Highwater Ethanol director reports 400 units

Q: What insider position did Michael D. Stein report in HEOL on Form 3?

He reported indirect ownership of 400 Limited Liability Company Membership Units of HIGHWATER ETHANOL LLC, held through Indeck Renewable Energy, LLC, which is wholly owned by Indeck Energy Services, Inc.

Q: Is Michael D. Stein a director or officer of HIGHWATER ETHANOL LLC (HEOL)?

He is reported as a director of HIGHWATER ETHANOL LLC on the Form 3 and is not listed as an officer of the issuer in this filing.

Q: How are Michael D. Stein’s 400 HEOL units held?

The filing states that 400 units are owned by Indeck Renewable Energy, LLC, which is wholly owned by Indeck Energy Services, Inc. Mr. Stein is the CFO of Indeck Energy Services, Inc., so the holdings are reported as indirect.

Q: Does this HEOL Form 3 disclose any insider purchases or sales?

No. The Form 3 for HIGHWATER ETHANOL LLC lists a holding entry only for 400 indirectly owned units and does not report any purchase or sale transactions.

Q: What type of security does HEOL’s Form 3 list for Michael D. Stein?

The security is described as Limited Liability Company Membership Units of HIGHWATER ETHANOL LLC, with 400 units reported as indirectly owned.

HIGHWATER ETHANOL LLC (HEOL) director Michael D. Stein filed an initial ownership report showing 400 Limited Liability Company Membership Units indirectly owned.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

HIGHWATER ETHANOL LLC (HEOL) director Michael D. Stein filed an initial ownership report showing 400 Limited Liability Company Membership Units indirectly owned. These 400 units are held by Indeck Renewable Energy, LLC, which is wholly owned by Indeck Energy Services, Inc., where Mr. Stein serves as CFO.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Stein Michael D.

Role Director

Type	Security	Shares	Price	Value
holding	Limited Liability Company Membership Units ^F1	--	--	--

Holdings After Transaction: Limited Liability Company Membership Units — 400 shares (Indirect, See footnote)

Footnotes (1)

F1. 400 units are owned by Indeck Renewable Energy, LLC. Indeck Renewable Energy, LLC is wholly owned by Indeck Energy Services, Inc. of which Mr. Stein is the CFO.

Key Figures

Indirectly owned membership units: 400 Limited Liability Company Membership Units Holding entries: 1 entry Director status: 1 director

3 metrics

Indirectly owned membership units 400 Limited Liability Company Membership Units Total units reported as indirectly owned following the reported holding entry

Holding entries 1 entry Number of holding entries reported in the transaction summary

Director status 1 director Reporting person identified as a director of HIGHWATER ETHANOL LLC

Key Terms

Limited Liability Company Membership Units, indirect, wholly owned

3 terms

Limited Liability Company Membership Units financial

"security_title: "Limited Liability Company Membership Units""

indirect financial

"ownership_type": "indirect""

wholly owned financial

"Indeck Renewable Energy, LLC is wholly owned by Indeck Energy Services, Inc."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider position did Michael D. Stein report in HEOL on Form 3?

He reported indirect ownership of 400 Limited Liability Company Membership Units of HIGHWATER ETHANOL LLC, held through Indeck Renewable Energy, LLC, which is wholly owned by Indeck Energy Services, Inc.

Is Michael D. Stein a director or officer of HIGHWATER ETHANOL LLC (HEOL)?

He is reported as a director of HIGHWATER ETHANOL LLC on the Form 3 and is not listed as an officer of the issuer in this filing.

How are Michael D. Stein’s 400 HEOL units held?

The filing states that 400 units are owned by Indeck Renewable Energy, LLC, which is wholly owned by Indeck Energy Services, Inc. Mr. Stein is the CFO of Indeck Energy Services, Inc., so the holdings are reported as indirect.

Does this HEOL Form 3 disclose any insider purchases or sales?

No. The Form 3 for HIGHWATER ETHANOL LLC lists a holding entry only for 400 indirectly owned units and does not report any purchase or sale transactions.

What type of security does HEOL’s Form 3 list for Michael D. Stein?

The security is described as Limited Liability Company Membership Units of HIGHWATER ETHANOL LLC, with 400 units reported as indirectly owned.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/01/2026 - 03:53 PM EDT Accepted by SEC EDGAR 09/01/2026 - 03:53 PM EDT

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^*

Stein Michael D.

(Last)

(First)

(Middle)

600 N. BUFFALO GROVE ROAD, SUITE 300

(Street)

BUFFALO GROVE

ILLINOIS

60089

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
08/19/2026

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

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

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

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

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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)

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. Stein is the CFO.

	/s/ Michael D. Stein	08/26/2026
	** 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.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR