Storms developed from the evening hours on the 15th and continued through the early morning hours on the 16th. Large hail, measured wind gusts above 60 mph and three tornadoes occurred during this event.
This event had two areas of interest. Across the northeast counties, hit and miss thunderstorms popped up, and these were expected to intensify. Meanwhile, a line of storms arrived in the northwest (Ozark Mountains) from Oklahoma, and forecast models showed a weakening trend. In the end, the northeast storms did not amount to much, and storms in the northwest did not fall apart.
The northwest storms showed rotation at times on radar, and Tornado Warnings were issued. This was understandable as values of instability and shear (acquired through balloon launches/soundings) doubled in six hours (from 600 pm CST on the 15th to 1200 am CST on the 16th)! It was a scary situation because the warnings went out in the middle of the night while people were asleep.
Three tornadoes were spawned, and tracked through portions of Marion, Newton, and Searcy Counties. The strongest of these (rated EF2) cut a swath from near Pindall (Searcy County) to a few miles southeast of Bruno (Marion County). A house on a hilltop (directly exposed to the wind) shifted off of its foundation and partially collapsed. Another home was heavily damaged (loss of roof and an outer wall), and part of a roof was removed from a third home. Barns and sheds were roughed up or destroyed, and trees were uprooted or snapped. At least a half dozen roads were blocked by tree debris including Highway 65 (which was closed temporarily). A couple of people suffered minor injuries.
The other two tornadoes (rated EF1) hit in and around Canaan (Searcy County) and along Highway 21 northeast of Fallsville (Newton County). Mainly tree damage was noted, especially with the latter tornado. Any structural damage was generally minor.
Other than the tornadoes, golf ball size hail was reported at Lurton (Newton County) and Ozone (Johnson County). A 62 mph gust was measured at Conway Regional Airport (Faulkner County).

Hail in JOHNSON, ARKANSAS
From 16-FEB-23 01:16:00 to 16-FEB-23 01:16:00 (CST-6)
Location: OZONE
Magnitude: 1.75 
Property damage: 0.00K
Crop damage: 0.00K
Reported by: Fire Department/Rescue

Hail in NEWTON, ARKANSAS
From 16-FEB-23 01:52:00 to 16-FEB-23 01:52:00 (CST-6)
Location: LURTON
Magnitude: 1.75 
Property damage: 0.00K
Crop damage: 0.00K
Reported by: Public

This was a delayed report.

Thunderstorm Wind in SEARCY, ARKANSAS
From 16-FEB-23 02:00:00 to 16-FEB-23 02:00:00 (CST-6)
Location: PINDALL
Magnitude: 80.00 EG
Property damage: 100.00K
Crop damage: 0.00K
Reported by: Law Enforcement

Initial reports of trees and power lines downed were received. Several homes sustained roof damage. This was possibly a tornado.

Thunderstorm Wind in NEWTON, ARKANSAS
From 16-FEB-23 02:01:00 to 16-FEB-23 02:01:00 (CST-6)
Location: FALLSVILLE
Magnitude: 70.00 EG
Property damage: 0.00K
Crop damage: 0.00K
Reported by: Fire Department/Rescue

Debris was noted along with downed trees near Fallsville. This was possibly a tornado.

Thunderstorm Wind in MARION, ARKANSAS
From 16-FEB-23 02:10:00 to 16-FEB-23 02:10:00 (CST-6)
Location: BRUNO
Magnitude: 78.00 EG
Property damage: 100.00K
Crop damage: 0.00K
Reported by: Public

Damage to homes were reported along with downed power lines. This was possibly a tornado.

Thunderstorm Wind in SEARCY, ARKANSAS
From 16-FEB-23 02:46:00 to 16-FEB-23 02:46:00 (CST-6)
Location: CANAAN
Magnitude: 61.00 EG
Property damage: 0.00K
Crop damage: 0.00K
Reported by: NWS Employee

This a a delayed report. A NWS employee reported large tree limbs down along AR State Highway 27 just southwest of Marshall.

Thunderstorm Wind in VAN BUREN, ARKANSAS
From 16-FEB-23 02:53:00 to 16-FEB-23 02:53:00 (CST-6)
Location: UNA
Magnitude: 70.00 EG
Property damage: 0.00K
Crop damage: 0.00K
Reported by: NWS Storm Survey

This is a delayed report. A NWS employee on a tornado survey noted several trees down and large limbs snapped along AR State Hwy. 16.

Thunderstorm Wind in FAULKNER, ARKANSAS
From 16-FEB-23 03:15:00 to 16-FEB-23 03:15:00 (CST-6)
Location: BESSIE
Magnitude: 54.00 MG
Property damage: 0.00K
Crop damage: 0.00K
Reported by: AWOS

Tornado in NEWTON, ARKANSAS
From 16-FEB-23 01:15:00 to 16-FEB-23 01:22:00 (CST-6)
Location: FALLSVILLE
Tornado F-scale: EF1
Property damage: 200.00K
Crop damage: 0.00K
Reported by: NWS Storm Survey

This tornado touched down approximately one mile north of the community of Fallsville, AR along the ridgeline north of town where it began to track northeastward. Damage consisted of many trees that were snapped or uprooted along with several outbuildings/barns that were damaged or completely destroyed along its path. A few homes had minor structural damage. The tornado lifted just west of Arkansas State Highway 21 after tracking 3.4 miles.

Tornado in SEARCY, ARKANSAS
From 16-FEB-23 02:22:00 to 16-FEB-23 02:25:00 (CST-6)
Location: CANAAN
Tornado F-scale: EF1
Property damage: 10.00K
Crop damage: 0.00K
Reported by: NWS Storm Survey

This tornado touched down near Dakota Rd. and Highway 27. Along the path, trees were uprooted and snapped, , in addition to a roof removed from a small shed. The tornado appears to have dissipated at 225 am CST.

Tornado in MARION, ARKANSAS
From 16-FEB-23 02:04:00 to 16-FEB-23 02:13:00 (CST-6)
Location: VERONA
Tornado F-scale: EF2
Property damage: 200.00K
Crop damage: 0.00K
Reported by: NWS Storm Survey

Damage consisted of a couple of houses losing roofing material, barns/sheds damaged or destroyed, and numerous trees uprooted or snapped. The trees blocked half a dozen roads, including Highway 65 which was closed temporarily. The most substantial damage was a house moved from its foundation and then partially collapsing. We would like to thank Searcy and Marion County Emergency Management for assistance with the survey.

Tornado in SEARCY, ARKANSAS
From 16-FEB-23 01:59:00 to 16-FEB-23 02:04:00 (CST-6)
Location: PINDALL
Tornado F-scale: EF2
Property damage: 100.00K
Crop damage: 0.00K
Reported by: NWS Storm Survey

Damage consisted of a couple of houses losing roofing material, barns/sheds damaged or destroyed, and numerous trees uprooted or snapped. The trees blocked half a dozen roads, including Highway 65 which was closed temporarily. The most substantial damage was a house moved from its foundation and then partially collapsing. We would like to thank Searcy and Marion County Emergency Management for assistance with the survey.