Equus Total Return, Inc. (NYSE: EQS) reported net assets of $20.9 million as of March 31, 2026, according to a company statement. Net asset value per share increased to $1.50 from $1.19 at December 31, 2025.

The business development company attributed the increase primarily to a $5.0 million rise in the fair value of its holding in Morgan E&P, Inc. Morgan holds development rights to approximately 6,500 net acres in the Bakken/Three Forks formation in North Dakota's Williston Basin. The valuation increase was attributed to higher short and long-term crude oil prices.

The company's holdings in CitroTech, Inc. (NYSE: CITR) decreased in value by $0.5 million during the quarter. Equus sold 92,581 CITR shares while the stock price increased from $8.08 to $8.63 per share. The company valued its remaining CITR shares and warrant at $6.3 million compared to $6.8 million at year-end 2025.

Equus maintained 13,967 shares outstanding during the quarter, unchanged from the previous quarter. The company trades as a closed-end fund on the New York Stock Exchange.

Comparative quarterly data showed net assets of $16.6 million at December 31, 2025, $26.5 million at September 30, 2025, $34.1 million at June 30, 2025, and $34.2 million at March 31, 2025. Net asset value per share was $1.19, $1.90, $2.51, and $2.52 for those respective periods.