Company: EQS
Filing Date: 2025-08-15
Form Type: NT 10-Q
Source: 0001712543-25-000058
Chunk: 1

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-08-15
Form: NT 10-Q
Chunk 1
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 contained in registrant’s quarterly report on Form 10-Q for the three months ended June 30, 2025 cannot be analyzed and completed
on a timely basis without unreasonable cost and effort.

<div align='center'>PART IV

OTHER INFORMATION</div>

| (1) | Name and telephone number of person to contact in regard to this notification |

Kenneth I. Denos 801-816-2511

| (2) | Have all other periodic reports required under Section 13 or 15(d) or the                                                              
 Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter 
 period that the registrant was required to file such report(s) been filed If the answer is no, identify report(s).                     |

[ X ] Yes [ ] No

| (3) | Is it anticipated that any significant change in results of operations from                                                            
 the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or 
 portion thereof?                                                                                                                       |

[ ] Yes [ X ] No

If so: attach an explanation of the anticipated
change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be
made.

<div align='center'>Equus
Total Return, Inc.

(Name of Registrant as Specified
in Charter)</div>

has caused this notification
to be signed on its behalf by the undersigned thereunto duly authorized.

| Date:  August 
 15, 2025      | By: /s/ Kenneth I. Denos |
|:--------------|:-------------------------|
|               | Kenneth I. Denos         |
|               | Secretary                |

| 2 |