Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 1

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 1
Chunk 1
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Internal Revenue Code of 1986. A BDC that is also a RIC is not required to pay corporate-level income tax on its investment income. During
the fourth quarter of 2024, we elected to not qualify as a RIC. Consequently, in the event that we incur operating income or net investment
income, we will be taxed at regular corporate rates. Notwithstanding our present election, we may seek to requalify as a RIC in the future.
For a discussion of requirements necessary to maintain our status as a BDC and as a RIC, please see “ Business Development Company
Requirements” and “ Regulated Investment Company Tax Status,” respectively.

Our principal
office is located at 700 Louisiana St., 41stFloor, Houston, Texas, 77002, and the telephone number is 1-800-856-0901. Our
corporate website is located at www. equuscap. com. We make available free of charge on our website our annual report on Form 10-K,
quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after
such material is electronically filed or furnished to the Securities and Exchange Commission (“ SEC”). Our shares are traded
on The New York Stock Exchange (“ NYSE”) under the ticker symbol “ EQS”.

SignificantDevelopments

Recent
Financing and Investment Transactions. In the first quarter of 2025, we undertook the following transactions:

  Issuance of Convertible Note and Warrants. On February 10, 2025, we issued                                                                 

  New Portfolio Investment. On February 10, 2025, we purchased from General                                                               

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  Sale of Equus Energy. On March 3, 2025, we sold Equus Energy to North American                                                           

Impact
of Geopolitical Events on the Oil and Gas Sector. The substantial volatility in world markets has been prominent in the oil and gas
sector, with WTI and gas prices reaching multi-year highs in 2022, largely due to increased post-Covid demand and the buildup and subsequent
invasion of Ukraine by Russian forces. Prices began to moderately rise and fall in successive quarters between the third quarter of 2023
and the fourth quarter of 2024, and stood at $72.44 as of December 31, 2024. Natural gas prices experienced high volatility in 202