Company: EQS
Filing Date: 2025-04-23
Form Type: PRE 14A
Source: 0001712543-25-000025
Chunk: 10

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-23
Form: PRE 14A
Chunk 10
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                                  |   500,000 |     |                            | 3,228,024 |     |       | 3,728,024 |     |                              | 27.44 | % |
| L’Sheryl D. Hudson(1)                                       |     |                                  |         — |     |                            |         — |     |       |         — |     |                              |     * |   |
| John J. May                                                 |     |                                  |         — |     |                            |         — |     |       |         — |     |                              |     * |   |
| Howard Todd Horberg                                         |     |                                  |   703,728 |     |                            |         — |     |       |   703,728 |     |                              |  5.18 | % |
| Michael Tokarz                                              |     |                                  | 3,172,237 |     |                            |         — |     |       | 3,172,237 |     |                              | 23.35 | % |
| All directors and executive officers as a group (6 persons) |     |                                  |   830,845 |     |                            | 3,228,024 |     |       | 4,058,869 |     |                              | 29.87 | % |

| * | Indicates less than one percent. |

| (1) | Ms. Hudson serves as the Company’s Senior Vice President and Chief Financial Officer. Ms. Hudson is not a director of the Company. |

| 7 |

Section 16(a) beneficial ownership compliance

Under the federal securities laws, our directors,
executive officers, and any persons beneficially owning more than ten percent of our common stock are required to report their ownership
of our common stock and any changes in that ownership to the Company and the SEC. Specific due dates for these reports have been established
by regulation. Based solely upon a review of reports furnished to the Company and written representations of certain persons that no other
reports were required, we believe that all of our directors and executive officers complied during 2024 with the reporting requirements
of Section 16(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Stock Performance Graph

The following graph compares the cumulative total return
on our common stock with the cumulative total return of the NYSE Composite Index and the S&P 500 Index for the five years ended December
31, 2024. This comparison assumes $100.