<SEC-DOCUMENT>0001673431-20-000016.txt : 20200512
<SEC-HEADER>0001673431-20-000016.hdr.sgml : 20200512
<ACCEPTANCE-DATETIME>20200512172336
ACCESSION NUMBER:		0001673431-20-000016
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200512
DATE AS OF CHANGE:		20200512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		20870164

	BUSINESS ADDRESS:	
		STREET 1:		700 LOUISIANA STREET
		STREET 2:		48TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		700 LOUISIANA STREET
		STREET 2:		48TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>f10q_equus03312020.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 2.2pt 0 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

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<P STYLE="font: 13.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 13.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>FORM 10-Q </B></P>

<P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin-top: 9pt; text-align: left; margin-bottom: 0">(Mark One)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; width: 1px">&nbsp;</TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; width: 41px; text-align: center"><FONT STYLE="font: 10pt/115% MS Gothic, Helvetica, Sans-Serif">&#9746;</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">For the quarterly period ended
March 31, 2020</P>

<P STYLE="font: 5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">or</P>

<P STYLE="font: 5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1px; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 41px; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt/115% MS Mincho,serif">&#9744;</FONT></TD>
    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">For the transition period to</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Commission File Number 814-00098</P>

<P STYLE="font: 24pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>EQUUS TOTAL RETURN, INC. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of registrant as specified
in its charter) </B></P>

<P STYLE="font: 5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; width: 50%; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>Delaware</B></FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; width: 50%; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>76-0345915</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction of</B></P>
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD>
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. Employer</B></P>
        <P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Identification No.)</B></P></TD></TR>
<TR>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>700 Louisiana St., 48<SUP>th</SUP>
        Floor</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Houston, Texas</B></P></TD>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>77002</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 7.5pt/115% Times New Roman, Times, Serif"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 7.5pt/115% Times New Roman, Times, Serif"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 7.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Former Name, Former Address and
Former Fiscal Year, if Changed Since Last Report)</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number,
including area code: (713) 529-0900</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities registered pursuant to
Section 12(b) of the Act:</B></P>

<P STYLE="font: 5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B><U>Title of each class</U></B></FONT></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name of each exchange</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0.6pt; text-align: center"><B><U>on which registered</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>Common Stock</B></FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>New York Stock Exchange</B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify">Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and
(2) has been subject to such filing requirements for the past 90 days. Yes <FONT STYLE="font-family: Arial Unicode MS,sans-serif">&#9746;</FONT>
No <FONT STYLE="font-family: Arial Unicode MS,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font-family: Arial Unicode MS,sans-serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify">Indicate by check mark
whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files). Yes <FONT STYLE="font-family: Arial Unicode MS,sans-serif">&#9744;</FONT> No <FONT STYLE="font-family: Arial Unicode MS,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font-family: Arial Unicode MS,sans-serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &ldquo;accelerated
filer and large accelerated filer&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.3pt 5.7pt 0 5.75pt; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; width: 18%"><FONT STYLE="font: 8pt/115% Times New Roman, Times, Serif">Large accelerated filer </FONT><FONT STYLE="font: 8pt/115% MS Mincho,serif">&#9744;</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center; width: 15%"><FONT STYLE="font: 8pt/115% Times New Roman, Times, Serif">Accelerated filer </FONT><FONT STYLE="font: 8pt/115% MS Mincho,serif">&#9744;</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center; width: 20%"><FONT STYLE="font: 8pt/115% Times New Roman, Times, Serif">Non-accelerated filer </FONT><FONT STYLE="font: 8pt/115% MS Mincho,serif">&#9746;</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center; width: 24%"><FONT STYLE="font: 8pt/115% Times New Roman, Times, Serif">Smaller Reporting Company </FONT><FONT STYLE="font: 8pt/115% MS Mincho,serif">&#9744;</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center; width: 23%"><FONT STYLE="font: 8pt/115% Times New Roman, Times, Serif">Emerging Growth Company </FONT><FONT STYLE="font: 8pt/115% MS Mincho,serif">&#9744;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 5.55pt 0 0 5.75pt"></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 5.55pt 0 0 5.75pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.75pt 0 0 30.25pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify">Indicate by check mark whether the registrant is
a shell company. Yes <FONT STYLE="font-family: Arial Unicode MS,sans-serif">&#9744;</FONT> No <FONT STYLE="font-family: Arial Unicode MS,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font-family: Arial Unicode MS,sans-serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify">There were 13,518,146 shares of the registrant&rsquo;s
common stock, $.001 par value, outstanding, as of May 12, 2020</P>


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    <!-- Field: /Page -->

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center"><B>(A Delaware Corporation)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center"><A NAME="TableOfContents" TITLE="Table of Contents"></A><B>INDEX</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 4pt 0 0 5.75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>PAGE</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><A HREF="#a_001">PART I. FINANCIAL INFORMATION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-indent: 0.5in; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><A HREF="#a_002">Item 1. Unaudited Condensed Financial Statements</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">3</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-indent: 1in; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><A HREF="#a_003">Condensed Balance Sheets</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">3</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-indent: 1in; line-height: 115%"><A HREF="#a_004">Condensed Statements of Operations</A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">4</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-indent: 1in; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">
    <A HREF="#a_005">Condensed Statements of Changes in Net Assets</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">5</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-indent: 1in; line-height: 115%"><A HREF="#a_006">Condensed Statements of Cash Flows</A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">6</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-indent: 1in; line-height: 115%"><A HREF="#a_007">Supplemental Information&mdash;Selected Per Share Data and Ratios</A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">7</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-indent: 1in; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><A HREF="#a_008">Schedules of Investments</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">8</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-indent: 1in; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><A HREF="#a_009">Notes to Condensed Financial Statements</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">12</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-indent: 0.5in; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><A HREF="#a_010">Item 2. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">30</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-indent: 0.5in; line-height: 115%"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><A HREF="#a_011">Item 3. Quantitative and Qualitative Disclosure about Market Risk</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">36</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-indent: 0.5in; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black; line-height: 115%"><A HREF="#a_012">Item 4. Controls and Procedures</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">36</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><A HREF="#a_013">PART II. OTHER INFORMATION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: center"></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-indent: 0.5in; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black; line-height: 115%"><A HREF="#a_014">Item 1. Legal Proceedings</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">37</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-indent: 0.5in; line-height: 115%"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><A HREF="#a_015">Item 1A. Risk Factors</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">37</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-indent: 0.5in; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><A HREF="#a_016">Item 6. Exhibits</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">38</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><A HREF="#a_017">SIGNATURE</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">39</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; line-height: 115%; text-align: center">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN,
INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_003"></A>CONDENSED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"><B></B>&nbsp;</P>

<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt"><B><A NAME="a_001"></A><U>Part I. Financial Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><B><U><A NAME="a_002"></A>Item 1. Unaudited Condensed Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">(in thousands, except per share amounts)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">March
31,</P>
                                                                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">2020</P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">Assets</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Investments in portfolio securities at fair value:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments (cost at $7,050)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">4,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">8,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments (cost at $350)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-affiliate investments - related party (cost at $7,007 and $6,912, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,171</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-affiliate investments (cost at $977)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments in portfolio securities at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,486</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,648</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Temporary cash investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,991</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,966</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">290</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounts receivable from affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">561</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accrued interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">489</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">79</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">141</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,086</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Liabilities and net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowing under margin account</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,001</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,991</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,329</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,097</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Commitments and contingencies (see Note 2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38,895</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">45,989</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net assets consist of:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,062</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17,260</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,086</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38,895</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">45,989</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Shares of common stock issued and outstanding, $.001 par value, 50,000 shares authorized</TD><TD STYLE="font-size: 11.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">13,518</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">13,518</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Shares of preferred stock issued and outstanding, $.001 par value, 5,000 shares authorized</TD><TD STYLE="font-size: 11.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Net asset value per share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.88</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.40</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: center">The accompanying notes are an integral
part of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN,
INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_004"></A>CONDENSED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 204.9pt 0 202.5pt; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in thousands, except per share amounts)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Investment income:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 62%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-affiliate investments - related party</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">95</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-affiliate investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest from temporary cash investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">399</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">357</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mailing, printing and other expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,030</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,006</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net investment loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(926</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(990</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net realized (loss) gain:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary cash investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net unrealized appreciation of portfolio securities:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,811</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,310</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net change in net unrealized appreciation of portfolio securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,501</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net unrealized depreciation of portfolio securities - related party:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,498</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,795</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,741</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,251</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net change in net unrealized depreciation of portfolio securities - related party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">456</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net (decrease) increase in net assets resulting from operations</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,174</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,977</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net (decrease) increase in net assets resulting from operations per share:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.53</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.22</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Weighted average shares outstanding:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,518</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,518</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

<P STYLE="font: 10pt/211% Times New Roman, Times, Serif; margin: 0.25pt 11.45pt 0 146.85pt; text-indent: -126.1pt"></P>

<P STYLE="font: 10pt/211% Times New Roman, Times, Serif; margin: 0.25pt 11.45pt 0 146.85pt; text-align: center; text-indent: -126.1pt">The
accompanying notes are an integral part of these financial statements.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_005"></A><B>CONDENSED STATEMENTS OF CHANGES IN NET ASSETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common Stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Par Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital in Excess of Par Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Undistributed Deficit</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Net Assets</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%">&nbsp;Balances at January 1, 2020</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">13,518</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">13</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">56,062</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">(10,086</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">45,989</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;Share-based incentive compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;Net (decrease) increase in net assets resulting from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 15pt; text-align: left">Net investment loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(926</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(926</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 15pt; text-align: left">Net realized gain</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 15pt; text-align: left">Unrealized appreciation of portfolio securities, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,500</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 15pt; text-align: left">Unrealized depreciation of portfolio securities-related
    party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;Balances at March 31, 2020</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,518</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">56,142</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(17,260</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38,894</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center">The accompanying notes are an integral
part of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN,
INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_006"></A><B>CONDENSED STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5">Reconciliation of net (decrease) increase in net assets resulting from operations to net cash</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided by (used in) operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; text-align: left">Net (decrease) increase in net assets resulting from operations</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(7,174</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,977</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp; used in operating activities:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of portfolio securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,501</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of portfolio securities - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(456</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based incentive compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends exchanged for portfolio securities - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(95</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of temporary cash investments, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest and dividend receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(217</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net cash provided by (used in) provided by operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,103</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash flows from financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under margin account</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,977</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under margin account</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28,991</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26,981</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,990</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net decrease in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(648</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,107</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents and restricted cash at beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,256</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,695</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents and restricted cash at end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,608</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,588</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-cash operating and financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest or dividends exchanged for portfolio securities - related party</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">78</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Supplemental disclosure of cash flow information:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_007"></A>SUPPLEMENTAL INFORMATION&mdash;SELECTED PER
SHARE DATA AND RATIOS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; text-align: left">Investment income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">0.01</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.08</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.07</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net investment loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.07</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.07</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net realized loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net change in unrealized appreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.26</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net change in unrealized depreciation - related party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.03</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net (decrease) increase in net assets resulting from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.53</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.22</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capital transactions:</TD><TD STYLE="color: red">&nbsp;</TD>
    <TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red; text-align: right">&nbsp;</TD><TD STYLE="color: red; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;Share-based incentive compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;&nbsp;Dilutive effect of shares issued</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.01</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Increase in net assets resulting from capital transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.01</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net (decrease) increase in net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.52</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.22</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net assets at beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.40</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.22</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net assets at end of period, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.88</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.44</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Weighted average number of shares outstanding during period,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in thousands</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,518</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,518</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Market price per share:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 15pt">Beginning of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.82</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.96</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 15pt">End of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.95</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.91</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Selected information and ratios:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 15pt; text-align: left">Ratio of expenses to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.43</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.23</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 15pt; text-align: left">Ratio of net investment loss to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.18</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.20</TD><TD STYLE="text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 15pt; text-align: left">Ratio of net (decrease) increase in net assets resulting from operations to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.90</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.61</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 15pt; font-weight: 400; font-style: normal; text-align: left">Total return on market price <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47.80</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.55</TD><TD STYLE="text-align: left">%)</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 7pt"><SUP>(1)</SUP></FONT></TD><TD>Total return = [(ending market price per share - beginning price per share) / beginning market price per share].</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 3.7pt; margin-bottom: 0">The accompanying notes are an integral part of these
financial statements.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 7in"></P>

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 221.55pt 0 202.5pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_008"></A><B>SCHEDULE OF INVESTMENTS MARCH 31, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 221.55pt 0 202.5pt; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>(in thousands, except share data)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: bottom">Name and location of</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">Date of Initial</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">Cost of</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">Fair</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 38%; text-align: left; vertical-align: bottom">Portfolio&nbsp;Company</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 6%; text-align: center; vertical-align: bottom">Industry</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 9%; text-align: center; vertical-align: bottom">Investment</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 18%; text-align: center; vertical-align: bottom">Investment</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 6%; text-align: center; vertical-align: bottom">Principal</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 9%; text-align: center; vertical-align: bottom">Investment</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; width: 11%; vertical-align: bottom">Value<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal"><B><U STYLE="text-decoration: none"><SUP STYLE="text-decoration: none">(1)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Control Investments:&nbsp;&nbsp;Majority-owned <FONT STYLE="font: normal 7pt Times New Roman, Times, Serif"><B><SUP>(3)</SUP></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal">:</FONT></B></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">Equus Energy, LLC</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">Houston, TX</P></TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;Energy&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;December 2011&nbsp;</TD>
    <TD>&nbsp;Member interest (100%)&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;7,050&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;4,500</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Total Control Investments: Majority-owned (represents 11.5% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;7,050&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Affiliate Investments <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal"><B><SUP>(4)</SUP>:</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt"><P STYLE="margin-top: 0; margin-bottom: 0">PalletOne, Inc.</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">Bartow, FL</P></TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt; text-align: center; vertical-align: top">&nbsp;Shipping products and services&nbsp;</TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt; text-align: center; vertical-align: top">&nbsp;October 2001&nbsp;</TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">&nbsp;350,000&nbsp;shares&nbsp;of&nbsp;common stock (18.7%)&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right; border-top-color: Black; border-top-width: 0.5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;26,500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Total Affiliate Investments (represents 38.1% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;350&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;26,500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Non-Affiliate Investments - Related Party (less than 5% owned):</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">MVC Capital, Inc.</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">Purchase, NY</P></TD>
    <TD STYLE="text-align: center; vertical-align: top">Financial services</TD>
    <TD STYLE="text-align: center; vertical-align: top">May 2014</TD>
    <TD STYLE="vertical-align: top">574,147 shares of common stock (1.7%)</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;7,007&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;2,509</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total Non-Affiliate Investments - Related Party (represents 7.4% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;7,007&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;2,509</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Non-Affiliate Investments (less than 5% owned):</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-weight: normal; font-style: normal"><SUP>TH</SUP> Element Tracking, LLC</FONT></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: normal 7.5pt Times New Roman, Times, Serif">Boston, MA</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">Business products and services</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">January 2015</TD>
    <TD STYLE="border-top: Black 1pt solid">14% promissory note due 5/18 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-weight: normal; font-style: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total Non-Affiliate Investments (represents 1.4% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Total Investment in Portfolio Securities</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;15,384&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,486</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Temporary Cash Investments</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left">U.S. Treasury Bill</TD>
    <TD STYLE="text-align: center; vertical-align: top">Government</TD>
    <TD STYLE="text-align: center; vertical-align: top">March 2020</TD>
    <TD STYLE="vertical-align: bottom">UST 0% 4/20</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,001&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;26,001&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,001</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total Temporary Cash Investments (represents 41.6% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;26,001
    &nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,001</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Total Investments</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;41,385&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,487</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><FONT STYLE="font-size: 5pt">(1)</FONT><FONT STYLE="font-size: 7.5pt">See
Note 3 to the financial statements, Valuation of Investments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.85pt 0 0 5.75pt"><FONT STYLE="font-size: 5pt">(2)</FONT><FONT STYLE="font-size: 7.5pt">Non-income-producing.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.85pt 0 0 5.75pt"><FONT STYLE="font-size: 5pt">(3)</FONT><FONT STYLE="font-size: 7.5pt">Majority
owned investments are generally defined under the 1940 Act as companies in which we own more than 50% of the voting securities
of the company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.85pt 0 0 5.75pt"><FONT STYLE="font-size: 5pt">(4)</FONT><FONT STYLE="font-size: 7.5pt">Affiliate
investments are generally defined under the 1940 Act as companies in which we own at least 5% but not more than 25% voting securities
of the company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN,
INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE OF INVESTMENTS &ndash; (Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MARCH 31, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Except
for our holding of shares of MVC Capital, Inc. (&ldquo;MVC&rdquo;), all of our portfolio securities are restricted from public
sale without prior registration under the Securities Act of 1933 (hereafter, the &ldquo;Securities Act&rdquo;) or other relevant
regulatory authority. We negotiate certain aspects of the method and timing of the disposition of our investment in each portfolio
company, including registration rights and related costs.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">As a business
development company (&ldquo;BDC&rdquo;) regulated pursuant to the Investment Company Act of 1940 (&ldquo;1940 Act&rdquo;), we may
invest up to 30% of our assets in non-qualifying portfolio investments, as permitted by the 1940 Act. Specifically, we may invest
up to 30% of our assets in entities that are not considered &ldquo;eligible portfolio companies&rdquo; (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 March 31, 2020, we held 92.7%
of our assets at fair value in securities of portfolio companies that constituted qualifying investments under the 1940 Act. As
of March 30, 2020, except for our shares of MVC, all of our investments are in enterprises that are considered eligible portfolio
companies under the 1940 Act. We provide significant managerial assistance to portfolio companies that comprise 89.9% of the total
<FONT STYLE="letter-spacing: -0.1pt">fair </FONT>value of the investments in portfolio securities as of March 31, 2020.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We are
classified as a &ldquo;non-diversified&rdquo; 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 &ldquo;Shipping products
and services&rdquo; includes one portfolio company and was 68.1% of our net asset value, 40.6% of our total assets and <FONT STYLE="letter-spacing: -0.05pt">76.8</FONT>%
of our investments in portfolio company securities (at fair value) as of March 31, 2020. The value of one segment called &ldquo;Energy&rdquo;
includes one portfolio company and was 11.6% of our net asset value, 6.9% of our total assets and 13.0% of our investments in portfolio
company securities (at fair value) as of March 31, 2020. Changes in business or industry trends or in the financial condition,
results of operations, or the market&rsquo;s assessment of any single portfolio company will affect the net asset value and the
market price of our common stock to a greater extent than would be the case if we were a &ldquo;diversified&rdquo; company holding
numerous investments.</P>

<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 30.25pt">Our investments in portfolio securities consist
of the following types of securities as of March 31, 2020 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 30.25pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type of Securities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Fair Value as Percentage of</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Net Assets</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left">Common stock</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">7,357</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">29,009</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">74.6</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Limited liability company investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Secured and subordinated debt</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,384</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34,486</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">88.7</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 30.25pt"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0; text-indent: 402.75pt">&nbsp;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 30.25pt">The following is a summary by industry of the Fund&rsquo;s
investments in portfolio securities as of <FONT STYLE="letter-spacing: -0.1pt">March 31</FONT>, 2020 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 30.25pt">&nbsp;</P>

<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industry</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value as Percentage of Net Assets</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Shipping products and services</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">26,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">68.1</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Financial services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Business products and services</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34,486</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">88.7</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS
TOTAL RETURN, INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE OF INVESTMENTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DECEMBER 31, 2019</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited) </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>(in thousands, except share data)</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: bottom">Name and location of</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">Date of Initial</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">Cost of</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom">Fair</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 38%; text-align: left; vertical-align: bottom">Portfolio&nbsp;Company</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 6%; text-align: center; vertical-align: bottom">Industry</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 9%; text-align: center; vertical-align: bottom">Investment</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 18%; text-align: center; vertical-align: bottom">Investment</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 6%; text-align: center; vertical-align: bottom">Principal</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; width: 9%; text-align: center; vertical-align: bottom">Investment</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; width: 11%; vertical-align: bottom">Value<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal"><B><U STYLE="text-decoration: none"><SUP STYLE="text-decoration: none">(1)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Control Investments:&nbsp;&nbsp;Majority-owned <FONT STYLE="font: normal 7pt Times New Roman, Times, Serif"><B><SUP>(3)</SUP></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal">:</FONT></B></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">Equus Energy, LLC</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">Houston, TX</P></TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;Energy&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;December 2011&nbsp;</TD>
    <TD>&nbsp;Member interest (100%)&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;7,050&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;8,000</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Total Control Investments: Majority-owned (represents 11.5% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;7,050&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Affiliate Investments <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal"><B><SUP>(4)</SUP>:</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt"><P STYLE="margin-top: 0; margin-bottom: 0">PalletOne, Inc.</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">Bartow, FL</P></TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt; text-align: center; vertical-align: top">&nbsp;Shipping products and services&nbsp;</TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt; text-align: center; vertical-align: top">&nbsp;October 2001&nbsp;</TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">&nbsp;350,000&nbsp;shares&nbsp;of&nbsp;common stock (18.7%)&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right; border-top-color: Black; border-top-width: 0.5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;26,500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Total Affiliate Investments (represents 38.1% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;350&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;26,500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Non-Affiliate Investments - Related Party (less than 5% owned):</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">MVC Capital, Inc.</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">Purchase, NY</P></TD>
    <TD STYLE="text-align: center; vertical-align: top">Financial services</TD>
    <TD STYLE="text-align: center; vertical-align: top">May 2014</TD>
    <TD STYLE="vertical-align: top">563,894 shares of common stock (1.7%)</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;6,912&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;5,171</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total Non-Affiliate Investments - Related Party (represents 7.4% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;6,912&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;5,171</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Non-Affiliate Investments (less than 5% owned):</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-weight: normal; font-style: normal"><SUP>TH</SUP> Element Tracking, LLC</FONT></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: normal 7.5pt Times New Roman, Times, Serif">Boston, MA</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">Business products and services</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">January 2015</TD>
    <TD STYLE="border-top: Black 1pt solid">14% promissory note due 5/18 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-weight: normal; font-style: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total Non-Affiliate Investments (represents 1.4% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Total Investment in Portfolio Securities</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;15,289&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,648</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Temporary Cash Investments</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left">U.S. Treasury Bill</TD>
    <TD STYLE="text-align: center; vertical-align: top">Government</TD>
    <TD STYLE="text-align: center; vertical-align: top">December 2018</TD>
    <TD STYLE="vertical-align: bottom">UST 0% 1/20</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,991&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;28,991&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">$</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,991</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total Temporary Cash Investments (represents 41.6% of total investments at fair value)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;28,991
    &nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,991</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Total Investments</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;44,280&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,639</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.95pt 0 0 5.75pt"><FONT STYLE="font-size: 5pt">(1)</FONT><FONT STYLE="font-size: 7.5pt">See
Note 3 to the financial statements, Valuation of Investments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 2.35pt 0 0 5.75pt"><FONT STYLE="font-size: 5pt">(2)</FONT><FONT STYLE="font-size: 7.5pt">Non-income
producing.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.85pt 0 0 5.75pt"><FONT STYLE="font-size: 5pt">(3)</FONT><FONT STYLE="font-size: 7.5pt">Majority
owned investments are generally defined under the 1940 Act as companies in which we own more than 50% of the voting securities
of the company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.85pt 0 0 5.75pt"><FONT STYLE="font-size: 5pt">(4)</FONT><FONT STYLE="font-size: 7.5pt">Affiliate
investments are generally defined under the 1940 Act as companies in which we own at least 5% but not more than 25% voting securities
of the company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>SCHEDULE OF INVESTMENTS &ndash; (Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DECEMBER 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(in thousands, except share data)</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="letter-spacing: -0.05pt">Except
for our holding of shares of MVC, substantially all of our portfolio securities are restricted from public sale without prior registration
under the Securities Act or other relevant regulatory authority. We negotiate certain aspects </FONT>of <FONT STYLE="letter-spacing: -0.05pt">the
method and timing of the disposition of our investment in each portfolio company, including registration rights and related </FONT>costs.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="letter-spacing: -0.05pt">As</FONT>
a <FONT STYLE="letter-spacing: -0.05pt">BDC, we</FONT> may invest up to <FONT STYLE="letter-spacing: -0.05pt">30% </FONT>of <FONT STYLE="letter-spacing: -0.05pt">our
assets in non-qualifying portfolio investments, as permitted by the 1940 Act. Specifically,</FONT> we <FONT STYLE="letter-spacing: -0.05pt">may
invest up to 30% of our assets </FONT>in <FONT STYLE="letter-spacing: -0.05pt">entities that are not considered &ldquo;eligible
portfolio companies&rdquo; (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 </FONT>a <FONT STYLE="letter-spacing: -0.05pt">market
capitalization exceeding $250 million. As of December 31, 2019, we had invested 87.3% of our assets </FONT>in <FONT STYLE="letter-spacing: -0.05pt">securities
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">portfolio companies that constituted qualifying investments under the 1940 Act.
As of December 31, 2019, except for our shares</FONT> of <FONT STYLE="letter-spacing: -0.05pt">MVC, </FONT>all of our <FONT STYLE="letter-spacing: -0.05pt">investments
are</FONT> in <FONT STYLE="letter-spacing: -0.05pt">enterprises that are considered eligible portfolio companies under the 1940
Act. We provide significant managerial assistance </FONT>to <FONT STYLE="letter-spacing: -0.05pt">portfolio companies that comprise
84.9% of the total fair value of the investments </FONT>in <FONT STYLE="letter-spacing: -0.05pt">portfolio securities as of December
31, 2019.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="letter-spacing: -0.05pt">We
are classified as </FONT>a <FONT STYLE="letter-spacing: -0.05pt">&ldquo;non-diversified&rdquo; investment company
under</FONT> the 1940 <FONT STYLE="letter-spacing: -0.05pt">Act, which</FONT> means we <FONT STYLE="letter-spacing: -0.05pt">are
not limited in the proportion of our assets that may be invested in the securities of </FONT>a <FONT STYLE="letter-spacing: -0.05pt">single
user. The value of one segment called &ldquo;Shipping products and services&rdquo; includes one portfolio company and was
57.6% of our net asset value, 35.3% of our total assets and 65.2% of our investments in portfolio company securities (at fair
value) as of December 31, 2019. The value of one segment called &ldquo;Energy&rdquo; includes one portfolio company and was
17.4% of our net </FONT>asset value, <FONT STYLE="letter-spacing: -0.05pt">10.7% of our total assets and 19.7% </FONT>of <FONT STYLE="letter-spacing: -0.05pt">our
investments in portfolio company securities (at fair value) as of December 31, 2019. Changes in business or industry trends
or in the financial condition, results of operations, or the market&rsquo;s assessment </FONT>of <FONT STYLE="letter-spacing: -0.05pt">any
single portfolio company will affect the net asset value and the market price </FONT>of <FONT STYLE="letter-spacing: -0.05pt">our
common stock </FONT>to a <FONT STYLE="letter-spacing: -0.05pt">greater extent than would be the case if we were </FONT>a <FONT STYLE="letter-spacing: -0.05pt">&ldquo;diversified&rdquo;
company holding numerous investments.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 29.85pt"><FONT STYLE="letter-spacing: -0.05pt">Our investments
</FONT>in <FONT STYLE="letter-spacing: -0.05pt">portfolio securities consist </FONT>of <FONT STYLE="letter-spacing: -0.05pt">the
following types of securities as of December 31, 2019 </FONT>(in <FONT STYLE="letter-spacing: -0.05pt">thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 29.85pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 29.85pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type of Securities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Fair Value as Percentage of</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Net Assets</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left">Common stock</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">7,262</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">31,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">68.9</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Limited liability company investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Secured and subordinated debt</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,289</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,648</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">88.4</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 29.85pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 29.85pt; text-indent: 499.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 29.85pt; text-indent: 499.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 29.85pt"><FONT STYLE="letter-spacing: -0.05pt">The following
</FONT>is a <FONT STYLE="letter-spacing: -0.05pt">summary by industry of the Fund&rsquo;s investments in portfolio securities as
of December 31, 2019 (in thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 29.85pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industry</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Fair Value as</P>
                                                                                                                      <P STYLE="margin-top: 0; margin-bottom: 0">Percentage of <FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"><B><U STYLE="text-decoration: none"></U></B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"><B><U STYLE="text-decoration: none">Net Assets</U></B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Shipping products and services</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">26,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">57.6</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Financial services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Business products and services</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,648</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">88.4</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center">The accompanying notes are an integral
part of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 171.85pt 0 171.9pt; text-align: center"><B><A NAME="a_009"></A>NOTES TO CONDENSED FINANCIAL
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 171.85pt 0 171.9pt; text-align: center"><B>MARCH 31, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.25pt"></TD><TD STYLE="width: 22.5pt"><B>(1)</B></TD><TD><B>Description of Business and Basis of Presentation</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Description
of Business</B>&mdash;Equus Total Return, Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Equus&rdquo; and
the &ldquo;Fund&rdquo;), a Delaware corporation, was formed by Equus Investments II, L.P. (the &ldquo;Partnership&rdquo;) on August
16, 1991. On July 1, 1992, the Partnership was reorganized and all of the assets and liabilities of the Partnership were transferred
to the Fund in exchange for shares of common stock of the Fund. Our shares trade on the New York Stock Exchange under the symbol
&lsquo;EQS&rsquo;. On August 11, 2006, our shareholders approved the change of the Fund&rsquo;s investment strategy to a total
return investment objective. This strategy seeks to provide the highest total return, consisting of capital appreciation and current
income. In connection with this strategic investment change, the shareholders also approved the change of name from Equus II Incorporated
to Equus Total Return, Inc.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">So long
as we remain an investment company and not an operating company as contemplated in our Plan of Reorganization described in Note
6 below, we will attempt to maximize the return to our stockholders in the form of current investment income and long-term capital
gains by investing in the debt and equity securities of companies with a total enterprise value of between $5.0 million and $75.0
million, although we may engage in transactions with smaller or larger investee companies from time to time. We seek to invest
primarily in companies pursuing growth either through acquisition or organically, leveraged buyouts, management buyouts and recapitalizations
of existing businesses or special situations. Our income-producing investments may include debt securities including subordinate
debt, debt convertible into common or preferred stock, or debt combined with warrants and common and preferred stock. Debt and
preferred equity financing may also be used to create long-term capital appreciation through the exercise and sale of warrants
received in connection with the financing. We seek to achieve capital appreciation by making investments in equity and equity-oriented
securities issued by privately-owned companies (or smaller public companies) in transactions negotiated directly with such companies.
Given market conditions over the past several years and the performance of our portfolio, our Management and Board of Directors
believe it prudent to continue to review alternatives to refine and further clarify the current strategies.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We elected
to be treated as a BDC under the 1940 Act. We currently qualify as a regulated investment company (&ldquo;RIC&rdquo;) for federal
income tax purposes and, therefore, are not required to pay corporate income taxes on any income or gains that we distribute to
our stockholders. We have a wholly-owned taxable subsidiary (&ldquo;Taxable Subsidiary&rdquo;) which holds one of our portfolio
investments listed on our Schedules of Investments. The purpose of this Taxable Subsidiary is to permit us to hold certain income-producing
investments or portfolio companies organized as limited liability companies, or LLCs, (or other forms of pass-through entities)
and still satisfy the RIC tax requirement that at least 90% of our gross revenue for income tax purposes must consist of investment
income. Absent the Taxable Subsidiary, a portion of the gross income of these income-producing investments or of any LLC (or other
pass-through entity) portfolio investment, as the case may be, would flow through directly to us for the 90% test. To the extent
that such income did not consist of investment income, it could jeopardize our ability to qualify as a RIC and, therefore, cause
us to incur significant federal income taxes. The income of the LLCs (or other pass-through entities) owned by Taxable Subsidiary
is taxed to the Taxable Subsidiary and does not flow through to us, thereby helping us preserve our RIC status and resultant tax
advantages. We do not consolidate the Taxable Subsidiary for income tax purposes and <FONT STYLE="letter-spacing: 0.05pt">the Taxable
Subsidiary may </FONT>generate income tax expense because of the Taxable Subsidiary&rsquo;s ownership of <FONT STYLE="letter-spacing: 0.05pt">a</FONT>
portfolio company. We reflect any such income tax expense on our Statements of Operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>The
Impact of COVID-19</B>&mdash;In 2019, SARS-CoV-2, a highly contagious pathogen which causes COVID-19, coronavirus disease, or simply,
the &lsquo;coronavirus&rsquo;, arose in Wuhan Province, China. On January 21, 2020, the Centers for Disease Control reported the
first known coronavirus infection in the U.S., and by February 29, 2020, the first U.S. death was reported. By March 11, 2020,
the World Health Organization declared the coronavirus a worldwide pandemic, and the President of the United States declared a
national emergency two days thereafter. By the end of March 2020, most U.S. States had imposed restrictions on travel, movement,
and public assembly, and substantial portions of the U.S. economy, including those in which certain of our portfolio companies
operate, were materially and negatively affected as a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">The highly
contagious nature of the coronavirus has caused numerous private and public organizations to substantially alter the way in which
they operate. Many such organizations have, to the extent possible, required employees to work remotely to reduce opportunities
for contagion. We have also taken steps to minimize the exposure of our employees and service providers by requiring all such persons
to work from a remote location. We utilize a cloud-based storage and retrieval system for our records and can communicate electronically
or by telephone with third parties such as our financial institutions, legal and accounting advisors, and our portfolio companies.
However, government directives on social distancing and shelter-in-place mandates have rendered us unable to travel to attend board
meetings, negotiations, and other functions which are endemic to the interpersonal nature of private equity investing. Should these
disruptions and restrictions on travel continue as a result of the coronavirus, we cannot, therefore, assure you that our operations
as a BDC or our efforts to effect a transformative transaction involving Equus will not be materially adversely affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: justify; text-indent: 24.5pt">At the date of
the filing of this quarterly report, we are unable to predict either the potential near-term or longer-term impact that the coronavirus
may have on our financial and operating results due to numerous uncertainties regarding the duration and severity of the crisis.
Moreover, we are unable to predict the effect that the economic dislocation caused by the coronavirus will have on our efforts
to complete a transformative transaction pursuant to our Plan of Reorganization described below. The ultimate impact of the coronavirus
pandemic is highly uncertain and subject to change, and our business, results of operations, and financial condition have been
and will likely continue to be impacted by future developments concerning the pandemic and the resulting economic disruption.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Basis of Presentation</B>&mdash;In
accordance with Article 6 of Regulation S-X under the Securities Act and the Securities Exchange Act of 1934, as amended (&ldquo;Exchange
Act&rdquo;), we do not consolidate portfolio company investments, including those in which we have a controlling interest. Our
interim unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United
States of America (&ldquo;GAAP&rdquo;), for interim financial information and in accordance with the requirements of reporting
on Form 10-Q and Article 10 of Regulation S-X, under the Exchange Act. Accordingly, they are unaudited and exclude some disclosures
required for annual financial statements. We believe that we have made all adjustments, consisting solely of normal recurring accruals,
necessary for the fair presentation of these interim financial statements.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">The results
of operations for the three months ended March 31, 2020 are not necessarily indicative of results that ultimately may be achieved
for the remainder of the year. The interim unaudited financial statements and notes thereto should be read in conjunction with
the financial statements and notes thereto included in the Fund&rsquo;s Annual Report on Form 10-K for the fiscal year ended December
31, 2019, as filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.25pt"></TD><TD STYLE="width: 22.5pt"><B>(2)</B></TD><TD><B>Liquidity and Financing Arrangements</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Liquidity</B>&mdash;There
are several factors that may materially affect our liquidity during the reasonably foreseeable future. We are evaluating the impact
of current market conditions on our portfolio company valuations and their ability to provide current income. We have followed
valuation techniques in a consistent manner; however, we are cognizant of current market conditions that might affect future valuations
of portfolio securities. We believe that our operating cash flow and cash on hand will be sufficient to meet operating requirements
from the date of this filing through the next twelve months.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Cash
and Cash Equivalents</B>&mdash;As of March 31, 2020, we had cash and cash equivalents of $3.3 million. We had $34.5 million of
our net assets of $38.9 million invested in portfolio securities.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">As of December
31, 2019, we had cash and cash equivalents of $4.0 million. We had $40.6 million of our net assets of $46.0 million invested in
portfolio securities.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We exclude
&ldquo;Restricted Cash and Temporary Cash Investments&rdquo; used for purposes of complying with RIC requirements from cash equivalents.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Restricted
Cash and Temporary Cash Investments</B>&mdash;<FONT STYLE="letter-spacing: 0.85pt">As </FONT>of March 31, 2020, we had $26.3 million
of restricted cash and temporary cash investments, including primarily the proceeds of a quarter-end margin loan that we incurred
to maintain the diversification requirements applicable to a RIC to maintain our pass-through tax treatment. Of this amount, $26.0
million was invested in U.S. Treasury bills and $0.3 million represented a required 1% brokerage margin deposit. These securities
were held by a securities brokerage firm and pledged along with other assets to secure repayment of the margin loan. The U.S. Treasury
bills matured on April 9, 2020 and we subsequently repaid this margin loan, plus interest.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">As of December
31, 2019, we had $29.3 million of restricted cash and of temporary cash investments, including primarily the proceeds of a quarter-end
margin loan that we incurred to maintain the diversification requirements applicable to a RIC. Of this amount, $29.0 million was
invested in U.S. Treasury bills and $0.3 million represented a required 1% brokerage margin deposit. These securities were held
by a securities brokerage firm and pledged along with other assets to secure repayment of the margin loan. The U.S. Treasury bills
were sold on January 7, 2020 and we subsequently repaid this margin loan, plus interest.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Dividends</B>&mdash;So
long as we remain a BDC, we will pay out net investment income and/or realized net capital gains, if any, on an annual basis as
required under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Investment
Commitments</B>&mdash;Under certain circumstances, we may be called on to make follow-on investments in certain portfolio companies.
If we do not have sufficient funds to make follow-on investments, the portfolio company in need of the investment may be negatively
impacted. Also, our equity interest in the estimated fair value of the portfolio company could be reduced.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt">As of March 31, 2020, we had no outstanding commitments
to our portfolio company investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>RIC
Borrowings, Restricted Cash and Temporary Cash Investments</B>&mdash;We may periodically borrow sufficient funds to maintain the
Fund&rsquo;s RIC status by utilizing a margin account with a securities brokerage firm. We cannot assure you that any such arrangement
will be available in the future. If we are unable to borrow funds to make qualifying investments, we may no longer qualify as a
RIC. We would then be subject to corporate income tax on the Fund&rsquo;s net investment income and realized capital gains, and
distributions to stockholders would be subject to income tax as ordinary dividends. If we remain a BDC and do not become an operating
company as described in Note 6 &ndash; <I>Plan of Reorganization</I> below, our failure to continue to qualify as a RIC could be
materially adverse to us and our stockholders.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">As of March
31, 2020, we borrowed $26.0 million to maintain our RIC status by utilizing a margin account with a securities brokerage firm.
We collateralized such borrowings with restricted cash and temporary cash investments in U.S. Treasury bills of $26.3 million.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">As of December
31, 2019, we borrowed $29.0 million to maintain our RIC status by utilizing a margin account with a securities brokerage firm.
We collateralized such borrowings with restricted cash and temporary cash investments in U.S. Treasury bills of $29.3 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Asset Coverage
Ratio</B>&mdash;Under the 1940 Act, BDCs are required to have an asset coverage ratio of 200%, meaning that the maximum debt that
may be incurred by a BDC is the BDC&rsquo;s net asset value. Pursuant to amendments made to the 1940 Act in March 2018, BDCs may
now, with stockholder or board of directors approval, reduce this ratio to 150%, meaning that the maximum debt that may be incurred
by a BDC is two times the BDC&rsquo;s net asset value. In November 2019, we obtained approval of our shareholders to reduce our
asset coverage ratio to 150%. This authorization will permit Equus to borrow up to twice the value of the Fund&rsquo;s net assets.
Other than the margin loan obtained by the Fund to acquire U.S. Treasury bills to maintain our RIC status as described above, we
have not yet undertaken any other additional borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Certain
Risks and Uncertainties</B>&mdash;Market and economic volatility which has become endemic in the past few years, together with
the economic dislocation caused by the onset of the coronavirus, has constrained the availability of debt financing for small and
medium-sized companies such as Equus and its portfolio companies. Such debt financing generally has shorter maturities, higher
interest rates and fees, and more restrictive terms than debt facilities available in the past. In addition, during these years
and continuing into 2020, the price of our common stock remained well below our net asset value, thereby making it undesirable
to issue additional shares of our common stock below net asset value. Because of these challenges, our near-term strategies shifted
from originating debt and equity investments to preserving liquidity necessary to meet our operational needs. Key initiatives that
we have previously undertaken to provide necessary liquidity include monetizations, the suspension of dividends and the internalization
of management. We are also evaluating potential opportunities that could enable us to effect a change to our business and become
an operating company as described in Note 6 &ndash; <I>Plan of Reorganization</I> below. We believe we have sufficient liquidity
to meet our operating requirements for 12 months from the date of this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.25pt"></TD><TD STYLE="width: 22.5pt"><B>(3)</B></TD><TD><B>Significant Accounting Policies</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt">The following is a summary of significant accounting
policies followed by the Fund in the preparation of our financial statements:</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Use
of Estimates</B>&mdash;The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements. Although we believe the estimates and assumptions
used in preparing these financial statements and related notes are reasonable in light of known facts and circumstances, actual
results could differ from those estimates.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Valuation
of Investments</B>&mdash;For most of our investments, market quotations are not available. With respect to investments for which
market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Board has
approved a multi-step valuation process each quarter, as described below:</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.5pt"></TD><TD STYLE="width: 22.5pt">1.</TD><TD>Each portfolio company or investment is reviewed by our investment professionals;</TD></TR></TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.5pt"></TD><TD STYLE="width: 22.5pt">2.</TD><TD STYLE="text-align: justify; padding-right: 36.35pt">With respect to investments with a fair value exceeding $2.5 million that
have been held for more than one year, we engage independent valuation firms to assist our investment professionals. These independent
valuation firms conduct independent valuations and make their own independent assessments;</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.5pt"></TD><TD STYLE="width: 22.5pt">3.</TD><TD STYLE="padding-right: 15.1pt">Our Management produces a report that summarized each of our portfolio investments and recommends
a fair value of each such investment as of the date of the report;</TD></TR></TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.5pt"></TD><TD STYLE="width: 22.5pt">4.</TD><TD STYLE="padding-right: 11.45pt">The Audit Committee of our Board reviews and discusses the preliminary valuation of our portfolio
investments as recommended by Management in their report and any reports or recommendations of the independent valuation firms,
and then approves and recommends the fair values of our investments so determined to our Board for final approval; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.5pt"></TD><TD STYLE="width: 22.5pt">5.</TD><TD STYLE="padding-right: 15.1pt">The Board discusses valuations and determines the fair value of each portfolio investment in
good faith based on the input of our Management, the respective independent valuation firm, as applicable, and the Audit Committee.</TD></TR></TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">During
the first twelve months after an investment is made, we rely on the original investment amount to determine the fair value unless
significant developments have occurred during this twelve-month period which would indicate a material effect on the portfolio
company (such as results of operations or changes in general market conditions).</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.75pt 0; text-align: justify; text-indent: 24.5pt">Investments
are valued utilizing a yield analysis, enterprise value (&ldquo;EV&rdquo;) analysis, net asset value analysis, liquidation analysis,
discounted cash flow analysis, or a combination of methods, as appropriate. The yield analysis uses loan spreads and other relevant
information implied by market data involving identical or comparable assets or liabilities. Under the EV analysis, the EV of a
portfolio company is first determined and allocated over the portfolio company&rsquo;s securities in order of their preference
relative to one another (i.e., &ldquo;waterfall&rdquo; allocation). To determine the EV, we typically use a market multiples approach
that considers relevant and applicable market trading data of guideline public companies, transaction metrics from precedent M&amp;A
transactions and/or a discounted cash flow analysis. The net asset value analysis is used to derive a value of an underlying investment
(such as real estate property) by dividing a relevant earnings stream by an appropriate capitalization rate. For this purpose,
we consider capitalization rates for similar properties as may be obtained from guideline public companies and/or relevant transactions.
The liquidation analysis is intended to approximate the net recovery value of an investment based on, among other things, assumptions
regarding liquidation proceeds based on a hypothetical liquidation of a portfolio company&rsquo;s assets. The discounted cash flow
analysis uses valuation techniques to convert future cash flows or earnings to a range of fair values from which a single estimate
may be derived utilizing an appropriate discount rate. The measurement is based on the net present value indicated by current market
expectations about those future amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">In applying
these methodologies, additional factors that we consider in fair value pricing our investments may include, as we deem relevant:
security covenants, call protection provisions, and information rights; the nature and realizable value of any collateral; the
portfolio company&rsquo;s ability to make payments; the principal markets in which the portfolio company does business; publicly
available financial ratios of peer companies; the principal market; and enterprise values, among other factors. Also, any failure
by a portfolio company to achieve its business plan or obtain and maintain its financing arrangements could result in increased
volatility and result in a significant and rapid change in its value.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Our general
intent is to hold our loans to maturity when appraising our privately held debt investments. As such, we believe that the fair
value will not exceed the cost of the investment. However, in addition to the previously described analysis involving allocation
of value to the debt instrument, we perform a yield analysis assuming a hypothetical current sale of the security to determine
if a debt security has been impaired. The yield analysis considers changes in interest rates and changes in leverage levels of
the portfolio company as compared to the market interest rates and leverage levels. Assuming the credit quality of the portfolio
company remains stable, the Fund will use the value determined by the yield analysis as the fair value for that security if less
than the cost of the investment.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We record
unrealized depreciation on investments when we determine that the fair value of a security is less than its cost basis, and will
record unrealized appreciation when we determine that the fair value is greater than its cost basis.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Fair
Value Measurement</B>&mdash;Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. The fair value
hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest
priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an
asset or liability. The three levels of the fair value hierarchy are described below:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Level
1</B>&mdash;Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability
to access at the measurement date.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Level
2</B>&mdash;Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly;
and fair value is determined through the use of models or other valuation methodologies.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Level
3</B>&mdash;Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity
for the asset or liability. The inputs into the determination of fair value are based upon the best information under the circumstances
and may require significant management judgment or estimation.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">In certain
cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment&rsquo;s
level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers
factors specific to the investment.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Investments
for which prices are not observable are generally private investments in the debt and equity securities of operating companies.
A primary valuation method used to estimate the fair value of these Level 3 investments is the discounted cash flow method (although
a liquidation analysis, option theoretical, or other methodology may be used when more appropriate). The discounted cash flow approach
to determine fair value (or a range of fair values) involves applying an appropriate discount rate(s) to the estimated future cash
flows using various relevant factors depending on investment type, including comparing the latest arm&rsquo;s length or market
transactions involving the subject security to the selected benchmark credit spread, assumed growth rate (in cash flows), and capitalization
rates/multiples (for determining terminal values of underlying portfolio companies). The valuation based on the inputs determined
to be the most reasonable and probable is used as the fair value of the investment. In the case of our investment in Equus Energy,
we also examine acreage values in comparable transactions and assess the impact upon the working interests held by Equus Energy.
The determination of fair value using these methodologies may take into consideration a range of factors including, but not limited
to, the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public
exchanges for comparable securities, current and projected operating performance, financing transactions subsequent to the acquisition
of the investment and anticipated financing transactions after the valuation date.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">To assess
the reasonableness of the discounted cash flow approach, the fair value of equity securities, including warrants, in portfolio
companies may also consider the market approach&mdash;that is, through analyzing and applying to the underlying portfolio companies,
market valuation multiples of publicly-traded firms engaged in businesses similar to those of the portfolio companies. The market
approach to determining the fair value of a portfolio company&rsquo;s equity security (or securities) will typically involve: (1)
applying to the portfolio company&rsquo;s trailing twelve months (or current year projected) EBITDA a low to high range of enterprise
value to EBITDA multiples that are derived from an analysis of publicly-traded comparable companies, in order to arrive at a range
of enterprise values for the portfolio company; (2) subtracting from the range of calculated enterprise values the outstanding
balances of any debt or equity securities that would be senior in right of payment to the equity securities we hold; and (3) multiplying
the range of equity values derived therefrom by our ownership share of such equity tranche in order to arrive at a range of fair
values for our equity security (or securities). Application of these valuation methodologies involves a significant degree of judgment
by Management.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Due to
the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value,
the fair value of the investments may differ significantly from the values that would have been used had a ready market existed
for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments
are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If we were
required to liquidate a portfolio investment in a forced or liquidation sale, we might realize significantly less than the value
at which such investment had previously been recorded. With respect to Level 3 investments, where sufficient market quotations
are not readily available or for which no or an insufficient number of indicative prices from pricing services or brokers or dealers
have been received, we undertake, on a quarterly basis, our valuation process as described above.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We assess
the levels of the investments at each measurement date, and transfers between levels are recognized on the subsequent measurement
date closest in time to the actual date of the event or change in circumstances that caused the transfer. There were no transfers
among Level 1, 2 and 3 for the three months ended March 31, 2020 and the year ended December 31, 2019.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">As of March
31, 2020, investments measured at fair value on a recurring basis are categorized in the tables below based on the lowest level
of significant input to the valuations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value
    Measurements as of March 31, 2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Quoted Prices in</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Active Markets</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">for Identical</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Assets</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 1)</P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Significant Other</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Observable</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Inputs</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 2)</P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Significant</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Unobservable</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Inputs</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 3)</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Assets</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;Investments:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 10pt">Control investments</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Affiliate investments</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Non-affiliate investments - related party</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Non-affiliate investments</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total investments</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,486</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,977</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary cash investments</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,001</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,001</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total investments and temporary cash investments</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">60,487</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">28,510</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">31,977</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt; text-indent: 24.5pt">As of December 31, 2019, investments
measured at fair value on a recurring basis are categorized in the tables below based on the lowest level of significant input
to the valuations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt; text-indent: 24.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements as of December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Quoted Prices in</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Active Markets</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">for Identical</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Assets</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 1)</P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Significant Other</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Observable</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Inputs</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 2)</P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Significant</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Unobservable</P>
                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">Inputs</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 3)</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Assets</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;Investments:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 10pt">Control investments</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">8,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">8,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Affiliate investments</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Non-affiliate investments - related party</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Non-affiliate investments</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">977</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total investments</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,648</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,477</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary cash investments</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,991</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,991</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total investments and temporary cash investments</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">69,639</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34,162</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">35,477</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt; text-indent: 24.5pt"></P>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.75pt; text-indent: 24.5pt">The following table provides a reconciliation
of fair value changes during the three months ended March 31, 2020 for all investments for which we determine fair value using
unobservable (Level 3) factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 13.5pt 0 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Fair value measurements using significant unobservable inputs (Level 3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Control Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Fair value as of January 1, 2020</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">8,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">26,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">977</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: right">$35,477</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in unrealized appreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3,500)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Proceeds from sales/dispositions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Fair value as of March 31, 2020</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">977</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$31,977</TD></TR>
</TABLE>



<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 13.5pt 0 9pt; text-align: center"><FONT STYLE="font: 10.5pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 7.75pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 7.75pt; text-indent: 24.5pt">The following table provides
a reconciliation of fair value changes during the three months ended March 31, 2019 for all investments for which we determine
fair value using unobservable (Level 3) factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 7.75pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 0 0 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Fair value measurements using significant unobservable inputs (Level 3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Control Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Fair value as of December&nbsp;31, 2018</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">9,210</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">20,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">977</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: right">$30,687</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Change in unrealized appreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,501</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,501</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Fair value as of March 31, 2019</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,711</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">977</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$34,188</TD></TR>
</TABLE>



<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 0 0 9pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 7.7pt 0 7.75pt; text-align: justify; text-indent: 24.5pt">Our
investment portfolio is not composed of homogeneous debt and equity securities that can be valued with a small number of inputs.
Instead, the majority of our investment portfolio is composed of complex debt and equity securities with distinct contract terms
and conditions. As such, our valuation of each investment in our portfolio is unique and complex, often factoring in numerous different
inputs, including historical and forecasted financial and operational performance of the portfolio company, project cash flows,
market multiples comparable market transactions, the priority of our securities compared with those of other investors, credit
risk, interest rates, independent valuations and reviews and other inputs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt">The following table summarizes
the significant non-observable inputs in the fair value measurements of our Level 3 investments by category of investment and valuation
technique as of March 31, 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Valuation Techniques</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unobservable Inputs</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Minimum</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maximum</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 15%; text-align: left">Secured and subordinated debt</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">977</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">Yield analysis</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">Discount for lack of marketability</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-size: 8pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-size: 8pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Income/Market approach</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">EBITDA Multiple/Discount for lack of marketability/Control premium</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">10</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">32.5</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Limited liability company investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><P STYLE="margin-top: 0; margin-bottom: 0">Asset approach</P>
                                                        <P STYLE="margin-top: 0; margin-bottom: 0">Discounted cash flow; Guideline transaction method; Market approach</P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><P STYLE="margin-top: 0; margin-bottom: 0">Recovery rate</P>
                                                        <P STYLE="margin-top: 0; margin-bottom: 0">Reserve adjustment factors</P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: right">75</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">31,977</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"></P>

<P STYLE="font: 2pt/2pt Times New Roman, Times, Serif; margin: 0 0 0 102.25pt">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Because
of the inherent uncertainty of the valuation of portfolio securities which do not have readily ascertainable market values, amounting
to $32.0 million and $35.5 million as of March 31, 2020 and December 31, 2019, respectively, our fair value determinations may
materially differ from the values that would have been used had a ready market existed for these securities. As of March 31, 2020
and December 31, 2019, one of our portfolio investments, consisting of 574,147 and 563,894 common shares of MVC, respectively,
was publicly listed on the NYSE.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We adjust
our net asset value for the changes in the value of our publicly held securities, if applicable, and material changes in the value
of private securities, generally determined on a quarterly basis or as announced in a press release, and report those amounts to
Lipper Analytical Services, Inc. Our net asset value appears in various publications, including <I>Barron&rsquo;s</I> and <I>The
Wall Street Journal</I>.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Investment
Transactions</B>&mdash;Investment transactions are recorded on the accrual method. Realized gains and losses on investments sold
are computed on a specific identification basis.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We classify
our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, &ldquo;Control Investments&rdquo; are
defined as investments in companies in which the Fund owns more than 25% of the voting securities or maintains greater than 50%
of the board representation. Under the 1940 Act, &ldquo;Affiliate Investments&rdquo; are defined as those non-control investments
in companies in which we own between 5% and 25% of the voting securities. Under the 1940 Act, &ldquo;Non-affiliate Investments&rdquo;
are defined as investments that are neither Control Investments nor Affiliate Investments. See also Note 4 for discussion of related
party investment transactions.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Interest
and Dividend Income Recognition</B>&mdash;We record interest income, adjusted for amortization of premium and accretion of discount,
on an accrual basis to the extent that we expect to collect such amounts. We accrete or amortize discounts and premiums on securities
purchased over the life of the respective security using the effective yield method. The amortized cost of investments represents
the original cost adjusted for the accretion of discount and/or amortization of premium on debt securities. We stop accruing interest
on investments when we determine that interest is no longer collectible. We may also impair the accrued interest when we determine
that all or a portion of the current accrual is uncollectible. If we receive any cash after determining that interest is no longer
collectible, we treat such cash as payment on the principal balance until the entire principal balance has been repaid, before
we recognize any additional interest income. We will write off uncollectible interest upon the occurrence of a definitive event
such as a sale, bankruptcy, or reorganization of the relevant portfolio interest. <FONT STYLE="letter-spacing: -0.05pt">Dividend
income is recorded as dividends are declared by the portfolio company or</FONT> at <FONT STYLE="letter-spacing: -0.05pt">the point
an obligation exists for the portfolio company to make</FONT> a <FONT STYLE="letter-spacing: -0.05pt">distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Net
Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation</B>&mdash;Realized gains or losses are measured
by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost
basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized,
and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions.
Net change in unrealized appreciation or depreciation reflects the net change in the fair value of the portfolio company investments
and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments
and financial instruments to realized gains or losses.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Payment in Kind
Interest (PIK)&mdash;</B>We have loans in our portfolio that may pay PIK interest. We add PIK interest, if any, computed at the
contractual rate specified in each loan agreement, to the principal balance of the loan and recorded as interest income. To maintain
our status as a RIC, we must pay out to stockholders this non-cash source of income in the form of dividends even if we have not
yet collected any cash in respect of such investments. To the extent we remain BDC and a RIC, we will continue to pay out net investment
income and/or realized capital gains, if any, on an annual basis as required under the 1940 Act.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Share-Based
Compensation</B>&mdash;We account for our share-based compensation using the fair value method, as prescribed by ASC 718, Compensation&mdash;Stock
Compensation. Accordingly, for restricted stock awards, we measure the grant date fair value based upon the market price of our
common stock on the date of the grant and amortize the fair value of the awards as share-based compensation expense over the requisite
service period, which is generally the vesting term and account for forfeitures as they occur.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Earnings
Per Share</B>&mdash;Basic and diluted per share calculations are computed utilizing the weighted-average number of shares of common
stock outstanding for the period. In accordance with ASC 260, Earnings Per Share, the unvested shares of restricted stock awarded
pursuant to our equity compensation plans are participating securities and, therefore, are included in the basic earnings per share
calculation. As a result, for all periods presented, there is no difference between diluted earnings per share and basic earnings
per share amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 21.05pt 0 12.05pt; text-indent: 19.45pt"><B>Distributable Earnings</B>&mdash;The
components that make up distributable earnings (accumulated undistributed deficit) on the Statement of Assets and Liabilities as
of <FONT STYLE="letter-spacing: -0.1pt">March 31, 2020 and </FONT>December 31, 2019 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 21.05pt 0 12.05pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&#8203;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">As of</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">March 31, 2020</P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">As of</P>
                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">December 31, 2019</P></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 65%; text-align: left">Accumulated undistributed net investment losses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">(36,371</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">(35,445</TD><TD STYLE="width: 1%; text-align: left">)</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Unrealized appreciation of portfolio securities, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,100</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Unrealized depreciation of portfolio securities, net - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,498</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,741</TD><TD STYLE="text-align: left">)</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Accumulated undistributed net capital gains</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Accumulated undistributed deficit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(17,260</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(10,086</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
    </TR>
</TABLE>



<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Taxes</B>&mdash;So
long as we remain a BDC, we intend to comply with the requirements of the Internal Revenue Code necessary to qualify as a RIC and,
as such, will not be subject to federal income taxes on otherwise taxable income (including net realized capital gains) which is
distributed to stockholders. Therefore, no provision for federal income taxes is recorded in the financial statements. We borrow
money from time to time to maintain our tax status under the Internal Revenue Code as a RIC. See Note 1 for discussion of Taxable
Subsidiaries and see Note 2 for further discussion of the Fund&rsquo;s RIC borrowings.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">All corporations
organized in the State of Delaware are required to file an Annual Report and to pay a franchise tax. As a result, we paid Delaware
Franchise tax in the amount of $0.03 million for the year ended December 31, 2019.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Texas margin
tax applies to legal entities conducting business in Texas. The margin tax is based on our Texas sourced taxable margin. The tax
is calculated by applying a tax rate to a base that considers both revenue and expenses and therefore has the characteristics of
an income tax. As a result, we have no provision for margin tax expense for the three months ended March 31, 2020, respectively,
and we expect no in state income tax for the year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Although on March 27, 2020, the U.S. government enacted the Coronavirus
Aid, Relief, and Economic Security Act (the &ldquo;CARES Act&rdquo;), which contains provisions intended to mitigate the adverse
economic effects of the COVID-19 pandemic, it is uncertain whether, or how much, our portfolio companies will be able to benefit
from the CARES Act or any other subsequent legislation intended to provide financial relief or assistance.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Cash
Flows</B>&mdash;For purposes of the Statements of Cash Flows, we consider all highly liquid temporary cash investments purchased
with an original maturity of three months or less to be cash equivalents. We include our investing activities within cash flows
from operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Accounting Standards Recently
Adopted</B>&mdash; In March 2019, the Securities Exchange Commission (the &ldquo;SEC&rdquo;) adopted the final rule under SEC Release
No. 33-10618, Fast Act Modernization and Simplification of Regulation S-K, amending certain disclosure requirements. The amendments
are intended to simplify certain disclosure requirements and to provide for a consistent set of rules to govern incorporating information
by reference and hyperlinking, improve readability and navigability of disclosure documents, and discourage repetition and disclosure
of immaterial information. We adopted the final rule under SEC Release No. 33-10618 as of December 31, 2019. We have evaluated
the impact of the amendments and determined the effect of the adoption of the simplification rules on financial statements will
be limited to the modification and removal of certain disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.45pt 0 12.05pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.45pt 0 12.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">In August
2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), which is intended to improve fair value disclosure requirements
by removing disclosures that are not cost-beneficial, clarifying disclosures&rsquo; specific requirements, and adding relevant
disclosure requirements. The amendments take effect for all organizations for fiscal years, and interim periods within those fiscal
years, beginning after December 15, 2019. There was no impact on the financial position or financial statement disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.45pt 0 12.05pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">In June
2016, the FASB issued ASU 2016-13, <I>Financial Instruments Credit Losses (Topic 326) </I>&mdash;<I>Measurement of Credit Losses
on Financial Instruments</I>, which amends the financial instruments impairment guidance so that an entity is required to measure
expected credit losses for financial assets based on historical experience, current conditions and reasonable and supportable forecasts.
As such, an entity will use forward-looking information to estimate credit losses. ASU 2016-13 also amends the guidance in FASB
ASC Subtopic 325-40, <I>Investments Other, Beneficial Interests in Securitized Financial Assets</I>, related to the subsequent
measurement of accretable yield recognized as interest income over the life of a beneficial interest in securitized financial assets
under the effective yield method. The adoption of ASU 2016-13 did not have an impact on our financial statements as we do not have
any financial instruments that are subject to this standard.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Accounting
Standards Not Yet Adopted</B>&mdash; In December 2019, the FASB issued ASU 2019-12, <I>Simplifying the Accounting for Income Taxes</I>.
The new standard is effective for the Company beginning on January 1, 2021. We are evaluating the effect ASU 2019-12 will have
on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.25pt"></TD><TD STYLE="width: 22.5pt"><B>(4)</B></TD><TD><B>Related Party Transactions and Agreements</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Except
as noted below, as compensation for services to the Fund, each Independent Director receives an annual fee of $40,000 paid quarterly
in arrears, a fee of $2,000 for each meeting of the Board of Directors or committee thereof attended in person, a fee of $1,000
for participation in each telephonic meeting of the Board or committee thereof, and reimbursement of all out-of-pocket expenses
relating to attendance at such meetings. The chair of each of our standing committees (audit, compensation, and nominating and
governance) also receives an annual fee of $50,000, payable quarterly in arrears. We may also pay other one-time or recurring fees
to members of our Board of Directors in special circumstances. None of our interested directors receive annual fees for their service
on the Board of Directors. None of our interested directors receive annual fees for their service on the Board of Directors.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We may
also pay other one-time or recurring fees to members of our Board of Directors in special circumstances. In respect of services
provided to the Fund by members of the Board not in connection with their roles and duties as directors, the Fund pays a rate of
$300 per hour for services. <FONT STYLE="letter-spacing: 0.05pt">We </FONT>paid Kenneth I. Denos, P.C., a professional corporation
owned by Kenneth I. Denos, a director of the Fund, <FONT STYLE="letter-spacing: -0.05pt">$0.1 million</FONT> during each of the
<FONT STYLE="letter-spacing: 0.05pt">three-</FONT>month periods ended March 31, 2020 and 2019, respectively<FONT STYLE="letter-spacing: 0.05pt">.</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.25pt"></TD><TD STYLE="width: 22.5pt"><B>(5)</B></TD><TD><B>Portfolio Securities</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">During
the three months ended March 31, 2020, we received dividends in the form of additional shares of $0.1 million relating to our shareholding
in MVC.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">During
the three months ended March 31, 2020, we recorded a net change in unrealized appreciation of $6.2 million, to a net unrealized
appreciation of $19.1 million. Such change in unrealized appreciation resulted primarily from the following changes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(i)</TD><TD STYLE="padding-right: 18.15pt">Decrease in the fair value of our shareholding in MVC of $2.7 million due to a decrease in the
share price of MVC <FONT STYLE="letter-spacing: -0.05pt">which was partially offset by </FONT>the receipt of dividend payments
in the form of additional shares of MVC during the period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(ii)</TD><TD STYLE="padding-right: 15.1pt">Decrease in the fair value of our holdings in Equus Energy, LLC of $3.5 million, principally
due to decreases in mineral acreage prices and a substantial decrease in the short- and long-term prices for crude oil during <FONT STYLE="letter-spacing: -0.1pt">the
first quarter of </FONT>2020.</TD></TR></TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">During
the three months ended March 31, 2019, we received dividends in the form of additional shares of $0.08 million relating to our
shareholding in MVC.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">During
the three months ended March 31, 2019, we recorded a net change in unrealized appreciation of $4.0 million, to a net unrealized
appreciation of $21.0 million. Such change in unrealized appreciation resulted primarily from the following changes:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(i)</TD><TD STYLE="padding-right: 35.35pt">Increase in the fair value of our shareholding in MVC of $0.6 million due to a<FONT STYLE="letter-spacing: -0.05pt">n
in</FONT>crease in the share price of MVC and the receipt of dividend payments in the form of additional shares of MVC during the
period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(ii)</TD><TD STYLE="padding-right: 38.95pt">Increase in fair value of our shareholding in PalletOne, Inc. of $2.0 million due to improved
operating performance; and</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(iii)</TD><TD STYLE="padding-right: 9pt">Increase in the fair value of our holdings in Equus Energy, LLC of $1.5 million, principally due
to increases in mineral acreage prices proximate to the company&rsquo;s leasehold interests and a moderate increase in the short-
and long-term prices for crude oil and natural gas.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.25pt"></TD><TD STYLE="width: 22.5pt"><B>(6)</B></TD><TD><B>Plan of Reorganization</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Plan
of Reorganization and Share Exchange with MVC Capital&mdash;</B>On May 14, 2014, we announced that the Fund intended to effect
a reorganization pursuant to Section 2(a)(33) of the 1940 Act (hereinafter, the &ldquo;Plan of Reorganization&rdquo;). As a first
step to consummating the Plan of Reorganization, we sold to MVC 2,112,000 newly-issued shares of the Fund&rsquo;s common stock
in exchange for 395,839 shares of MVC (such transaction is hereinafter referred to as the &ldquo;Share Exchange&rdquo;). MVC is
a <FONT STYLE="letter-spacing: 0.55pt">BDC </FONT>traded on the NYSE that provides long-term debt and equity investment capital
to fund growth, acquisitions and recapitalizations of companies in a variety of industries. The Share Exchange was calculated based
on the Fund&rsquo;s and MVC&rsquo;s respective net asset value per share. At the time of the Share Exchange, the number of MVC
shares received by Equus represented approximately 1.73% of MVC&rsquo;s total outstanding shares of common stock.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Pursuant
to the terms of a Share Exchange Agreement, dated May 12, 2014, entered into by Equus and MVC which memorialized the Share Exchange,
we intend to finalize the Plan of Reorganization by pursuing a merger or consolidation with MVC or an operating company, which
operating company may be a subsidiary or portfolio company of MVC. Absent Equus merging or consolidating with/into MVC or a subsidiary
thereof, our current intention is for Equus to (i) terminate its election to be classified as a BDC under the 1940 Act, and (ii)
be restructured as a publicly-traded operating company focused on the energy, natural resources, technology, and/or financial services
sector. While we are presently evaluating various opportunities that could enable us to complete our Plan of Reorganization, we
cannot assure you that we will be able to do so within any particular time period or at all, particularly given the economic dislocation
caused by the coronavirus pandemic and the restrictions on travel and association that have been imposed throughout most of the
world that inhibit our ability to consider and personally examine potential transaction opportunities. Moreover, we cannot assure
you that the terms of any such transaction that would embody <FONT STYLE="letter-spacing: -0.1pt">the transformation of Equus into
an operating company </FONT>would be acceptable to us.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Authorization
to Withdraw BDC Election&mdash;</B>On November 14, 2019, holders of a majority of the outstanding common stock of the Fund approved
our cessation as a BDC under the 1940 Act and authorized our Board to cause the Fund&rsquo;s withdrawal of its election to be classified
as a BDC, effective as of a date designated by the Board and our Chief Executive Officer. Although this authorization, which was
given as a consequence of our Plan of Reorganization, expired on <FONT STYLE="letter-spacing: 0.05pt">March 31</FONT>, 2020, we
expect to receive an additional authorization from our stockholders in the future. Notwithstanding any such authorization to withdraw
our BDC election, we will not submit any such withdrawal unless and until Equus has entered into a definitive agreement to effect
a &ldquo;Consolidation&rdquo;, as such term is defined in our Plan of Reorganization. Further, even if we are again authorized
to withdraw our election as a BDC, we will require a subsequent affirmative vote from holders of a majority of our outstanding
voting shares to enter into any such definitive agreement or change the nature of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.25pt"></TD><TD STYLE="width: 22.5pt"><B>(7)</B></TD><TD><B>2016 Equity Incentive Plan</B></TD></TR></TABLE>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Share-Based
Incentive Compensation&mdash;</B>On June 13, 2016, our shareholders approved the adoption of our 2016 Equity Incentive Plan (&ldquo;Incentive
Plan&rdquo;). On January 10, 2017, the SEC issued an order approving the Incentive Plan and certain awards intended to be made
thereunder. The Incentive Plan is intended to promote the interests of the Fund by encouraging officers, employees, and directors
of the Fund and its affiliates to acquire or increase their equity interest in the Fund and to provide a means whereby they may
develop a proprietary interest in the development and financial success of the Fund, to encourage them to remain with and devote
their best efforts to the business of the Fund, thereby advancing the interests of the Fund and its stockholders. The Incentive
Plan is also intended to enhance the ability of the Fund and its affiliates to attract and retain the services of individuals who
are essential for the growth and profitability of the Fund. The Incentive Plan permits the award of restricted stock as well as
common stock purchase options. The maximum number of shares of common stock that are subject to awards granted under the Incentive
Plan is 2,434,728 shares. The term of the Incentive Plan will expire on June 13, 2026. On March 17, 2017, we granted awards of
restricted stock under the Incentive Plan to certain of our directors and executive officers in the aggregate amount of 844,500
shares. The awards are each subject to a vesting requirement over a 3-year period unless the recipient thereof is terminated or
removed from their position as a director or executive officer without &ldquo;cause&rdquo;, or as a result of constructive termination,
as such terms are defined in the respective award agreements entered into by each of the recipients and the Fund. As of September
30, 2019, 280,000 shares of restricted stock which were granted pursuant to the Incentive Plan, remained unvested. We account for
share-based compensation using the fair value method, as prescribed by ASC 718. Accordingly, for restricted stock awards, we measure
the grant date fair value based upon the market price of our common stock on the date of the grant and amortize the fair value
of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term. We recorded
compensation expense of $0.08 million for the <FONT STYLE="letter-spacing: 1pt">three </FONT>months ended March 31, 2020 and 2019,
respectively, in connection with these awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"></P>

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<TD STYLE="width: 28.25pt"></TD><TD STYLE="width: 22.5pt"><B>(8)</B></TD><TD><B>Equus Energy, LLC</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Equus Energy
was formed in November 2011 as a wholly-owned subsidiary of the Fund to make investments in companies in the energy sector, with
particular emphasis on income-producing oil &amp; gas properties. In December 2011, we contributed $250,000 to the capital of Equus
Energy. On December 27, 2012, we invested an additional $6.8 million in Equus Energy for the purpose of additional working capital
and to fund the purchase of $6.6 million in working interests, which presently comprise 141 producing and non-producing oil and
gas wells. The working interests include associated development rights of approximately 21,520 acres situated on 11 separate properties
in Texas and Oklahoma. The working interests range from a <I>de minimus</I> amount to 50% of the leasehold that includes these
wells.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">The wells
are operated by a number of experienced operators, including Chevron USA, Inc., which has operating responsibility for all of Equus
Energy&rsquo;s 40 well interests located in the Conger Field, a productive oil and gas field on the edge of the Permian Basin that
has experienced successful gas and hydrocarbon extraction in multiple formations. Equus Energy, which holds a 50% working interest
in each of these Conger Field wells, is working with Chevron in a recompletion program of existing Conger Field wells to the Wolfcamp
formation, a zone containing oil as well as gas and natural gas liquids. Part of Equus Energy&rsquo;s acreage rights described
above also includes a 50% working interest in possible new drilling to the base of the Canyon formation on 2,400 acres in the Conger
Field. Also included in the interests acquired by Equus Energy are working interests of 7.5% and 2.5% in the Burnell and North
Pettus Units, respectively, which collectively comprise approximately 13,000 acres located in the area known as the &ldquo;Eagle
Ford Shale&rdquo; play.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>The
Impact of COVID-19 and Other Events</B>&mdash;The first quarter of 2020 witnessed unprecedented systemic events that had a
material effect on oil prices globally. As described above, the economic impact of the coronavirus during the first quarter
of 2020 has been substantial and is continuing. By the end of March 2020, most U.S. States had imposed restrictions on
travel, movement, and public assembly, and substantial portions of the U.S. economy, particularly the energy industry, were
materially and negatively affected as a result. In addition, in March 2020, a dispute between Saudi Arabia and Russia
regarding cuts in crude oil production resulted in a 26% drop in the worldwide spot price, which had already declined
approximately 30% since December 31, 2019. Although the parties, including other OPEC members, ultimately agreed to
production cuts of approximately 10 million BBL/day in April 2020, slumping demand has resulted in even lower spot prices.
Overall, WTI prices declined from $61.06 at December 31, 2019 to $20.48 at March 31, 2019. The decline in the price of
natural gas was comparatively far milder during the first quarter, decreasing from $2.22 per MMBTU at December 31, 2019 to
$1.79 per MMBTU at March 31, 2020. While significant changes in spot prices during the first quarter of 2020 have had a
similar effect on the price at which the well operators have sold hydrocarbons from the various properties in which Equus
Energy holds an interest, the long-term pricing curves for these commodities has also been negatively affected which, in
turn, has resulted in a decrease in the fair value of these properties and of Equus Energy. During April and the first two
weeks of May 2020, WTI prices have been highly volatile, ranging from a high of $28.34 to a low of $11.21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">As a result, Equus
Energy could see future capital expenditures postponed indefinitely, which could have a material adverse effect upon the
operations and financial condition of Equus Energy. The substantial decrease in WTI spot prices has had a similar effect
upon Equus Energy&rsquo;s revenue. This decrease, as well as the shut-in of presently uneconomic wells due to low prices and
excess demand, is expected to have a material adverse effect on the present and near-term cash flows of Equus Energy.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Revenue
and Income</B>&mdash;During the three months ended March 31, 2020, Equus Energy&rsquo;s revenue, operating revenue less direct
operating expenses, and net loss were $0.1 million, ($0.05) million, and ($0.15) million, respectively, as compared to revenue,
operating revenue less direct operating expenses, and net loss which $0.1 million, <FONT STYLE="letter-spacing: -0.1pt">(</FONT>$0.05)
million, and ($0.19) million, respectively, for the three months ended March 31, 2019.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Capital
Expenditures</B>&mdash;During the three months ended <FONT STYLE="letter-spacing: -0.4pt">March 31, 2020 </FONT>and March 31, 2019,
Equus Energy&rsquo;s investment, respectively, in capital expenditures for small repairs and improvements was not significant.
The operators of the various working interest communicated their intent to wait until 2021 at the earliest, commensurate with an
anticipated gradual rise in the price of crude oil, to consider any new drilling <FONT STYLE="letter-spacing: -0.8pt">or </FONT>recompletion
projects.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We do not
consolidate Equus Energy or its wholly-owned subsidiaries and accordingly only the value of our investment in Equus Energy is included
on our balance sheets. Our investment in Equus Energy is valued in accordance with our normal valuation procedures and is based
in part on using a discounted cash flow analysis based on a reserve report prepared for Equus Energy by Lee Keeling &amp; Associates,
Inc., an independent petroleum engineering firm, the transactions and values of comparable companies in this sector, and the estimated
value of leasehold mineral interests associated with the acreage held by Equus Energy. A valuation of Equus Energy was performed
by a third-party valuation firm, who recommended a value range of Equus Energy consistent with the fair value determined by our
Management (See Schedule of Investments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt">Below is summarized consolidated
financial information for Equus Energy as of March 31, 2020 and December 31, 2019 and for the three months March 31, 2020 and 2019,
respectively (in thousands):</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EQUUS ENERGY, LLC</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Unaudited Condensed Consolidated Balance
Sheets</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">March 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">December 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">407</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">553</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">497</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">652</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Oil and gas properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,029</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,031</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: accumulated depletion, depreciation and amortization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,793</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,789</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net oil and gas properties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">236</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0.5in; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right">733</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right">894</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Liabilities and member's equity</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current liabilities:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts payable and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">82</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Due to affiliate</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">561</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">561</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Asset retirement obligations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">203</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">201</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0.5in">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">831</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">844</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total member's equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(98</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">49</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 0.5in; text-align: left; padding-bottom: 2.5pt; vertical-align: bottom">Total liabilities and member's equity</TD><TD STYLE="padding-bottom: 2.5pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right">733</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right">894</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Revenue
and direct operating expenses for the various oil and gas assets included in the unaudited condensed consolidated statements of
operations below represent the net collective working and revenue interests acquired by Equus Energy. The revenue and direct operating
expenses presented herein relate only to the interests in the producing oil and natural gas properties and do not represent all
of the oil and natural gas operations of all of these properties. Direct operating expenses include lease operating expenses and
production and other related taxes. General and administrative expenses, depletion, depreciation and amortization (&ldquo;DD&amp;A&rdquo;)
of oil and gas properties and federal and state taxes have been excluded from direct operating expenses in the accompanying statements
of operations because the allocation of certain expenses would be arbitrary and would not be indicative of what such costs would
have been had Equus Energy been operated as a stand-alone entity. The statements of operations presented are not indicative of
the financial condition or results of operations of Equus Energy on a go forward basis due to changes in the business and the omission
of various operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EQUUS ENERGY, LLC</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Unaudited Condensed Consolidated Statements
of Operations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Operating revenue</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">144</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Direct operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">General and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Depletion, depreciation, amortization and accretion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left; padding-left: 20pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">296</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">332</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(148</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(188</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center"><B><U>EQUUS ENERGY, LLC</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Unaudited Condensed Consolidated Statements
of Cash Flows</U></B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"></FONT></P>

<P STYLE="font: 2pt/2pt Times New Roman, Times, Serif; margin: 0 0 0 376pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash flows from operating activities:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Net loss</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(148</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(188</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Adjustments to reconcile net loss to</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">net cash (used in) provided by operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt">Depletion, depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Changes in operating assets and liabilites:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Accounts payable and other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt">Net cash (used in) provided by operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(147</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(78</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash flows from investing activities:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Investment in oil &amp; gas properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Sale of oil &amp; gas properties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Net cash provided by (used in) investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net (decrease) increase in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(146</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents at beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">553</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">966</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">407</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">888</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Critical
Accounting Policies for Equus Energy&mdash;</B>Equus Energy and its wholly-owned subsidiary EQS Energy Holdings, Inc. (collectively,
&ldquo;the Company&rdquo;) follow the Full Cost Method of Accounting for oil and gas properties. Under the full cost method, all
costs associated with property acquisition, exploration, and development activities are capitalized. Capitalized costs include
lease acquisitions, geological and geophysical work, delay rentals, costs of drilling, completing and equipping successful and
unsuccessful oil and gas wells and related costs. Gains or losses are normally not recognized on the sale or other disposition
of oil and gas properties. Gains or losses are normally reflected as an adjustment to the full cost pool.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">The capitalized
costs of oil and gas properties, plus estimated future development costs relating to proved reserves and estimated cost of dismantlement
and abandonment, net of salvage value, are amortized on a unit-of-production method over the estimated productive life of the proved
oil and gas reserves. Unevaluated oil and gas properties are excluded from this calculation. Depletion, depreciation, amortization
and accretion expense for the Company&rsquo;s oil and gas properties totaled $7.0 thousand million and $54.0 thousand for the three
months ended March 31, 2020 and 2019, respectively.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt">Capitalized oil and gas property costs are limited to
an amount (the ceiling limitation) equal to the sum of the following:</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 45pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 5.7pt">As of March 31, 2020, the present value of estimated future net revenue from
the projected production of proved oil and gas reserves, calculated at the simple arithmetic average, first-day-of-the-month prices
during the twelve-month period before the balance sheet date (with consideration of price changes only to the extent provided by
contractual arrangements) and a discount factor of 10%;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 45pt">(b)</TD><TD>The cost of investments in unproved and unevaluated properties excluded from the costs being amortized; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 45pt">(c)</TD><TD>The lower of cost or estimated fair value of unproved properties included in the costs being amortized.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">When it
is determined that oil and gas property costs exceed the ceiling limitation, an impairment charge is recorded to reduce its carrying
value to the ceiling limitation. The Company did not recognize an impairment loss on its oil and gas properties during the three
months ended March 31, 2020 and 2019, respectively.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">The costs
of certain unevaluated leasehold acreage and certain wells being drilled are not amortized. The Company excludes all costs until
proved reserves are found or until it is determined that the costs are impaired. Costs not amortized are periodically assessed
for possible impairment or reduction in value. If a reduction in value has occurred, costs being amortized are increased accordingly.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Revenue
Recognition&mdash;</B>The Company recognizes revenue at the point in time when control of the promised goods is transferred to
customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or
services. The Company adopted ASU No. 2014-09, Accounting Standards Codification (&quot;ASC&quot;) 606, &quot;Revenue from Contracts
with Customers&quot; (&quot;ASC 606&quot;), which supersedes the revenue recognition requirements in ASC 605, &quot;Revenue Recognition&quot;
(&quot;ASC 605&quot;), on January 1, 2019 using the modified retrospective transition method. The Company did not record a change
to its opening retained earnings as of January 1, 2019 as there was no material change to the timing or pattern of revenue recognition
due to the adoption of ASC 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">The
Company&rsquo;s revenue is generated primarily from the sale of oil, gas and natural gas liquids (&ldquo;NGL&rdquo;) produced from
working interests and to a lesser extent from royalty interests in oil and gas properties owned by the Company. As a working interest
owner, the Company is responsible for the incurred production expenses proportionate to the interest stipulated in the operating
agreement. As a non-operator, the Company does not manage the daily well operations, which are borne by the well operator. Sales
of oil, gas and NGLs are recognized at the time control of the product is transferred to the customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Various
arrangements amongst the eleven different oil and gas properties all differ in some respects, although they do share the commonality
that, as a non-operating working interest holder, the Company does not engage in the selling process, but instead relies on the
operator, as their selling agent, for negotiating and determining pricing, volume, and delivery terms. Such pricing terms are often
a function of a specified discount from the daily/monthly NYMEX or Henry Hub average. The discount is usually based on differentials
such as distance of the field/wells from the distribution node or the buyer&rsquo;s storage facility, as well as the quality of
the product itself (i.e., in the case of oil, its gravity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Revenue
is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of
third parties. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled to in exchange
for transferring control of those goods to the customer. The contract consideration is typically allocated to specific performance
obligations in the contract according to the terms of the contract. Each unit of oil or gas is considered a separate performance
obligation under the contract. Wells are spot measured once a month to determine production and the composition of each of the
products (i.e. oil, gas, NGLs) from the well. Each month the consideration obtained by the operator is allocated to the related
performance obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><I>Performance
Obligations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">A performance
obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC
606. A contract&rsquo;s transaction price is allocated to each distinct performance obligation and recognized as revenue when,
or as, the performance obligation is satisfied. Revenue is recognized when performance obligations are satisfied in accordance
with contractual terms, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services
rendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Depending
on the contract and commodity, there are various means by which upstream entities can transfer control (i.e., at the wellhead,
inlet, tailgate of the processing plant, or a location where the product is delivered to a third party). The Company has control
of the commodity before it is extracted, therefore consideration must be given to whether the transfer of control of the commodity
is to the operator or to the end customer at the point of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Unless
special arrangements are entered into, the Company&rsquo;s performance obligations are generally considered performed when control
of the extracted commodity transfers when it is delivered to the end customer at the agreed-upon market or index price. At the
end of each month, when the performance obligation is satisfied, the variable consideration can be reasonably estimated. Variances
between the Company&rsquo;s estimated revenue and actual payments are recorded in the month the payment is received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><I>Principal
vs. Agent</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">While
the guidance on principal versus agent considerations is similar to legacy GAAP, the key difference is that ASC 606 focuses on
control of the specified goods and services as the overarching principle for entities to consider when determining whether they
are acting as a principal or an agent. This could result in entities reaching different conclusions than they did under legacy
GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">An
entity acting as a principal records revenue on a gross basis if it controls a promised good or service before transferring that
good or service to the customer. An entity is an agent if it does not control the promised good or service before transfer to the
customer. If the entity is an agent, it records as revenue the net amount it retains for its agency services. However, due to the
uncertainty of the variable pricing component and the separation of expenses billed to the Company from the consideration processed
and paid by the operator, the revenue is recorded at net.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Under
the Company&rsquo;s normal operating activity arrangements, the operator is responsible for negotiating, fulfilling and collecting
the agreed-upon amount from the sale with the end customer and is, therefore, determined to be acting as agent on behalf of the
Company. The principal versus agent consideration will continue to be assessed for new contracts, both within and outside the company&rsquo;s
normal operating activities.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Depreciation,
Depletion and Amortization</B>&mdash;The Company employs the &ldquo;Units of Production&rdquo; method in calculating depletion
of its proved oil and gas properties, wherein capitalized costs, as adjusted for future development costs and asset retirement
obligations, are amortized over the total estimated proved reserves.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Income
Taxes</B>&mdash;A limited liability company is not subject to the payment of federal income taxes as components of its income and
expenses flow through directly to the members. However, the Company is subject to certain state income taxes. Texas margin tax
applies to legal entities conducting business in Texas. The margin tax is based on our Texas sourced taxable margin. The tax is
calculated by applying a tax rate to a base that considers both revenue and expenses and therefore has the characteristics of an
income tax. Taxable Subsidiaries may generate income tax expense because of the Taxable Subsidiaries&rsquo; ownership of the portfolio
companies. We reflect any such income tax expense on our Statements of Operations. The Company had no federal income tax expense
for the three month periods ending March 31, 2020 and 2019.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Asset
Retirement Obligations</B>&mdash;The fair value of asset retirement obligations are recorded in the period in which they are incurred
if a reasonable estimate of fair value can be made, and the corresponding cost is capitalized as part of the carrying amount of
the related long-lived asset. The fair value of the asset retirement obligation is measured using expected future cash outflows
discounted at the Company&rsquo;s credit- adjusted risk-free interest rate. Fair value, to the extent possible, should include
a market risk premium for unforeseeable circumstances. No market risk premium was included in the Company&rsquo;s asset retirement
obligation fair value estimate since a reasonable estimate could not be made. The liability is accreted to its then present value
each period, and the capitalized cost is depleted or amortized over the estimated recoverable reserves using the units-of-production
method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

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<TD STYLE="width: 28.25pt"></TD><TD STYLE="width: 22.5pt"><B>(9)</B></TD><TD><B>Subsequent Events</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Management
performed an evaluation of the Fund&rsquo;s activity through the date the financial statements were issued, noting the following
subsequent events:</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt">On April 9, 2020, the $26.3
million U.S. Treasury Bills we acquired on margin in March 2020 matured and we used the proceeds therefrom to repay the margin
loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><A NAME="a_010"></A><B>Item 2. Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Equus Total
Return, Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Equus,&rdquo; and the &ldquo;Fund&rdquo;), a Delaware
corporation, was formed on August 16, 1991. Our shares trade on the New York Stock Exchange under the symbol &lsquo;EQS&rsquo;.
Our investment strategy seeks to provide the highest total return, consisting of capital appreciation and current income.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">The information
contained in this section should be read in conjunction with our financial statements and notes thereto appearing elsewhere in
this Quarterly Report and in conjunction with the financial statements and notes thereto in the Fund&rsquo;s Form 10-K for the
year ended December 31, 2019, as filed with the SEC. In addition, some of the statements in this report constitute forward-looking
statements. The matters discussed in this Quarterly Report, as well as in future oral and written statements by management of Equus,
that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties
which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.
Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements
by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expects,&rdquo; &ldquo;plans,&rdquo;
&ldquo;anticipates,&rdquo; &ldquo;could,&rdquo; &ldquo;intends,&rdquo; &ldquo;target,&rdquo; &ldquo;projects,&rdquo; &ldquo;believes,&rdquo;
&ldquo;estimates,&rdquo; &ldquo;predicts,&rdquo; &ldquo;potential&rdquo; or &ldquo;continue&rdquo; or the negative of these terms
or other similar words. Important assumptions include our ability to originate new investments, achieve certain margins and levels
of profitability, and the availability of additional capital. In light of these and other uncertainties, the inclusion of a forward-looking
statement in this Quarterly Report should not be regarded as a representation by us that our plans or objectives will be achieved.
The forward- looking statements contained in this Quarterly Report include statements as to:</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>our future operating results;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>our business prospects and the prospects of our existing and prospective portfolio companies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>the return or impact of current and future investments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>our contractual arrangements and other relationships with third parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>the dependence of our future success on the general economy and its impact on the industries in which we invest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>our expected financings and investments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>our regulatory structure and tax treatment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD STYLE="padding-right: 20.85pt">our ability to qualify and operate as a BDC and a RIC, including the impact of changes in laws
or regulations governing our operations, or the operations of our portfolio companies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>the adequacy of our cash resources and working capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>the timing of cash flows, if any, from the operations of our portfolio companies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>the impact of fluctuations in interest rates on our business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>the valuation of our investments in portfolio companies, particularly those having no liquid trading market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>our ability to recover unrealized losses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD>market conditions and our ability to access additional capital, if deemed necessary;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD><P>the level of domestic capital spending
by the oil and natural gas industry, which has been significantly impacted by the continuation of a swift and material decline
in global crude oil demand and crude oil prices for an uncertain period of time that correspondingly have led to a significant
reduction in domestic capital spending;</P>


</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD><P>developments in the global economy as well as the public health
crisis related to the COVID-19 virus and resulting demand and supply for oil and natural gas;</P>


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD><P>uncertainty regarding the future actions of oil producers and the risk that they take actions that will prolong or exacerbate the
current over-supply of crude oil;</P>


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD><P>uncertainty regarding the timing,
pace and extent of an economic recovery in the United States and elsewhere, which in turn will likely affect demand for crude oil
and therefore the demand for the services we provide and the commercial opportunities available to us;</P>


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD><P>natural or man-made disasters and other external events
that may disrupt our operations; and&nbsp;</P>


</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD><P>continued volatility of oil and natural gas prices.</P>


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">There
are a number of important risks and uncertainties that could cause our actual results to differ materially from those indicated
by such forward-looking statements. For a discussion of factors that could cause our actual results to differ from forward-looking
statements contained in this Quarterly Report, please see the discussion in Part II, &ldquo;<I>Item 1A. Risk Factors</I>&rdquo;,
and in Part I, &ldquo;<I>Item 1A. Risk Factors</I>&rdquo; in our Annual Report on Form 10-K for the fiscal year ended December
31, 2019 (&ldquo;10-K&rdquo;). In particular, you should carefully consider the risks we have described in the 10-K and elsewhere
in this Quarterly Report concerning the coronavirus pandemic and the economic impact of the coronavirus on the Fund and our portfolio
companies and oil and gas markets. You should not place undue reliance on these forward-looking statements. The forward-looking
statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no
obligation to update any forward-looking statement to reflect events or circumstances occurring after the date this Quarterly
Report is filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We
attempt to maximize the return to stockholders in the form of current investment income and long-term capital gains by investing
in the debt and equity securities of companies with a total enterprise value of between $5.0 million and $75.0 million, although
we may engage in transactions with smaller or larger investee companies from time to time. We seek to invest primarily in companies
pursuing growth either through acquisition or organically, leveraged buyouts, management buyouts and recapitalizations of existing
businesses or special situations. Our income-producing investments consist principally of debt securities including subordinate
debt, debt convertible into common or preferred stock, or debt combined with warrants and common and preferred stock. Debt and
preferred equity financing may also be used to create long- term capital appreciation through the exercise and sale of warrants
received in connection with the financing. We seek to achieve capital appreciation by making investments in equity and equity-oriented
securities issued by privately-owned companies (and smaller public companies) in transactions negotiated directly with such companies.
Given market conditions over the past several years and the performance of our portfolio, our management and Board of Directors
believe it is prudent to continue to review alternatives to refine and further clarify the current strategies.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We elected
to be treated as a BDC under the 1940 Act. We currently qualify as a RIC for federal income tax purposes and, therefore, are not
required to pay corporate income taxes on any income or gains that we distribute to our stockholders. We have a wholly-owned Taxable
Subsidiary which holds one of our portfolio investments listed on our Schedules of Investments. The purpose of this Taxable Subsidiary
is to permit us to hold certain income-producing investments or portfolio companies organized as limited liability companies, or
LLCs, (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of our gross revenue
for income tax purposes must consist of investment income. Absent the Taxable Subsidiary, a portion of the gross income of these
income- producing investments or of any LLC (or other pass-through entity) portfolio investment, as the case may be, would flow
through directly to us for the 90% test. To the extent that such income did not consist of investment income, it could jeopardize
our ability to qualify as a RIC and, therefore, cause us to incur significant federal income taxes. The income of the LLCs (or
other pass-through entities) owned by Taxable Subsidiary is taxed to the Taxable Subsidiary and does not flow through to us, thereby
helping us preserve our RIC status and resultant tax advantages. We do not consolidate the Taxable Subsidiary for income tax purposes
and they may generate income tax expense because of the Taxable Subsidiary&rsquo;s ownership of the portfolio investment. We reflect
any such income tax expense on our Statements of Operations.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><B>Plan of Reorganization</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Plan
of Reorganization and Share Exchange with MVC Capital&mdash;</B>On May 14, 2014, we announced that the Fund intended to effect
a reorganization pursuant to Section 2(a)(33) of the 1940 Act (hereinafter, the &ldquo;Plan of Reorganization&rdquo;). As a first
step to consummating the Plan of Reorganization, we sold to MVC Capital, Inc. (&ldquo;MVC&rdquo;) 2,112,000 newly-issued shares
of the Fund&rsquo;s common stock in exchange for 395,839 shares of MVC (such transaction is hereinafter referred to as the &ldquo;Share
Exchange&rdquo;). MVC is a <FONT STYLE="letter-spacing: 0.55pt">BDC </FONT>traded on the NYSE that provides long-term debt and
equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. The Share
Exchange was calculated based on the Fund&rsquo;s and MVC&rsquo;s respective net asset value per share. At the time of the Share
Exchange, the number of MVC shares received by Equus represented approximately 1.73% of MVC&rsquo;s total outstanding shares of
common stock.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Pursuant
to the terms of a Share Exchange Agreement, dated May 12, 2014, entered into by Equus and MVC which memorialized the Share Exchange,
we intend to finalize the Plan of Reorganization by pursuing a merger or consolidation with MVC or an operating company, which
operating company may be a subsidiary or portfolio company of MVC. Absent Equus merging or consolidating with/into MVC or a subsidiary
thereof, our current intention is for Equus to (i) terminate its election to be classified as a BDC under the 1940 Act, and (ii)
be restructured as a publicly-traded operating company focused on the energy, natural resources, technology, and/or financial services
sector. While we are presently evaluating various opportunities that could enable us to complete our Plan of Reorganization, we
cannot assure you that we will be able to do so within any particular time period or at all, particularly given the economic dislocation
caused by the coronavirus pandemic and the restrictions on travel and association that have been imposed throughout most of the
world that inhibit our ability to consider and personally examine potential transaction opportunities. Moreover, we cannot assure
you that the terms of any such transaction that would embody a &ldquo;Consolidation&rdquo;, as such term is defined in our Plan
of Reorganization, would be acceptable to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></P>


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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><B>Authorization
to Withdraw BDC Election&mdash;</B>On November 14, 2019, holders of a majority of the outstanding common stock of the Fund approved
our cessation as a BDC under the 1940 Act and authorized our Board to cause the Fund&rsquo;s withdrawal of its election to be classified
as a BDC, effective as of a date designated by the Board and our Chief Executive Officer. Although this authorization, which was
given as a consequence of our Plan of Reorganization, expired on <FONT STYLE="letter-spacing: 0.05pt">March 31</FONT>, 2020, we
expect to receive an additional authorization from our stockholders in the future. Notwithstanding any such authorization to withdraw
our BDC election, we will not submit any such withdrawal unless and until Equus has entered into a definitive agreement to effect
a &ldquo;Consolidation&rdquo;, as such term is defined in our Plan of Reorganization. Further, even if we are again authorized
to withdraw our election as a BDC, we will require a subsequent affirmative vote from holders of a majority of our outstanding
voting shares to enter into any such definitive agreement or change the nature of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt; text-align: justify"><B>Reduction in Asset Coverage Ratio</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">On
<FONT STYLE="letter-spacing: -0.1pt">November 14, 2019, our shareholders approved a reduction in our asset coverage ratio from
200% to 150%. Prior to the reduction ,we were restricted in the amount that we could borrow to the value of our net assets. The
reduction in our asset coverage from 200% to 150% means that we may now borrow up to twice the value of our net assets. Except
for a margin loan that we procure each quarter to acquire U.S. Treasury bills as part of the maintenance of our RIC status, we
have not incurred any additional borrowings as a consequence of this authorization.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt; text-align: justify"><B>2016 Equity Incentive Plan</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">On June
13, 2016, our shareholders approved the adoption of our 2016 Equity Incentive Plan (&ldquo;Incentive Plan&rdquo;). On January 10,
2017, the SEC issued an order approving the Incentive Plan and certain awards intended to be made thereunder. The Incentive Plan
is intended to promote the interests of the Fund by encouraging officers, employees, and directors of the Fund and its affiliates
to acquire or increase their equity interest in the Fund and to provide a means whereby they may develop a proprietary interest
in the development and financial success of the Fund, to encourage them to remain with and devote their best efforts to the business
of the Fund, thereby advancing the interests of the Fund and its stockholders. The Incentive Plan is also intended to enhance the
ability of the Fund and its affiliates to attract and retain the services of individuals who are essential for the growth and profitability
of the Fund. The Incentive Plan permits the award of restricted stock as well as common stock purchase options. The maximum number
of shares of common stock that are subject to awards granted under the Incentive Plan is 2,434,728 shares. The term of the Incentive
Plan will expire on June 13, 2026. On March 17, 2017, we granted awards of restricted stock under the Plan to certain of our directors
and executive officers in the aggregate amount of 844,500 shares. The awards <FONT STYLE="letter-spacing: 0.65pt">were</FONT> each
subject to a vesting requirement over a 3-year period unless the recipient thereof <FONT STYLE="letter-spacing: 0.9pt">wa</FONT>s
terminated or removed from their position as a director or executive officer without &ldquo;cause&rdquo;, or as a result of constructive
termination, as such terms are defined in the respective award agreements entered into by each of the recipients and the Fund.
As of March 31, 2020, all awards granted under the Incentive Plan have become vested. We recorded compensation expense of $0.08
million for the three months ended March 31, 2020 and 2019, respectively, in connection with these awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt; text-align: justify"><B>Critical Accounting Policies</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">See the
Fund&rsquo;s Critical Accounting Policies from the disclosure set forth in the Fund&rsquo;s Annual Report on Form 10-K for the
year ended December 31, 2019.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><B>Current Market Conditions</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 30.25pt"><I>Impact
of the Coronavirus Generally</I>. The introduction of the coronavirus has had a substantial detrimental impact on markets and economic
forecasts for governments and businesses worldwide, and could have a materially adverse impact upon our operations and that of
our portfolio companies, although the extent of the impact cannot be determined at the present time. Beginning in the first quarter
of 2020, most U.S. states and foreign countries implemented significant travel, movement, and assembly restrictions, as well as
restrictions on the movement of goods. As of the date of filing of this Quarterly Report on Form 10-Q, many of these restrictions
are still in place and it remains uncertain as to how long they will continue. Substantial portions of the U.S. economy, including
those in which certain of our portfolio companies operate, have been materially and negatively affected as a result of these restrictions
and by the general reduction in commercial and consumer activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 30.25pt"><I>Impact
of the Coronavirus on Our Operations</I>. The highly contagious nature of the coronavirus has caused numerous private and public
organizations to substantially alter the way in which they operate. Many such organizations have, to the extent possible, required
employees to work remotely to reduce opportunities for contagion. We have also taken steps to minimize the exposure of our employees
and service providers by requiring all such persons to work from a remote location. We utilize a cloud-based storage and retrieval
system for our records and can communicate electronically or by telephone with third parties such as our financial institutions,
legal and accounting advisors, and our portfolio companies. However, government directives on social distancing and shelter-in-place
mandates have rendered us unable to travel to attend board meetings, negotiations, and other functions which are endemic to the
interpersonal nature of private equity investing. Should these disruptions and restrictions on travel continue as a result of
the coronavirus, we cannot, therefore, assure you that our operations as a BDC or our efforts to effect a transformative transaction
involving Equus will not be materially adversely affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 30.25pt"><I>Impact
of Geopolitical Events and the Coronavirus on the Oil and Gas Sector</I>. The substantial recent downturn in world markets
has been prominent in the oil and gas sector, with crude prices falling to 18-year lows in mid-March 2020. The collapse in
prices was the result of a price war between the Russian Federation and Saudi Arabia and a massive drop in forecasted demand
as a consequence of the coronavirus. Should prices not recover to sustainable levels, a number of smaller oil and gas firms
that have incurred leverage could experience severe economic challenges, including insolvency and bankruptcy. Other firms,
such as Equus Energy, could see future capital expenditures to generate additional reserves from existing mineral interests
postponed indefinitely, which could have a material adverse effect upon the operations and financial condition of Equus
Energy. The substantial decrease in WTI spot prices during the first quarter has had a similar effect upon the price at which
the operators of the various wells in which Equus Energy holds an interest are able to sell hydrocarbons. This decrease, as
well as the shut-in of presently uneconomic wells due to low prices and excess demand, is expected to have a material adverse
effect on the present and near-term cash flows of Equus Energy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><I>The
U.S. Economy</I>. Largely resulting from the economic disruption caused by the coronavirus, the U.S. economy shrank at an annualized
rate of 4.8% during the first quarter of 2020, ending six straight years of positive quarterly growth. The sectors having the most
pronounced effect on the retraction were reductions in consumer spending, nonresidential fixed investment, exports, and inventories.
The sole category of growth was in federal spending, which was up 1.7% during the quarter. The Conference Board Economic Forecast
projects GDP contraction in the second quarter of 2020 to be 33.3%, with an overall contraction of between 3.6% and 7.4% for all
of 2020. The range of estimates is reflective of three recovery scenarios: (i) a V-shaped recovery, where new coronavirus infections
will peak in May 2020 and economic activity will increase substantially thereafter, (ii) a U-shaped recovery, where movement and
assembly restrictions will largely remain in place through the summer of 2020 and where recovery is thus slower and more controlled,
or (iii) a W-shaped recovery, where social distancing policies are relaxed and a second major coronavirus outbreak occurs in the
fall of 2020 and results in new restrictions being imposed. (Sources: <I>U.S. Dept. of Commerce Bureau of Economic Analysis, Conference
Board Leading Economic Index</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><I>Employment
and Housing</I>. The U.S. began the first quarter of 2020 with an unemployment rate at 3.5%, a historic low, and finished the quarter
at 4.4%, an increase of approximately 3.0 million in unemployment benefit applications that occurred during the month of March
2020. April 2020 saw this number increase substantially further, with 20.5 million people losing their jobs in the month and the
unemployment rate at 14.7%, the highest rate since the Depression era. A further increase of unemployment is expected during the
second quarter of 2020, with most projections showing an unemployment rate above 20.0%. In keeping with this trend, housing starts
decreased 22.3% from February 2020 to March 2020, the largest month-on-month decline since 1984. While new home construction and
sales are down sharply in March and April 2020, sales of existing homes are showing signs of recovery and price stability, buoyed
in part by historically low mortgage interest rates. (Sources: <I>U.S. Dept. of Commerce, Bureau of Labor Statistics, CNBC</I>).</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt"><I>Merger,
Acquisition, and Private Equity Activity</I>. Merger and acquisition activity was <FONT STYLE="letter-spacing: 0.35pt">robust </FONT>in
2019, with $3.9 trillion in transactions during the year, and expectations at the end of 2019 were for another strong year of business
combinations and divestitures. The onset of the coronavirus pandemic, however, changed all of these assumptions and has put a number
of potential and pending transactions on an indefinite pause. First quarter 2020 merger and acquisition activity worldwide was
down 25% compared to the same quarter of 2019, with U.S. dealmaking down 50% in the first quarter of 2020 as compared to the first
quarter of 2019. As with a number of other economic indicators, the second quarter of 2020 is expected to further this downward
trend, as the restrictions on movement and meetings has resulted in a lesser number of transactions being effected and a number
of pending transactions abandoned. As social distancing restrictions become relaxed over the remainder of 2020, a number of economists
expect to see significantly increased merger and acquisition activity resulting from consolidations within industry sectors negatively
affected by the economic dislocation caused by coronavirus. This largely contrasts with the more opportunistic character of most
merger and acquisition activity that occurred in the five years preceding the coronavirus pandemic. (Sources: <FONT STYLE="letter-spacing: -0.4pt"><I>Forbes</I></FONT><I>;
The Wall Street Journal, PitchBook</I>).</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 4.5pt; text-indent: 27pt">During the three months ended March
31, 2020, our net asset value decreased from $3.40 per share to $2.88 per share, a decrease of 18.1%. As of March 31, 2020, our
common stock is trading at a 67.0% discount to our net asset value as compared to 46.5% as of December 31, 2019.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Over the
past several years, we have executed certain initiatives to enhance liquidity, achieve a lower operational cost structure, provide
more assistance to portfolio companies and realize certain of our portfolio investments. Specifically, we changed the composition
of our Board of Directors and Management, terminated certain of our follow-on investments, internalized the management of the Fund,
suspended our managed distribution policy, modified our investment strategy to pursue shorter term liquidation opportunities, pursued
non-cash investment opportunities, and sold certain of our legacy and underperforming investment holdings. We believe these actions
continue to be necessary to protect capital and liquidity in order to preserve and enhance shareholder value. Because our Management
is internalized, certain of our expenses should not increase commensurate with an increase in the size of the Fund and, therefore,
to the extent we remain a BDC, we expect to achieve efficiencies in our cost structure if we are able to grow the Fund.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We generate
cash primarily from maturities, sales of securities and borrowings, as well as capital gains realized upon the sale of portfolio
investments. We use cash primarily to make additional investments, either in new companies or as follow-on investments in the existing
portfolio companies and to pay the dividends to our stockholders.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Because
of the nature and size of the portfolio investments, we may periodically borrow funds to make qualifying investments to maintain
our tax status as a RIC. We often borrow such funds by utilizing a margin account with a securities brokerage firm. There is no
assurance that such arrangement will be available in the future. If <FONT STYLE="letter-spacing: 0.05pt">we are </FONT>unable to
borrow funds to make qualifying investments, <FONT STYLE="letter-spacing: 0.05pt">Equus </FONT>may no longer qualify as a RIC.
The Fund would then be subject to corporate income tax on its net investment income and realized capital gains, and distributions
to stockholders would be subject to income tax as ordinary dividends.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">The Fund
has the ability to borrow funds and issue forms of senior securities representing indebtedness or stock, such as preferred stock,
subject to certain restrictions. Net taxable investment income and net taxable realized gains from the sales of portfolio investments
are intended to be distributed at least annually, to the extent such amounts are not reserved for payment of expenses and contingencies
or to make follow-on or new investments.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We reserve
the right to retain net long-term capital gains in excess of net short-term capital losses for reinvestment or to pay contingencies
and expenses. Such retained amounts, if any, will be taxable to the Fund as long-term capital gains and stockholders will be able
to claim their proportionate share of the federal income taxes paid on such gains as a credit against their own federal income
tax liabilities. Stockholders will also be entitled to increase the adjusted tax basis of their Fund shares by the difference between
their undistributed capital gains and their tax credit.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We are
evaluating the impact of current market conditions on our portfolio company valuations and their ability to provide current income.
We believe we have followed valuation techniques in a reasonably consistent manner; however, we are cognizant of current market
conditions that might affect future valuations of portfolio securities. In view of our present status as a BDC and our anticipated
transformation into an operating company, we believe that our operating cash flow and cash on hand will be sufficient to meet operating
requirements and to finance routine capital expenditures through the next twelve months.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><B>Results of Operations</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt"><B>Investment Income and Expense</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Net investment
loss was $0.9 million and $1.0 million for the three months ended March 31, 2020 and <FONT STYLE="letter-spacing: 0.15pt">March
31, </FONT>2019, respectively.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Investment
income was $0.1 million and $0.02 million for the three months ended March 31, 2020 and 2019, respectively. Total expense was
$1.0 million for each of the three months ended March 31, 2020 and 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 30.25pt"><B>Realized Gains and Losses on Sales of Portfolio
Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt">During the three months ended
March 31, 2020, we realized a gain of $9.0 thousand from the sale of temporary cash investments.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt">During the three months ended March 31, 2019, we realized
a gain of $10.0 thousand from the sale of temporary cash investments.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt"><B>Changes in Unrealized Appreciation/Depreciation of
Portfolio Securities</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">During
the three months ended March 31, 2020, we recorded a net change in unrealized appreciation of $6.2 million, to a net unrealized
appreciation of $19.1 million. Such change in unrealized appreciation resulted primarily from the following changes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(i)</TD><TD STYLE="padding-right: 18.15pt">Decrease in the fair value of our shareholding in MVC of $2.7 million due to a decrease in the
share price of MVC and the receipt of dividend payments in the form of additional shares of MVC during the period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(ii)</TD><TD STYLE="padding-right: 15.1pt">Decrease in the fair value of our holdings in Equus Energy, LLC of $3.5 million, principally
due to decreases in mineral acreage prices and a substantial decrease in the short- and long-term prices for crude oil during <FONT STYLE="letter-spacing: -0.1pt">the
first quarter of </FONT>2020.</TD></TR></TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">During
the three months ended March 31, 2019, we recorded a net change in unrealized appreciation of $4.0 million, to a net unrealized
appreciation of $21.0 million. Such change in unrealized appreciation resulted primarily from the following changes:</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(i)</TD><TD STYLE="padding-right: 35.35pt">Increase in the fair value of our shareholding in MVC of $0.6 million due to a<FONT STYLE="letter-spacing: -0.05pt">n
in</FONT>crease in the share price of MVC and receipt of dividend payments in the form of additional shares of MVC during the period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(ii)</TD><TD STYLE="padding-right: 38.95pt">Increase in fair value of our shareholding in PalletOne, Inc. of $2.0 million due to improved
operating performance; and</TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.55pt"></TD><TD STYLE="vertical-align: top; text-align: justify; width: 28.95pt">(iii)</TD><TD STYLE="padding-right: 9pt">Increase in the fair value of our holdings in Equus Energy, LLC of $1.5 million, principally due
to increases in mineral acreage prices proximate to the company&rsquo;s leasehold interests and a moderate increase in the short-
and long-term prices for crude oil and natural gas.</TD></TR></TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.75pt"><B>Dividends</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt">We will pay out net investment
income and/or realized capital gains, if any, on an annual basis as required under the Investment Company Act of 1940.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt"><B>Portfolio Securities</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt">During the three months ended
March 31, 2020, we received dividends in the form of additional shares of $0.1 million relating to our shareholding in MVC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">During
the three months ended March 31, 2019, we received dividends in the form of additional shares of $0.08 million relating to our
shareholding in MVC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 30.25pt"><B>Subsequent Events</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We performed
an evaluation of the Fund&rsquo;s activity through the date the financial statements were issued, noting the following subsequent
events:</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">On April
9, 2020, the $26.3 million U.S. Treasury Bills we acquired on margin in March 2020 matured and we used the proceeds therefrom to
repay the margin loan.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><B><A NAME="a_011"></A>Item 3. Quantitative and Qualitative Disclosure about
Market Risk</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We are
subject to financial market risks, including changes in interest rates with respect to investments in debt securities and outstanding
debt payable, as well as changes in marketable equity security prices. In the future, we may invest in companies outside the United
States, including in Europe and Asia, which would give rise to exposure to foreign currency value fluctuations. We do not use derivative
financial instruments to mitigate any of these risks. The return on investments is generally not affected by foreign currency fluctuations.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Our investments
in portfolio securities consist of some fixed-rate debt securities. Since the debt securities are generally priced at a fixed rate,
changes in interest rates do not directly affect interest income. In addition, changes in market interest rates are not typically
a significant factor in the determination of fair value of these debt securities, since the securities are generally held to maturity.
We determine their fair values based on the terms of the relevant debt security and the financial condition of the issuer.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">A major
portion of our investment portfolio consists of debt and equity investments in private companies. Modest changes in public market
equity prices generally do not significantly impact the estimated fair value of these investments. However, significant changes
in market equity prices can have a longer-term effect on valuations of private companies, which could affect the carrying value
and the amount and timing of gains or losses realized on these investments. A small portion of the investment portfolio could also
consist of common stock in publicly traded companies. These investments are directly exposed to equity price risk, in that a hypothetical
ten percent change in these equity prices would result in a similar percentage change in the fair value of these securities.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.7pt"><B><A NAME="a_012"></A>Item 4. Controls and Procedures</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">We maintain
disclosure controls and other procedures that are designed to ensure that information required to be disclosed by the Fund in the
reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified
in the SEC&rsquo;s rules and forms, and that such information is accumulated and communicated to our management, including our
Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Our management,
with the participation of our Fund&rsquo;s Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness
of the design and operations of the Fund&rsquo;s &ldquo;disclosure controls and procedures&rdquo; (as defined in Rule 13a-15(e)
under the Securities Exchange Act of 1934) as of March 31, 2020. Based on their evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that the Fund&rsquo;s disclosure controls and procedures were effective at a reasonable assurance level.
There has been no change in our internal control over financial reporting during the quarter ended March 31, 2020, that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><A NAME="a_013"></A><B>Part II. Other
Information</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><A NAME="a_014"></A><B>Item 1. Legal Proceedings</B></P>

<P STYLE="font: 10pt/199% Times New Roman, Times, Serif; margin: 0 451pt 0 5.7pt; text-indent: 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/199% Times New Roman, Times, Serif; margin: 0 451pt 0 5.7pt; text-indent: 0.05pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">From time
to time, the Fund is a party to certain proceedings incidental to the normal course of our business including the enforcement of
our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot at this time be predicted
with certainty, we do not expect that these proceedings will have a material effect upon the Fund&rsquo;s financial condition or
results of operations.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><B><A NAME="a_015"></A>Item 1A. Risk Factors</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">In connection
with our efforts to convert Equus into an operating company in furtherance of our Plan of Reorganization, we may be subject to
a number of risks associated with this process, the transactions that would embody a Consolidation of Equus with another company,
as well as specific risks associated with the commercial enterprise with which Equus would seek to combine itself. We intend to
identify, as will be reasonably possible, such risks and include the same in our subsequent filings and reports with the <FONT STYLE="letter-spacing: -0.1pt">SEC</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Moreover,
the economic dislocation precipitated by the coronavirus pandemic is still rapidly evolving. As of the date of filing of this Quarterly
Report on Form 10-Q (&ldquo;10-Q&rdquo;), we are unable to predict either the potential near-term or longer-term impact that the
coronavirus may have on our financial and operating results due to numerous uncertainties regarding the duration and severity of
the crisis. The ultimate impact of the coronavirus pandemic is highly uncertain and subject to change, and our business, results
of operations, and financial condition have been and will likely continue to be impacted by future developments concerning the
pandemic and the resulting economic disruption</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Readers
should carefully consider these risks and all other information contained in our annual report on Form 10-K (&ldquo;10-K&rdquo;)
for the year ended December 31, 2019, including the Fund&rsquo;s financial statements and the related notes thereto. The risks
and uncertainties described in our 10-K and throughout this 10-Q are not the only ones facing the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">Additional
risks and uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"><A NAME="a_016"></A><B>Item 6. Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.25pt"></TD><TD STYLE="width: 12.5pt">3.</TD><TD>Articles of Incorporation and by-laws</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">(a)<FONT STYLE="color: #0066CC"><U>Restated</U></FONT></TD><TD STYLE="padding-right: 13.8pt"><FONT STYLE="color: #0066CC"><U>Certificate of Incorporation of the Fund, as amended. [Incorporated
by reference to Exhibit 3(a) to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2007]</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">(b)<FONT STYLE="color: #0066CC"><U>Certificate</U></FONT></TD><TD STYLE="padding-right: 5.2pt"><FONT STYLE="color: #0066CC"><U>of Merger dated June 30, 1993, between the Fund and Equus Investments
Incorporated [Incorporated by reference to Exhibit 3 (b) to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December
31, 2007]</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.2pt Times New Roman, Times, Serif; margin-top: 4.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">(c)<FONT STYLE="color: #0066CC"><U>Amended</U></FONT></TD><TD STYLE="padding-right: 10.7pt"><FONT STYLE="color: #0066CC"><U>and Restated Bylaws of the Fund. [Incorporated by reference to
Exhibit 3(c) to Registrant&rsquo;s Current Report on Form 8-K filed on June 30, 2014.]</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.25pt"></TD><TD STYLE="width: 12.5pt">10.Material</TD><TD>Contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">(a)<FONT STYLE="color: #0066CC"><U>Safekeeping</U></FONT></TD><TD STYLE="padding-right: 33.2pt"><FONT STYLE="color: #0066CC"><U>Agreement between the Fund and Amegy Bank dated August 16, 2008.
[Incorporated by reference to Exhibit 10(c) to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2008.]</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">(b)<FONT STYLE="color: #0066CC"><U>Form</U></FONT></TD><TD STYLE="padding-right: 13.8pt"><FONT STYLE="color: #0066CC"><U>of Indemnification Agreement between the Fund and its directors
and certain officers. [Incorporated by reference to Exhibit 10(d) to Registrant&rsquo;s Annual Report on Form 10-K for the year
ended December 31, 2011.]</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">(c)<FONT STYLE="color: #0066CC"><U>Form</U></FONT></TD><TD STYLE="padding-right: 10.7pt"><FONT STYLE="color: #0066CC"><U>of Release Agreement between the Fund and certain of its officers
and former officers. [Incorporated by reference to Exhibit 10(h) to Registrant&rsquo;s Annual Report on Form 10-K for the year
ended December 31, 2004.]</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">(d)<FONT STYLE="color: #0066CC"><U>Code</U></FONT></TD><TD STYLE="padding-right: 11.55pt"><FONT STYLE="color: #0066CC"><U>of Ethics of the Fund (Rule 17j-1) [Incorporated by reference
to Exhibit 10(f) to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2009.]</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">(e)<FONT STYLE="color: #0066CC"><U>Share</U></FONT></TD><TD STYLE="padding-right: 8.2pt"><FONT STYLE="color: #0066CC"><U>Exchange Agreement between the Fund and MVC Capital, Inc., dated
May 14, 2014. [Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K, filed on May 15, 2014.]</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">(f)</TD><TD STYLE="padding-right: 20.4pt"><FONT STYLE="color: #0066CC"><U>2016 Equity Incentive Plan, adopted June 13, 2016 [Incorporated
by reference to Exhibit 1 to Registrant&rsquo;s Definitive Proxy Statement filed on May 5, 2016.]</U></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.25pt"></TD><TD STYLE="width: 12.5pt">31.Rule</TD><TD>13a-14(a)/15d-14(a) Certifications</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">1.</TD><TD><FONT STYLE="color: #0066CC"><U><A HREF="ex311_equusceo302cert.htm">Certification by Chief Executive Officer</A></U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">2.</TD><TD><FONT STYLE="color: #0066CC"><U><A HREF="ex312_equuscfo302cert.htm">Certification by Chief Financial Officer</A></U></FONT></TD></TR></TABLE>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.25pt"></TD><TD STYLE="width: 12.5pt">32.Section</TD><TD>1350 Certifications</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">1.</TD><TD><FONT STYLE="color: #0066CC"><U><A HREF="ex321_equusceo906cert.htm">Certification by Chief Executive Officer</A></U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.75pt"></TD><TD STYLE="width: 11.7pt">2.</TD><TD><FONT STYLE="color: #0066CC"><U><A HREF="ex322_equuscfo906cert.htm">Certification by Chief Financial Officer</A></U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0.1pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_017"></A>SIGNATURE</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-indent: 24.5pt">Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">Dated: May 12, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 30%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">EQUUS TOTAL RETURN, INC.</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/s/ John A. Hardy</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>John A. Hardy</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>Chief Executive Officer</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>ex311_equusceo302cert.htm
<DESCRIPTION>CEO 302 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt"></P>

<P STYLE="font: 10pt/11.2pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-indent: 400pt; color: #0066CC"><U><A HREF="f10q_equus03312020.htm">EXHIBIT 31.1</A></U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt"></P>

<P STYLE="font: 10pt/11.2pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form of Quarterly Certification Required</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">by Rules 13a-14 and 15d-14 under the Securities
Exchange Act of 1934</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt">I, John A. Hardy, certify that:</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">1.</TD><TD>I have reviewed this Quarterly Report on Form 10-Q of Equus Total Return, Inc.;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">2.</TD><TD STYLE="padding-right: 15.1pt">Based on my knowledge, this quarterly report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly report;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">3.</TD><TD STYLE="padding-right: 10.4pt">Based on my knowledge, the financial statements, and other financial information included in
this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this quarterly report;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">4.</TD><TD STYLE="padding-right: 19.75pt">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">a.</TD><TD STYLE="padding-right: 8.15pt">Designed such disclosure controls and procedures. or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report
is being prepared;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">b.</TD><TD STYLE="padding-right: 25.3pt">Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted
accounting principles;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">c.</TD><TD STYLE="padding-right: 26.1pt">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the
period covered by this report based on such evaluation;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">d.</TD><TD STYLE="padding-right: 10.4pt">Disclosed in this report any change in the registrant&rsquo;s internal control over financial
reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s first fiscal quarter in
the case of a quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting, and;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">5.</TD><TD STYLE="padding-right: 11.45pt">The registrant&rsquo;s other certifying officers and I have disclosed, based on our most recent
evaluation of the internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s
board of directors (or persons performing the equivalent function):</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">a.</TD><TD STYLE="padding-right: 12.8pt">All significant deficiencies and material weaknesses in the design or operation of internal controls
over financial reporting, which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">b.</TD><TD STYLE="padding-right: 40.25pt">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&rsquo;s internal controls.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">Dated: May 12, 2020&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 30%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">EQUUS TOTAL RETURN, INC.</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/s/ John A. Hardy</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>John A. Hardy</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>Chief Executive Officer</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 352.3pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>ex312_equuscfo302cert.htm
<DESCRIPTION>CFO 302 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center"></P>

<P STYLE="font: 10pt/11.2pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-indent: 400pt; color: #0066CC"><U><A HREF="f10q_equus03312020.htm">EXHIBIT <FONT STYLE="letter-spacing: -0.4pt">31</FONT>.2</A></U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center">Form of Quarterly Certification Required</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">by Rules 13a-14 and 15d-14 under the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 5.75pt">I, L&rsquo;Sheryl D. Hudson, certify that:</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">1.</TD><TD>I have reviewed this Quarterly Report on Form 10-Q of Equus Total Return, Inc.;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">2.</TD><TD STYLE="padding-right: 15.1pt">Based on my knowledge, this quarterly report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly report;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">3.</TD><TD STYLE="padding-right: 10.4pt">Based on my knowledge, the financial statements, and other financial information included in
this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this quarterly report;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">4.</TD><TD STYLE="padding-right: 19.75pt">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">a.</TD><TD STYLE="padding-right: 8.15pt">Designed such disclosure controls and procedures. or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report
is being prepared;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">b.</TD><TD STYLE="padding-right: 25.3pt">Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted
accounting principles;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">c.</TD><TD STYLE="padding-right: 26.1pt">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the
period covered by this report based on such evaluation;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">d.</TD><TD STYLE="padding-right: 10.4pt">Disclosed in this report any change in the registrant&rsquo;s internal control over financial
reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s first fiscal quarter in
the case of a quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting, and;</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">5.</TD><TD STYLE="padding-right: 11.45pt">The registrant&rsquo;s other certifying officers and I have disclosed, based on our most recent
evaluation of the internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s
board of directors (or persons performing the equivalent function):</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">a.</TD><TD STYLE="padding-right: 12.8pt">All significant deficiencies and material weaknesses in the design or operation of internal controls
over financial reporting, which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 24.75pt">b.</TD><TD STYLE="padding-right: 40.25pt">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&rsquo;s internal controls.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt">Dated: May 12, 2020&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 30%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">EQUUS TOTAL RETURN, INC.</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/s/
    L&rsquo;Sheryl D. Hudson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>L&rsquo;Sheryl
    D. Hudson</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>Chief
    Financial Officer</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt"></P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>ex321_equusceo906cert.htm
<DESCRIPTION>CEO 906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/11.2pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-indent: 400pt; color: #0066CC"><U><A HREF="f10q_equus03312020.htm">EXHIBIT 32.1</A></U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFICATION PURSUANT TO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 170.3pt 0 170.4pt; text-align: center">SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002 (18 U.S.C. SECTION 1350)</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">In connection
with the accompanying Quarterly Report of Equus Total Return, Inc. (the &ldquo;Fund&rdquo;) on Form 10-Q for the quarter ended
March 31, 2020 (the &ldquo;Report&rdquo;), I, John A Hardy, Chief Executive Officer of the Company, hereby certify, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

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<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">(1)</TD><TD STYLE="padding-right: 26.1pt">To my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 6.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">(2)</TD><TD STYLE="padding-right: 12.25pt">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Fund.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt">Dated: May 12, 2020</P>

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<TR>
    <TD STYLE="width: 100%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">EQUUS TOTAL RETURN, INC.</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/s/ John A. Hardy</FONT></TD></TR>
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    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>John A. Hardy</B></FONT></TD></TR>
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    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>Chief Executive Officer</B></FONT></TD></TR>
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<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>ex322_equuscfo906cert.htm
<DESCRIPTION>CFO 906 CERTIFICATION
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<P STYLE="font: 10pt/11.2pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-indent: 400pt; color: #0066CC"><U><A HREF="f10q_equus03312020.htm">EXHIBIT 32.2</A></U></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0; text-align: center">CERTIFICATION PURSUANT TO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 170.3pt 0 170.4pt; text-align: center">SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002 (18 U.S.C. SECTION 1350)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify; text-indent: 24.5pt">In connection
with the accompanying Quarterly Report of Equus Total Return, Inc. (the &ldquo;Fund&rdquo;) on Form 10-Q for the quarter ended
March 31, 2020 (the &ldquo;Report&rdquo;), I, L&rsquo;Sheryl D. Hudson, Chief Financial Officer of the Company, hereby certify,
pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">(1)</TD><TD STYLE="padding-right: 26.1pt">To my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 6.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.5pt"></TD><TD STYLE="width: 24.75pt">(2)</TD><TD STYLE="padding-right: 12.25pt">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt">Dated: May 12, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt"></P>

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    <TD STYLE="width: 100%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">EQUUS TOTAL RETURN, INC.</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/s/
    L&rsquo;Sheryl D. Hudson</FONT></TD></TR>
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    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>L&rsquo;Sheryl
    D. Hudson</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>Chief
    Financial Officer</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 5.75pt">&nbsp;</P>

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