Equus Total Return (EQS) Operating Expenses (2021 - 2025)
Equus Total Return (EQS) reported Operating Expenses of $894,000 for Q4 2025, down 9.5% from $988,000 a year earlier and down 49.0% from the prior quarter.
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Analysis
Equus Total Return (EQS) Operating Expenses (2021 - 2025) Analysis & Trends
For FY2025, Equus Total Return posted Operating Expenses of $5.06 million, up 10.3% from FY2024.
- Operating Expenses has increased for four consecutive years, though with a five-year compound annual growth rate of -0.5% (FY2020 to FY2025).
- By year, Operating Expenses came in at $4.59 million in FY2024 (+7.1%), $4.28 million in FY2023 (+18.0%), $3.63 million in FY2022 (+5.1%) and $3.45 million in FY2021 (-33.4%).
- The Q4 2025 figure ranks as the lowest quarterly Operating Expenses since Q2 2023.
- Year over year, Operating Expenses gained in four of the last eight quarters, with growth averaging 10.5%.
- The high point for year-over-year Operating Expenses in five years was Q3 2025 (growth of 72.3%); the low point was Q2 2025 (a decline of 20.1%).
- Per Business Quant data, the three quarters before Q4 2025 came in at $1.75 million (Q3 2025), $967,000 (Q2 2025) and $1.45 million (Q1 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 2.50 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 4.66 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 2.07 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 1.02 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 1.33 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Equus Total Return | 12.99 Mn | 1.16 Mn | - | 894,000.00 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 894,000.00 |
| Sep 30, 2025 | 1.75 Mn |
| Jun 30, 2025 | 967,000.00 |
| Mar 31, 2025 | 1.45 Mn |
| Dec 31, 2024 | 988,000.00 |
| Sep 30, 2024 | 1.02 Mn |
| Jun 30, 2024 | 1.21 Mn |
| Mar 31, 2024 | 1.37 Mn |
| Dec 31, 2023 | 1.09 Mn |
| Sep 30, 2023 | 1.18 Mn |
| Jun 30, 2023 | 876,000.00 |
| Mar 31, 2023 | 1.14 Mn |
| Dec 31, 2022 | 994,000.00 |
| Sep 30, 2022 | 925,000.00 |
| Jun 30, 2022 | 780,000.00 |
| Mar 31, 2022 | 930,000.00 |
| Dec 31, 2021 | 920,000.00 |
| Sep 30, 2021 | 757,000.00 |
| Jun 30, 2021 | 751,000.00 |
| Mar 31, 2021 | 1.03 Mn |
API Access
Equus Total Return Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=EQS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "EQS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=EQS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();