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  4. [Form 4] Bridgewater Bancshares Inc Insider Trading Activity

Bridgewater Bancshares (BWB) director Shellberg sells 40,000 common shares at $21.26

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Bridgewater Bancshares Inc director Jeffrey D. Shellberg reported selling 40,000 shares of common stock on 2026-08-06 in an open-market or private sale at a weighted average price of $21.2571 per share, with individual trade prices between $21.10 and $21.49. After this sale, he directly holds 66,187 common shares. Additional common shares are held indirectly through several trusts for which Mr. Shellberg serves as trustee and holds voting and investment power, including the Jeffrey D. Shellberg Trust and trusts associated with Susan K. Shellberg.

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Insider Shellberg Jeffrey D.
Role Director
Sold 40,000 shs ($850K)
Type Security Shares Price Value
Sale Common Stock F1 40,000 $21.2571 $850K
holding Common Stock F2 -- -- --
holding Common Stock F3 -- -- --
holding Common Stock F4 -- -- --
Holdings After Transaction: Common Stock — 66,187 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 $21.10 to $21.49, 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.
Shares sold 40,000 shares Common stock sale reported on 2026-08-06
Weighted average sale price $21.2571 per share Price for 40,000-share common stock sale
Sale price range $21.10 to $21.49 per share Range of individual transaction prices in the reported sale
Direct holdings after sale 66,187 shares Common stock directly owned by Jeffrey D. Shellberg after the transaction
Number of indirect holding entries 3 trusts Indirect ownership entries held by trusts where Shellberg is trustee
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"
indirect financial
"Shares of common stock are held by Mr. Shellberg as trustee of the ... Trust"
Form 4 regulatory
"set forth in this 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.
trustee financial
"Shares of common stock are held by Mr. Shellberg as trustee of the ... 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.

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

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FAQ

What insider transaction did Bridgewater Bancshares (BWB) report for Jeffrey D. Shellberg?
Bridgewater Bancshares reported that director Jeffrey D. Shellberg sold 40,000 shares of common stock on 2026-08-06 in an open-market or private transaction.

At what price did Jeffrey D. Shellberg sell BWB common stock?
Jeffrey D. Shellberg sold BWB common stock at a weighted average price of $21.2571 per share, with individual sales executed between $21.10 and $21.49 per share.

How many BWB shares does Jeffrey D. Shellberg own directly after this Form 4 sale?
Following the reported sale, Jeffrey D. Shellberg directly holds 66,187 shares of Bridgewater Bancshares common stock, as disclosed in the post-transaction holding totals.

Does Jeffrey D. Shellberg have additional indirect holdings of BWB stock through trusts?
Yes. Additional BWB common shares are held indirectly by trusts for which Jeffrey D. Shellberg is trustee, including the Jeffrey D. Shellberg Trust and two trusts associated with Susan K. Shellberg, where he has voting and investment power.

What does the weighted average price disclosure mean in this BWB Form 4?
The filing states the sale price as a weighted average price of $21.2571, noting the shares were sold in multiple trades between $21.10 and $21.49, and offering to provide detailed trade-by-trade pricing upon request.

What type of security did Jeffrey D. Shellberg trade in this Bridgewater Bancshares (BWB) Form 4?
The transaction involved Bridgewater Bancshares common stock. The Form 4 does not report any derivative securities or option exercises, only non-derivative common shares.
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/06/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock08/06/2026S40,000D$21.2571(1)66,187D
Common Stock355,000IBy Trust(2)
Common Stock87,000IBy Trust(3)
Common Stock25,000IBy 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 $21.10 to $21.49, 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-Fact08/10/2026
** Signature of Reporting PersonDate
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