<SEC-DOCUMENT>0000878932-25-000009.txt : 20251125
<SEC-HEADER>0000878932-25-000009.hdr.sgml : 20251125
<ACCEPTANCE-DATETIME>20251125153059
ACCESSION NUMBER:		0000878932-25-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20251124
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251125
DATE AS OF CHANGE:		20251125

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:		251520026

	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_equus11242025.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 20pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0pt"><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): November
24, 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">
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    <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">
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    <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"></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">&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 November 24, 2025, Equus Total Return, Inc. issued
a press release announcing its net asset value for the quarter ended September 30, 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 November 24, 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>

<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>

<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">&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>

<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: 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;November 25,
    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: 380pt"><FONT STYLE="font-size: 10pt"><A HREF="f8k_equus11242025.htm">EXHIBIT 99.1</A></FONT></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 THIRD 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; November 24, 2025 &ndash; Equus
Total Return, Inc. (NYSE: EQS) </B>(&ldquo;Equus&rdquo; or the &ldquo;Company&rdquo;) reports net assets as of September 30, 2025, of
$26.5 million. Net asset value per share decreased to $1.90 as of September 30, 2025, from $2.51 as of June 30, 2025. 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>9/30/2025</U></FONT></TD>
    <TD STYLE="width: 17%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>6/30/2025</U></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: 13%; 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: 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>9/30/2024</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">$26,504</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$34,111</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></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">13,967</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">$1.90</FONT></TD>
    <TD STYLE="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">$2.51</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></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>Net Asset Value Changes</B>. The following were
the principal contributors to changes in the net asset value of the Company in the third 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>Decrease 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;). Contemporaneously with the purchase of the GEVI Note, the Company also received a 5-year
common stock purchase warrant to acquire an aggregate of 312,500 shares of GEVI common stock at an exercise price of $3.00 per share (&ldquo;GEVI
Warrant&rdquo;). During the third quarter of 2025, the GEVI Note was converted by the Company into 664,041 shares of GEVI common stock.
Also during the third quarter of 2025, the trading price of GEVI shares decreased from $11.70 per share to $5.89 per share. At September
30, 2025, the Company collectively valued the GEVI shares and GEVI Warrant at an aggregate of $5.2 million as compared to $10.6 million
at June 30, 2025, a decrease of $5.4 million. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&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>Reclassification of Investor Warrant as a Liability</I></B>.
On February 7, 2025, the Company issued a one-year senior convertible promissory note bearing interest at the rate of 10.0% per annum
in exchange for $2.0 million in cash, and also issued two common stock purchase warrants (collectively, the &ldquo;Warrants&rdquo;) to
acquire an aggregate of 1,999,999 shares of the Company&rsquo;s common stock at an exercise price of $1.50 per share. During the nine
months ended September 30, 2025, in accordance with applicable accounting rules, the Company determined the need to reclassify the Warrants
as a liability instead of equity and, as a result, recorded a net carrying amount of $1.7 million associated with the Warrants, which
liability contributed to a decrease in net assets of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&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>Unchanged Fair Value of Morgan E&amp;P</I></B>. Morgan
E&amp;P, Inc. (&ldquo;Morgan&rdquo;) holds development rights to approximately 6,500 net acres in the Bakken/Three Forks formation in
the Williston Basin of North Dakota. Although there was a decline in the forward curve for oil and natural gas from June 30, 2025 to September
30, 2025, these reductions were offset by other favorable events affecting Morgan, including (i) the hiring of two seasoned executives
in Morgan with substantial oil &amp; gas experience, and (ii) the securing by Morgan of a $3.0 million loan to facilitate work-over and
near-term drilling activities. As a result, the fair value of the Company&rsquo;s equity holding in Morgan as of September 30, 2025 remained
unchanged at $12.35 million. 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 0 0 0.5in">&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: 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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