Bridgewater director trust sells 20,000 BWB shares

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported an open-market sale of common stock held in a trust he oversees.

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported an open-market sale of common stock held in a trust he oversees. A trust for which he serves as trustee sold 20,000 shares of Bridgewater Bancshares common stock on May 21, 2026 at a weighted average price of $18.5542 per share, in multiple trades between $18.50 and $18.68. Following this sale, that trust holds 25,000 shares. Shellberg also holds 266,187 shares directly, and additional indirect holdings of 87,000 and 355,000 shares in separate trusts where he has voting and investment power.

Insider Trade Summary

Net Seller: 20,000 shares

Net Sell 4 txns

Insider Shellberg Jeffrey D.

Role Director

Sold 20,000 shs ($371K)

Type	Security	Shares	Price	Value
Sale	Common Stock	20,000	$18.5542	$371K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 467,000 shares (Indirect, By Trust); Common Stock — 266,187 shares (Direct)

Footnotes (4)

F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.50 to $18.68, inclusive. The reporting person undertakes to provide to Bridgewater Bancshares, Inc., any security holder of Bridgewater Bancshares, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price set forth in this footnote to this Form 4.
F2. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Marital Trust dated July 16, 2024.
F3. Shares of common stock are held by Mr. Shellberg as trustee of the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014.
F4. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K Shellberg Family Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Family Trust dated July 16, 2024.

Key Figures

Shares sold: 20,000 shares Weighted average sale price: $18.5542 per share Trust holdings after sale: 25,000 shares +3 more

6 metrics

Shares sold 20,000 shares Open-market sale on May 21, 2026

Weighted average sale price $18.5542 per share Common stock sale range $18.50–$18.68

Trust holdings after sale 25,000 shares Shares remaining in selling trust

Direct holdings 266,187 shares Common stock held directly by Shellberg

Marital trust holdings 87,000 shares Susan K. Shellberg Marital Trust

Family trust holdings 355,000 shares Susan K. Shellberg Family Trust

Key Terms

open-market sale, weighted average price, voting and investment power, trustee

4 terms

open-market sale financial

"Sale in open market or private transaction"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

voting and investment power financial

"Mr. Shellberg possesses voting and investment power with respect to the shares of common stock"

trustee financial

"Shares of common stock are held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

FAQ

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

What did Jeffrey D. Shellberg report in this Bridgewater Bancshares (BWB) Form 4?

Jeffrey D. Shellberg reported an open-market sale of Bridgewater Bancshares common stock held in a trust he oversees. The filing also updates his direct and indirect share holdings across multiple trusts where he holds voting and investment power.

How many Bridgewater Bancshares (BWB) shares were sold in the reported transaction?

The filing shows a sale of 20,000 shares of Bridgewater Bancshares common stock. These shares were sold in multiple transactions on May 21, 2026, as an open-market or private transaction under the Form 4 disclosure.

What was the sale price for the Bridgewater Bancshares (BWB) shares?

The reported sale occurred at a weighted average price of $18.5542 per share. According to the footnote, individual trades took place within a price range from $18.50 to $18.68, inclusive, across multiple transactions.

How many Bridgewater Bancshares (BWB) shares does the trust hold after the sale?

After selling 20,000 shares, the trust involved in this transaction holds 25,000 Bridgewater Bancshares common shares. Jeffrey D. Shellberg serves as trustee of this trust and has both voting and investment power over its share holdings.

What are Jeffrey D. Shellberg’s other Bridgewater Bancshares (BWB) holdings?

Beyond the trust that sold shares, Shellberg holds 266,187 shares directly. He also has indirect holdings of 87,000 and 355,000 Bridgewater Bancshares common shares in separate marital and family trusts where he serves as trustee with voting and investment power.

Were the Bridgewater Bancshares (BWB) shares sold by Jeffrey D. Shellberg personally or through a trust?

The shares were sold through a trust where Jeffrey D. Shellberg acts as trustee. The filing specifies that he possesses voting and investment power over the common stock held by the relevant Susan K. Shellberg and Jeffrey D. Shellberg trusts.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/22/2026 - 04:38 PM EDT

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^*

Shellberg Jeffrey D.

(Last)

(First)

(Middle)

C/O BRIDGEWATER BANCSHARES, INC.

4450 EXCELSIOR BLVD., SUITE 100

(Street)

ST. LOUIS PARK

MINNESOTA

55416

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Bridgewater Bancshares Inc [ BWB ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/21/2026		S		20,000	D	$18.5542⁽¹⁾	25,000	I	By Trust⁽²⁾
Common Stock								355,000	I	By Trust⁽³⁾
Common Stock								87,000	I	By Trust⁽⁴⁾
Common Stock								266,187	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.50 to $18.68, inclusive. The reporting person undertakes to provide to Bridgewater Bancshares, Inc., any security holder of Bridgewater Bancshares, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price set forth in this footnote to this Form 4.

2. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Marital Trust dated July 16, 2024.

3. Shares of common stock are held by Mr. Shellberg as trustee of the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014.

4. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K Shellberg Family Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Family Trust dated July 16, 2024.

	/s/ Ben Klocke, Attorney-in-Fact	05/22/2026
	** 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 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR