[Form 4] EQUUS TOTAL RETURN, INC. Insider Trading Activity

Rhea-AI Filing Summary

Kenneth I. Denos, a director and the secretary of Equus Total Return, Inc. (EQS), received an award of 250,000 restricted shares on 09/16/2025 under the registrant's 2016 Equity Incentive Plan. The shares were awarded at an indicated price of $2.51 per share and increase Mr. Denos's beneficial ownership to 332,595 shares following the transaction. The filing notes that 250,000 of the shares are held directly by Acadia Law Group, P.C., a professional corporation beneficially owned and controlled by the reporting person who has execution authority on its behalf. The Form 4 is filed by one reporting person and is signed by Mr. Denos on the transaction date.

Insights

Financial Analyst

TL;DR: Routine equity award increases insider ownership; limited immediate market impact unless company is small or award is unusually large.

This restricted stock award of 250,000 shares to a director and officer aligns management and shareholder interests by increasing insider skin in the game. The filing shows an effective acquisition date of 09/16/2025 and a reported price of $2.51 per share, which appears to be the grant metric rather than an open-market purchase. The increase to 332,595 shares is material to the reporting individual's ownership but the Form 4 does not include company-wide share count or percent ownership, so assessing dilution or proportional impact on equity is not possible from this filing alone.

Corporate Governance Expert

TL;DR: Standard equity compensation disclosure reflecting governance practice of compensating directors/officers via restricted stock grants.

The disclosure identifies Mr. Denos as both a director and secretary and documents the award as issued under the 2016 Equity Incentive Plan, consistent with typical director/officer compensation policies. The note that shares are held by Acadia Law Group, P.C., controlled by the reporting person, clarifies indirect vs direct ownership. There is no indication of related-party concerns or unusual vesting terms in this filing; absent additional plan or company-level context, this appears to be a routine, governance-compliant grant.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Denos Kenneth I

(Last) (First) (Middle)

700 LOUISIANA STREET 41ST FLOOR

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EQUUS TOTAL RETURN, INC. [ EQS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Secretary

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/16/2025	09/16/2025	A		250,000(1)	A	$2.51	332,595	I	I(1)(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents an award of restricted stock pursuant to the Registrants's 2016 Equity Incentive Plan.

2. Includes 250,000 shares held directly by Acadia Law Group, P.C., a Utah professional corporation beneficially owned controlled by the Reporting person who has authority to execute the same on behalf of Acadia Law Group, P.C.

	/s/ Kenneth I Denos	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Kenneth I. Denos report on Form 4 for EQS?

The Form 4 reports an award of 250,000 restricted shares granted on 09/16/2025, increasing his beneficial ownership to 332,595 shares.

Under what plan were the 250,000 shares issued?

The shares were issued pursuant to the registrant's 2016 Equity Incentive Plan as stated in the filing.

What price is listed for the restricted stock award?

The Form 4 lists a price of $2.51 per share associated with the reported award.

How is Acadia Law Group, P.C. related to the reported ownership?

The filing states 250,000 shares are held directly by Acadia Law Group, P.C., a professional corporation beneficially owned and controlled by the reporting person.

What roles does the reporting person hold at EQS?

Kenneth I. Denos is identified as a Director and as an Officer with the title Secretary.