Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 2

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 2
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 order of the Board of Directors,

JOHN A. HARDY

Chief Executive Officer

April 30, 2025

Houston, Texas

<div align='center'>Important Notice Regarding the Availability of Proxy Materials

for the Company’s Annual Meeting of Stockholders to be held on June 26, 2025</div>

This proxy statement, proxy card and the Company’s Annual Report
to Stockholders for the fiscal year ended December 31, 2024 are available free of charge at the following website: https://equuscap.com/investor-relations/sec-filings/
or by calling our proxy solicitor Georgeson LLC, toll free, at 1-855-733-4090.

700 LOUISIANA STREET

41 STFLOOR

HOUSTON, TX 77002

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<div align='center'>EQUUS TOTAL RETURN, INC.

700 Louisiana Street

41 stFloor

Houston, Texas 77002

PROXY STATEMENT</div>

This proxy statement contains information
relating to the annual meeting of Equus Total Return, Inc. (“Equus” or the “Company”).
The annual meeting of stockholders (the “Meeting”) or any postponement or adjournment thereof will be held
on June 26, 2025, beginning at 11:00 a.m., Central Time, at 700 Louisiana St., 41st Floor, Houston, TX 77002. The Board of Directors
(sometimes referred to hereinafter as the “Board”) is sending stockholders this proxy statement to solicit
proxies to be voted at the annual meeting. It is being mailed to stockholders on or about May 19, 2025.

<div align='center'>ABOUT THE MEETING</div>

What is the purpose of the Meeting?

At the Meeting, stockholders will be asked to elect
Company directors (see Proposal 1), ratify the selection of the Company’s independent registered public accountant (see
Proposal 2), approve, on a non-binding advisory basis, compensation paid to the Company’s named executive officers in 2024
(see Proposal 3), authorize the Company to sell or otherwise issue shares of its common stock at a price below its then-current
net asset value (“NAV”) per share in connection with the conversion of an existing investment note and the exercise
of warrants issued in connection therewith, and in one or more offerings, in each case subject to the approval of its Board of Directors