Highwater Ethanol LLC (HEOL) reports director William Garth’s indirect 400-unit holding

Rhea-AI Filing Summary

Highwater Ethanol LLC reported insider holdings for director William R. Garth. The filing shows indirect ownership of 400 Limited Liability Company membership units. These units are held by Indeck Renewable Energy, LLC, which is wholly owned by Indeck Energy Services, Inc., where Mr. Garth serves as President. This filing establishes Mr. Garth's initial reported beneficial ownership position as a director of the company as of early January 2026.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Garth William R

(Last) (First) (Middle)

600 NORTH BUFFALO GROVE ROAD

SUITE 300

(Street)

BUFFALO GROVE IL 60089

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/02/2026

3. Issuer Name and Ticker or Trading Symbol
HIGHWATER ETHANOL LLC [ NA ]

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

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Limited Liability Company Membership Units	400	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 400 units are owned by Indeck Renewable Energy, LLC. Indeck Renewable Energy, LLC is wholly owned by Indeck Energy Services, Inc. of which Mr. Garth is the President.

	/s/ William R. Garth	01/05/2026
	** 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 5 (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 does the Form 3 filing for HEOL disclose about insider ownership?

The Form 3 discloses that director William R. Garth has indirect beneficial ownership of 400 Limited Liability Company membership units of Highwater Ethanol LLC.

How are the 400 Highwater Ethanol LLC units held for William R. Garth?

The 400 units are owned by Indeck Renewable Energy, LLC, which is wholly owned by Indeck Energy Services, Inc., where Mr. Garth is President.

What is William R. Garth’s relationship to Highwater Ethanol LLC (HEOL)?

William R. Garth is identified in the filing as a Director of Highwater Ethanol LLC.

Is William R. Garth’s ownership in HEOL direct or indirect?

The filing classifies his beneficial ownership of the 400 membership units as Indirect (I), held through affiliated entities.

Does the HEOL Form 3 report any derivative securities for William R. Garth?

No derivative securities are listed in Table II; only non-derivative beneficial ownership of 400 membership units is reported.

Why is this HEOL Form 3 filing important for investors?

The filing documents the initial beneficial ownership position of a company director, providing transparency into insider holdings at Highwater Ethanol LLC.