[Form 4] Bridgewater Bancshares Inc Insider Trading Activity

Lisa Brezonik, a director of Bridgewater Bancshares Inc (BWB), reported a non-derivative purchase of 1,164 shares of common stock on 09/30/2025.

Rhea-AI Filing Summary

Lisa Brezonik, a director of Bridgewater Bancshares Inc (BWB), reported a non-derivative purchase of 1,164 shares of common stock on 09/30/2025. The transaction was recorded at a price of $0 and brings her total reported beneficial ownership to 33,960 shares. The Form 4 filing is signed by an attorney-in-fact on 10/01/2025.

Insights

Financial Analyst

TL;DR: Director purchased additional shares; transaction appears immaterial to company valuation.

The reported acquisition of 1,164 shares increases the director's stake to 33,960 shares. The reported price of $0 suggests this may reflect a stock award, grant, or clerical reporting convention rather than an open-market purchase. Given the absence of company-wide share count or market-value context, the transaction does not indicate a material change to ownership or capital structure.

Corporate Governance Expert

TL;DR: Routine insider reporting; shows director alignment but no clear material governance change.

The filing identifies Lisa Brezonik as a director and discloses an acquisition that increases her beneficial ownership. The $0 price and lack of derivative activity suggest this is likely a non-cash grant or administrative transfer. This is a standard disclosure under Section 16 and does not reflect a leadership change, related-party transaction, or governance concern in the record provided.

Insider Trade Summary

Grant/Award: 1,164 shares

Grant/Award 1 txn

Insider Brezonik Lisa

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,164	$0.00	$0.00

Holdings After Transaction: Common Stock — 33,960 shares (Direct)

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

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Accepted by SEC EDGAR 10/01/2025 - 05:03 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).

1. Name and Address of Reporting Person^*

Brezonik Lisa

(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	33,960	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/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.