X0202 SCHEDULE 13D 0001313813 XXXXXXXX LIVE Common Stock, par value $0.001 per share 06/19/2026 true 0000878932 294766100 Equus Total Return, Inc.

700 LOUISIANA STREET 48TH FLOOR HOUSTON TX 77002

Howard Todd Horberg 847-334-3801 915 McCormick Drive Lake Forest IL 60045 0001313813 N Howard Todd Horberg WC N X1 783000.00 0.00 783000.00 0.00 783000.00 N 5.61 IN Common Stock, par value $0.001 per share Equus Total Return, Inc. 700 LOUISIANA STREET 48TH FLOOR HOUSTON TX 77002 Howard Todd Horberg 915 McCormick Drive, Lake Forest, Illinois 60045 Private Investor NO NO USA 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. 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. 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. 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. 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 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. Not applicable. The Reporting Person has not ceased to be the beneficial owner of more than 5% of the Common Stock 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. 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. Howard Todd Horberg Howard Todd Horberg 06/23/2026 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."