[Form 4] Equity Bancshares, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 5 Aug 2025, LTC Properties, Inc. amended its $400 million at-the-market (ATM) equity distribution agreement originally dated 13 Nov 2024.

The amendment: (i) adds RBC Capital Markets LLC and BTIG LLC as additional sales agents/principals; (ii) designates RBC Capital Markets LLC and Nomura Securities International, Inc. (through BTIG) as additional forward sellers; and (iii) appoints Royal Bank of Canada and Nomura Global Financial Products, Inc. as additional forward purchasers under new master forward confirmations (Ex. 99.1).

Concurrently, LTC terminated BMO Capital Markets Corp., Bank of Montreal and Wedbush Securities Inc. from the agreement. Approximately $376.4 million of common stock capacity remains unsold. All other terms, including issuance under Shelf Registration Statement No. 333-283158, are unchanged.

The revision maintains LTC’s ability to raise equity or enter forward sales, though utilization of the remaining capacity could prove dilutive to current shareholders.

Positive

• Expanded syndicate with RBC, BTIG and Nomura increases distribution reach and forward-sale optionality.
• $376.4 million remaining ATM capacity provides significant financing flexibility without immediate debt issuance.

Negative

• Potential dilution if the large unused ATM capacity is tapped aggressively.
• Termination of BMO, Bank of Montreal and Wedbush reduces counterparty diversity and may hint at weaker relationships.

Insights

Capital Markets Analyst

TL;DR Neutral: ATM syndicate reshuffled; financing flexibility retained, dilution risk unchanged.

The amendment refreshes distribution capacity by bringing in RBC and BTIG—firms with broad institutional reach and proven forward-sale execution. Removing BMO/Bank of Montreal and Wedbush has little operational impact because $376.4 million (94%) of authority is still unused. No change to size, pricing mechanics or covenants, so the transaction neither strengthens nor weakens balance-sheet metrics today. Investors should monitor future ATM activity, as sizeable issuance could weigh on per-share FFO.

REIT Equity Analyst

TL;DR Administrative realignment; modest strategic benefit, limited immediate earnings effect.

For a healthcare-focused REIT like LTC, diversified capital channels are essential. Adding RBC and Nomura expands counterparties able to structure forward equity, which can time share settlement to match acquisitions. However, only $23.6 million has been sold to date, hinting at limited near-term external growth needs. Terminating former agents may simply reflect low activity. The filing is not a sign of distress, but investors should weigh potential dilution against acquisition pipeline returns.

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
Estimated average burden
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^*

Fergeson Clint Kendric

(Last) (First) (Middle)

123 W COMMERCE ST.

(Street)

ALTUS OK 73521

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EQUITY BANCSHARES INC [ EQBK ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2025

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
Class A Common Stock	08/04/2025		A		902(1)	A	$0.00	902	D
Class A Common Stock								1,729,783	I	By Fergeson Capital LLC(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 restricted shares issued to the reporting person pursuant to the Equity Bancshares, Inc 2022 Omnibus Equity Incentive Plan in lieu of retainer and meeting fees. The shares will vest on May 1, 2026.

2. The reporting person disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest in the shares. The reporting person is the sole manager of Fergeson Capital LLC.

Remarks:

	/s/ Chris Navratil, attorney-in-fact	08/05/2025
	** 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 LTC Properties (LTC) disclose in its Form 8-K dated August 5, 2025?

The company amended its $400 million equity distribution agreement, adding RBC/BTIG/Nomura and terminating BMO, Bank of Montreal and Wedbush.

How much capacity remains under LTC’s at-the-market equity program?

Approximately $376.4 million of common stock can still be issued.

Which new agents and forward counterparties were added to LTC’s agreement?

RBC Capital Markets LLC and BTIG LLC (agents), RBC Capital Markets LLC and Nomura Securities Int’l (forward sellers), Royal Bank of Canada and Nomura Global Financial Products (forward purchasers).

Which firms were removed from LTC’s equity distribution agreement?

BMO Capital Markets Corp., Bank of Montreal and Wedbush Securities Inc. were terminated.

Does the amendment change the total size of the equity distribution program?

No. The program size remains at $400 million; only the participating counterparties were adjusted.

Under which registration statement will future shares be issued?

Shares will be issued under Shelf Registration Statement No. 333-283158 and its related prospectus supplements.