Amendment to Annual Report (Form 10-K/A)

Equus Total Return, Inc. ("Equus" or the "Company") is filing this Amendment No. 1 on Form 10-K/A ("Amended 10-K") which supersedes and replaces in its entirety the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 10, 2025 ("Original Filing").

The sole purpose of this Amended 10-K is to provide the required Inline XBRL tagging, which was inadvertently omitted from the Original Filing. No other changes to the Original Filing have been made.

This Amended 10-K does not reflect events occurring after the Original Filing except as noted above. This Amended 10-K continues to speak as of the date of the Original Filing and the Company has not otherwise updated disclosures contained therein or herein to reflect events that occurred at a later date.

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