<SEC-DOCUMENT>0001712543-22-000025.txt : 20220404
<SEC-HEADER>0001712543-22-000025.hdr.sgml : 20220404
<ACCEPTANCE-DATETIME>20220404134735
ACCESSION NUMBER:		0001712543-22-000025
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220330
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220404
DATE AS OF CHANGE:		20220404

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		22801326

	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>8-K
<SEQUENCE>1
<FILENAME>f8k_equus04012022.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 20pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>___________________________________________</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported): March
30, 2022</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&nbsp;&nbsp;<B>814-00098</B></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>76-0345915</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(State or Other Jurisdiction</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Commission File</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(IRS Employer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Of Incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>700 Louisiana Street, 48<SUP>th</SUP> Floor Houston,
    Texas</B></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>77002</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former Name or Former Address, if Changed Since Last
Report)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-k filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; background-color: white">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR &sect;240.12b-2). <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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: MS Mincho">&#9744;</FONT></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8.01</B></TD><TD><B>Other Events.</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 30, 2022, Equus Total Return, Inc. issued
a press release announcing its net asset value for the quarter and year ended December 31, 2021. The text of the press release is included
as Exhibit 99.1 to this Current Report and is incorporated herein by reference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(d) Exhibits.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><A HREF="ex991_pressrelease3302022.htm">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press release issued on March 30, 2022.</A></P>

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

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

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

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

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

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

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SIGNATURES</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
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    <TD STYLE="width: 50%; padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Equus Total Return, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Date:&nbsp;&nbsp;April 4, 2022&#9;</FONT></TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">By:&nbsp;&nbsp;<U>/s/ Kenneth I. Denos&#9;</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Name:&#9;Kenneth I. Denos</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Title: &#9;Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991_pressrelease3302022.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 400pt"><A HREF="f8k_equus04012022.htm">EXHIBIT 99.1</A></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 43px; width: 118px"></FONT></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Patricia Baronowski<BR>
Pristine Advisers, LLC<BR>
(631) 756-2486</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS ANNOUNCES FOURTH QUARTER NET ASSET VALUE</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>HOUSTON, TX &ndash; March 30, 2022 &ndash; Equus
Total Return, Inc. (NYSE: EQS) </B>(&ldquo;Equus&rdquo; or the &ldquo;Company&rdquo;) reports net assets as of December 31, 2021, of $36.4
million, an increase of approximately $0.2 million since September 30, 2021. Net asset value per share increased to $2.69 as of December
31, 2021 from $2.68 as of September 30, 2021. Comparative data is summarized below (in thousands, except per share amounts):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 9pt">As of the Quarter Ended</FONT></TD>
    <TD STYLE="width: 14%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>12/31/2021</U></FONT></TD>
    <TD STYLE="width: 17%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>9/30/2021</U></FONT></TD>
    <TD STYLE="width: 14%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>6/30/2021</U></FONT></TD>
    <TD STYLE="width: 13%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>3/31/2021</U></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><U>12/31/2020</U></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 9pt">Net assets</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$36,365</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$36,243</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$34,724</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$34,075</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$33,777</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 9pt">Shares outstanding</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">13,518</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">13,518</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">13,518</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">13,518</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">13,518</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 9pt">Net assets per share</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$2.69</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$2.68</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$2.57</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$2.52</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$2.50</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following were the principal contributors to the
growth in net asset value during 2021:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Increase in the Value of
Equus Energy.</B> During 2021, the fair value of Equus Energy, LLC, increased from $7.0 million to $13.0 million. Among the various leasehold
rights held by Equus Energy is a 50% working interest in 2,400 acres in the Permian Basin known as the Conger Field. A number of transactions
that completed in late 2020 and throughout 2021 were concentrated in the Permian Basin, at imputed acreage values considerably in excess
of values ascribed to such acreage in the past several years. In addition, West Texas Intermediate crude prices increased from $48.52
to $75.33 per barrel during the year, and natural gas prices increased from $2.54 per MMBTU at the end of 2020 to $3.82 per MMBTU at the
end of 2021. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Equus also holds 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 &lsquo;Eagle Ford Shale&rsquo; play. The Company received advice and assistance from a third-party valuation firm to support
its determination of the fair value of this investment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Increase in Collection from
Escrow Related to Sale of PalletOne</B>. During 2021, we received approximately $3.8 million in cash, which constituted the final proceeds
related to the sale of PalletOne in December 2020. The amount received was approximately $0.4 million in excess of the amount we had accrued
as an escrow receivable for this final payment as at December 31, 2020.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is a business development company that
trades as a closed-end fund on the New York Stock Exchange under the symbol &quot;EQS&quot;. Additional information on the Company may
be obtained from the Company&rsquo;s website at <I>www.equuscap.com</I>.</P>

<P STYLE="font: 8.5pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify">This press release may contain certain
forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company&rsquo;s current
expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from
those contemplated in such forward-looking statements including, in particular, the performance of the Company, including our ability
to achieve our expected financial and business objectives, and the other risks and uncertainties described in the Company&rsquo;s filings
with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as to the date hereof. Except as required by law, the Company undertakes no obligation to release publicly
any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company
or any other person that the events or circumstances described in such statements are material.</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
