BWB Form 4: Director David Juran Discloses Trust Holdings and 1,164‑Share Transfer

Rhea-AI Filing Summary

David B. Juran, a director of Bridgewater Bancshares Inc (BWB), reported a non‑derivative acquisition of 1,164 shares of common stock on 09/30/2025 at a reported price of $0. After the transaction he is shown as beneficially owning 1,346,708 shares directly and holds additional indirect interests through multiple trusts: 10,725, 95,307, 16,328, and 121,301 shares under various trustee or attorney‑in‑fact arrangements. The filing clarifies the nature of each indirect holding and lists an attorney‑in‑fact signature dated 10/01/2025.

Positive

• Director increased reported holdings through an acquisition of 1,164 shares on 09/30/2025.
• Substantial direct ownership is disclosed: 1,346,708 shares beneficially owned directly, demonstrating continued alignment with shareholders.
• Clear attribution of indirect holdings through trusts and an attorney‑in‑fact clarifies voting and investment powers.

Negative

• None.

Insights

Financial Analyst

TL;DR: Director acquired a small number of shares; overall direct beneficial ownership remains substantial.

The reported acquisition of 1,164 shares at a $0 price appears to be a non‑purchase transfer (e.g., gift or trust allocation) as shown by the $0 price, and it did not materially change the director's large direct stake of 1,346,708 shares. Multiple indirect holdings are disclosed via trusts and an attorney‑in‑fact relationship, which is important for understanding voting and investment power. For investors, the key fact is the director's ongoing significant ownership rather than any meaningful shift in exposure from this single transaction.

Corporate Governance Expert

TL;DR: Disclosure clarifies control and voting relationships across several trusts; no adverse governance flag apparent.

The Form 4 provides detailed attribution of indirect holdings: co‑trustee roles, trustee holdings, and an attorney‑in‑fact arrangement. These explanations help establish who holds voting and investment power for these shares. The $0 transaction should prompt review of the underlying transfer documentation, but the filing itself simply records beneficial ownership and is consistent with standard trustee and estate planning operations. No indication of unusual governance change is present in the filing.

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Juran David B.

(Last) (First) (Middle)

C/O BRIDGEWATER BANCSHARES, INC.

4450 EXCELSIOR BLVD., SUITE 100

(Street)

ST. LOUIS PARK MN 55416

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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
Common Stock	09/30/2025		A		1,164	A	$0	1,346,708	D
Common Stock								10,725	I	By Trust(1)
Common Stock								95,307(2)	I	By Trust(3)
Common Stock								16,328	I	By Trust(4)
Common Stock								121,301	I	By Trust(5)

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. Shares of common stock are held by Mr. Juran as co-trustee of a Residuary Trust dated June 18, 2002. Mr. Juran possesses shared voting and investment power with respect to the shares of common stock held under the trust.

2. Includes 86,775 Shares of common stock previously held by Mr. Juran as co-trustee of a Marital Trust dated June 18, 2002.

3. Mr. Juran is attorney-in-fact for a trustee who holds the shares of common stock as trustee of a Revocable Trust dated January 31, 2014. Mr. Juran is not a trustee of the trust, however Mr. Juran may possess investment power with respect to the shares of common stock held under the trust.

4. Shares of common stock are held by Mr. Juran as trustee of Descendant's Separate Trust under a trust agreement dated September 17, 2018.

5. Shares of common stock are held by Mr. Juran as trustee of Martial Trust 2 under a trust agreement dated September 17, 2018.

	/s/ Ben Klocke, Attorney-in-Fact	10/01/2025
	** 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 transaction did David B. Juran report on the Form 4 for BWB?

The form reports a non‑derivative acquisition of 1,164 shares of common stock on 09/30/2025 at a reported price of $0.

How many BWB shares does David B. Juran beneficially own after the reported transaction?

The filing shows 1,346,708 shares beneficially owned directly after the reported transaction, plus indirect holdings detailed via trusts.

What indirect holdings does the Form 4 disclose for Juran?

Indirect holdings disclosed are 10,725, 95,307, 16,328, and 121,301 shares, held under various trust arrangements and an attorney‑in‑fact relationship.

Does the $0 price mean the director received the shares for free?

The filing reports a price of $0, which indicates a transfer rather than a purchase; the form itself does not explain the transfer mechanism.

Who signed the Form 4 and when?

The form bears the signature of Ben Klocke, Attorney‑in‑Fact with a signature date of 10/01/2025.