Company: EQS
Filing Date: 2025-05-12
Form Type: DEF 14A
Source: 0001712543-25-000028
Chunk: 42

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: DEF 14A
Chunk 42
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     | $1.47 |     | 68.25%           |     | 58.33%           |
| Fiscal 2022    |     |        |     |             |     |       |     |                  |     |                  |
| Fourth quarter |     |  $2.61 |     |       $1.83 |     | $1.39 |     | 70.11%           |     | 53.26%           |
| Third quarter  |     |  $2.68 |     |       $2.63 |     | $1.49 |     | 98.13%           |     | 56.65%           |
| Second quarter |     |  $2.75 |     |       $2.70 |     | $2.35 |     | 98.18%           |     | 87.04%           |
| First quarter  |     |  $2.77 |     |       $2.71 |     | $2.20 |     | 97.83%           |     | 81.18%           |

____________________

| (1) | We did not issue any cash distributions to shareholders during any of the periods indicated. |

| (2) | Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value  
 per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each 
 period.                                                                                                                               |

Key Stockholder Considerations

Dilution. Before voting on this proposal or
giving proxies with regard to this matter, stockholders should consider the potentially dilutive effect of the issuance of shares of the
Company’s common stock at a price that is less than NAV and the expenses associated with such issuance. Any sale of common stock
at a price below NAV would result in an immediate dilution to existing common stockholders who do not participate in such sale on at least
a pro rata basis. This dilution would include reduction in NAV as a result of the issuance of shares at a price below NAV and a proportionately
greater decrease in a stockholder’s interest in the earnings and assets of the Company and voting interest in the Company than the
increase in the assets of the Company resulting from such issuance. There will be no limit on the percentage below net asset value per
share at which shares may be sold by