<SEC-DOCUMENT>0001712543-25-000036.txt : 20250519
<SEC-HEADER>0001712543-25-000036.hdr.sgml : 20250519
<ACCEPTANCE-DATETIME>20250519170928
ACCESSION NUMBER:		0001712543-25-000036
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250519
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250519
DATE AS OF CHANGE:		20250519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		ORGANIZATION NAME:           	
		EIN:				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:		25964999

	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_equus05192025.htm
<DESCRIPTION>FORM 8-K
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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): May
19, 2025</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, 41<SUP>st</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"></P>

<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 May 19, 2025, Equus Total Return, Inc. issued a
press release announcing its net asset value for the quarter ended March 31, 2025. 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_pressrelease.htm">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press release issued on May 19, 2025.</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>

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<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">&nbsp;</P>

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

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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;May 19,
    2025&#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>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991_pressrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 360pt"><FONT STYLE="font-size: 8pt"></FONT><FONT STYLE="font-size: 9pt"><A HREF="f8k_equus05192025.htm">EXHIBIT 99.1</A></FONT></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"><IMG SRC="image_001.jpg" ALT="Logo, company name&#10;&#10;Description automatically generated" STYLE="height: 79px; width: 131px"></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: 11pt Times New Roman, Times, Serif; margin: 0">Equus Total Return, Inc.<BR>
1-888-323-4533</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 FIRST 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; May 19, 2025 &ndash; Equus
Total Return, Inc. (NYSE: EQS) </B>(&ldquo;Equus&rdquo; or the &ldquo;Company&rdquo;) reports net assets as of March 31, 2025, of $34.2
million. Net asset value per share increased to $2.52 as of March 31, 2025, from $2.17 as of December 31, 2024. 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>3/31/2025</U></FONT></TD>
    <TD STYLE="width: 17%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>12/31/2024</U></FONT></TD>
    <TD STYLE="width: 14%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>9/30/2024</U></FONT></TD>
    <TD STYLE="width: 13%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>6/30/2024</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>3/31/2024</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">$34,197</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$29,510</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$40,165</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$49,792</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$45,892</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">13,586</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">13,586</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">13,586</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">13,586</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">13,586</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">$2.52</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$2.17</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$2.96</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$3.66</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$3.38</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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Portfolio Value Changes</B>. The following were
the principal contributors to the increase in fair value of the Company&rsquo;s portfolio holdings in the first quarter of 2025:</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Increase in Fair Value of Morgan E&amp;P</I></B>.
Morgan E&amp;P, LLC (&ldquo;Morgan&rdquo;) holds development rights to approximately 6,707 net acres in the Bakken/Three Forks formation
in the Williston Basin of North Dakota. During the first quarter of 2025, the forward price curve for oil increased relative to the fourth
quarter of 2024, resulting in an increase in the fair value of the Company&rsquo;s equity holding in Morgan of $1.0 million, from $13.0
million as of December 31, 2024 to $14.0 million as of March 31, 2025. The Company received advice and assistance from a third-party valuation
firm to support its determination of the fair value of its equity investment in Morgan. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Increase in Fair Value of Holdings in General Enterprise
Ventures</I></B>. On February 10, 2025, the Company purchased from General Enterprise Ventures, Inc., a developer of fire suppression
products (OTC Markets: GEVI), a 1-year senior convertible promissory note bearing interest at the rate of 10% per annum, in exchange for
$1.5 million in cash (&ldquo;GEVI Note&rdquo;). The GEVI Note is convertible into 3,750,000 shares of GEVI&rsquo;s common stock at a conversion
price of $0.40 per share. Contemporaneously with the purchase of the GEVI Note, the Company also received a 5-year common stock purchase
warrant to acquire an aggregate of 1,875,000 shares of GEVI common stock at an exercise price of $0.50 per share (&ldquo;GEVI Warrant&rdquo;).
During the period from February 10, 2025 to March 31, 2025, the trading price of GEVI shares increased from $0.88 per share to $1.20 per
share. At March 31, 2025, the Company collectively valued the GEVI Note and GEVI Warrant at an aggregate of $5.8 million. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Company obtained the proceeds for the GEVI investment via
the issuance of a 1-year convertible promissory note in the original principal amount of $2.0 million, bearing interest at the rate of
10% per annum (&ldquo;Equus Note&rdquo;), together with two common stock purchase warrants to acquire an aggregate of 2,000,000 shares
of the Company&rsquo;s common stock (&ldquo;Equus Warrants&rdquo;). Each of the Equus Note and Equus Warrants are convertible/exercisable
at a price of $1.50 per share and, as such price is below the Company&rsquo;s net asset value per share, approval of the Company&rsquo;s
shareholders to issue any such shares is required. On May 12, 2025, the Company filed a definitive proxy statement on Schedule 14A with
the U.S. Securities and Exchange Commission seeking shareholder approval for such issuances.</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 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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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