EQUUS TOTAL RETURN Business Summary

Equus Total Return, Inc. (EQS) operates as a closed-end management investment company, specifically structured as a Business Development Company (BDC) under the Investment Company Act of 1940. The firm generates revenue primarily through capital appreciation and investment income, including interest and dividends, derived from a portfolio of debt and equity securities in small to middle-market companies. Its business segments are centered on private equity-style investments, including leveraged buyouts, management buyouts, and recapitalizations of businesses that are typically not publicly traded. A significant portion of its current strategy involves the energy sector through its wholly-owned subsidiary, Morgan E&P, LLC, which focuses on oil and gas development in the Williston Basin. Within the competitive landscape, Equus competes with other BDCs and asset management firms such as Great Elm Capital Group (GECC), PhenixFIN (PFX), and Greenpro Capital (GRNQ), positioning itself as a micro-cap specialist that provides retail investors with exposure to private-market growth opportunities. The company is led by a seasoned executive team with extensive backgrounds in finance, law, and operations. John A. Hardy has served as Chief Executive Officer since 2011, bringing a pedigree in international finance and law as a former Barrister and executive at Versatile Systems. L’Sheryl D. Hudson, the Senior Vice President and Chief Financial Officer, has overseen the firm’s financials since 2006, following her tenure at WestLB Asset Management and Enron Corporation. Kenneth I. Denos serves as the Chief Compliance Officer and Secretary, leveraging over 25 years of experience in securities law and corporate finance. The board is chaired by Fraser Atkinson, who was appointed Independent Chairman in January 2025, alongside independent director John J. May, a Chartered Accountant with over five decades of UK-based financial expertise. Notably, CEO John Hardy maintains a significant ownership stake in the company, holding approximately 27% of outstanding shares as of early 2026.