Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 28

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 28
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 of operations,
or the market’s assessment of any single portfolio company will affect the net asset value and the market price of our common stock
to a greater extent than would be the case if we were a “diversified” company holding numerous investments.

Our investments
in portfolio securities consist of the following types of securities as of December 31, 2024 (inthousands):

  Type of Securities                         Cost                  Fair Value                  Fair Value as Percentage of Net Assets            
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Limited liability company investments      $          8,111      $               17,000                                                  57.6  
  Secured and subordinated debt                        10,500                      10,500                                                  35.6  
  Total                                      $         18,611      $               27,500                                                  93.2  

The following
is a summary by industry of the Fund’s investments in portfolio securities as of December 31, 2024 (in thousands):

  Industry                  Fair Value      Fair Value as Percentage of Net Assets            
 ──────────────────────────────────────────────────────────────────────────────────────────────
                Energy         $27,500                                                  93.2  
                Total          $27,500                                                  93.2  

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  TableOfContents  

EQUUS TOTAL RETURN, INC. SCHEDULE
OF INVESTMENTS DECEMBER 31, 2023

(in thousands, except sharedata)

  Name and Location of                                                                                                                                                                         Cost of                     Fair                   
  Portfolio Company (1)                                                                                                                   Investment                                           Investment                  Value (2)              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Control Investments: Majority-owned (3):                                                                                                                                                                                                        
  Equus Energy, LLC (4)                                                                                Energy          December 2011      Member interest (100%)                               $                8,111      $              10,000  
  Morgan                                                                                               Energy          April 2023         Member interest (100%)                                                    —                     22,600  
                                                                                                                                          12% senior secured promissory note due 5/26 (5)                       8,253                      8,253  
                                                                                                                                                                                                                8,253                     30,853  
  Total Control Investments: Majority-owned (represents 47.6% of total investments at fair value)