UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File Number 814-00098 | --- | --- | |-------------------------------------------------------------------------------------------------|-------------------------- ...

PART I. FINANCIAL INFORMATION [Unaudited Condensed Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Condensed%20Financial%20Statements) Unaudited Q1 2022 financial statements show increased net assets to **$37.4 million** due to unrealized appreciation of its sole energy investment, as the company pursues an operating company transformation [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) As of March 31, 2022, total assets increased to **$40.9 million** and net assets to **$37.4 million**, primarily due to increased fair value of portfolio investments, resulting in a NAV per share of **$2.77** Condensed Balance Sheet Highlights (in thousands, except per share data) | Metric | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Total Investments at Fair Value | $15,000 | $13,000 | | Cash and cash equivalents | $22,300 | $23,465 | | **Total Assets** | **$40,937** | **$39,716** | | Total Liabilities | $3,502 | $3,351 | | **Total Net Assets** | **$37,435** | **$36,365** | | **Net Asset Value Per Share** | **$2.77** | **$2.69** | [Condensed Statements of Operations](index=4&type=section&id=Condensed%20Statements%20of%20Operations) For Q1 2022, the company reported a net increase in net assets of **$1.07 million** or **$0.08 per share**, driven by **$2.0 million** net unrealized appreciation of portfolio securities, offsetting a net investment loss Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Total Expenses | $930 | $1,025 | | Net Investment Loss | ($930) | ($1,025) | | Net Unrealized Appreciation of Portfolio Securities | $2,000 | $1,500 | | **Net Increase in Net Assets** | **$1,070** | **$298** | | **Net Increase in Net Assets Per Share** | **$0.08** | **$0.02** | [Condensed Statements of Changes in Net Assets](index=5&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Net%20Assets) Total net assets increased by **$1.07 million** in Q1 2022, entirely from operations, growing from **$36.37 million** to **$37.44 million** with no capital share activity Changes in Net Assets (in thousands) | Description | Q1 2022 | | :--- | :--- | | Net Assets at January 1, 2022 | $36,365 | | Net increase in net assets from operations | $1,070 | | **Net Assets at March 31, 2022** | **$37,435** | [Condensed Statements of Cash Flows](index=6&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Q1 2022 net cash used in operating activities was **$1.66 million**, a significant shift from Q1 2021, with overall cash and cash equivalents decreasing by **$1.16 million** Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | ($1,660) | $25,630 | | Net Cash Provided by (Used in) Financing Activities | $500 | ($24,000) | | **Net (Decrease) Increase in Cash** | **($1,160)** | **$1,630** | | Cash and cash equivalents at end of period | $22,330 | $25,509 | [Schedules of Investments](index=8&type=section&id=Schedules%20of%20Investments) As of March 31, 2022, the company's sole investment is Equus Energy, LLC, valued at **$15.0 million**, representing **40.1%** of net assets, posing significant concentration risk as a 'non-diversified' investment company - The company's sole portfolio investment is in Equus Energy, LLC, an energy company based in Houston, TX[28](index=28&type=chunk)[38](index=38&type=chunk) Investment in Equus Energy, LLC (in thousands) | Metric | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cost | $7,961 | $7,961 | | Fair Value | $15,000 | $13,000 | | Fair Value as % of Net Assets | 40.1% | 35.7% | - The company is classified as a 'non-diversified' investment company, meaning it is not limited in the proportion of assets that can be invested in a single issuer. This concentration increases risk, as the company's performance is heavily tied to this single energy investment[34](index=34&type=chunk) [Notes to Condensed Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail the company's BDC/RIC status and operating company conversion plan, focusing on the valuation of its Level 3 investment, Equus Energy, LLC, whose fair value increased due to rising energy prices, despite going concern doubts - The company is a BDC and RIC, but shareholders have authorized the withdrawal of the BDC election to facilitate a transformation into an operating company. This transformation is a core part of the company's current strategy[50](index=50&type=chunk)[118](index=118&type=chunk) - The company's sole investment, Equus Energy, LLC, is a Level 3 asset valued using unobservable inputs. Its fair value increased by **$2.0 million** in Q1 2022 due to higher mineral acreage prices and a substantial increase in crude oil and natural gas prices[94](index=94&type=chunk)[116](index=116&type=chunk) - Despite improved commodity prices, Equus Energy's operators have not undertaken significant capital expenditures. This, among other factors, raises substantial doubt about Equus Energy's ability to continue as a going concern[127](index=127&type=chunk)[128](index=128&type=chunk) - The company periodically borrows funds via a margin account at quarter-end to purchase U.S. Treasury bills, a practice used to maintain its RIC diversification status. On April 7, 2022, a **$3.0 million** margin loan was repaid after the purchased Treasury Bills matured[66](index=66&type=chunk)[67](index=67&type=chunk)[160](index=160&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 performance, liquidity, and strategic direction, focusing on the planned BDC to operating company conversion and the positive impact of rising energy prices on its sole investment, while acknowledging concentration risks - The company's primary strategic focus is to transform from a BDC into an operating company. Shareholders have approved measures to facilitate this, including authorizing the withdrawal of the BDC election and increasing authorized shares[165](index=165&type=chunk)[167](index=167&type=chunk) - The increase in oil and gas prices, influenced by high demand and the conflict in Ukraine, has improved the outlook for the company's sole investment, Equus Energy. This led to a **$2.0 million** increase in the investment's fair value in Q1 2022[174](index=174&type=chunk)[192](index=192&type=chunk) Operational Results Comparison (in millions) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net Investment Loss | $0.9 | $1.0 | | Net Change in Unrealized Appreciation | $2.0 | $1.5 | | Net Realized Loss | $0.0 | ($0.2) | - Management believes that operating cash flow and cash on hand are sufficient to meet operating requirements for the next twelve months[187](index=187&type=chunk) [Quantitative and Qualitative Disclosure about Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) The company faces market risks primarily from equity price changes affecting its private company investment, with its valuation sensitive to public market equity price fluctuations, though interest rate changes do not directly impact income - The company's primary market risk is equity price risk associated with its investment in a private company. Significant changes in market equity prices can affect the valuation of this investment[199](index=199&type=chunk) - The company does not currently use derivative financial instruments to mitigate market risks and has no exposure to foreign currency fluctuations[197](index=197&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the Fund's disclosure controls and procedures were effective as of March 31, 2022[201](index=201&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[201](index=201&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is occasionally involved in legal proceedings incidental to normal business, which management does not expect to materially affect financial condition or results of operations - The company does not expect any current legal proceedings to have a material effect on its financial condition or results of operations[203](index=203&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) The company highlights key risks, including those associated with its strategic plan to convert into an operating company and the ongoing uncertain impact of the coronavirus pandemic on its business and financial condition - Significant risks are associated with the company's effort to convert from a BDC into an operating company[204](index=204&type=chunk) - The ultimate impact of the coronavirus pandemic remains highly uncertain and could continue to impact the company's business, results of operations, and financial condition[205](index=205&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO and CFO certifications required by Rule 13a-14(a) and Section 1350, and incorporates previously filed documents by reference - The filing includes certifications by the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act (Rule 13a-14(a)/15d-14(a) and Section 1350)[210](index=210&type=chunk)[213](index=213&type=chunk)[212](index=212&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 814-00098 EQUUS TOTAL RETURN, INC. (Exact name of registrant as specified in its charter) Delaware 76-0345915 (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File Number 814-00098 | --- | --- | |-------------------------------------------------------------------------------------------------|--------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File Number 814-00098 | --- | --- | |-------------------------------------------------------------------------------------------------|-------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File Number 814-00098 | --- | --- | |-------------------------------------------------------------------------------------------------|------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 814-00098 EQUUS TOTAL RETURN, INC. (Exact name of registrant as specified in its charter) Delaware 76-0345915 (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File Number 814-00098 | --- | --- | |-------------------------------------------------------------------------------------------------|--------------------- ...

PART I. FINANCIAL INFORMATION [Item 1. Unaudited Condensed Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Condensed%20Financial%20Statements) Unaudited condensed financial statements for H1 2020 show net assets decreased to **$41.5 million** from **$46.0 million**, with a **$4.6 million** net decrease from operations [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2020, total assets were **$68.8 million** and net assets were **$41.5 million**, a decrease from **$46.0 million** at year-end 2019 Condensed Balance Sheet Highlights (in thousands) | Metric | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total investments at fair value | $37,755 | $40,648 | | Total assets | $68,767 | $75,086 | | Total liabilities | $27,298 | $29,097 | | **Total net assets** | **$41,469** | **$45,989** | | Net asset value per share | $3.07 | $3.40 | [Condensed Statements of Operations](index=4&type=section&id=Condensed%20Statements%20of%20Operations) For H1 2020, the company reported a net investment loss of **$1.6 million** and a net decrease in net assets from operations of **$4.6 million**, driven by unrealized depreciation Six Months Ended June 30, (in thousands, except per share data) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | Total investment income | $208 | $106 | | Total expenses | $1,797 | $1,893 | | **Net investment loss** | **($1,589)** | **($1,787)** | | Net realized (loss) gain | $8 | ($2,757) | | Net change in unrealized appreciation/depreciation | ($3,019) | $8,822 | | **Net (decrease) increase in net assets from operations** | **($4,600)** | **$4,278** | | **Net (decrease) increase per share** | **($0.34)** | **$0.32** | [Condensed Statements of Changes in Net Assets](index=5&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets decreased from **$46.0 million** to **$41.5 million** in H1 2020, primarily due to a **$4.6 million** net loss from operations and **$3.0 million** unrealized depreciation - The company's net assets decreased by **$4.52 million** in the first six months of 2020, from **$45.99 million** to **$41.47 million**[16](index=16&type=chunk) - The decrease was driven by a net investment loss of **$1.59 million** and a net unrealized depreciation of portfolio securities totaling **$3.0 million**[15](index=15&type=chunk)[16](index=16&type=chunk) [Condensed Statements of Cash Flows](index=6&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) For H1 2020, net cash provided by operating activities was **$0.3 million**, a turnaround from **$2.0 million** used in H1 2019, with cash decreasing by **$1.7 million** Cash Flow Summary for Six Months Ended June 30, (in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $284 | ($2,027) | | Net cash (used in) provided by financing activities | ($1,991) | $9 | | **Net decrease in cash and cash equivalents** | **($1,707)** | **($2,018)** | | Cash and cash equivalents at end of period | $2,549 | $5,677 | [Schedules of Investments](index=8&type=section&id=Schedules%20of%20Investments) As of June 30, 2020, total investments were **$64.8 million**, highly concentrated in shipping (66.3%) and energy (13.3%), reflecting a non-diversified status - The Fund is classified as a "non-diversified" investment company, with significant concentration in a few portfolio companies[36](index=36&type=chunk) Portfolio Composition by Industry as of June 30, 2020 (as % of Net Assets) | Industry | Fair Value (in thousands) | % of Net Assets | | :--- | :--- | :--- | | Shipping products and services | $27,500 | 66.3% | | Energy | $5,500 | 13.3% | | Financial services | $3,778 | 9.1% | | Business products and services | $977 | 2.4% | | **Total** | **$37,755** | **91.1%** | - As of June 30, 2020, **90.1%** of the Fund's assets at fair value were in qualifying investments under the 1940 Act[35](index=35&type=chunk) [Notes to Condensed Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail business, accounting policies, and portfolio specifics, highlighting COVID-19 impacts, Level 3 valuations, and substantial doubt about Equus Energy's going concern status - The COVID-19 pandemic has constrained the Fund's ability to source new investments, facilitate dispositions, and consummate a substantial transaction due to travel restrictions and economic dislocation[56](index=56&type=chunk)[57](index=57&type=chunk) - The Fund periodically borrows funds via a margin account to purchase U.S. Treasury bills to maintain its RIC tax status. As of June 30, 2020, it had borrowed **$27.0 million** for this purpose[63](index=63&type=chunk)[69](index=69&type=chunk) - As of June 30, 2020, investments valued using significant unobservable inputs (Level 3) totaled **$34.0 million**, representing the majority of the portfolio securities' fair value[93](index=93&type=chunk)[97](index=97&type=chunk) - The Fund has a Plan of Reorganization to terminate its BDC election and restructure as a publicly-traded operating company, but cannot assure when or if this will be completed[122](index=122&type=chunk) - The fair value of the investment in Equus Energy, LLC decreased by **$2.5 million** in H1 2020 due to falling oil prices. Factors raise substantial doubt about Equus Energy's ability to continue as a going concern[119](index=119&type=chunk)[130](index=130&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant negative impact of COVID-19 and oil price collapse on the Fund's portfolio, leading to a **9.7%** NAV per share decrease and ongoing reorganization challenges - The Fund's net asset value decreased from **$3.40** per share at year-end 2019 to **$3.07** per share as of June 30, 2020, a decrease of **9.7%**[183](index=183&type=chunk) - The economic disruption from the coronavirus and the oil price collapse have created substantial doubt about portfolio company Equus Energy's ability to continue as a going concern[178](index=178&type=chunk) - The Fund's Plan of Reorganization to become an operating company is ongoing but faces constraints due to the pandemic's impact on travel and deal-making[169](index=169&type=chunk) Changes in Unrealized Appreciation/Depreciation (Six Months Ended June 30, 2020) | Portfolio Company | Change in Fair Value (in millions) | Reason | | :--- | :--- | :--- | | MVC | ($1.4) | Decrease in share price | | Equus Energy, LLC | ($2.5) | Decrease in oil prices and mineral acreage values | | PalletOne, Inc. | $1.0 | Improved operating performance | [Quantitative and Qualitative Disclosure about Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) The Fund is exposed to financial market risks, primarily interest rate changes on debt and price changes on equity, with private company investments less directly impacted by short-term volatility - The company is subject to market risks including interest rate changes on debt securities and price changes for marketable equity securities[201](index=201&type=chunk) - A major portion of the investment portfolio consists of debt and equity in private companies, whose fair value is less directly impacted by short-term market volatility compared to public equities[203](index=203&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the Fund's disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal control over financial reporting - As of June 30, 2020, the CEO and CFO concluded that the Fund's disclosure controls and procedures were effective[205](index=205&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended June 30, 2020, that materially affected, or are reasonably likely to materially affect, internal controls[205](index=205&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The Fund is occasionally involved in legal proceedings incidental to operations, which management does not expect to materially affect financial condition or results - The company does not expect any current legal proceedings to have a material effect on its financial condition or results of operations[207](index=207&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) Primary risks include the Fund's Plan of Reorganization and the significant, uncertain economic disruption caused by the COVID-19 pandemic on operations and financial results - The Fund faces risks associated with its Plan of Reorganization to convert into an operating company[208](index=208&type=chunk) - The economic dislocation caused by the coronavirus pandemic presents a significant and evolving risk, with an uncertain impact on the Fund's business, results of operations, and financial condition[209](index=209&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the report, including governance documents, material contracts, and certifications by the CEO and CFO - The report includes required exhibits, such as governance documents, material contracts, and officer certifications, primarily incorporated by reference from previous filings[212](index=212&type=chunk)[213](index=213&type=chunk) [Signature](index=40&type=section&id=SIGNATURE) - The report was signed on August 13, 2020, by John A. Hardy, the Chief Executive Officer of Equus Total Return, Inc[217](index=217&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File Number 814-00098 | --- | --- | |---------------------------------------------------------------------------------------------------------------- ...