Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 26

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 26
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.52                 (8.36      (10.14       (9.77      (12.20  
  Ratio of net increase (decrease) in net assets resulting from operations to average net assets                                   (48.28                 26.82       (3.15        7.38      (30.82  
  Total return on market price (1)                                                                                                 (24.14                  1.40      (39.92       10.19       18.68  

(1)Total
return = [(ending market price per share + year-to-date dividends paid - beginning market price per share) / beginning market price per share].

The accompanying notes are an integral part
of these financialstatements.

  45  

  TableOfContents  

EQUUS TOTAL RETURN, INC. SCHEDULE
OF INVESTMENTS DECEMBER 31, 2024

(in thousands, except sharedata)

  Name and Location of                                                                                            Date of Initial                                                           Cost of                     Fair                   
  Portfolio Company (1)                                                                                           Investment           Investment                                           Investment                  Value (2)              
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Control Investments: Majority-owned (3):                                                                                                                                                                                                     
  Equus Energy, LLC (4)                                                                               Energy                           Member interest (100%)                               $                8,111      $               4,000  
  Morgan                                                                                              Energy                           Member interest (100%)                                                    —                     13,000  
                                                                                                                                       12% senior secured promissory note due 5/26 (5)                      10,500                     10,500  
                                                                                                                                                                                                            10,500                     23,500  
  Total Control Investments: Majority-owned (represents 100% of total investments at fair value)                                                                                                            18,611                     27,500  
  Total Investments                                                                                                                                                                         $               18,611      $              27,500  

(1)Under Section 55 (a) of the 1940 Act,
qualifying assets must represent at least 70% of total assets at the time of acquisitions of any non-qualifying assets. As of none of
the Fund's total assets were considered non-qualifying assets. See Note 3 to the financial statements, Valuation of Investments.

(2)See Note 3 to the financial statements,
Valuation ofInvestments.

(3)Major