Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 30

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 30
---
0 Act. As of December 31, 2023, none of our investments are considered non-qualifying
assets as all of our investments are in enterprises that are considered eligible portfolio companies the 1940 Act. We provide significant
managerial assistance to our portfolio companies that comprise 100% of the total value of the investments in portfolio securities as of
December 31, 2023.

We are classified
as a “non-diversified” investment company under the 1940 Act, which means we are not limited in the proportion of our assets
that may be invested in the securities of a single issuer. The value of one segment called “ Energy” includes our two remaining
portfolio companies and was 84.6% of our net asset value, 43.7% of our total assets and 100% of our investments in portfolio company securities
(at fair value) as of December 31, 2023. Changes in business or industry trends or in the financial condition, results 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, 2023 (inthousands):

  Type of Securities                         Cost                  Fair Value                  Fair Value as Percentage of Net Assets            
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Limited liability company investments      $          8,111      $               32,600                                                  67.5  
  Secured and subordinated debt                         8,253                       8,253                                                  17.1  
  Total                                      $         16,364      $               40,853                                                  84.6  

The following
is a summary by industry of the Fund’s investments in portfolio securities as of December 31, 2023 (in thousands):

  Industry                  Fair Value      Fair Value as Percentage of Net Assets            
 ──────────────────────────────────────────────────────────────────────────────────────────────
                Energy         $40,853                                                  84.6  
                Total          $40,853                                                  84.6  

  49  

  TableOfContents  

EQUUS TOTAL RETURN,
INC.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2024,