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Berkshire Hathaway for private companies.

Shark Tank for more established small businesses.

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• Strategic Transaction Financing: Provides capital for significant corporate events such as leveraged buyouts, management buyouts, acquisitions, operational turnarounds, and recapitalizations.
• Growth and Expansion Capital: Offers funding to small to mid-sized companies to support their growth, expansion, and corporate partnership initiatives.
• Equity Investments: Invests in privately owned companies through common stock, preferred stock, and other equity-oriented securities.
• Debt Investments: Provides various forms of debt financing, including subordinate debt, debt convertible into common or preferred stock, and debt combined with warrants.

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Major Customers of Equus Total Return (EQS)

Equus Total Return, Inc. (EQS) is a Business Development Company (BDC). As a BDC, EQS does not have "customers" in the traditional sense of selling products or services directly to individuals or other businesses. Instead, its core business involves providing capital and financing through various investment strategies to other companies.

Therefore, its "major customers" are effectively the companies in which it makes equity and debt investments. These are its portfolio companies, to whom it provides financial support, expertise, and growth capital.

The provided background information describes the types of companies and sectors EQS invests in, but it does not list the specific names of the individual companies within its investment portfolio. Consequently, we cannot provide a list of its major customer companies or their symbols.

According to the background, EQS targets investments in small to mid-sized companies generally meeting the following criteria:

• Companies with enterprise values between $1 million to $25 million.
• Revenues between $5 million and $150 million.
• EBITDA between $2 million to $50 million.
• Operating in sectors such as technology, telecommunication, financial services, natural resource and industrial manufacturing and services, alternative energy, real estate, healthcare, education, e-learning, leisure and entertainment.
• Located in the United States, China, India, and Europe.

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John A. Hardy, Chief Executive Officer

John A. Hardy has served as the Chief Executive Officer of Equus Total Return, Inc. since June 2011. He was the Executive Chairman of the Fund from June 2010 to June 2011 and has been a Director of the Fund since May 2010. Mr. Hardy previously served as the Chief Executive Officer of Versatile Systems Inc. from January 1997 to December 2007. He possesses extensive experience in the insurance, finance, and banking sectors. His background also includes involvement in mergers and acquisitions and the resolution of multi-jurisdictional disputes, having practiced as a Barrister from 1978 to 2002. Additionally, Mr. Hardy was an adjunct Professor, lecturing in insurance law at the University of British Columbia from 1984 to 2000.

L'Sheryl D. Hudson, Senior Vice President, Chief Financial Officer, and Treasurer

L'Sheryl D. Hudson has held the position of Vice President and Chief Financial Officer of Equus Total Return, Inc. since November 14, 2006. Prior to joining Equus, she served as an Associate Director at WestLB Asset Management (US), LLC (“WestAM”) from 2002 to 2006. From 1998 to 2001, Ms. Hudson was the Director of Portfolio Management and Valuation at Enron Corporation.

Kenneth I. Denos, Chief Compliance Officer and Secretary

Kenneth I. Denos has been the Secretary of Equus Total Return, Inc. since 2010 and its Chief Compliance Officer since July 2011. He has practiced securities law since 1996, focusing on securities, mergers and acquisitions, corporate finance, and regulatory compliance. Mr. Denos is responsible for overseeing regulatory filings for various U.S. and international public companies. Over the past 15 years, he has served as a director or principal for several small-cap public companies listed on exchanges such as the London AIM, Frankfurt Stock Exchange, New York Stock Exchange, and the OTC Bulletin Board. He has also collaborated closely with numerous public and private emerging growth companies worldwide. Mr. Denos holds a Bachelor of Science degree in Business Finance and Political Science, a Master of Business Administration, and a Juris Doctor from the University of Utah.

Fraser Atkinson, Chairman of the Board

Fraser Atkinson has served as the Chairman of the Board for Equus Total Return, Inc. He has been the Chairman of GreenPower Motor Company Inc. (Nasdaq: GP) since February 2011 and its CEO since June 2019. Mr. Atkinson spent over 14 years as a partner at KPMG, LLP, where he was involved in both the technology and corporate finance sectors, departing in September 2002. He has also held roles as Chairman, President, and Director for various public and private companies.

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The addressable markets for Equus Total Return's main products or services, which primarily involve providing capital and investment strategies to small to mid-sized companies, can be sized within the broader private equity and private credit markets across its target regions.

United States

• The overall U.S. private equity market was valued at approximately USD 2,995 billion in 2024 and is projected to reach USD 6584.6 billion by 2032.
• The U.S. middle market, defined as businesses with annual revenues between USD 10 million and USD 1 billion, comprises over 200,000 firms, generating a combined revenue of USD 10 trillion.
• Small and middle-market buyouts accounted for 96% of all buyout deals across the U.S. and Europe between 2014 and 2024.
• U.S. private equity buyout activity for deals under USD 25 million reached USD 7.9 billion in 2024.
• Leveraged buyout direct lending in the U.S. middle market increased to USD 55 billion in 2024, capturing 90% of middle-market leveraged buyout activity.
• Assets under management by Business Development Companies (BDCs) in the U.S. increased to approximately USD 451 billion in 2025. BDCs primarily invest in private U.S. operating companies, often within the middle market.

Europe

• The European private equity market was valued at USD 3.26 trillion in 2025 and is projected to reach USD 9.12 trillion by 2034.
• Mid-market private equity in Europe raised €137 billion (approximately USD 148.9 billion, using a conversion rate of 1 EUR = 1.087 USD for 2025 values) from 2016 to 2020.
• European asset manager buyout activity surpassed €14 billion (approximately USD 15.6 billion) in 2024.
• Europe's small and mid-sized enterprise (SME) base constitutes 99% of all businesses, offering significant potential for private equity investment.

India

• The Indian private equity market is valued at USD 84.5 billion in 2025 and is projected to grow to USD 232.7 billion by 2030.
• Private equity and venture capital (PE-VC) investments in India recovered to approximately USD 43 billion in 2024, making India the Asia-Pacific region's second-largest PE-VC destination.
• Small and SMID-cap (small to mid-sized) deals in India are expected to grow at a 16.81% Compound Annual Growth Rate (CAGR) between 2025 and 2030.
• Buyouts accounted for 51% of the total PE deal value in India in 2024.

China

• China's private equity market accounts for about one-third of the global market, with an annual fundraising size of nearly US$300 billion, positioning it as the world's second-largest PE market.
• Private equity acquisitions of Chinese companies reached USD 25 billion in 2025.
• China recorded USD 25.8 billion in buyout transactions in 2025, representing 27% of regional buyouts by deal count.
• Small and micro enterprises in China number over 52 million and contribute approximately 60% of the country's GDP, providing substantial opportunities for private equity investments.

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Here are the expected drivers of future revenue growth for Equus Total Return (EQS) over the next 2-3 years:

• Growth in the fair value of existing equity holdings, particularly within sectors such as natural resources, driven by favorable changes in commodity prices.
• Successful performance and appreciation of new investments, including those structured as convertible promissory notes and warrants in privately owned companies.
• Realization of gains from "liquidity events" within its portfolio companies, such as successful exits or sales of investments.
• Strategic deployment of capital into new promising small to mid-sized companies, aligning with its business development company (BDC) investment strategy.

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Share Issuance

• On February 10, 2025, Equus Total Return, Inc. issued a one-year senior convertible promissory note for $2.0 million in cash.
• Concurrently on February 10, 2025, Equus also issued two common stock purchase warrants to acquire an aggregate of 2,000,000 shares of its common stock, for which shareholder approval is required due to conversion prices being below the company's net asset value per share.
• The number of shares outstanding for Equus Total Return, Inc. has increased by 0.24% in one year.

Outbound Investments

• On February 10, 2025, Equus purchased a one-year senior convertible promissory note from General Enterprise Ventures, Inc. (GEVI) for $1.5 million in cash, which is convertible into GEVI common stock at $0.40 per share.
• In addition to the GEVI note, Equus received a common stock purchase warrant to acquire 1,875,000 shares of GEVI common stock at an exercise price of $0.50 per share on February 10, 2025.
• On March 4, 2025, Equus Total Return, Inc. completed the sale of its entire equity interest in Equus Energy, LLC to North American Energy Opportunities Corp. for $1.25 million in cash and 27,500 shares of preferred stock.