Equus Total Return's Q3 Net Asset Value Down to $1.90 per Share, GEVI Note Conversion and Warrant Reclassification Contribute to Decrease.

Equus Total Return, Inc. reports net assets of $26.5 million as of September 30, 2025, with a net asset value per share of $1.90, down from $2.51 in June 2025. The decrease in net asset value is primarily due to a $5.4 million decrease in the value of the Company's holdings in General Enterprise Ventures and the reclassification of an investor warrant as a liability.