facilities are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Apr 17, 2026.3

Leadership

Who has led EQUUS TOTAL RETURN, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kenneth I. Denos2007–2009
  2. Sam P. Douglass2007–2008

Chair

  1. Anthony R. Moore2006
  2. Sam P. Douglass2007
  3. Gregory J. Flanagan2009
  4. Alessandro Benedetti2011

President

  1. Anthony R. Moore2006
  2. Kenneth I. Denos2008
  3. Gregory J. Flanagan2009

Chief financial officer

  1. L'Sheryl D. Hudson2006
2010201520202025
Board members and other officers (16)

Former names

  • EQUUS II INCApr 10, 1997 to Aug 18, 20062
  • EQUUS II INC ET ALNov 14, 1995 to Apr 22, 19972

Timeline

  1. Oct 13, 20268-K Listing notice or transfer; Regulation FD disclosure32
  2. Jul 2, 20268-K Shareholder vote33
  3. May 22, 20268-K Other events34
  4. May 12, 20268-K Change of auditor35
  5. May 4, 20268-K Change of auditor36
  6. Apr 22, 20268-K Other events37
  7. Nov 25, 20258-K Other events38
  8. Aug 19, 20258-K Other events39
  9. Jul 2, 20258-K Shareholder vote40
  10. May 20, 20258-K Listing notice or transfer; Regulation FD disclosure41
  11. May 19, 20258-K Other events42
  12. Apr 11, 20258-K Other events43
  13. Nov 29, 2007New chief executive Sam P. Douglass becomes CEO11
  14. Oct 1, 2007New chief executive Kenneth I. Denos becomes CEO10

Filings

126 filings to the SEC since October 2021: 9 annual reports, 27 quarterly reports, 37 major events, 6 insider forms, 9 large holders, 38 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Aug 14, 202610-Q EDGAR
  3. Jul 2, 20268-K EDGAR
  4. Jun 23, 2026SCHEDULE 13D EDGAR
  5. May 22, 20268-K EDGAR
  6. May 20, 202610-Q EDGAR
  7. May 18, 2026NT 10-Q EDGAR
  8. May 12, 20268-K EDGAR
  9. May 4, 20268-K EDGAR
  10. Apr 30, 2026DEF 14A PROXY STATEMENT EDGAR
  11. Apr 22, 20268-K EDGAR
  12. Apr 20, 202610-K/A EDGAR
  13. Apr 17, 202610-K EDGAR
  14. Apr 10, 2026DEF 14C DEFINITIVE SCHEDULE 14C EDGAR
  15. Apr 1, 2026NT 10-K NOTIFICATION OF LATE FILING EDGAR
  16. Mar 25, 2026PRE 14C PRELIMINARY SCEHDULE 14C EDGAR
  17. Mar 11, 202640-17F2 SECURITY COUNT EDGAR
  18. Mar 11, 202640-17F2 SECURITY COUNT EDGAR
  19. Mar 11, 202640-17F2 SECURITY COUNT EDGAR
  20. Dec 18, 202510-Q/A EDGAR

The 126 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 14, 2023KNAUSS ROBERT LDirectorBuy1,000$1.48$1.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Morgan Stanley35,666$44.2K0.0%No change
Shufro Rose & Co LLC31,287$38.8K0.0%No change
Citadel Advisors LLC20,330$25.2K0.0%New
Schwarz Dygos Wheeler Investment Advisors LLC20,000$24.8K0.0%No change
Blue Bell Private Wealth Management, LLC8,897$11.0K0.0%−205
Osaic Holdings, Inc.6,447$8.0K0.0%+1,500
Wells Fargo & Company/mn1$10.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How EQUUS TOTAL RETURN, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAREQUUS TOTAL RETURN, INC.1
  • CIK0000878932
  • Employer ID (EIN)76-03459151
  • Filer statusNon-accelerated filer1
  • Incorporated inDelaware1
  • Fiscal year endsDecember 311
  • Business address700 Louisiana Street, 48Th Floor, Houston, TX 770021
  • Phone71352909001
  • Shares outstanding13,966,696 as of Apr 17, 20265
  • Public float$8.6M as of Jun 30, 20255
  • On EDGAR sinceFeb 14, 19951
  • Filings941 in all: 8-K (216), 4 (163), 10-Q (93), 40-17F2 (88), SC 13D/A (79), 10-K (31), DEF 14A (31), 3 (28)1
    All 42 form types

    DEFA14A (28), 4/A (22), 40-17G (18), SC 13D (17), 10-Q/A (14), DFAN14A (14), SC 13G/A (11), DEF 14C (9), PRE 14A (8), CORRESP (7), SC 13G (7), 10-K/A (6), 40-17G/A (6), NT 10-K (5), NT 10-Q (5), ARS (4), PRE 14C (4), 3/A (3), 40-APP/A (3), N-2/A (3), 425 (2), DEFS14A (2), N-2 (2), S-8 (2), 40-APP (1), 8-A12B (1), 8-K/A (1), APP WD (1), DEFC14A (1), DEFR14C (1), NO ACT (1), PREC14A (1), PRES14A (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Apr 17, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 13, 2026

Risk factors and legal proceedings

The risks EQUUS TOTAL RETURN, INC. names in Item 1A of its 10-K filed Apr 17, 2026: 37 risks under these headings, as written.3

  • Risks Related to Our Investments
  • Investments in small capitalization companies present certain risks that may not exist to the same degree as investments in larger, more established companies and will cause such investments to be volatile and speculative.
  • There is uncertainty regarding the value of our privately held securities.
  • We depend upon Management for our future investment success.
  • Management may not be able to implement our investment objective successfully.
  • We may not realize gains from our equity investments.
  • Our holdings in Morgan E&P are subject to commodity price declines endemic to oil and gas companies.
  • We may not be able to make additional investments in our portfolio companies from time to time, which may dilute our interests in such companies.
  • We have invested in a limited number of portfolio companies.
  • The lack of liquidity of our privately held securities may adversely affect our business.
  • In situations where we hold junior priority liens, our ability to control decisions with respect to our portfolio companies may be limited by lenders holding superior liens. In a default scenario, the value of collateral may be insufficient to repay us after the senior priority lenders are paid in full.
  • As a debt or minority equity investor in a portfolio company, we may have little direct influence over the entity. The stockholders and management of the portfolio company may make decisions that could decrease the value of our portfolio holdings.
The other 26 risks
  • We may choose to waive or defer enforcement of covenants in the debt securities held in our portfolio, which may cause us to lose all or part of our investment in these companies.
  • We expect to have limited public information regarding the companies in which we may invest.
  • Our prospective portfolio companies may be highly leveraged.
  • Our business depends on external financing.
  • We have had net investment losses in the past five years.
  • We do not currently intend to recommence our managed distribution policy and you might not receive dividends on your shares.
  • We operate in a highly competitive market for investment opportunities.
  • An economic downturn could affect our operating results.
  • We may experience fluctuations in our quarterly results.
  • The due diligence process that we undertake in connection with our investments may not reveal all facts that may be relevant in connection with an investment.
  • Risks Related to Our Potential Use of Leverage
  • The use of leverage may adversely affect our performance.
  • The use of leverage may cause us to sell our portfolio interests prematurely.
  • The use of leverage will increase our exposure to changes in market rates of interest.
  • Risks Related to Our Business and Structure
  • Our ability to invest in private companies may be limited in certain circumstances.
  • Any failure on our part to maintain the Fund’s status as a BDC could reduce our operating flexibility.
  • We are not currently qualified as a RIC under the Code and will be subject to corporate level income tax.
  • Because we intend to distribute substantially all of our income and net realized capital gains to our stockholders, if we continue to operate as a BDC, we will need additional capital to finance our growth.
  • Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval.
  • Risks Related to Our Operation as a BDC
  • Our ability to enter into transactions with our affiliates is restricted.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.
  • Changes in the laws or regulations governing our business, or changes in the interpretations thereof, and any failure by us to comply with these laws or regulations, could negatively affect the profitability of our operations.
  • Risks Related to Our Plan to Transform Equus Into an Operating Company
  • In our efforts to pursue the transformation of Equus into an operating company, we are exploring and evaluating strategic alternatives for the Fund and we cannot assure you that we will be successful in identifying a strategic alternative, that such strategic alternative will yield additional value for our stockholders or that the process will not have an adverse impact on our business.
  • If we reorganize as an operating company, we will likely not seek to requalify as a RIC under the Code.
  • If we reorganize as an operating company or a permanent capital vehicle, we will not continue to operate as a BDC.
  • If we reorganize as an operating company or a permanent capital vehicle, we may not be able to utilize our capital losses.
  • If we reorganize as an operating company or a permanent capital vehicle, our stockholders will no longer have certain protections under the 1940 Act.

Legal proceedings

From time to time, the Fund is a party to certain proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of any potential legal proceedings cannot at this time be predicted with certainty, we do not expect that any such proceedings will have a material effect upon the Fund’s financial condition or results of operations.

The opening of Item 3, Legal Proceedings.3

Sources

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