Bridgewater director Shellberg sells 17,426 shares

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported open-market sales of company common stock held in family trusts.

Filing Impact

(Moderate)

Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported open-market sales of company common stock held in family trusts. Trusts for which he serves as trustee sold 9,252 shares on May 6, 2026 at a weighted average price of $18.4512 and 8,174 shares on May 7, 2026 at a weighted average price of $18.4503, totaling 17,426 shares. After these transactions, one trust reported holding 45,000 shares, while separate entries show Shellberg with 266,187 shares held directly and additional indirect holdings of 87,000 and 355,000 shares in other trusts where he has voting and investment power.

Insider Trade Summary

Net Seller: 17,426 shares

Net Sell 5 txns

Insider Shellberg Jeffrey D.

Role Director

Sold 17,426 shs ($322K)

Type	Security	Shares	Price	Value
Sale	Common Stock	8,174	$18.4503	$151K
Sale	Common Stock	9,252	$18.4512	$171K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 487,000 shares (Indirect, By Trust); Common Stock — 266,187 shares (Direct)

Footnotes (5)

F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.45 to $18.61, 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.45 to $18.55, 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.
F4. 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.
F5. 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

Total shares sold: 17,426 shares May 6, 2026 sale: 9,252 shares at $18.4512 May 7, 2026 sale: 8,174 shares at $18.4503 +4 more

7 metrics

Total shares sold 17,426 shares Open-market sales by family trusts in May 2026

May 6, 2026 sale 9,252 shares at $18.4512 Weighted average price, open-market sale

May 7, 2026 sale 8,174 shares at $18.4503 Weighted average price, open-market sale

Trust holding after sale 45,000 shares Susan K. Shellberg Marital Trust after May 7, 2026 sale

Direct holding 266,187 shares Common stock held directly as of May 6, 2026

Other indirect holding 87,000 shares Shares held in a family trust where Shellberg is trustee

Additional indirect holding 355,000 shares Shares held in another family trust where Shellberg is trustee

Key Terms

open-market sale, weighted average price, indirect ownership, voting and investment power, +1 more

5 terms

open-market sale financial

"transaction_action: "open-market sale" for common stock"

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.

indirect ownership financial

"direct_or_indirect: "I" and nature_of_ownership: "By Trust""

voting and investment power financial

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

Form 4 regulatory

"footnote to this Form 4"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

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

What insider transactions did Bridgewater Bancshares (BWB) disclose for Jeffrey D. Shellberg?

Bridgewater Bancshares reported that director Jeffrey D. Shellberg’s family trusts sold a total of 17,426 common shares in open-market transactions at weighted average prices around $18.45 per share, while he continues to hold substantial direct and additional indirect share positions.

How many Bridgewater Bancshares (BWB) shares did Shellberg’s trusts sell and at what prices?

Shellberg’s trusts sold 9,252 common shares on May 6, 2026 at a weighted average of $18.4512, and 8,174 shares on May 7, 2026 at a weighted average of $18.4503, according to the Form 4’s reported open-market sales.

What are Jeffrey D. Shellberg’s remaining trust holdings in Bridgewater Bancshares (BWB)?

After the reported sales, one Susan K. Shellberg Marital Trust held 45,000 Bridgewater Bancshares common shares. Separate Form 4 holding entries also list 87,000 and 355,000 shares in other family trusts over which Shellberg has voting and investment power.

How many Bridgewater Bancshares (BWB) shares does Shellberg hold directly after these transactions?

The Form 4 shows a direct holding entry for Jeffrey D. Shellberg of 266,187 Bridgewater Bancshares common shares as of May 6, 2026, separate from his indirect holdings through several family trusts.

Were the Bridgewater Bancshares (BWB) insider sales executed at a single price or multiple prices?

The filing states the reported prices are weighted averages. Shares were sold in multiple transactions within ranges of $18.45–$18.61 and $18.45–$18.55 per share, with detailed trade breakdowns available from the company or the reporting person upon request.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Accepted by SEC EDGAR 05/08/2026 - 04:59 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)
05/06/2026

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	05/06/2026		S		9,252	D	$18.4512⁽¹⁾	53,174	I	By Trust⁽²⁾
Common Stock	05/07/2026		S		8,174	D	$18.4503⁽³⁾	45,000	I	By Trust⁽²⁾
Common Stock								355,000	I	By Trust⁽⁴⁾
Common Stock								87,000	I	By Trust⁽⁵⁾
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 $18.45 to $18.61, 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.45 to $18.55, 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.

4. 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.

5. 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	05/08/2026
	** 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