Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 27

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 27
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ity-owned investments are generally
defined under the Investment Company Act of 1940 as companies in which we own more than 50% of the votingsecurities
of the company.

(4)Level 3 PortfolioInvestments

(5)Income-producing

  46  

  TableOfContents  

SCHEDULE OF INVESTMENTS - (Continued)

DECEMBER 31,2024

(in thousands, except sharedata)

Our portfolio securities
are restricted from public sale without prior registration under the Securities Act of 1933 (hereafter, the “ Securities Act”).
We typically negotiate certain aspects of the method and timing of the disposition of our investment in each portfolio company, including
registration rights and related costs.

As a business
development company (“ BDC”), we may invest up to 30% of our assets in non-qualifying portfolio investments, as permitted by
the Investment Company Act of 1940 (the “1940 Act”). Specifically, we may invest up to 30% of our assets in entities that
are not considered “eligible portfolio companies” (as defined in the 1940 Act), including companies located outside of the
United States, entities that are operating pursuant to certain exceptions under the 1940 Act, and publicly-traded entities with a market
capitalization exceeding $250 million. As of December 31, 2024, we had invested 91.9% of our assets in securities of portfolio companies
that constituted qualifying investments under the 1940 Act. As of December 31, 2024, none of our investments are considered non-qualifying
assets as all of our investments are in enterprises that are considered eligible portfolio companies the 1940 Act. We provide significant
managerial assistance to our portfolio companies that comprise 100% of the total value of the investments in portfolio securities as of
December 31, 2024.

We are classified
as a “non-diversified” investment company under the 1940 Act, which means we are not limited in the proportion of our assets
that may be invested in the securities of a single issuer. The value of one segment called “ Energy” includes our two remaining
portfolio companies and was 93.2% of our net asset value, 91.9% of our total assets and 100% of our investments in portfolio company securities
(at fair value) as of December 31, 2024. Changes in business or industry trends or in the financial condition, results