Equus Total Return investor reveals 5.61% stake

Equus Total Return, Inc. investor Howard Todd Horberg filed a Schedule 13D after accumulating a significant stake in the company’s common stock.

Rhea-AI Filing Summary

Equus Total Return, Inc. investor Howard Todd Horberg filed a Schedule 13D after accumulating a significant stake in the company’s common stock. He beneficially owns 783,000 shares, representing about 5.61% of the outstanding common stock, purchased for an aggregate of approximately $1,596,790.

The shares are held through Horberg Enterprises LP (729,000 shares) and a Howard Todd Horberg Rollover IRA (54,000 shares), over which he has sole voting and dispositive power. On June 23, 2026, he sent a letter to the issuer’s board and shareholders outlining his views, and he may engage further on issues such as corporate governance, capital allocation, strategy, and potential transactions. He may increase, reduce, or otherwise adjust his position over time depending on market conditions and the company’s performance.

Insights

Activism & Governance Analyst

New 5.61% holder files 13D and signals potential activist engagement.

Howard Todd Horberg has disclosed a 5.61% beneficial stake in Equus Total Return via 783,000 common shares held through two entities. Filing a Schedule 13D, rather than 13G, and sending an open letter suggests an intention to influence governance or strategy.

The narrative indicates possible engagement on corporate governance, capital allocation, board composition, and strategic alternatives, including mergers or asset sales. However, no specific change is demanded in this excerpt, and any outcome will depend on future discussions and responses from the company.

Because the position is just above 5%, the stake is meaningful but not controlling. The filing mainly signals that an engaged shareholder is now publicly on record, with the potential for further proposals or campaigns as future events unfold.

Key Figures

Beneficial ownership: 783,000 shares Ownership percentage: 5.61% Aggregate purchase price: $1,596,790 +5 more

8 metrics

Beneficial ownership 783,000 shares Common stock beneficially owned by reporting person

Ownership percentage 5.61% Percent of Equus Total Return common stock class

Aggregate purchase price $1,596,790 Total consideration paid for reported shares

Horberg Enterprises LP holdings 729,000 shares Portion of stake held via Horberg Enterprises LP

Rollover IRA holdings 54,000 shares Portion of stake held via Howard Todd Horberg Rollover IRA

Per share price $1.23/share June 15, 2026 purchase by Horberg Enterprises LP

Per share price $1.22/share June 18, 2026 purchase by Horberg Enterprises LP

Per share price $1.24/share June 18, 2026 purchase by Rollover IRA

Key Terms

Schedule 13D, beneficially owns, sole voting power, sole dispositive power, +2 more

6 terms

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially owns financial

"The Reporting Person beneficially owns 783,000 Shares, representing approximately 5.61% of the outstanding shares"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

sole voting power financial

"The Reporting Person has sole power to vote or direct the vote over all 783,000 Shares."

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"The Reporting Person has sole power to dispose or direct the disposition of all the 783,000 Shares."

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Entities financial

"As referenced in this, the "Entities" mean Horberg Enterprises LP and Howard Todd Horberg Rollover IRA."

open letter other

"Exhibit 99.1, Press release issued by the Reporting Person which contains an open letter to the Board of Directors and Shareholders of the Issuer."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake did Howard Todd Horberg disclose in Equus Total Return (EQS)?

Howard Todd Horberg disclosed beneficial ownership of 783,000 Equus Total Return shares, representing about 5.61% of the company’s common stock. This stake crosses the 5% threshold that requires public reporting on Schedule 13D and signals a significant shareholder position.

How much did Howard Todd Horberg pay for his Equus Total Return (EQS) shares?

The aggregate purchase price reported for the Equus Total Return shares was approximately $1,596,790. These funds came from the working capital of his entities, reflecting the total amount invested to accumulate the 783,000-share position disclosed in the Schedule 13D.

How is Howard Todd Horberg’s Equus Total Return (EQS) stake held?

The 783,000 Equus Total Return shares are held through two entities: 729,000 shares in Horberg Enterprises LP and 54,000 shares in a Howard Todd Horberg Rollover IRA. Horberg is the sole beneficial owner with sole voting and dispositive power over all these shares.

Did Howard Todd Horberg signal activist intentions toward Equus Total Return (EQS)?

Horberg issued a letter to the board and shareholders expressing his views on Equus Total Return and may discuss governance, capital allocation, strategy, and potential transactions. While no specific plan is detailed, he reserves the right to pursue proposals affecting the company’s direction.

What trading activity did the Schedule 13D report for Equus Total Return (EQS)?

The filing lists recent purchases, including 16,500 shares at $1.23 and 5,500 shares at $1.22 by Horberg Enterprises LP, and 10,000 shares at $1.24 by the Rollover IRA. These transactions contributed to building the overall 783,000-share position.

What control does Howard Todd Horberg have over his Equus Total Return (EQS) shares?

Horberg reports sole voting and sole dispositive power over 783,000 shares, with no shared power. As general partner and sole beneficiary of the holding entities, he alone directs how the shares are voted and when or whether they are sold.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/23/2026 - 08:31 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Equus Total Return, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

294766100

(CUSIP Number)

Howard Todd Horberg
915 McCormick Drive,
Lake Forest, IL, 60045
847-334-3801

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/19/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 294766100

1

Name of reporting person

Howard Todd Horberg

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 783,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 783,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

783,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.61 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.001 per share
(b)	Name of Issuer: Equus Total Return, Inc.
(c)	Address of Issuer's Principal Executive Offices: 700 LOUISIANA STREET, 48TH FLOOR, HOUSTON, TEXAS , 77002.
Item 2.	Identity and Background
(a)	Howard Todd Horberg
(b)	915 McCormick Drive, Lake Forest, Illinois 60045
(c)	Private Investor
(d)	NO
(e)	NO
(f)	USA
Item 3.	Source and Amount of Funds or Other Consideration
	The aggregate purchase price of the Shares being reported herein was approximately $1,596,790. The source of funds to purchase the Shares came from working capital of the Entities. The Reporting Person is the sole beneficial owner of the Shares held by each of the Entities. As referenced in this Schedule 13D, the "Entities" mean Horberg Enterprises LP and Howard Todd Horberg Rollover IRA.
Item 4.	Purpose of Transaction
	On June 23, 2026, the Reporting Person issued a letter expressing his views concerning the Issuer and certain matters relating to the Issuer (the "Letter"). A copy of the Letter is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In addition, the Reporting Person may from time to time communicate with the Issuer and other interested parties regarding a variety of matters relating to the Issuer, including corporate governance, capital allocation, management, board composition, strategic alternatives, business combinations, acquisitions, mergers, sales of assets, recapitalizations, financings, operational matters and other transactions or alternatives that could affect the Issuer and its stockholders. The Reporting Person intends to review his investments in the Issuer on a continuing basis and may, depending on various factors, including market conditions, the Issuer's performance and prospects, and other investment considerations, acquire additional Shares, dispose of some or all of his Shares, engage in transactions involving the Shares, or formulate plans or proposals regarding the Issuer, subject to restrictions under applicable laws. Except as set forth herein, the Reporting Person has no present plan or proposal that relates to or would result in any of the matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, although the Reporting Person reserves the right to formulate such plans or proposals in the future and to take such actions as he may deem appropriate with respect to his investment in the Issuer.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Person beneficially owns 783,000 Shares, representing approximately 5.61% of the outstanding shares of the Common Stock of the Issuer. The Shares are held in the two Entities (729,000 are held in Horberg Enterprises LP and 54,000 are held in Howard Todd Horberg Rollover IRA ). The Reporting Person is the sole beneficial owner of the Shares insofar as he has sole voting and dispositive power with respect to the Shares.
(b)	The Reporting Person has sole power to vote or direct the vote over all 783,000 Shares. The Reporting Person has shared voting power to vote or direct the vote over 0 Shares. The Reporting Person has sole power to dispose or direct the disposition of all the 783,000 Shares. The Reporting Person has shared power to dispose or direct the disposition of 0 Shares.
(c)	Entity Date of Purchase Number of Shares Purchased Per Share Price Horberg Enterprise LP June 15, 2026 16,500 $1.23 June 18, 2026 5.500 $1.22 Todd Horberg Rollover IRA June 18, 2026 10,000 $1.24
(d)	No persons other than the Entities have the current right to receive dividends from, or the proceeds from the sale of, the Shares. The Reporting Person is the sole person with the right to direct payment of these dividends or sales proceeds to a person other than the Entities, to the extent permitted by the governing documents of these Entities.
(e)	Not applicable. The Reporting Person has not ceased to be the beneficial owner of more than 5% of the Common Stock of the Issuer.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The Reporting Person is the sole general partner of Horberg Enterprises LP and the sole beneficiary of the Howard Todd Horberg IRA Rollover, and by virtue thereof has the sole authority to direct the voting and disposition of the Shares. Except as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Person and any other person with respect to the securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1, Press release issued by the Reporting Person which contains an open letter to the Board of Directors and Shareholders of the Issuer.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Howard Todd Horberg

Signature:	Howard Todd Horberg
Name/Title:	Howard Todd Horberg
Date:	06/23/2026

Comments accompanying signature:

Exhibit 99.1 -- Press Release issued by the Reporting Person containing "Open Letter to the Board of Directors and Shareholders of Equus Total Return, Inc."