{"url_path":"/sec/eqs/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-20","source_url":"https://www.sec.gov/Archives/edgar/data/878932/0001712543-26-000039-index.html","accession_number":"0001712543-26-000039","cik":"0000878932","ticker":"EQS","issuer_name":"EQUUS TOTAL RETURN, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/878932/0001712543-26-000039-index.html","primary_entity_key":"0000878932","primary_entity_name":"EQUUS TOTAL RETURN, INC."},"word_count":541,"has_tables":true,"body_markdown":"false\n2026\nQ1\n--12-31\nNon-accelerated Filer\n0000878932\n\n0000878932\n\n2026-01-01\n2026-03-31\n\niso4217:USD\n\nxbrli:shares\n\niso4217:USD\n\nxbrli:shares\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM 10-Q**\n\n \n☒\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nor\n\n \n\n \n☐\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\nFor the transition period to\n\nCommission File Number 814-00098\n\n**EQUUS TOTAL RETURN, INC.**\n\n**(Exact name of registrant as specified in its charter)**\n\n \n\n**Delaware**\n**76-0345915**\n\n**(State or other jurisdiction of**\n\n**incorporation or organization)**\n\n**(I.R.S. Employer**\n\n**Identification No.)**\n\n \n \n\n**700 Louisiana St., 41st Floor**\n\n**Houston, Texas**\n\n** **\n\n**77002**\n\n**(Address of principal executive offices)**\n**(Zip Code)**\n\n \n\n**(Former Name, Former Address and Former Fiscal\nYear, if Changed Since Last Report)**\n\n** **\n\n**Registrant’s telephone number, including area\ncode: (713) 529-0900**\n\n** **\n\n**Securities registered pursuant to Section 12(b)\nof the Act:**\n\n** **\n\n**Title of each class**\n\n**Name of each exchange**\n\n**on which registered**\n\n**Common Stock**\n**New York Stock Exchange**\n\n☐\nIndicate by check mark whether the registrant (1) has filed all reports\nrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter\nperiod that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.\nYes ☒ No\n\n☐\nIndicate by check mark whether the registrant has submitted electronically every\nInteractive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding\n12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐\nNo ☐\n\n☐\nIndicate by check mark whether the registrant is a large accelerated filer,\nan accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule\n12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐\nAccelerated filer ☐\nNon-accelerated filer ☒\nSmaller Reporting Company ☐\nEmerging Growth Company ☐\n\n☐\nIf an emerging growth company, indicate by check mark if the registrant\nhas elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant\nto Section 13(a) of the Exchange Act.\n\n☐\nIndicate by check mark whether the registrant is a shell company. Yes\n☐ No\n☒\n\n There were 13,966,696 shares of\nthe registrant’s common stock, $.001 par value, outstanding, as of March 31, 2026.\n\n   \n\n[Table of Contents](#TableOfContents) \n\n \n\n**EQUUS TOTAL RETURN, INC.**\n\n**(A Delaware Corporation)**\n\n**INDEX**\n\n** **\n\n \n\n \n**Page**\n\n[PART I. FINANCIAL INFORMATION](#a_001)\n \n\n[Item 1. Unaudited Condensed Financial Statements](#a_002)\n3\n\n[Condensed Balance Sheets](#a_003)\n3\n\n[Condensed Statements of Operations](#a_004)\n4\n\n[Condensed Statements of Changes in Net Assets](#a_005)\n5\n\n[Condensed Statements of Cash Flows](#a_006)\n6\n\n[Supplemental Information—Selected Per Share Data and Ratios](#a_007)\n7\n\n[Schedules of Investments](#a_008)\n8\n\n[Notes to Condensed Financial Statements](#a_009)\n12\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_010)\n35\n\n[Item 3. Quantitative and Qualitative Disclosure about Market Risk](#a_011)\n41\n\n[Item 4. Controls and Procedures](#a_012)\n41\n\n[PART II. OTHER INFORMATION](#a_013)\n \n\n[Item 1. Legal Proceedings](#a_014)\n42\n\n[Item 1A. Risk Factors](#a_015)\n42\n\n[Item 6. Exhibits](#a_016)\n42\n\n[SIGNATURE](#a_017)\n43\n\n \n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n 2 \n\n[Table of Contents](#TableOfContents) \n\n \n\n \n\nEQUUS TOTAL\nRETURN, INC.\n\nCONDENSED BALANCE SHEETS\n\n**(Unaudited)**\n\n** **\n\n**Part I. Financial Information**"}