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BWB Form 4: 516,244 shares moved to revocable trust at $0

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Bridgewater Bancshares (BWB) reported an insider ownership update. Director Todd B. Urness transferred 516,244 shares of common stock to the Todd B. Urness Revocable Trust on 11/10/2025 for $0 under transaction code G. The filing states Mr. Urness is trustee, his immediate family are beneficiaries, and he remains the beneficial owner of the trust-held shares with sole voting and investment power.

Positive

  • None.

Negative

  • None.

Insights

Administrative trust transfer; no economic change disclosed.

This Form 4 records a transfer of 516,244 shares to a revocable trust on 11/10/2025 for $0 (code G). The note clarifies the insider remains the beneficial owner as trustee, indicating no change in control over the transferred shares.

Such estate-planning or administrative moves typically do not alter the insider’s economic exposure. The filing describes voting and investment power retained by the trustee, which suggests continuity in effective ownership structure based on the excerpt.

There is no sale proceeds or price realization; any market impact depends on future actions not indicated here. Subsequent filings may provide additional updates if ownership structure changes further.

Insider Urness Todd B.
Role Director
Type Security Shares Price Value
Gift Common Stock 516,244 $0.00 --
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 657,478 shares (Direct); Common Stock — 516,244 shares (Indirect, By Trust)
Footnotes (1)
  1. On November 10, 2025, Mr. Urness transferred 516,244 shares of common stock to the Todd B. Urness Revocable Trust dated May 21, 2024 for no consideration. Mr. Urness is the trustee of the trust and members of his immediate family are beneficiaries of the trust. Mr. Urness remains the beneficial owner of the securities held by the trust. Shares of common stock are held by Mr. Urness as trustee of the Todd B. Urness Revocable Trust under agreement dated May 21, 2024. Mr. Urness possess sole voting and investment power with respect to the shares of common stock held by the Todd B. Urness Revocable Trust under agreement dated May 21, 2024.
Form 4 Insider Transactions: What Each Field Means →
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*
Urness Todd 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)
11/10/2025
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 11/10/2025 G 516,244 D $0 657,478 D(1)
Common Stock 516,244 I(1) By Trust(2)
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. On November 10, 2025, Mr. Urness transferred 516,244 shares of common stock to the Todd B. Urness Revocable Trust dated May 21, 2024 for no consideration. Mr. Urness is the trustee of the trust and members of his immediate family are beneficiaries of the trust. Mr. Urness remains the beneficial owner of the securities held by the trust.
2. Shares of common stock are held by Mr. Urness as trustee of the Todd B. Urness Revocable Trust under agreement dated May 21, 2024. Mr. Urness possess sole voting and investment power with respect to the shares of common stock held by the Todd B. Urness Revocable Trust under agreement dated May 21, 2024.
/s/ Ben Klocke, Attorney-in-Fact 11/12/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did BWB disclose in this Form 4?

A director, Todd B. Urness, transferred 516,244 shares of common stock to a revocable trust on 11/10/2025 for $0 (code G).

Who controls the transferred BWB shares?

Per the filing, Mr. Urness is the trustee and remains the beneficial owner with sole voting and investment power over the trust-held shares.

Was this a sale of BWB shares?

No. The transaction was a transfer for no consideration to a revocable trust, not an open-market sale.

What is transaction code G on Form 4?

Code G denotes a bona fide gift or transfer, consistent with moving shares into a trust for $0.

Does this change Mr. Urness’s economic interest in BWB?

The filing indicates he remains the beneficial owner of the trust-held shares, suggesting no change in economic exposure.

What is the issuer and ticker for this filing?

The issuer is Bridgewater Bancshares Inc. with ticker BWB.