What prices were reported for Jeffrey D. Shellberg’s BWB share dispositions?

The February 2, 2026 disposition of Bridgewater Bancshares common stock was at $19.63 per share for 1,359 shares. The February 3, 2026 disposition was at $19.54 per share for 540 shares. Both transactions are shown as direct holdings in the Form 4 table.

BWB director Shellberg reports share dispositions

Bridgewater Bancshares Inc. director Jeffrey D. Shellberg reported two transactions in company common stock.

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Rhea-AI Filing Summary

Bridgewater Bancshares Inc. director Jeffrey D. Shellberg reported two transactions in company common stock. On February 2, 2026, he disposed of 1,359 shares at $19.63 per share, and on February 3, 2026 he disposed of 540 shares at $19.54, both coded "F".

After these transactions, Shellberg directly holds 276,025 common shares. He also reports indirect holdings "By Trust" of 355,000 shares, 87,000 shares, and 65,000 shares. Footnotes state he serves as trustee and has voting and investment power over the shares held in each named trust.

Insider Trade Summary

Exercise Price or Tax Liability: 1,899 shares

Exercise Price or Tax Liability 5 txns

Insider Shellberg Jeffrey D.

Role Director

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	540	$19.54	$11K
Exercise Price or Tax Liability	Common Stock	1,359	$19.63	$27K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 276,025 shares (Direct); Common Stock — 507,000 shares (Indirect, By Trust)

Footnotes (3)

F1. 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.
F2. 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.
F3. 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.

FAQ

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What insider transactions did BWB director Jeffrey D. Shellberg report?

Jeffrey D. Shellberg reported two dispositions of Bridgewater Bancshares common stock coded "F". On February 2, 2026, he disposed of 1,359 shares at $19.63, and on February 3, 2026, he disposed of 540 shares at $19.54, both as direct holdings.

How many BWB shares does Jeffrey D. Shellberg hold after these Form 4 transactions?

After the reported transactions, Shellberg directly holds 276,025 Bridgewater Bancshares common shares. In addition, he reports indirect holdings by trusts totaling 355,000, 87,000, and 65,000 shares, where he serves as trustee with voting and investment power over the trust-held shares.

On what dates did Jeffrey D. Shellberg’s BWB transactions occur?

The reported Bridgewater Bancshares transactions occurred on February 2, 2026 and February 3, 2026. Both involved common stock and were reported on Form 4, with transaction code "F" and specific share amounts and prices disclosed for each date in the filing tables.

How are Jeffrey D. Shellberg’s trust-held BWB shares structured?

The filing lists three indirect Bridgewater Bancshares positions held "By Trust" of 355,000, 87,000, and 65,000 shares. Footnotes explain these are held in specific trusts where Shellberg is trustee and possesses voting and investment power over the common stock in each trust.

What is Jeffrey D. Shellberg’s role at Bridgewater Bancshares (BWB)?

The Form 4 identifies Jeffrey D. Shellberg as a director of Bridgewater Bancshares Inc. He is not marked as a 10% owner or officer in the reporting-person section, and the form is filed as an individual insider reporting his equity holdings and recent transactions.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 02/04/2026 - 05:42 PM EST

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

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)
02/02/2026

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)
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	02/02/2026		F		1,359	D	$19.63	276,565	D
Common Stock	02/03/2026		F		540	D	$19.54	276,025	D
Common Stock								355,000	I	By Trust⁽¹⁾
Common Stock								87,000	I	By Trust⁽²⁾
Common Stock								65,000	I	By Trust⁽³⁾

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. 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.

2. 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.

3. 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	02/04/2026
	** 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.

Source: View Original Filing on SEC EDGAR