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Equus Total Return's Q2 NAV per share decreased to $2.51 from $2.52 in Q1. The company's portfolio saw notable changes, with GEVI's value appreciating to $10.6 million and Morgan E&P's fair value declining by $1.65 million. Morgan E&P secured a $3 million loan facility and hired a strategic consultant to enhance asset optimization.

Equus Total Return, Inc. (NYSE: EQS) reported a marginal decrease in its net asset value (NAV) per share from $2.52 in Q1 2025 to $2.51 in Q2 2025. The company's portfolio saw significant changes, with notable shifts in the value of its holdings in General Enterprise Ventures (GEVI) and Morgan E&P.

GEVI's value appreciated to $10.6 million, a substantial increase from its initial investment of $1.5 million. This appreciation was driven by a 62.5% surge in GEVI's share price, which reached $1.95 per share. The investment in GEVI was structured as a 1-year senior convertible promissory note and a 5-year common stock purchase warrant, allowing Equus to capitalize on the share price increase [2].

In contrast, the fair value of Morgan E&P decreased by $1.65 million, from $14.0 million to $12.35 million. This decline was attributed to a decrease in the forward price curve for oil during the second quarter of 2025. To mitigate the impact of this decline, Morgan E&P secured a $3 million loan facility to fund near-term drilling and work-over operations in the Bakken Shale formation of North Dakota's Williston Basin. Additionally, Morgan hired Michael Reger, a seasoned energy executive, to lead its asset strategy and enhance operational efficiency [2].

These strategic moves by Equus reflect its adaptability in navigating the volatile energy market. However, the company's high concentration in energy investments, now at 67%, remains a significant risk factor. Investors must weigh the potential for outsized returns against the exposure to energy price volatility and concentration risks.

References:
[1] https://www.ainvest.com/news/equus-total-return-navigating-energy-volatility-high-risk-concentration-q2-2025-2508/
[2] https://www.globenewswire.com/news-release/2025/08/18/3134962/0/en/Equus-Announces-Second-Quarter-Net-Asset-Value.html