Equus Total Return Inc. (NYSE: EQS) reported its financial results for the first quarter of 2025, with net assets totaling $34.2 million as of March 31, 2025. This represents an increase from $29.5 million at the end of the previous quarter. The net asset value per share rose to $2.52, up from $2.17 as of December 31, 2024. The increase in net asset value was primarily driven by two key factors. First, there was a rise in the fair value of the company's equity holding in Morgan E&P, LLC, which increased by $1.0 million due to a favorable shift in the forward price curve for oil. Second, Equus's holdings in General Enterprise Ventures, Inc. $(GEVI)$ also appreciated, as the trading price of GEVI shares rose from $0.88 per share to $1.20 per share during the quarter. Consequently, the collective value of the GEVI Note and GEVI Warrant was assessed at $5.8 million by March 31, 2025. No specific data on sales, revenues, net income, or earnings per share were disclosed in the report.