Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 33

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 33
---
     |                                  |
| Kenneth I. Denos      |     | Over $100,000                 |     | Over $100,000                    |
| John A. Hardy         |     | Over $100,000                 |     | Over $100,000                    |

| (1) | Based on beneficial ownership as of April 1, 2025. |

| 30 |

<div align='center'>PROPOSAL 2—RATIFICATION OF

SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANT</div>

The Company’s Audit Committee approved and the
Board members unanimously approved and ratified the selection of BDO USA, P.C. as the Company’s independent registered public accountant
for the fiscal year ending December 31, 2025. BDO has served as the Company’s independent registered public accountant since
December 4, 2014.

Audit Fees and All Other Fees

Aggregate fees that BDO billed to the Company for
professional services for the years ended December 31, 2024 and 2023 were as follows:

|                           | Services Provided |   |    2024 |     |   |    2023 |
|:--------------------------|:------------------|:--|--------:|:----|:--|--------:|
| Audit fees(1)             |                   | $ | 300,060 |     | $ | 331,023 |
| Audit-related fees(2)     |                   |   | 176,581 |     |   | 104,765 |
| Non-audit related fees(3) |                   |   |       — |     |   |       — |
| Tax                       |                   |   |       — |     |   |       — |
| All other                 |                   |   |       — |     |   |       — |
| Total                     |                   | $ | 476,641 |     | $ | 435,788 |

| (1) | Consists of fees for the audit of our annual financial statements, review                                                              
 of quarterly statements, review of the annual proxy statement, reviews of the quarterly earnings releases, security counts, and billed 
 expenses.                                                                                                                              |
| (2) | Consists of fees and billed expenses relating to the separate audits of Morgan E&P, LLC, and Equus Energy, LLC and its subsidiary.     |
| (3) | Consists of non-audit fees and expenses billed by the Company’s accountant for services rendered to the Company.