Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 29

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 29
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 the Dodd-Frank Act,
we are required to disclose certain information about the relationship between the compensation actually paid to our principal executive
officer (“PEO”) and certain measures of Company performance. The material that follows is provided in compliance with these
rules; however, additional information regarding our compensation philosophy, the structure of our performance-based compensation programs,
and compensation decisions made this year is described above in our “Compensation Discussion and Analysis” beginning on page
9 of this Proxy Statement.

The following table provides information regarding compensation
actually paid to our PEO for each year from 2022 to 2024, compared to our total shareholder return from December 31, 2021 through the
end of each such year, and our Net Investment Income and Increase/(Decrease) in Net Asset Value during such year.

|      |                                             |                                      | Average                         | Average                                       | Value of Initial Fixed $100 Investment Based On: |                                      |                       |                           |
| Year | Summary Compensation Table Total for PEO(1) | Compensation Actually Paid to PEO(1) | Summary                         
 Compensation                    
 Table Total for non-PEO NEOs(1) | Compensation Actually Paid to Non-PEO NEOs(1) | Company Total Shareholder Return(2)              | NYSE Composite Shareholder Return(2) | Net Investment Income | Change in Net Asset Value |
| 2024 
 2023 
 2022 | $ 534,667                                   
 972,286                                     
 953,978                                     | $ 534,667                            
 972,286                              
 953,978                              | $ 387,824                       
 368,252                         
 356,487                         | $ 387,824                                     
 368,252                                       
 356,487                                       | $ 46.22                                          
 60.92                                            
 60.08                                            | $ 111.26                             
 98.19                                
 88.47                                | -$ 3,315,000)         
 (4,035,000)           
 (3,629,000            | -$ 18,777,000)            
 12,949,000                
 (1,128,000                |

| (1) | The PEO for each year in the table is John A. Hardy.  The non-PEO NEOs for each year are L’Sheryl D. Hudson and Kenneth I. Denos.    |
| (2) | Total Shareholder                                                                                                                    
 Return represents the