Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 38

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 38
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 may ultimately be received or settled. Further, such investments are generally subject
to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If we were required to liquidate a portfolio
investment in a forced or liquidation sale, we might realize significantly less than the value at which such investment had previously
been recorded. With respect to Level 3 investments, where sufficient market quotations are not readily available or for which no or an
insufficient number of indicative prices from pricing services or brokers or dealers have been received, we undertake, on a quarterly
basis, our valuation process as described above.

We assess
the levels of the investments at each measurement date, and transfers between levels are recognized on the subsequent measurement date
closest in time to the actual date of the event or change in circumstances that caused the transfer. There were no transfers to or from
Level 3 for the years ended December 31, 2024 and 2023.

As of December
31, 2024, investments measured at fair value on a recurring basis are categorized in the tables below based on the lowest level of significant
input to the valuations:

                                     Fair Value Measurements as of December 31, 2024                                            
  (in thousands)         Total       Quoted Prices in Active Markets for Identical Assets      Significant Unobservable Inputs  
                                                                                                                                
                                     (Level 1)                                                 (Level 3)                        
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                        
  Investments:                                                                                                                  
  Control                27,500      —                                                         27,500                           
  Total investments      27,500      —                                                         27,500                           

As of December 31, 2023, investments measured at fair
value on a recurring basis are categorized in the tables below based on the lowest level of significant input to the valuations:

                                                                         Fair Value Measurements as of December 31, 2023                                                                                                             
  (in thousands)                                  Total                  Quoted Prices in Active Markets for Identical Assets                  Significant Other Observable Inputs      Significant Unobservable Inputs              
                                                                                                                                                                                                                                     
                                                                         (Level 1)                                                             (Level 2)                                (Level 3)                                    
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                                                                                                                             
  Investments:                                                                                                                                                                                                                       
  Control                                         $          40,853      $