Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 40

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 40
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 debt                                                                                                                                                                              
  Morgan E& P, LLC                                8,253      Yield analysis                       Discount for lack of marketability      11.13%         12.0%           11.57%            
                                               $ 40,853                                                                                                                                    

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  TableOfContents  

The various weighted
averages in the table above were determined based on acreage, reserves, production and, in the case of discount rates, an arithmetic average
of minimum and maximum rates. Because of the inherent uncertainty of the valuation of portfolio securities which do not have readily ascertainable
market values, our fair value determinations may materially differ from the values that would have been used had a ready market existed
for thesecurities.

We adjust our net
asset value for the changes in the value of our publicly held securities, if applicable, and material changes in the value of private
securities, generally determined on a quarterly basis or as announced in a press release, and report those amounts to Lipper Analytical
Services, Inc. Our net asset value appears in various publications, includingBarron’sand The Wall Street Journal.

Investment
Transactions - Investment transactions are recorded at fair value on the trade date. Current-period changes in fair value of
investments are reflected as a component of the net unrealized appreciation of portfolio securities on the Statements of Operations. The
net change in unrealized appreciation primarily reflects the change in investment fair values as of the last business day of the reporting
period, including the reversal of previously recorded unrealized gains or losses for investments sold during the period. Realized gains
or losses are recognized as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost
basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and
include investments written off during the period, net of recoveries. As of December 31, 2024, we have no assets going through foreclosure.
Realized gains and losses on investments sold are computed on a specific identificationbasis.

We classify
our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “ Control Investments” are defined
as investments in companies in which the Fund owns more than 25% of the voting securities or maintains greater than 50% of the board
representation. Under the 1940 Act, “ Affiliate Investments” are defined as those non-control investments in companies in
which we own between