Equus Total Return
Internally managed BDC with concentrated energy and fire-suppression holdings.
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Profile
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
Categories
Key statistics
Year to date −22.8% · Average volume (30d) 9.1K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 14, 2026Q2 FY26 | — | −$0.01 | — | — | $990.0K | — | −2.61% |
| May 20, 2026Q1 FY26 | — | −$0.05 | — | — | $5.3M | — | +5.11% |
| Apr 16, 2026Q1 FY26 | — | −$0.04 | — | — | $1.5M | — | +1.41% |
| Nov 20, 2025Q3 FY25 | — | −$0.10 | — | — | −$2.4M | — | +6.63% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.4M | $881.0K | −$6.3M | $1.5M | $5.3M | $990.0K | |
| Gross profit | $5.4M | $830.0K | −$6.8M | $1.9M | $5.2M | $990.0K | |
| Operating income | $3.9M | −$86.0K | −$8.1M | $556.0K | $4.1M | −$4.5M | |
| Net income | $3.9M | −$86.0K | −$8.1M | −$9.9M | $4.1M | −$4.6M | |
| Diluted EPS | $0.25 | −$0.01 | −$0.59 | −$0.68 | $0.24 | −$0.33 | |
| Gross margin | 99.5% | 94.2% | — | 133.9% | 97.9% | 100.0% | |
| Operating margin | 73.1% | -9.8% | — | 38.3% | 77.6% | -454.7% |
Fiscal years (4-quarter sums)FY21 $6.1M · FY22 $2.5M · FY23 $17.2M · FY24 −$14.2M · FY25 $1.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $10.0K · Total debt $2.3M · Total assets $21.9M · Shareholders' equity $16.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 13.97M · Float 5.75M · 41.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| John A. Hardy · director, 10 percent owner, officer: CEO | 3.86M | 27.65% | Form 4 | Sep 17, 2025 |
| Howard Todd Horberg | 783.0K | 5.61% | 13D | Jun 23, 2026 |
| Kenneth I. Denos · director, officer: Secretary | 332.6K | 2.38% | Form 4 | Sep 17, 2025 |
| Morgan Stanley | 35.7K | 0.26% | 13F | May 15, 2026 |
| Shufro Rose & Co LLC | 31.3K | 0.22% | 13F | May 15, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- 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.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Equus Total Return | $1.01 | −3.81% | $14.7M | — | — | 10.6 | +12.4% |
| Gladstone Investment | $16.40 | −0.06% | $654.3M | 3.9 | 18.0 | 6.2 | +10.2% |
| PhenixFIN | $51.99 | −0.08% | $101.9M | 21.8 | 22.2 | 3.7 | — |
| Great Elm Capital | $6.13 | +0.49% | $70.7M | — | 6.4 | — | −23.7% |
| Median | 12.9 | 18.0 | 5.0 | −6.8% |