Equus Announces Second Quarter Net Asset Value
August 15 2022 - 8:30AM
Equus Total Return, Inc. (NYSE: EQS) (“Equus” or
the “Company”) reports net assets as of June 30, 2022, of $37.2
million, a decrease of approximately $0.2 million since March 31,
2022. Net asset value per share decreased to $2.75 as of June 30,
2022, from $2.77 as of March 31, 2022. Comparative data is
summarized below (in thousands, except per share
amounts):
As of the Quarter Ended |
6/30/2022 |
3/31/2022 |
12/31/2021 |
9/30/2021 |
6/30/2021 |
Net assets |
$37,155 |
$37,435 |
$36,365 |
$36,243 |
$34,724 |
Shares outstanding |
13,518 |
13,518 |
13,518 |
13,518 |
13,518 |
Net assets per share |
$2.75 |
$2.77 |
$2.69 |
$2.68 |
$2.57 |
Although the Fund experienced a small decrease
in net asset value for the quarter, the fair value of the following
portfolio investment increased during the second quarter of
2022:
- Increase in the Value of
Equus Energy. During the second quarter of 2022, the fair
value of Equus Energy, LLC, increased from $15.0 million to $15.5
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 2021
and the first half of 2022 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 $100.28 per
barrel at March 31, 2022 to $105.76 per barrel at June 30, 2022, an
increase of approximately 5.46%, while natural gas prices increased
from $5.46 per MMBTU at March 31, 2022 to $6.54 per MMBTU at the
end of the second quarter of 2022, which was an increase of
approximately 19.8%.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.
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)
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