Company: EQS
Filing Date: 2025-05-12
Form Type: CORRESP
Source: 0001712543-25-000030
Chunk: 0

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: CORRESP
Chunk 0
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<div align='center'>May 12, 2025</div>

VIA EDGAR

Ms. Soo Im-Tang

Division of Investment Management

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Telephone: (202) 880-1783

email: ImTangSo@sec.gov

| Re: | Equus Total Return, Inc. (“Equus” or the “Fund”) Preliminary Proxy Statement on Schedule 14A for the Fund’s 
 2025 Annual Meeting of Stockholders (File No. 814-0098)                                                     |

Dear Ms. Im-Tang:

As you know, Equus is a closed-end fund that has elected
to be classified as a business development company (“BDC”) pursuant to the Investment Company Act of 1940 (the “1940
Act”). On behalf of Equus, this letter serves as the Fund’s response to comments received from the Division of Investment
Management (the “Division”) on behalf of the Securities and Exchange Commission (the “Commission”) via telephone
on May 2, 2025 and subsequent thereto concerning the Fund’s Preliminary Proxy Statement on Schedule 14A for the Fund’s 2025
Annual Meeting of Stockholders, as filed with the Commission on April 23, 2025 (sometimes referred to hereinafter as the “Pre14A”).
Each paragraph number of this letter corresponds to your comments as set forth below.

COMMENT 1:

Please define the “Company” in the second bullet point of the cover letter of the Notice of the 2025 Annual Meeting of Stockholders.

RESPONSE: This change has been implemented.

COMMENT 2:

Please confirm whether the Fund’s advisors or any of their affiliates have entered into a standstill agreement and, if so, please provide a copy of the agreement or direct Staff as to whether the agreement is filed on EDGAR.

RESPONSE: None of the Fund’s advisors, nor any
of their respective affiliates, have entered into a standstill agreement.

700 LOUISIANA STREET

41 STFLOOR

HOUSTON, TX 77002

TEL: (713) 529-0900

FAX: (713) 529-9545

Ms. Soo Im-Tang

Division of Investment Management

U.S. Securities and Exchange Commission

May 12, 2025

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