Equus Total Return, Inc. (NYSE: EQS) has announced its net asset value for the second quarter of 2025, reporting net assets of $34.1 million as of June 30, 2025. This marks a slight decrease in net asset value per share to $2.51 from $2.52 as of March 31, 2025. The company attributed changes in its portfolio's fair value primarily to two factors. Firstly, there was an increase in the fair value of its holdings in General Enterprise Ventures, Inc. (GEVI). This was due to the appreciation of GEVI's stock price from $1.20 to $1.95 per share during the quarter, resulting in a collective valuation of the company's GEVI Note and Warrant at $10.6 million. Conversely, there was a decrease in the fair value of Equus's equity holding in Morgan E&P, LLC, from $14.0 million to $12.35 million, influenced by a decline in the forward price curve for oil. Significant developments after the second quarter include Morgan E&P, LLC's hiring of key strategy executive Michael Reger and securing a $3 million loan facility to fund drilling operations in North Dakota's Williston Basin.