ATTACHMENTS / EXHIBITS

SCHEDULE 13D

CUSIP No.

Name of reporting person

Howard Todd Horberg

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

(a)
(b)

SEC use only

Source of funds (See Instructions)

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

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

Aggregate amount beneficially owned by each reporting person

783,000.00

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

Percent of class represented by amount in Row (11)

5.61 %

Type of Reporting Person (See Instructions)

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)

(e)

(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."