The Company generates current distributions of net investment income and long term capital gains by making equity-oriented investments in small to medium sized privately owned companies.
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Even after a huge writedown in the value of a couple of their portfolio companies, EQS is still trading at a P/B of less than 0.5, extremely rare for a closed end fund. The writedown coincided with the naming of a new chief investment officer, so it seems like they wanted to write down everything they could and start fresh and are thus unlikely to write down anything else. I would expect their P/B to tend back towards 1 as long as their new investment head does his job.