Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 22

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 22
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Financial Statements and SupplementaryData

Index to FinancialStatements

                                                                                                                           Page  
  Report of Independent Registered Public Accounting Firm - (BDO USA, P. C.; Houston, TX; PCAOB ID#243)                      39  
  Balance Sheets — As of December 31, 2024 and 202 3                                                                         41  
  Statements of Operations — For the years ended December 31, 2024, 2023 and 202 2                                           42  
  Statements of Changes in Net Assets — For the years ended December 31, 2024, 2023 and 202 2                                43  
  Statements of Cash Flows — For the years ended December 31, 2024, 2023 and 2022                                            44  
  Statements of Selected Per Share Data and Ratios - For the years ended December 31, 2024, 2023, 2022, 2021 and 2020        45  
  Schedule of Investments — December                                                                                         46  
  Schedule of Investments — December 31, 202 3                                                                               48  
  Notes to Financial Statements                                                                                              50  
  Schedules of Investments in and Advances to Affiliates — For the year ended December 31, 202 4                             75  

  38  

  TableOfContents  

Report of Independent Registered Public AccountingFirm

Shareholders and Board of Directors Equus Total Return,
Inc.

Houston, Texas

Opinion
on the Financial Statements

We have
audited the accompanying balance sheets of Equus Total Return, Inc. (the “ Fund”), including the schedules of investments,
as of December 31, 2024 and 2023, the related statements of operations, changes in net assets, and cash flows for each of the three years
in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Table of Contents in Item
15(a)(1) (collectively referred to as the “financial statements”) and the selected per share data and ratios for each of the
five years in the period ended December 31, 2024. In our opinion, the financial statements present fairly, in all material respects, the
financial position of the Fund as of December 31, 2024 and 2023, and the results of its operations, changes in net assets and its cash
flows for each of the three years in the period ended December 31