Equus Total Return Inc 2026年季度报告

☐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(§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☐No☐ ☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and largeaccelerated filer” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐ ☐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 financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. EQUUS TOTAL RETURN, INC.(A Delaware Corporation) PART I. FINANCIAL INFORMATIONItem 1. Unaudited Condensed Financial StatementsCondensed Balance SheetsCondensed Statements of OperationsCondensed Statements of Changes in Net AssetsCondensed Statements of Cash FlowsSupplemental Information—Selected Per Share Data and RatiosSchedules of InvestmentsNotes to Condensed Financial StatementsItem 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosure about Market RiskItem 4. Controls and ProceduresPART II. OTHER INFORMATIONItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 6. ExhibitsSIGNATURE EQUUS TOTAL RETURN, INC.CONDENSED BALANCE SHEETS(Unaudited) Commitments and contingencies (See Note 7) Net assets Preferred stock, $.001 par value per share; 10,000,000 shares authorized as of March 31, 2026 andDecember 31, 2025Common stock, $.001 par value per share; 100,000,000 shares authorized as of March 31, 2026 and December 31, 2025, and 13,966,696shares outstanding as of March 31, 2026 and December 31, 2025 EQUUS TOTAL RETURN, INC.SCHEDULE OF INVESTMENTSMarch 31, 2026(Unaudited) EQUUS TOTAL RETURN, INC.SCHEDULE OF INVESTMENTS – (Continued)March 31, 2026 Our portfolio securities are restricted from public sale without prior registration under the Securities Act of 1933 (hereafter, the “Securities Act”) or pursuant to anexemption from such registration that is available. We typically negotiate certain aspects of the method and timing of the disposition of our investment in each portfoliocompany, including registration rights and related costs. As a business development company (“BDC”), we may invest up to 30% of our assets in non-qualifying portfolio investments, as permitted by the InvestmentCompany Act of 1940 (the “1940 Act”). Specifically, we may invest up to 30% of our assets in entities that are not considered “eligible portfolio companies” (as defined inthe 1940 Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the 1940 Act, and publicly-tradedentities with a market capitalization exceeding $250 million. As of March 31, 2026, we had invested 81.7% of our total assets in securities of portfolio companies thatconstituted qualifying investments under the 1940 Act. As of March 31, 2026, none of our investments are considered non-qualifying assets as all of our investments are inenterprises that are considered eligible portfolio companies under the 1940 Act. We provide significant managerial assistance to our portfolio companies that comprise 71.1% We are classified as a “non-diversified” investment company under the 1940 Act, which means we are not limited in the proportion of our assets that may be invested inthe securities of a single issuer. The value of one segment called “Energy” includes one portfolio company and was 74.1% of our net asset value, 58.1% of our total assets and71.1% of our investments in portfolio company securities (at fair value) as of March 31, 2026. Changes in business or industry trends or in the financial condition, results ofoperations, or the market’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 EQUUS TOTAL RETURN, INC.SCHEDULE OF INVESTMENTSDecember 31, 2025(Unaudited)(in thousands, except share data) EQUUS TOTAL RETURN, INC.SCHEDULE OF INVESTMENTS – (Continued)DECEMBER 31, 2025 Our portfolio securities are restricted from public sale without prior registration under the Securities Act of 1933 (hereafter, the “Securities Act”) or pursuant to anexemption from such registration that is available. We typically negotiate certain aspects of the method and timing of the disposition of our investment in each portfoliocompany, including registration rights and related costs. As a business development company (“BDC”), we may invest up to 30% of our assets in non-qualifying portfolio investments, as permitted by the Investment CompanyAct of 1940 (the “1940 Act”). Specifically, we may invest up to 30% o