Equus Announces Fourth Quarter Net Asset Value
March 30 2022 - 7:28PM
Equus Total Return, Inc. (NYSE: EQS) (“Equus” or
the “Company”) reports net assets as of December 31, 2021, of $36.4
million, an increase of approximately $0.2 million since September
30, 2021. Net asset value per share increased to $2.69 as of
December 31, 2021 from $2.68 as of September 30, 2021. Comparative
data is summarized below (in thousands, except per share
amounts):
As of the Quarter Ended |
12/31/2021 |
9/30/2021 |
6/30/2021 |
3/31/2021 |
12/31/2020 |
Net assets |
$36,365 |
$36,243 |
$34,724 |
$34,075 |
$33,777 |
Shares outstanding |
13,518 |
13,518 |
13,518 |
13,518 |
13,518 |
Net assets per share |
$2.69 |
$2.68 |
$2.57 |
$2.52 |
$2.50 |
The following were the principal contributors to
the growth in net asset value during 2021:
- Increase in the Value of
Equus Energy. During 2021, the fair value of Equus Energy,
LLC, increased from $7.0 million to $13.0 million. Among the
various leasehold rights held by Equus Energy is a 50% working
interest in 2,400 acres in the Permian Basin known as the Conger
Field. A number of transactions that completed in late 2020 and
throughout 2021 were concentrated in the Permian Basin, at imputed
acreage values considerably in excess of values ascribed to such
acreage in the past several years. In addition, West Texas
Intermediate crude prices increased from $48.52 to $75.33 per
barrel during the year, and natural gas prices increased from $2.54
per MMBTU at the end of 2020 to $3.82 per MMBTU at the end of
2021.Equus also holds working interests of 7.5% and 2.5% in the
Burnell and North Pettus Units, respectively, which collectively
comprise approximately 13,000 acres located in the area known as
the ‘Eagle Ford Shale’ play. The Company received advice and
assistance from a third-party valuation firm to support its
determination of the fair value of this investment.
- Increase in Collection from
Escrow Related to Sale of PalletOne. During 2021, we
received approximately $3.8 million in cash, which constituted the
final proceeds related to the sale of PalletOne in December 2020.
The amount received was approximately $0.4 million in excess of the
amount we had accrued as an escrow receivable for this final
payment as at December 31, 2020.
About Equus
The Company is a business development company
that trades as a closed-end fund on the New York Stock Exchange
under the symbol "EQS". Additional information on the Company may
be obtained from the Company’s website at www.equuscap.com.
This press release may contain certain
forward-looking statements regarding future circumstances. These
forward-looking statements are based upon the Company’s current
expectations and assumptions and are subject to various risks and
uncertainties that could cause actual results to differ materially
from those contemplated in such forward-looking statements
including, in particular, the performance of the Company, including
our ability to achieve our expected financial and business
objectives, and the other risks and uncertainties described in the
Company’s filings with the SEC. Actual results, events, and
performance may differ. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
to the date hereof. Except as required by law, the Company
undertakes no obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this
release does not constitute an admission by the Company or any
other person that the events or circumstances described in such
statements are material.
Contact:
Patricia Baronowski Pristine Advisers, LLC(631) 756-2486
Equus Total Return (NYSE:EQS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Equus Total Return (NYSE:EQS)
Historical Stock Chart
From Jul 2023 to Jul 2024