Bridgewater Bancshares director sells 160,000 shares

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported selling 160,000 shares of Common Stock on August 5, 2026 at a weighted average price of $21.0421 per share, in multiple trades between $21.00 and $21.16.

Rhea-AI Filing Summary

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported selling 160,000 shares of Common Stock on August 5, 2026 at a weighted average price of $21.0421 per share, in multiple trades between $21.00 and $21.16. After this sale he directly owns 106,187 shares and also holds additional shares as trustee of three family trusts where he has voting and investment power. The transaction was not reported as pursuant to a Rule 10b5-1 trading plan.

Insider Trade Summary

Net Seller: 160,000 shares

Net Sell 4 txns

Insider Shellberg Jeffrey D.

Role Director

Sold 160,000 shs ($3.37M)

Type	Security	Shares	Price	Value
Sale	Common Stock F1	160,000	$21.0421	$3.37M
holding	Common Stock F2	--	--	--
holding	Common Stock F3	--	--	--
holding	Common Stock F4	--	--	--

Holdings After Transaction: Common Stock — 106,187 shares (Direct); Common Stock — 467,000 shares (Indirect, By Trust)

Footnotes (4)

1. F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.00 to $21.16, 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. F2. 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.
3. F3. 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.
4. F4. 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.

Key Figures

Shares sold: 160,000 shares Weighted average sale price: $21.0421 per share Sale price range: $21.00–$21.16 per share +3 more

6 metrics

Shares sold 160,000 shares Common Stock sale on 2026-08-05 by director Jeffrey D. Shellberg

Weighted average sale price $21.0421 per share Price for 160,000 shares sold in multiple transactions

Sale price range $21.00–$21.16 per share Range of prices for the multiple transactions in the reported sale

Direct holdings after sale 106,187 shares Common Stock directly owned by Shellberg following the transaction

Reported sellShares 160,000 shares Aggregate shares sold according to transactionSummary

Net buy/sell shares -160,000 shares NetBuySellShares in the period, indicating a net sale

Key Terms

weighted average price, voting and investment power, trustee, Marital Trust

4 terms

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"

trustee financial

"Shares of common stock are held by Mr. Shellberg as trustee of the Jeffrey D. Shellberg 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.

Marital Trust financial

"held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust dated July 16, 2024."

FAQ

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

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

Jeffrey D. Shellberg reported selling 160,000 Bridgewater Bancshares common shares on August 5, 2026 at a weighted average price of $21.0421. After the sale, he directly holds 106,187 shares and also has interests as trustee of three family trusts.

How many BWB shares did Shellberg sell and at what price range were they traded?

Shellberg sold 160,000 Bridgewater Bancshares common shares at a weighted average price of $21.0421 per share. The footnote states the shares were sold in multiple transactions at prices ranging from $21.00 to $21.16, inclusive.

How many Bridgewater Bancshares (BWB) shares does Shellberg own directly after this transaction?

Following the reported sale, Shellberg directly owns 106,187 Bridgewater Bancshares common shares. He also holds additional shares indirectly as trustee of three family trusts, over which he possesses voting and investment power according to the disclosures.

Were Shellberg’s BWB share sales reported under a Rule 10b5-1 trading plan?

The Rule 10b5-1 checkbox in the Form 4 was not marked as affirming that the reported trades were made under a Rule 10b5-1 trading plan. No separate footnote describes these transactions as executed pursuant to such a pre-arranged plan.

What does the weighted average sale price disclosure mean for BWB in this filing?

The filing reports a weighted average sale price of $21.0421 because the 160,000 shares were sold in multiple trades between $21.00 and $21.16. The insider offers to provide detailed trade-by-trade pricing information to shareholders or regulators upon request.

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

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Available on EDGAR 08/05/2026 - 05:56 PM Accepted by SEC EDGAR 08/05/2026 - 05:56 PM Learn about SEC filing dates

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)
08/05/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/05/2026		S		160,000	D	$21.0421(1)	106,187	D
Common Stock								355,000	I	By Trust(2)
Common Stock								87,000	I	By Trust(3)
Common Stock								25,000	I	By Trust(4)

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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.00 to $21.16, 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 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.

3. 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.

4. 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.

	/s/ Ben Klocke, Attorney-in-Fact	08/05/2026
	** 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 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)