[D] Equity Bancshares, Inc. SEC Filing

Rhea-AI Filing Summary

Highwoods Properties (HIW) Q2 2025 10-Q highlights

Rental and other revenues slipped 2% YoY to $200.6 m while property-level expenses were flat, trimming segment NOI 2% to $136.9 m. Interest expense rose 5% to $37.7 m. With no asset-sale gain this quarter (vs. $35 m in Q2 24), net income plunged 70% to $19.2 m and diluted EPS fell to $0.17 from $0.59.

Six-month results benefited from a $82.2 m gain on the sale of three Tampa buildings and Pittsburgh land: revenue was down 3.6% to $401.0 m, but net income rose 30% to $119.2 m, lifting EPS to $1.07. Operating cash flow reached $162.9 m (-20% YoY).

Net real estate assets increased $61 m to $4.88 bn, aided by the $137.9 m purchase of Raleigh’s Advance Auto Parts Tower. Total debt climbed $40.8 m to $3.33 bn; secured borrowings account for 21%. Liquidity remains solid with $40.0 m of cash and $603 m of undrawn revolver capacity; the company affirms covenant compliance.

HIW paid a $0.50 common dividend (8.7% annualized) and redeemed 2,095 preferred shares in Q2, leaving 108.1 m common shares outstanding as of 22 Jul 2025. Management continues to target non-core dispositions and flags a $200 m term-loan maturity in May 2026.

Positive

• 30% YTD net income increase driven by $82.2 m disposition gain, lifting diluted EPS to $1.07.
• Strong liquidity with $603 m unused revolver capacity and only $200 m of debt maturing before mid-2026.
• Strategic capital recycling: $137.9 m Raleigh acquisition funded largely by $146.3 m of non-core asset sales.

Negative

• Core operating weakness: Q2 revenues fell 2% YoY and NOI declined 2%.
• Earnings volatility: quarterly net income down 70% YoY absent prior-year sale gain, indicating reliance on dispositions.
• Rising interest burden: interest expense up 5% YoY to $37.7 m, pressuring future cash flow.

Insights

Senior REIT Analyst

TL;DR: Q2 core metrics soft; YTD boosted by one-off gains—balance sheet stable, outlook neutral.

Revenue erosion and higher interest costs point to mild pressure in underlying office fundamentals, evidenced by the 2% drop in same-store NOI and 70% fall in quarterly earnings once 2024’s sale gain is removed. Management offset softness through a profitable $146 m asset sale, driving strong YTD earnings but these gains are non-recurring. Leverage inched up to 5.8× NOI but is manageable given $603 m of revolver availability and no significant maturities until 2026. Acquisition of Advance Auto Parts Tower recycles sale proceeds into Raleigh, a core growth market, yet adds modest near-term integration risk. Dividend coverage (AFFO undisclosed) bears watching as distributions exceeded net income in Q2. Overall impact neutral: fundamentals weak but liquidity, asset recycling and stable covenants limit downside.

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

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

Notice of Exempt Offering of Securities

OMB APPROVAL

OMB Number:			3235-0076
Estimated average burden
hours per response:			4.00

1. Issuer's Identity

CIK (Filer ID Number)

Previous Names

X None

Entity Type

0001227500

X	Corporation
	Limited Partnership
	Limited Liability Company
	General Partnership
	Business Trust
	Other (Specify)

Name of Issuer

EQUITY BANCSHARES INC

Jurisdiction of Incorporation/Organization

KANSAS

Year of Incorporation/Organization

X	Over Five Years Ago
	Within Last Five Years (Specify Year)
	Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
EQUITY BANCSHARES INC
Street Address 1		Street Address 2
7701 E. KELLOGG DRIVE, SUITE 300
City	State/Province/Country	ZIP/PostalCode	Phone Number of Issuer
WICHITA	KANSAS	67207	316-612-6000

3. Related Persons

Last Name	First Name	Middle Name
Koger	Randee	R
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Loving	James	S
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Maland	Jerry	P
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Penner	Shawn	D
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Borck	Leon	H
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Gaeddert	Gregory	L
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Elliott	Brad	S
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: X Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Everett	Junetta	M
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Kossover	Gregory	H
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: X Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Huber	Julie	A
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Knutson	Ann	M
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Navratil	Chris	M
Street Address 1	Street Address 2
7,701	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Pass	David	E
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Reber	Brett	A
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Sems	Richard	A
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Slupkowski	Krzysztof	P
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Hutton	Benjamen	J
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Cook	Kevin	C
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Fergeson	C	Kendrick
Street Address 1	Street Address 2
7701 East Kellogg Drive	Suite 300
City	State/Province/Country	ZIP/PostalCode
Wichita	KANSAS	67207

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

4. Industry Group

Agriculture

Banking & Financial Services

X

Commercial Banking

Insurance

Investing

Investment Banking

Pooled Investment Fund

Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?

Yes No

Other Banking & Financial Services

Business Services

Energy

Coal Mining

Electric Utilities

Energy Conservation

Environmental Services

Oil & Gas

Other Energy

	Health Care
	Biotechnology
	Health Insurance
	Hospitals & Physicians
	Pharmaceuticals
	Other Health Care
	Manufacturing
	Real Estate
	Commercial
	Construction
	REITS & Finance
	Residential
	Other Real Estate

Retailing

Restaurants

Technology

Computers

Telecommunications

Other Technology

Travel

Airlines & Airports

Lodging & Conventions

Tourism & Travel Services

Other Travel

Other

5. Issuer Size

Revenue Range		OR	Aggregate Net Asset Value Range
	No Revenues			No Aggregate Net Asset Value
	$1 - $1,000,000			$1 - $5,000,000
	$1,000,001 - $5,000,000			$5,000,001 - $25,000,000
	$5,000,001 - $25,000,000			$25,000,001 - $50,000,000
	$25,000,001 - $100,000,000			$50,000,001 - $100,000,000
	Over $100,000,000			Over $100,000,000
X	Decline to Disclose			Decline to Disclose
	Not Applicable			Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

		Rule 504(b)(1) (not (i), (ii) or (iii))
		Rule 504 (b)(1)(i)
		Rule 504 (b)(1)(ii)
		Rule 504 (b)(1)(iii)
	X	Rule 506(b)
		Rule 506(c)
		Securities Act Section 4(a)(5)

Investment Company Act Section 3(c)

Section 3(c)(1) Section 3(c)(9)

Section 3(c)(2) Section 3(c)(10)

Section 3(c)(3) Section 3(c)(11)

Section 3(c)(4) Section 3(c)(12)

Section 3(c)(5) Section 3(c)(13)

Section 3(c)(6) Section 3(c)(14)

Section 3(c)(7)

7. Type of Filing

X	New Notice			Date of First Sale	2025-07-17				First Sale Yet to Occur
	Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year? Yes X No

9. Type(s) of Securities Offered (select all that apply)

	Equity		Pooled Investment Fund Interests
X	Debt		Tenant-in-Common Securities
	Option, Warrant or Other Right to Acquire Another Security		Mineral Property Securities
	Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security		Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $150,000 USD

12. Sales Compensation

Recipient	Recipient CRD Number None
Piper Sandler & Co	665
(Associated) Broker or Dealer X None	(Associated) Broker or Dealer CRD Number X None
None	None
Street Address 1	Street Address 2
1251 Avenue of the Americas	6th Floor
City	State/Province/Country	ZIP/Postal Code
New York	NEW YORK	10020
State(s) of Solicitation (select all that apply) Check "All States" or check individual States All States	Foreign/non-US
ALABAMA ARKANSAS CALIFORNIA FLORIDA GEORGIA ILLINOIS IOWA KANSAS MAINE MARYLAND MICHIGAN MISSISSIPPI MISSOURI NEW JERSEY NEW YORK NORTH CAROLINA OHIO OKLAHOMA PENNSYLVANIA SOUTH CAROLINA TENNESSEE TEXAS VIRGINIA WISCONSIN

13. Offering and Sales Amounts

Total Offering Amount	$75,000,000	USD	or Indefinite
Total Amount Sold	$75,000,000	USD
Total Remaining to be Sold	$0	USD	or Indefinite

Clarification of Response (if Necessary):

14. Investors

Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.

Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:

44

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions	$750,000	USD	Estimate
Finders' Fees	$0	USD	Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$0

USD

Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:

• Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*

• Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.

• Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer	Signature	Name of Signer	Title	Date
EQUITY BANCSHARES INC	Chris Navratil	Chris Navratil	CFO	2025-07-29

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.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.

FAQ

How much revenue did Highwoods Properties (HIW) report for Q2 2025?

Rental and other revenues were $200.6 million, down 2% from Q2 2024.

What was HIW’s Q2 2025 diluted EPS?

Diluted earnings per share were $0.17, versus $0.59 a year earlier.

Why did year-to-date net income rise despite lower revenue?

A $82.2 million gain from selling three Tampa buildings and Pittsburgh land boosted first-half earnings.

What is HIW’s current liquidity position?

The company holds $40.0 million in cash and has $603 million available on its $750 million revolver.

Did Highwoods acquire or sell any properties during 2025?

Yes. It bought the 346k-sf Advance Auto Parts Tower in Raleigh for $137.9 m and sold assets for $146.3 m.